Decline: CEOs see pay slip for second year in a row

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Top company bosses saw their pay decline further in 2009, the first time in two decades that it has fallen for two consecutive years, according to a new analysis.

The Hay Group management consultancy examined the salaries, bonuses, stock and long-term incentives of the chief executives of 200 major U.S. companies. The firm found that the median value fell by 0.9 percent last year to $6.95 million, the Wall Street Journal reported. In 2008, pay fell by 3.4 percent.

However, the highest-paid executive in the survey, Ray R. Irani, CEO of Occidental Petroleum Corp, still made $52.2 million, the Journal reported, noting the company’s stock rose by 36 percent last year.

Full story: Executive pay slips for second year in a row – U.S. business-