SPECIAL REPORT: EXECUTIVE PAY : Pay Cuts at the Top

While executive pay continued its meteoric rise overall, some top California executives took big cuts in their core salary or bonuses in 1993. This chart lists the 20 high-level executives at California’s 100 biggest publicly held companies who took the largest pay cuts last year.

Executive Company Title Michael D. Eisner Walt Disney Co. CEO, COB Jerry St. Dennis California Federal Bank COB William J. Schroeder Conner Peripherals Inc. VCOB Finis F. Conner Conner Peripherals Inc. COB, CEO Guy Nafilyan Kaufman & Broad Home EVP Dennis K. Eck Vons Cos. P, COO Roger E. Stangeland Vons Cos. COB, CEO Louis T. Rosso Beckman Instruments Inc. COB, P, CEO C. Scott Holt Conner Peripherals Inc. EVP William L. Callender California Federal Bank P Neill F. Crowley III Vons Cos. EVP Michael T. O’Neill Beckman Instruments Inc. VP Garrett R. Nelson Vons Cos. EVP Peter M. Horn III Vons Cos. EVP John P. Wareham Beckman Instruments Inc. VP Michael F. Henn Vons Cos. EVP, CFO Albert R. Ziegler Beckman Instruments Inc. VP Arthur A. Torrellas Beckman Instruments Inc. VP Robert J. Kelly Vons Cos. EVP Jack W. Goodall Foodmaker Inc. COB, CEO, P

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‘93 salary ’92 salary % Chg from Executive and bonus and bonus ’92 Michael D. Eisner $750,000 $7,458,981 -90% Jerry St. Dennis 225,767 725,015 -69 William J. Schroeder 301,882 880,805 -66 Finis F. Conner 615,632 1,795,763 -66 Guy Nafilyan 329,000 708,696 -54 Dennis K. Eck 487,077 969,825 -50 Roger E. Stangeland 700,660 1,379,718 -49 Louis T. Rosso 449,167 835,406 -46 C. Scott Holt 357,723 650,130 -45 William L. Callender 281,052 505,013 -44 Neill F. Crowley III 251,012 446,954 -44 Michael T. O’Neill 246,008 428,758 -43 Garrett R. Nelson 296,585 515,638 -42 Peter M. Horn III 246,066 414,567 -41 John P. Wareham 273,008 459,674 -41 Michael F. Henn 360,788 595,698 -39 Albert R. Ziegler 196,625 318,225 -38 Arthur A. Torrellas 197,526 318,472 -38 Robert J. Kelly 246,252 388,656 -37 Jack W. Goodall 563,077 875,000 -36

Source: Star Services

Footnotes and Abbreviations

Calculated by the Black-Scholes method. All other companies calculated stock option values based on the 5% method.

NA Not available.

CEO Chief executive officer

CFO Chief financial officer

COB Chairman of the board

CO-COB Co-chairman of the board

COO Chief operating officer

CTO Chief technology officer

DIR Director

EVP Executive vice president

P President

P-OPS President of operations

SVP Senior vice president

VCOB Vice chairman of the board

VP Vice president