Virginia Business releases annual survey on CEO compensation

Nicholas Chabraja’s $31.8 million pay package tops 2008 list

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In a tough economic year, many CEOs at Virginia’s largest publicly traded companies got salary increases of more than 5 percent. Some even got fat bonuses. Yet, overall, pay packages flatlined in 2008, largely in response to reduced company earnings, according to a survey done for Virginia Business by human resources consultant Findley Davies Inc.

It examined compensation at 32 public companies with annual revenue of at least $1 billion. For 2008, the average total CEO compensation package was $6.06 million, just slightly below the 2007 total of $6.1 million.

Generally, pay in Virginia tracked a company’s performance, according to Findley Davies, a human resources consulting company based in Charlotte, N.C.. To see how companies ranked, see the chart and story online or in our October issue.

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