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Salaries on the rise for area's top executives

02.05.10

The Great Recession didn’t mean the boss took a pay cut.

While wages for the average worker in Erie County were virtually stagnant over the last year, the top executives at the publicly traded companies in the Buffalo Niagara region still managed to increase their overall median pay by an average of 6.6 percent, to more than $872,000 during 2009.

While the deepest economic slump since the Great Depression had companies cutting costs, slashing jobs and imposing pay cuts and wage freezes on many workers, local CEOs capitalized on the sharp rebound in the stock market to keep their paydays growing far faster than the pay of their employees.

While the weekly wages for the average worker in Erie County inched up by $3 a week last year to $739 — an increase of 0.5 percent — the median pay for the 53 high-ranking executives included in The Buffalo News’ annual executive compensation survey hit a record high of $872,195.

Eight local executives—led by National Fuel Gas Co. President and Chief Executive Officer David F. Smith’s $4.6 million pay package — topped the $2 million mark in total compensation. And 17 local executives earned more than $1 million, reversing a three-year decline that had seen membership in the Millionaire’s Club shrink from a peak of 20 in 2005 to 14 last year.

Source: Buffalo News

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