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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Elaine l chao

Elaine L. Chao

Elaine L. Chao

  • Between 2008 and 2012 she made
  • $672,187
  • as a director, more than 34% of all directors
  • Paid CEOs an average of
  • $22,873,085
  • in the last year of her directorship, more than 76% of all directors
  • Increased CEO pay by an average of
  • $3,030,064
  • between 2008 and 2012, more than 66% of all directors
  • Shares of her companies increased by
  • 19.2%
  • between 2008 and 2012, better performance than 69% of all directors

The Elaine L. Chao Stock Index

From July 2011 to December 2012, if you bought shares in companies when Elaine L. Chao joined the board, and sold them when she left, you would have a 19.2 percent return on your investment, compared to a 6.5 percent return from the S&P 500.

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, Wells Fargo SEC filings (2011, 2012).

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