Clarification and Corrections: CEO Pay

PikeNet Oops... My two recent Dispatches on real estate CEOs -- Real Estate CEO Compensation: Is It Fair? (May 23) and CEO Pay: Hard Work or Pure Luck? (June 1) -- need to be clarified and corrected. Sorry!

Clarification of "Pay" ... May 23 Dispatch ... Yahoo Finance includes a Profile of each company mentioned in the May 23 Dispatch: CB Richard Ellis, Jones Lang LaSalle and Trammell Crow. Toward the bottom of each Profile, you'll see a table of Key Executives with two columns adjacent labeled "Pay" and "Exercised."

Yahoo defines "Pay" as "salary, bonuses, etc." and "Exercised" as "the value of options exercised during the fiscal year." Combining the two columns may not be accurately termed annual compensation because exercised options may have been obtained in a previous year.

At CBRE in 2005, CEO Brett White's total compensation of $5.062 million was broken down as follows: salary $608,000, bonus $1,968,900, other $26,552, restricted stock awards $520,594, and dollar value of stock options $1,937,982.

At JLL in 2005, CEO Colin Dyer's compensation was broken down as follows: salary $750,000, bonus $1,800,000, restricted stock awards $1,872,750, and all other compensation $107,802.

At TCC in 2005, CEO Robert Sulentic's compensation was broken down as follows: salary $440,000, bonus $940,000, other annual compensation $20,000, restricted stock awards $935,388, and all other compensation $7,797.

Correction of "Insider Transactions" ... June 1 Dispatch ... In the past two years, three CBRE Directors (Freeman-related entities, Malek and Wirta) have sold the following amounts of CBRE stock: $211 million (NOT $369 million), $36 million (NOT $151 million) and $7.9 million (NOT $50 million), respectively. Blum-related entities have sold $1.1 billion (NOT $1.7 billion).

My error occurred somehow(!) as I copied the CBRE Insider Transactions from Yahoo Finance and pasted them into an Excel spreadsheet. The Yahoo Finance link was (and is) correct, but my summation of them was not.

-- Peter Pike