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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Carol A. Bartz

Carol A. Bartz

  • Between 2008 and 2012 she made
  • $1,851,677
  • as a director, more than 87% of all directors
  • Paid CEOs an average of
  • $13,134,783
  • in the last year of her directorship, more than 41% of all directors
  • Decreased CEO pay by an average of
  • $1,594,942
  • between 2008 and 2012, only 26% of directors decreased pay more
  • Shares of her companies decreased by
  • 30.5%
  • between 2008 and 2012, better performance than 24% of all directors

The Carol A. Bartz Stock Index

From January 2008 to December 2012, if you bought shares in companies when Carol A. Bartz joined the board, and sold them when she left, you would have a -30.5 percent return on your investment, compared to a -2.8 percent return from the S&P 500.

Carol A. Bartz's companies

Cisco Systems

Jan. 1, 1996 to July 26, 2016

Other board members at Cisco Systems during this time were Arun Sarin, Brian L. Halla, Jerry Yang and 11 more.

Her 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.

Sources: Google Finance, Yahoo Finance, Intel SEC filings (2008, 2009), Cisco Systems SEC filings (2008, 2009, 2010, 2011, 2012).

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