Executives from telecommunications concern Sprint Nextel employed the most overpaid executives relative to company performance, with top managers awarded a compensation package of nearly $74 million in 2007 despite the company posting a loss of $29 billion.
According to proxy researcher Glass-Lewis, which evaluated a pay-for-performance study among large and small publicly traded companies, its Pay Dirt survey identified 61 executives who were awarded more than $25 million in annual compensation in 2007, 40 of whom took in over $30 million each according to estimates by Glass Lewis.
Other large companies on Glass Lewis’ "Overpaid 25" list include home builder KB Home, automakers Ford Motor Co. and General Motors Corp., and CBS Corp. Stocks on the list fell, on average, almost 33 percent during the companies' 2007 fiscal years, Glass Lewis said.
At CBS, CEO Leslie Moonves received an estimated $73.4 million in 2007 compensation despite the company’s stock falling more than 13 percent.
Among those companies scoring high with regard to the compensation-performance formula were online retailer Amazon, Apple and Google.
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