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Not The Philadelphia Story. Just a Philadelphia story. Or maybe just another Philadelphia story.
Last Friday’s Philadelphia Daily News (July 15, 2011, p.6) had a story about CEO pay at companies headquartered in the Philly area. According to the article, Philly CEO pay increased 32.6 percent in 2010 as compared with 2009. The article then cites the New York Times for the nationwide figure of 23 percent, meaning Philly is “slightly ahead of the curve” (the article says).
So are Philly’s boards more generous than boards in the rest of the country? I don’t think so. The 32.6 number is skewed by what people like to call an “outlier”: the pay of Sunoco’s CEO, Lynn Elsenhans (the only woman in Philly’s top 10), increased 524 percent, from about $1.9 million to about $11.3 million. According to the article, Ms. Elsenhans’s pay suffered in 2009 but rose in 2010 as a result of a swing in Sunoco’s stock price. But is $1.9 million really suffering?
Anyway, in absolute terms, the highest paid Philly CEO is cable guy Brian Roberts of Comcast (the same people who like to use the word “outlier” like to say “cable giant”), whose 2010 pay was about $31 million, according to the article. And if you didn’t already know who Philly’s highest paid CEO is, you would be guessing right if you guessed the same company that built the tallest building in Philly, the Comcast Center.
Ya think Leno will move his studio here?
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