New York (April 10, 2003) - Average pay for chief financial officers at leading U.S. companies fell 1 percent in 2002 to $3.26 million, with declines all around except long-term incentives and the value of stock option grants, according to an annual survey.

Long-term incentives showed the most growth, rising 4 percent to $511,000, while the value of stock options was up 2 percent to $1.7 million, representing 53 percent of the total package, according to the survey of 63 companies by executive compensation consultants Pearl Meyer & Partners. Average salary fell 3 percent to $532,000. Annual incentives declined 12 percent to $477,000. The survey, conducted during the third quarter, relied on 2001 bonus figures because 2002 payouts were not yet available.

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