Where's your Boss??
While CEOs didn't get a record-breaking raise last year, they did get a big thank-you in the perks department. Overall pay rose a restrained 3.4%, to a median $7.4 million, according to data crunched exclusively for FORTUNE by compensation data provider Equilar. But so-called other annual compensationówhich includes club memberships, cars, sports tickets, and the likeórose a full 30%, to $67,000.
Much of that jump was actually due to "perk audits," a new, increasingly popular process whereby vigilant corporate directors demand a full accounting of each benefit lavished on top management. Take Wells Fargo: In this year's proxy it readjusted the value of CEO Richard Kovacevich's 2003 perks from $1,513 to $102,179. (A Wells Fargo spokesperson says much of the difference was due to recent SEC commentary on personal use of the company aircraft.) But even Kovacevich can't compete with Home Depot CEO Bob Nardelli, who rang up a wild $6.4 million in perks, primarily due to a forgiven loan (plus interest and tax payments) from 2000. Another notable case: Financial blog footnoted.org cites Kerr-McGee CEO Luke Corbett, who got $83,796 to "facilitate involvement in community activities." (Who knew volunteer work could be so lucrative?) Here's a look at the five best- and worst-paid CEOs in 2004.
John Wilder TXU $55.2 mil.
Robert Toll Toll Brothers $44.3 mil.
Ray Irani Occidental Petroleum $41.7 mil.
Bob Nardelli Home Depot $39.5 mil.
Edward Zander Motorola $38.9 mil.
Richard Kinder Kinder Morgan Energy $1
Steve Jobs Apple Computer $1
Jeff Bezos Amazon.Com $81,840
Warren Buffett Berkshire Hathaway $311,000
Paul Anderson Duke Energy $365,296
Includes Salary, Bonus, All Stock Grants, And Other Perks.
Fortune Table / Source: Equilar
From the May. 2, 2005 Issue