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|Articles - October 2012|
|Monday, September 24, 2012|
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BY BRANDON SAWYER
CEO pay has often been the target of public outrage, but especially in the past five years amid layoffs, high unemployment and weak stock prices. CEO pay also has long been the target of board of directors’ executive compensation committees that fine-tune these pay programs in order to retain competent leaders. The compensation of public-company CEOs has changed dramatically over the past 20 years, shaped by government policy and boards with more independent directors, as well as efforts to connect it with shareholder return. Public companies must disclose more about executive pay than ever before, and while total CEO compensation has reached new heights, its value has become increasingly volatile and dominated by at-risk pay.
To see how executive pay has played out in Oregon, we analyzed the 20 public companies with the biggest market caps as of July 2012 that also had the same CEO for the past five years. (Lithia and Cascade Bancorp changed CEOs this year.)
Of our 20 CEOs, 17 earned more last year than they did before the recession, but eight of the companies they led were less profitable, including Cascade Bancorp, Columbia Sportswear, ESI, Greenbrier, NW Natural, Pacific Continental Bank, Schnitzer Steel and StanCorp. Only three CEOs — Raymond Davis of Umpqua Bank, Robert Warren Jr. of Cascade Corp. and Robert Sznewajs of West Coast Bancorp — earned less than five years ago.
The design of CEO compensation increasingly aims at long-term company performance and shareholder return with a greater proportion of equity and deferred compensation, the ultimate value of which is impossible to predict. Examining their pay as a whole has become less meaningful than an inventory of the components, such as salary.
Three companies that would have made our list of the top 20 because of market-cap size — Blount International, Lattice Semiconductor and Rentrak — were excluded because their CEOs changed in the turbulence of the past five years. Aaron Boyd, director of research at Equilar, says CEO turnover nationally spiked in 2008 and 2009.
“There’s less job security,” Boyd says. “You’re much more likely to take the blame when things go wrong and to get ousted, and have a shorter leash than a rank-and-file person.”
For this story, we analyzed the U.S. Securities & Exchange Commission’s Edgar system for Oregon CEO pay and company financials; Equilar for information on S&P 500 CEOs; MarketWatch BigCharts for historical stock prices; and the Conference Board for proxy-voting data. Here is what we found.
ILLUSTRATIONS BY PJ MCQUADE
Monday, August 18, 2014
Portland is in the middle of another construction boom, with residential and office projects springing up downtown, in the Pearl and Old Town. OB Web Editor Jessica Ridgway documents the new wave.
Tuesday, July 01, 2014
BY HANNAH WALLACE | OB BLOGGER
Demand for organic food continues to soar: Last year, sales of organic food rose to $32.3 billion — up 10% from 2012. In Oregon, organic produce wholesaler Organically Grown Co. has been championing organic growing methods for four decades.
Wednesday, August 20, 2014
By Kim Moore | OB Editor
The 2015 survey launched this week. It is open to for-profit private and public companies that have at least 15 full- or part-time employees in Oregon.
Thursday, August 28, 2014
As summer winds down, we update a few feature stories that appeared in our print publication this past year.
Thursday, July 03, 2014
BY TED AUSTIN & MIKE BAELE | GUEST CONTRIBUTORS
The Office of Economic Analysis announced that Oregon is currently enjoying the strongest job growth since 2006. While this resurgence has been welcome, the lingering effects of the 2008 “Great Recession” continues to affect Oregon businesses, especially with regard to estate planning and business succession.
Wednesday, August 27, 2014
Tom Cox interviews Pete Friedes, author of "The 2R Manager," about becoming a Best Boss.
Monday, August 25, 2014
BY JASON NORRIS | OB GUEST BLOGGER
Ferguson Wellman’s investment views on the economy and capital markets.
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