Automotive CEO Pay Bounced Back in 2009

Despite last year's disastrous economy, CEOs of publicly traded automotive companies got big pay raises in 2009, Automotive News reported.

Most industry CEOs took the painful cuts in 2008 and were on the mend in 2009.

And executive pay at suppliers and public retailers is bouncing back faster than auto sales, especially when it comes to bonuses.

The average CEO's base salary did not change much from 2008, hovering around the $1 million mark. But total CEO compensation increased by nearly $1 million, averaging $3.9 million.

Equilar Inc., of San Mateo, Calif., conducted a survey for Automotive News of the compensation data of CEOs of publicly traded U.S. companies.

As in previous years, supplier executives filled the top slots on the list.

BorgWarner Inc.'s Tim Manganello received a 50 percent raise last year, making him the highest-paid automotive top executive in 2009.

Manganello made $11.5 million, with $7.3 million coming from vested stock award gains. That was almost as much as his $7.6 million total compensation in 2008.

Theodore Solso, CEO of Cummins Inc., was No. 2 at $9.9 million. Much of the total came from bonuses and stock award gains.

Lear Corp. CEO Robert Rossiter was No. 3 at $8.1 million.

The pay of Eaton Corp. CEO Alexander Cutler -- who had ranked No.1 for the previous two years -- plummeted from $16 million in 2008 to $6.9 million last year. Automotive operations account for about 10 percent of Eaton revenues, a spokesman said.

Despite Cutler's high pay ranking -- No. 4 -- his compensation dropped 57 percent from 2009. His pay decreased in every category, but most of the damage came from diminished stock value and a sharply reduced bonus. Cutler exercised stock options that earned him $4.4 million.

Ford Motor Co. CEO Alan Mulally, at No. 18, was the only automaker CEO in the top 20, with total compensation of $3.3 million, down from $3.9 million in 2008. Ford currently is the only publicly traded U.S. automaker.