Kenneth Feinberg , the paymaster at companies rescued by the U.S. Treasury, recently cut cash compensation for executives at American International Group Inc. and General Motors Co. He said some companies are buying into his credo of pay tied to performance.
Shareholders of PVH Corp., owner of the Tommy Hilfiger and Calvin Klein apparel brands, voted today in favor of Chief Executive Officer Emanuel Chirico’s compensation plan. Pay expert Graef Crystal says he’s overpaid.
CBS Corp. paid Chief Executive Officer Leslie Moonves $32 million in cash last year, 19 times higher than what compensation expert Graef Crystal says a CEO running that size company should receive, according to a study he conducted.
Brian T. Moynihan, who runs Bank of America Corp., the second-largest U.S. lender by assets, was among a group of underpaid chief executive officers last year, according to a study by pay expert Graef Crystal.
Citigroup Inc. Chief Executive Officer Vikram Pandit, who took a $1 salary after his bank received the most taxpayer assistance of any U.S. lender, is poised to collect $80 million from other payments and awards that may eventually total more than $200 million.
Rob Gillette, who resigned as chief executive officer of First Solar Inc. this week after boosting production capacity during a slump, collected $29.9 million for his initial 15 months on the job and may be eligible for an $8.9 million severance package.