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Executive Incentives

nvestors in the U.S. stock market have lost more than $9 trillion since the peak a year ago. But in industries at the center of the crisis, some executives managed to emerge with substantial fortunes. A study by The Wall Street Journal analyzed the cash compensation and net proceeds from stock sales of top executives at financial and home-building companies, over a five-year period. The list includes executives at companies that have performed relatively well, in addition to poor performers. Click on the columns below to sort the top 25 CEOs by total amounts they received. (See related article.)

Photo	Chief executive/former chief executive	Company	Cash compensation	*Proceeds from stock sales	Total	Stock decline from its own peak

Photo	Chief executive/former chief executive	Company	Cash compensation	*Proceeds from stock sales	Total	Stock decline from its own peak
	Charles R. Schwab	Charles Schwab	$19,405,100	$797,200,946	$816,606,046	-44%
	Dwight C. Schar	NVR	$12,181,300	$614,141,072	$626,322,372	-64%
	Angelo R. Mozilo	Countrywide Financial	$92,158,109	$378,528,752	$470,686,861	-91%
	Robert I. Toll	Toll Brothers	$109,121,708	$318,646,592	$427,768,300	-73%
	Richard D. Fairbank	Capital One Financial	$716,977	$244,627,228	$245,344,205	-71%
	Richard S. Fuld Jr.	Lehman Brothers	$45,291,012	$139,322,037	$184,613,049	-100%
	James E. Cayne	Bear Stearns	$51,982,623	$111,257,780	$163,240,403	-95%
	Bruce Karatz	KB Home	$30,591,262	$161,215,737	$191,806,999	-88%
	R. Chad Dreier	Ryland Group	$95,966,246	$85,454,697	$181,420,943	-85%
	Maurice R. Greenberg	American International Group	$17,566,576	$115,266,874	$132,833,450	-98%
	Paul C. Saville	NVR	$4,688,550	$125,772,147	$130,460,697	-64%
	Lloyd C. Blankfein	Goldman Sachs	$103,114,404	$27,002,439	$130,116,843	-79%
	Stephen L. Way	HCC Insurance Holdings	$26,413,944	$95,387,302	$121,801,246	-41%
	Larry A. Mizel	MDC Holdings	$69,000,940	$41,545,979	$110,546,919	-73%
	Robert F. Greenhill	Greenhill	$42,824,958	$77,410,519	$120,235,477	-33%
	Richard M. Kovacevich	Wells Fargo	$44,241,874	$51,891,175	$96,133,049	-39%
	Daniel M. Meyers	First Marblehead	$9,402,300	$86,418,000	$95,820,300	-99%
	Thomas A. Renyi	Bank of New York Mellon	$29,398,322	$50,367,150	$79,765,472	-49%
	Ara K. Hovnanian**	Hovnanian Enterprises	$41,639,052	$48,431,376	$90,070,428	-97%
	Albert L. Lord	SLM	$8,038,823	$78,664,391	$86,703,214	-90%
	Michael A. Gooch	GFI Group	$6,464,600	$76,034,135	$82,498,735	-87%
	Kenneth D. Lewis	Bank of America	$36,450,000	$44,510,000	$80,960,000	-76%
	Jerry A. Grundhofer	US Bancorp	$21,066,861	$54,564,900	$75,631,761	-38%
	Joseph H. Moglia	TD Ameritrade	$20,438,733	$55,054,546	$75,493,279	-62%
	Phillip B. Lassiter	Ambac Financial Group	$2,809,924	$71,696,383	$74,506,307	-99%
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Note: *Period measured is July 1, 2003 to June 30, 2008. Stock proceeds defined as gross proceeds from stock sales, minus out-of-pocket costs to purchase shares and exercise employee stock options.

**$24 million of stock sales were as trustee for family members' trusts, for which Mr. Hovnanian disclaims any beneficial interest

Source: InsiderScore.com; Standard & Poor's ExecuComp; WSJ research

Write to the Online Journal's editors at newseditors@wsj.com

online.wsj.com/public/resources/documents/st_ceos_20081111.html

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Note: *Period measured is July 1, 2003 to June 30, 2008. Stock proceeds defined as gross proceeds from stock sales, minus out-of-pocket costs to purchase shares and exercise employee stock options.

**$24 million of stock sales were as trustee for family members' trusts, for which Mr. Hovnanian disclaims any beneficial interest

Source: InsiderScore.com; Standard & Poor's ExecuComp; WSJ research

Write to the Online Journal's editors at newseditors@wsj.com

online.wsj.com/public/resources/documents/st_ceos_20081111.html

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