Admittedly, it was only down 1% to a mere $3.256 million, from $3.291 million. But in 2002, the first full year since the Enron Corp. scandal erupted, CFOs as a group saw their compensation drop for the first time in a decade, according to compensation analysis firm Pearl Meyer & Partners in New York. No matter how you slice it, the contraction is another illustration of how a tough job just got tougher.
The CFO compensation reductions cut across a variety of industry sectors, and for some were quite painful. A sampling: Susan Tomasky's total compensation at American Electric Power Co. fell 30% in 2002 from a year earlier; Boeing Co.'s Michael M. Sears suffered a 13% decline; IBM Corp.'s John R. Joyce took a 17% hit, and Robert P. Brace of Duke Energy Corp. had to brace himself for a spectacular 74% drop.