Do Maryland’s CEOs make too much?
April 24, 2008
Some of Maryland’s top-earning CEOs are missile makers, energy producers, power tool manufacturers and hoteliers.
Clearly these are complex businesses that require some of the best minds to keep them afloat. Maybe that’s why the men behind Lockheed Martin Corp. (Robert J. Stevens, at left), Constellation Energy Group Inc., Black & Decker Corp. and Marriott International Inc. raked in $61 million between them last year, even as the economy tanked.
That may seem like a large chunk of change for four men, but their average compensation — $15.25 million — isn’t that far off from the average salary of a CEO of a Standard & Poor’s 500 company in 2007, which came out to $14.2 million.
If you’re having a hard time stomaching the puffed up payday these executives get, you’re not alone. Congress has questioned the mentality of paying CEOs oodles of money even when their companies collapse.
If you’re into feeling dwarfed, the AFL-CIO has created a CEO pay database that lets you compare your salary to your favorite company’s top dog.
Once you’ve done that, factor in how much work it would take to run the show at Lockheed or Marriott, and then ask yourself: Do these guys make too much?
DANIELLE ULMAN, Business Writer
Sphere: Related ContentIs $18 million too much?
October 24, 2007
The new Maryland Insurance Commissioner, Ralph S. Tyler, said Wednesday he will convene a hearing to see if the $18-plus million severance package for former CareFirst CEO William L. Jews (at right) is too much.
Tyler is specifically looking to see if the $17.6 million plus $800,000 in interest package violates state insurance law requiring payment to former employees be “fair and reasonable.”
The company, which saw $5.5 billion in revenue in 2006, says it did not just come up with the figure out of thin air and claims it is in line with other nonprofit Blue Shield and Blue Crosses.
“The $17.6 million referenced in Commissioner Tyler’s release is made up of about $12.6 million in retirement benefits and deferred compensation earned over 13½ years as CEO and about $5.0 million in severance payments,” CareFirst said in its statement. “Further, several expert compensation consultants retained by our board have independently concluded that the benefits due Mr. Jews are reasonable compared with those provided by similar not-for-profit Blues Plans.”
Who’s right?
—BEN MOOK, Assistant Business Editor
Sphere: Related Content-
Business
Business postsLaw
Law postsRecent Posts
- Can the city support an NBA or NHL team?
- What’s in a name?
- A foot-stompin’ good time
- “Do you have any Grey Poupon?”
- Living with less international news
- What’s cooking at the old deli?
Recent Comments
- Anonymous: I think the recent rise in wine festivals is due to ever-increasing alcohol abuse. For some reason,...
- Anonymous: I know people who have tried overnight delivery of luggage with great success. Easy to check in, easy to...
- Anonymous: Newspapers will cater to their clientele. The unwashed masses prefer knowing the scores in last...
- Anne Riley: The intern takes offense.
- Jerry: I hope they have marble ryes.