New York home to best-paid CEOs -- Forbes
NEW YORK, May 3 (Reuters) - If you can make it here, you
can make it anywhere...
New York, home of Wall Street, just reclaimed the No. 1
spot on the list of U.S. cities where corporate CEOs make the
most, Forbes magazine said Monday.
San Jose, Calif., in the heart of the high-tech mecca of
Silicon Valley, dropped from 1997's top spot for CEOs to No. 5
in 1998 on the list in the latest edition of the business
magazine.
In New York, a city with 59 companies listed in the Forbes
800 list of top companies, the median compensation for chief
executives was $5,517,000 last year - up from $3,507,000 in
1997.
By contrast, the median compensation of the 22 Forbes 800
CEOs in San Jose went down to $4,047,000 from $10,072,000 the
year before.
Second to New York for compensation -- salary, plus
bonuses, non-cash stock gains and other benefits -- was
Minneapolis, which rose from 13th to second in a year with
median compensation at $5,423,000.
Detroit, the center of the U.S. auto industry, was third,
with median compensation for the top CEOs of $4,157,000.
After San Jose, came San Francisco, Boston, Pittsburgh,
Cincinnati, Atlanta and Dallas.
As for individual earners, Walt Disney Co. <DIS.N> Chief
Executive Michael Eisner was easily the highest compensated CEO
in America last year with $589,101,000.
Mel Karmazin, who took over the helm of CBS Corp. <CBS.N>
last year, earned $201,939,000 - putting him in second place
behind Eisner.
Third-placed Stephen Case of America Online <AOL.N> earned
$159,236,000, followed by Conseco's <CNC.N> Stephen Hilbert,
Intel's <INTC.O> Craig Barrett and the Gap's <GPS.N> Millard
Drexler, who went from 248th to 6th on earnings of $84,446,000.
The top 10 was rounded out by Jack Welch of General
Electric <GE.N>, Thomas Stemberg of Staples <SPLS.O>, Cendant's
Henry Silverman and Colgate-Palmolive's Reuben Mark.
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