Crain's New York Business compiled the earnings of the five highest paid CEOs in New York for 2010, and the list was published on Business Insider. Crain's methodology is printed on its website, where anyone can read the details of how the company arrived at its numbers and conclusions. Readers can purchase this list and several other lists the company has researched and compiled. For its list of the 25 Highest Paid New York CEOs, information on compensation was gathered from the filings each corporation made with the Securities and Exchange Commission as of May 31, 2010. The short version of the methodology is that the total figures result from adding each CEO's base salary, bonuses, and incentive pay, along with stock options and any other compensation and perks the CEOs receive.
The number-one highest paid CEO in New York in 2010 was Philippe Dauman with Viacom, Inc., whose compensation totaled $84.5 million. Dauman has been the CEO of Viacom since 2006. Prior to becoming Viacom's CEO, he worked on the corporation's Executive Committee from 1994 to 2000. However, according to the Wall Street Journal, Dauman's salary was only $84.3 million. WSJ's figures came from its own survey, adding together salary, bonuses, long-term incentives, stock options and the granted value of stock. The Wall Street Journal's survey was for the 350 largest companies that filed between May 1, 2010 and April 30, 2011, so its rankings are not just limited to executives in New York.
The Huffington Post also named Dauman as the highest paid CEO, but its rankings, which came from the Associated Press analysis of Standard and Poor's listing of 500 companies, are also not limited to just New York. According to the Wall Street Journal, Dauman's 2010 compensation is double what he earned in 2009, primarily from equity awards in his newly renewed contract.
The number-two highest paid CEO is Leslie Moonvies at CBS Corp., for his income of $56.9 million. According to CBS's website, Moonvies was promoted to chairman and CEO of CBS in 2003, which was then part of Viacom, Inc. In December 2005, the two companies split off to form Viacom, Inc. and CBS Corporation. Moonvies joined CBS in 1995 as president of CBS Entertainment.
The number-three highest paid CEO is Mario Gabelli of Gamco Investors, Inc. Gabelli was paid a total of $56.6 million, putting him just behind Moonvies of CBS. Gabelli founded Gamco in 1977, and, according to Business Insider, Gabelli is also CEO and chairman of Lynch Interactive.
The fourth highest paid CEO in New York is Ralph Lauren of Polo Ralph Lauren Corp., the company he founded in 1967. Lauren received $27.7 million. Lauren founded the company by first designing a line of men's ties that sold so well he began designing other men's wear. Now the company designs lines of clothing not only for men, but also for women, children, babies and also designs a line of home linens, decorative accents and other items for the home.
The fifth highest paid New York CEO is Jeffrey Bewkes, who is both CEO and Chairman of the Board of Time Warner, Inc. Bewkes earned $26.1 million in 2010. According to the Time Warner website, Bewkes was elected to the CEO position in January, 2008, and elected to the Chairman of the Board position in January, 2009. Prior to joining Time Warner, Bewkes was President and Chief Operating Officer of HBO from September 1991 to May 1995, and then became Chairman and CEO of HBO, a position he held until July, 2002 when he joined Time Warner.