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June 24, 2003
CEOs See Big Bump in Compensation
Chief executives saw their total cash compensation increase by nearly 17 percent last year, according to a study by the Corporate Library, a research group.

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The Washington Post reports the group looked at the compensation packages at 1,019 public companies. The study found that in 2002 chief executives' total cash compensation - including salary, bonus and other payments - increased to a median of about $1.2 million.

The authors of the report say they did not include the stock options companies gave to chief executives in their calculations because of the difficulty in measuring the value of the perks.

Many chief executives also benefited from long-term incentive plan payouts, the newspaper notes. These types of plans are aimed at rewarding executives for meeting business-performance goals. The median value of payments under these plans was $900,000 in 2002, up from around $500,000 in 2001. Among companies in the Standard & Poor's 500 index, J.J. Mulva, chief executive of ConocoPhillips Co., received the largest long-term incentive payment, $14,977,500, the newspaper reports.

The report found that several companies altered these plans to lower performance goals or made the payments even if the company did not meet its targets.

Among chief executives in their posts in both 2001 and 2002, the median bonus was $451,000, up 9 percent from the previous year, the newspaper reports.

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