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Pay setters: chairmen of compensation committees give the lowdown on why executive pay keeps going up.(FEATURE)
Business North Carolina, September, 2006 by Maley, Frank
Tom Smith ran a big grocery chain for 13 years and was paid handsomely for it. In 1998, his last full year as CEO of Salisbury-based Food Lion Inc., he earned $3 million, according to the formula BUSINESS NORTH CAROLINA uses to calculate executive pay. Adjusted for inflation, that would have been equal to about $3.6 million in 2005. That would put Smith at 20th on this year's ranking of CEO pay at the 75 largest public companies in the state.
He also starred in some of Food Lion's television commercials, so couch potatoes around the state quickly grew familiar with--some, perhaps tired of--his boyish mug interrupting their favorite shows. Since retiring in 1999, he has dropped out of the public eye but not completely out of corporate boardrooms. These days,...
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