Pay Pals

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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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Ernesto-zedillo-61b390e4b27ed3b43660fac558edea8b

Ernesto Zedillo

Ernesto Zedillo

  • Between 2008 and 2012 he made
  • $2 679 916
  • as a director, more than 93% of all directors
  • Paid CEOs an average of
  • $13 648 306
  • in the last year of his directorship, more than 45% of all directors
  • Increased CEO pay by an average of
  • $1 882 100
  • between 2008 and 2012, more than 57% of all directors
  • Shares of his companies decreased by
  • 7,6%
  • between 2008 and 2012, better performance than 47% of all directors

The Ernesto Zedillo Stock Index

From January 2008 to December 2012, if you bought shares in companies when Ernesto Zedillo joined the board, and sold them when he left, you would have a -7.6 percent return on your investment, compared to a -2.8 percent return from the S&P 500.

  • 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, Citigroup SEC filings (2010, 2011, 2012), Procter & Gamble SEC filings (2008, 2009, 2010, 2011, 2012).

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