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Aftermarket Companies Make USA Today’s List of Most Overpaid/Underpaid Executive Teams

USA Today recently published an independent study identifying the most underpaid and overpaid executive teams leading public companies in 2003. Among these companies were a number of names you may recognize as major players in the automotive aftermarket.

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WASHINGTON — USA Today recently published an independent study identifying the most underpaid and overpaid executive teams leading public companies in 2003. Among these companies were a number of names you may recognize as major players in the automotive aftermarket.

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The study, conducted by the Glass Lewis research firm, used a proprietary model to evaluate the compensation of CEO’s and public companies’ five highest-paid executives, along with a company’s stock and financial performance in 2003. In its analysis, the firm counted salaries, bonuses, restricted stock, the estimated value of stock options and other compensation, such as use of a company aircraft. Companies where a top executive’s compensation was most out of sync with financial performance were given a failing grade in Glass Lewis’ analysis.

Among the most underpaid executive teams in 2003, the list named such aftermarket players as 3M, ChevronTexaco, Genuine Parts Co., PACCAR and Sears Roebuck & Co. Among the most overpaid — Delphi, and Visteon.

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According to the survey, 3M CEO James McNerney, Jr. — whose salary topped the list of most underpaid executives — made $13.5 million in 2003 and his management team earned $24 million while the company saw a 38 percent total return in shareholder value and a 41 percent change in earnings per share in 2003.

To read the complete story, go to: http://www.usatoday.com/money/companies/management/2004-04-30-exec-pay_x.htm.

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