CEO base pay plummets 24 percent in last year

"The average base salary of a CEO at a U.S. public company dropped 23.9 percent in the past year to $1.2 million, according to a study."

"The drop is the largest decline in base salaries in the past 12 years, according to the Redmond, Wash.-based ERI Economic Research Institute’s Executive Compensation Index."

"In May 2009, the average base pay was $1.2 million, down from $1.58 million in May 2008. But other parts of an average CEO’s compensation package haven’t fallen nearly as dramatically."

"Bonus and nonequity incentives have risen 1 percent in the past year, as well as other compensations. The average CEO compensation package, which includes bonuses, options, pension and other items, is now $16.65 million annually, down 3.3 percent from $17.21 million a year ago."