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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David G. DeWalt

David G. DeWalt

  • Between 2008 and 2012 he made
  • $353,358
  • as a director, more than 20% of all directors
  • Paid CEOs an average of
  • $12,575,572
  • in the last year of his directorship, more than 39% of all directors
  • Increased CEO pay by an average of
  • $3,721,018
  • between 2008 and 2012, more than 70% of all directors
  • Shares of his companies increased by
  • 63.1%
  • between 2008 and 2012, better performance than 86% of all directors

The David G. DeWalt Stock Index

From November 2011 to December 2012, if you bought shares in companies when David G. DeWalt joined the board, and sold them when he left, you would have a 63.1 percent return on your investment, compared to a 20.1 percent return from the S&P 500.

David G. DeWalt's companies

Delta Air Lines

Nov. 22, 2011 to July 26, 2016

Other board members at Delta Air Lines during this time were Daniel A. Carp, David R. Goode, George N. Mattson and 8 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.

Sources: Google Finance, Yahoo Finance, Delta Air Lines SEC filings (2011, 2012).

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