U.S. CEOs Who Outsource Get Bigger Pay Hike-Survey

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U.S. CEOs Who Outsource Get Bigger Pay Hike-Survey

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By Andrea Hopkins

WASHINGTON (Reuters) - Chief executives at U.S. companies that shipped jobs overseas won a 46 percent pay hike last year, more than five times the average CEO raise, while ordinary workers' paychecks barely budged, a study showed on Tuesday.

In its annual look at CEO compensation, the nonprofit liberal Institute for Policy Studies found executive pay at the 50 firms outsourcing the most service-sector jobs increased 46 percent in 2003, while the average CEO got a 9 percent raise and regular workers saw a 2 percent boost in pay.

"The fact that leading outsourcers make more money than average CEOs is one more reflection of a perverse system that rewards executives for making decisions that may improve their bottom line while hurting workers and communities," the Institute said in its 11th annual survey.

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The top 50 outsourcing firms included United Technologies Corp., where CEO George David's pay rose 629 percent to $70.5 million last year; Citigroup, where outgoing CEO Sanford Weill's pay rose 305 percent to $54.1 million; and software giant Oracle, where CEO Lawrence Ellison's pay rose 103,974 percent to $40.6 million, according to the study.

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