Tech CEOs top NYT list of executive pay

For all the talk about outrageous salaries and bonuses for executives at financial and automotive firms, the sector that placed the most CEOs on a New York Times list of top compensation at public companies: tech vendors.

Motorola co-CEO Sanjay K. Jha nailed the top spot with a 2008 compensation package of $104.4 million, including salary, stocks, stock options and "perks," all as calculated by compensation research firm Equilar for the Times. That's a tidy sum for running a company that's lost money the past two years and recently suspended both dividends to shareholders and contributions to employee 401(k) plans.

At least the other tech CEOs atop the list headed companies that turned a profit. It's interesting, though, that all enjoyed larger (percentage) pay increases than the rise in corporate profits.

Oracle's Larry Ellison came in second on the CEO pay list at $84.6 million (mostly from stock options), although at least his company had a robust rise in profits. Oracle net income was up 29% year over year; Ellison's compensation, though, rose an even more generous 38%, according to the Times chart.

Other tech vendor CEOs in the top 10: HP's Mark Hurd at number 6, with $34 million in overall compensation (mostly due to a $23.9 million bonus). HP  profits rose 15% in 2008 compared with the prior year, while Hurd's pay was up 30%. And #9, Honeywell's David Cote, earned $28.7 million ($17.5 million of that as bonus), with company profits up 14% and his compensation rising 46%.

Of course, none of those CEOs are running companies that asked for taxpayer bailout money. So, there's good reason their salaries and bonuses haven't generated the same kind of anger (and publicity) as, say, the ludicrous bonuses execs at AIG were awarded for running their company (and the global economy) into the ground.

However, if you buy products from one of those companies, the price you pay includes the cost of all those base salaries, perks and cash bonuses. And if you (or a mutual fund you own) invest in one of those companies, the value of your equity is affected by massive awards of stock and stock options.