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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Raymond v gilmartin

Raymond V. Gilmartin

Raymond V. Gilmartin

  • Between 2008 and 2012 he made
  • $1,028,743
  • as a director, more than 49% of all directors
  • Paid CEOs an average of
  • $1,318,128
  • in the last year of his directorship, more than 4% of all directors
  • Decreased CEO pay by an average of
  • $32,706
  • between 2008 and 2012, only 33% of directors decreased pay more
  • Shares of his companies decreased by
  • 23.6%
  • between 2008 and 2012, better performance than 29% of all directors

The Raymond V. Gilmartin Stock Index

From January 2008 to November 2012, if you bought shares in companies when Raymond V. Gilmartin joined the board, and sold them when he left, you would have a -23.6 percent return on your investment, compared to a -4.0 percent return from the S&P 500.

Raymond V. Gilmartin's companies


Jan. 1, 2001 to Nov. 28, 2012

Other board members at Microsoft during this time were Charles H. Noski, David F. Marquardt, Dina Dublon 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.

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

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