Pay Pals


CEO pay is determined by a company’s board of directors. Those directors are compensated for the time they spend shaping the company’s strategy. Here’s what the Fortune 100 executives paid each other from 2008 to 2012.

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Carl e mundy jr

Carl E. Mundy, Jr.

Carl E. Mundy, Jr.

  • Between 2008 and 2012 he made
  • $372,164
  • as a director, more than 21% of all directors
  • Paid CEOs an average of
  • $17,267,638
  • in the last year of his directorship, more than 60% of all directors
  • Decreased CEO pay by an average of
  • $4,043,889
  • between 2008 and 2012, only 18% of directors decreased pay more
  • Shares of his companies decreased by
  • 38.9%
  • between 2008 and 2012, better performance than 52% of all directors

The Carl E. Mundy, Jr. Stock Index

From January 2008 to May 2009, if you bought shares in companies when Carl E. Mundy, Jr. joined the board, and sold them when he left, you would have a -38.9 percent return on your investment, compared to a -37.4 percent return from the S&P 500.

Carl E. Mundy, Jr.'s companies

General Dynamics

Jan. 1, 1998 to May 6, 2009

Other board members at General Dynamics during this time were Charles H. Goodman, Deborah J. Lucas, George A. Joulwan and 9 more.

His Yearly Compensation
Yearly Payments to CEOs
  • Stock Performance is the difference between a director's stock index and the S&P 500.
  • A director's stock index is an unweighted index of company stock performances while they sat on the board.
  • CEO pay includes salary, bonuses, stock sales, and other payments.
  • Average CEO Pay is calculated using the last year a director sat on the board of each company.
  • Stock returns do not include dividends.
  • All directors refers to people who sat on the board of at least one Fortune 100 company between 2008 and 2012.

The Pay Pals project relies on financial research conducted by the Center for Economic Policy and Research.

* Year where CEO pay is prorated because they were an employee before or after their tenure as CEO.

Sources: Google Finance, Yahoo Finance, General Dynamics SEC filings (2008, 2009).

By Shane Shifflett, Jay Boice, Hilary Fung and Aaron Bycoffe