Post by unleashed on Oct 5, 2009 1:06:51 GMT -5
The year 2008 has been a tough one for businesses across sectors. With global economy in tatters, it has been one of the tumultuous period for most companies since Great Depression of 1930s. In fact, cost cutting can be called the mantra of businesses globally. As companies went on an overdrive to save costs, technology spending became one of the biggest casualty, hitting both technology companies and techies.
In such an environment how much scissors ran on the pay packets of the men who are incharge of technology in some of the biggest companies globally. CIO.com recently compiled a list of highest paid tech executives based on the proxy statements filed by Fortune 55 companies with the SEC.
And, since most CIOs (chief information officers) aren't not listed on their company's proxy statements due to their not being not among the top brass, the list in several cases has executives who are though not CIO by title but oversee corporate IT as part of their broader responsibilities.
Here's the list of the 10 highest-paid Tech Chiefs of 2008.
Randy Mott, HP
Topping the list of highest-paid chiefs is Randy Mott, EVP and CIO of Hewlett-Packard. He earned a total compensation of $28,290,329 in the year 2008. His base salary is estimated $690,000 and he got a bonus of $7,070,958. His 2008 pay package was approximately four times what he earned in the year 2007 ($7.3 million).
Mott is also the second most highest-paid executive in HP after Chairman and CEO Mark Hurd who got $42.4 million. Mott's stock awards amounted to $2,727,079 while option awards were $1,547,907. His non-equity incentive plan compensation amounted to $16,068,000. Other compensations were $185,418.
John Rice, GE Technology
Vice Chairman, President and CEO of GE Technology Infrastructure, John Rice is the second highest-paid tech chief on the list.
Rice's total compensation for the year 2008 stood at $18,811,815 with his base salary at $1,650,000 million. He also got a bonus of $2,700,00 million and stock awards of $3,659,090. However, Rice's bonus saw a 10 per cent cut vis-a-vis the bonus received by him in 2007.
His non-equity incentive amounted to $5,615,400 and other benefits to $261,073.
Stephen F Schuckenbrock, Dell
Stephen F Schuckenbrock, President, Large Enterprise, Dell ranks at No. 3 with a total compensation for FY 2009 amounting to $10,665,312. Schuckenbrock didn't receive any bonus during the year. His base salary amounted to $678,365 and got stock awards of $2,306,438.
Prior to his current role, Schuckenbrock has held three different roles, including CIO. Schuckenbrock joined Dell in January 2007 as senior vice president and president, global services. In September 2007, he assumed the additional role of CIO, and served in these roles till January 2009.
His compensation has grown from $135,758 in 2007 to $3.9 million in 2008 (while he was CIO) to $10.6 million. His non-equity incentive plan compensation was $522,341.
Frank J Bisignano, JP Morgan Chase & Co
At number 4 is Frank J Bisignano, chief administrative officer, JP Morgan Chase & Co. His total compensation for the year 2008 was $10,192,946 and he received a bonus of $2,000,000.
With base salary at $500,000, his stock awards amounted to $4,128,159. Change in pension value and deferred compensation amounted to $13,132
Bisignano oversees central technology & operations and real estate and general services. Prior to joining JP Morgan, Frank was the CEO for Citigroup's Global Transaction Services business along with being a member of Citigroup's Management and Operating Committees.
John T Stankey, AT&T
President and CEO, AT&T Operations Inc, John T Stankey is the fifth highest-paid chief of 2008.
With total compensation at $5,595,671, Stankey got bonus of $260,000 in the year. His base salary was $825,000 and got $3,937,285 as stock awards. Non-equity incentive plan compensation for the year stood at $150,000 and other compensation amounted to $130,101.
Stankey is responsible for network operations, technology planning, information technology, and shared services for the wireless and wired networks. He is also responsible for improving overall service quality and customer retention, and cost-effectively integrating network architecture, operations and service delivery. He was appointed to his current position in October 2008.
Linda R Gooden, Lockheed Martin
The only woman in the list is Linda R Gooden, executive vice president, information systems & global services, Lockheed Martin at No. 6.
Her total compensation for the year amounts to $5,454,383 and she received a bonus of $519,711. Gooden's base salary stood at $591,154, and she got $316,961 in stock awards. Her non-equity incentive plan compensation was $697,375 and other compensation amounted to $234,375.
As per Lockheed Martin's 2009 proxy statement Gooden was rewarded for her operational performance, this included bringing in new business and successful business integration businesses.
Robert DeRodes, The Home Depot
At number 7 on the list of the highest-paid tech chiefs is Robert DeRodes, former EVP and CIO, The Home Depot. Incidentally, DeRodes quit Home Depot in September 2008.
His total compensation for the year amounted to $4,836,618, which included a base salary of $462,769 and $75,912 in stock awards. DeRodes was not given any bonus for the year.
According to CIO, Home Depot's earnings were so bad for the year that none of the executives named in the proxy statement received performance bonuses.
David Kepler, Dow Chemical
David Kepler, EVP of Business Services, Chief Sustainability Officer, Chief Information Officer, and Corporate Director of Shared Services, Dow Chemical stands at number 8. He got a total compensation of $4,672,827 (2007).
With base salary at $562,310, his bonus amounted to $42,776. Kepler got $2,043,243 in stock awards. Non-equity incentive plan compensation was $620,253 and other compensation amounted to $87,440.
As CSO, Kepler is responsible for guiding the sustainable business development of the company and is responsible for leading the company’s commitment to set the standard for sustainability, including achieving the company's 2015 sustainability goals.
According to Dow's 2008 proxy statement, Kepler's ongoing recognition for leadership in IT was an "important factor in determining his compensation.
Edward J Rapp, Caterpillar
At no 9 is Edward J Rapp, Group President, Caterpillar. His total compensation for the year 2008 stood at $3,544,374.
With $584,004 base salary, he got $10,000 as bonus. For the year 2008, he got $155,032 stock awards and $1,365,517 as option awards. His non-equity incentive plan compensation was $1,071,010 and other compensations were $45,890.
Rapp has been serving the company since 2004 as vice president with global responsibility for the Building Construction Products Division. He also served as vice president, marketing, for Europe-Africa-Middle East (EAME) region.
According to CIO, Rapp was recognised in part for "significantly" improving the building construction products' overall quality metrics and for lowering the division's inventory levels.
Steven B Hinchman, Marathon Oil
At number 10 on the list is Steven B Hinchman, EVP of Technology and Services, Marathon Oil. He got $712,658 in total compensation for the year 2008 and received a bonus of $600,000.
His base salary was $527,500. His non-equity incentive compensation stood at $420,817 while other compensation amounted to $77,613. However, his total compensation in 2008 was low in comparison to the $4.3 million he earned in 2007 as SVP of worldwide production.