CEOs of 20 big US companies have reaped notional gains of about $375 million, as the value of stock options awarded to them last year by their respective firms has soared considerably, according to a list published by Fortune magazine.
The stock options were awarded to the Chief Executive Officers (CEOs) from their respective companies as a part of their compensation package for 2009 and were at the rock- bottom levels then.
As per the list based on an analysis by executive compensation research firm Equilar, Ford Motor CEO Alan R Mulally comes at the top with gains of $46.5 million in around six months, as the company's shares have risen significantly from November last year when they were granted to him.
"No one could've known it then, but 2009's stock market bust could be a boon for some executives' pay. Many were awarded options when their company's shares were so low that their value skyrocketed as stock prices revived," the magazine stated.
However, the total value represents hypothetical gains and the executive would not realise any actual value until the stock option award is exercised, the report added.
Other CEOs on the list include -- Liberty Media's Gregory B Maffei with gains of $45.5 million, American Express' Kenneth I Chenault ($27.7 million), General Dynamics' Jay L Johnson ($23.2 million) and Capital One Financial's Richard D Fairbank ($22.8 million).
The analysis by Equilar looked only at options granted during the 2009 calendar year at public US companies with revenue over $10 billion.
The total value of options represent the intrinsic value of the awards. Intrinsic value was calculated by taking the difference between stock price and exercise price then multiplying it by the number of options awarded. All stock prices were taken as of May 21, 2010.
Others on the list includes Coca-Cola CEO Muhtar Kent, Dow Chemical's Andrew N Liveris and Whirlpool's Jeff M Fettig.
