SPECIAL REPORT: MASSACHUSETTS CEO PAY Executive share Many of the state's top business leaders reaped big rewards despite the recession
By Todd Wallack, Globe Staff | October 3, 2010 So it turns out the boss didn't share in the pain after all. In a year when thousands of workers lost their jobs or took pay cuts, many of Massachusetts' top executives continued to be paid as though the recession never happened. Take Affiliated Managers Group Inc., for example. In 2009, revenues at the Beverly asset management company fell for the second straight year as a result of the steep decline in the global investment markets. Affiliated did return to profitability last year, but largely through cuts, including reducing pay for employees at the parent and its independently managed subsidiaries. Except for Sean M. Healey, Affiliated's chief executive. By any measure, Healey had a blowout year. He was paid more than $18 million in 2009, 73 percent more than the previous year. His payday included a $5 million performance bonus and perks, such as use of the corporate jet. Healey, the husband of former lieutenant governor Kerry Healey, is an outsized example of a trend in corporate America: CEOs continuing to receive handsome payouts, regardless of how their companies performed. Affiliated declined to comment. More than two-thirds of the CEOs at 209 publicly traded companies based in Massachusetts received a bonus last fiscal year, even though many of those companies lost money that year or did worse than in the previous year, according to a Boston Globe analysis of pay data compiled by the paper and Capital IQ, a financial research firm owned by Standard & Poor's. The figures are based on company filings with the Securities and Exchange Commission through the end of July. Overall, the companies paid their CEOs a total of $557 million in 2009, up 8 percent from 2008, largely because of the compensation of a handful of the best-paid executives. ... http://www.boston.com/business/articles/2010/10/03/executive_share/ _______________________________________________ Medianews mailing list [email protected] http://lists.etskywarn.net/mailman/listinfo/medianews
