CEO Pay Increased by 11% in 2010

The Wall Street Journal reports:

Chief executives at the biggest U.S. companies saw their pay jump sharply in 2010, as boards rewarded them for strong profit and share-price growth with bigger bonuses and stock grants.

The median value of salaries, bonuses and long-term incentive awards for CEOs of 350 major companies surged 11% to $9.3 million, according to a study of proxy statements conducted for The Wall Street Journal by management consultancy Hay Group.

The rise followed a year in which pay for the top boss was flat at these companies.

Viacom Inc. CEO Philippe P. Dauman topped the list. He received compensation valued at $84.3 million, more than double his 2009 pay, thanks largely to equity awards in a renewed contract.

The Journal measured CEO pay by total direct compensation, which includes salary, bonuses and the granted value of stock, stock options and other long-term incentives given for service in fiscal 2010. That figure excludes the value of exercised stock options and the vesting of restricted stock. The survey covered the 350 biggest companies that filed proxies between May 1, 2010, and April 30, 2011.