The Seatte Times in "CEO pay gets back to basics with hard cash" (by Monica Soto Ouchi and Luke Timmerman):
Getty Images CEO Jonathan Klein, who topped this year's list with $9.5 million in compensation, saw his pay package double after converting $8 million worth of options into stock. His compensation picture, however, has evolved over time.
Klein received 2.5 million options over a six-year period as one of the founders of Getty Images. His Internet startup was similar to others — both executives and employees were awarded large stock-option grants in lieu of higher pay.
By the end of last year, Klein had 1.5 million options remaining; they were worth an estimated $37.7 million, according to regulatory filings.
As Klein's option grants have gone away (his last award came in 2001), the board's compensation committee has given him more cash. In February, the committee reduced Klein's base salary from $1.1 million to $950,000, but increased the bonus he is eligible to earn each year from 30 percent of his base salary to 70 percent.
In 2003, he received a $325,000 bonus. This year, he's eligible to receive up to $665,000.
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That Klein topped this year's list underscores the shifting landscape for CEO pay. A year ago, Klein's $9.5 million pay package would have put him sixth on the list of highest-paid CEOs here [Northwest companies].
