Despite last year's financial tumult, these five CEOs are still sitting pretty.
Here is the Corporate Library's list of the "Highest Paid Worst Performers" of 2008.
Michael Jeffries, Abercrombie & Fitch
The Corporate Library, a corporate governance research firm, reviewed regulatory filings from 2,000 publicly traded companies and came up with a list of five chief executives they're calling the "Highest Paid Worst Performers" of 2008.
To make the list, a CEO had to have total realized income -- including base salary, bonuses and stock -- of at least $30 million last year. At the same time, the share price of the companies they oversaw had to have underperformed rivals and the broad sampling of stocks in the S&P 500 over the last five years.
Abercrombie's Michael Jeffries was awarded total compensation of $71.8 million last year, with a base salary of $1.5 million, according to the Corporate Library.
His compensation package included a $6 million "stay bonus" designed to keep him on board, despite his 17-year tenure, as well as perks such as the use of a corporate jet.
The Corporate Library notes that Jeffries is compensated at "the upper quartile" of his peer group. In other words, the compensation committee that determines his pay assures he'll be paid more than what 75% of his rival CEOs get.
"If you do that, you're almost guaranteed to overpay your CEO," said Paul Hodgson, a senior researcher at the Corporate Library.
An Abercrombie spokeswoman declined to comment.
James W. Stewart, BJ Services Company
The bulk of James Stewart's $34.6 million windfall came from value realized on stock options, which resulted in a $30 million jackpot, according to the Corporate Library.
Stewart was granted those options more than five years ago. So they were still valuable despite the fact that the company's stock was halved in 2008.
Shares of BJ Services have outperformed other energy companies over the last 12 months, but the stock has trailed its peers and the broader market over a 5-year period, according to the Corporate Library.
BJ Services was acquired last month by rival Baker Hughes for $5.5 billion. Stewart remains chief executive until the deal closes at the end of 2009.
BJ did not respond to efforts requesting comment.
Brian Roberts, Comcast Corp.
http://finance.yahoo.com/career-work/article/107831/5-most-overpaid-ceos.html?mod=career-leadership
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