Top 5 most overpaid CEOs

In other part of the world, employees are being underpaid, general manager, managing director and even CEOs are being underpaid. But this is not a problem in the United States where the worst achievers still get their undeserving compensations and perks. I supposed this is what people says, "Make tonne of money while do nothing". Below is the list of the "Highest Paid Worst Performers" of 2008.

1. Michael Jeffries, Abercrombie & Fitch

Abercrombie's Michael Jeffries was awarded total compensation of $71.8 million last year, with a base salary of $1.5 million. His compensation package included a $6 million "stay bonus" designed to keep him on board, despite his 17-year tenure, as well as perks such as the use of a corporate jet.

Jeffries is compensated at "the upper quartile" of his peer group. In other words, the compensation committee that determines his pay assures he'll be paid more than what 75% of his rival CEOs get.


2. James W. Stewart, BJ Services Company

The bulk of James Stewart's $34.6 million windfall came from value realized on stock options, which resulted in a $30 million jackpot. Stewart was granted those options more than five years ago. So they were still valuable despite the fact that the company's stock was halved in 2008.

BJ Services was acquired last month by rival Baker Hughes for $5.5 billion. Stewart remains chief executive until the deal closes at the end of 2009.


3. Brian Roberts, Comcast Corp.

While the cable and Internet provider's stock has performed well over the last 12 months, the company has lagged the industry over the years.

Comcast CEO Brian Roberts received total compensation of $40.8 million last year. That includes a $2.7 million base salary and over $22 million in earnings related to stock options. Roberts received a relatively small "discretionary bonus" of $881,027 and a "very substantial" bonus of $7.4 million under a non-equity incentive plan,


4. John Faraci, International Paper

Shares of the Memphis, Tenn-based paper company sank 63% last year, compared with a 8% drop in the S&P 500 index. Despite such a drubbing, the company's CEO got total compensation of $38.2 million.

John Faraci's compensation included $21 million in pension payments he received while still working at the company. Faraci, 59, has been CEO for six years.


5. Eugene Isenberg, Nabors Industries

With total compensation of $79.3 million, Eugene Isenberg ranked No. 8 on the list of 10 highest paid CEOs. In 2008, shares of the oil and gas drilling company plummeted 51%, although the company's stock has outperformed industry rivals over the last 12 months.

Isenberg's total compensation was driven mostly by a $58.7 million bonus, which was calculated based on a percentage of the company's cash flow. Over the years, this formula has resulted in $625 million in "aggregate bonuses" for Isenberg.