Value of CEO Equity Holdings Down Over 50 Percent for 2008

NEW YORK, Jan. 21 /PRNewswire/ -- CEOs at the largest U.S.
corporations as a group lost a whopping $54 billion dollars over the
most recent fiscal year. These losses by CEOs of 175 major corporations
amounted to 50 percent of the value of their total holdings at the
median. The median value of individual CEO total equity holdings, which
includes shares owned outright, exercisable and unexercisable option
gains, and unvested restricted and performance shares, fell from $60.9
million at the beginning of the period to $29.5 million at year end.
Over the same period, these companies experienced a median decline in
stock price of 37 percent. These findings are based on a recently
completed study by Steven Hall & Partners, an independent executive
compensation consulting firm.

"Equity compensation has long been viewed as the most direct
approach to linking the interests of executives with those of their
shareholders," commented Steve Hall, Managing Director of Steven Hall
& Partners. "The study confirms this total alignment, and
underscores the dramatic decline in CEO personal wealth alongside that
of their stockholders, employees and Board members."

"While such linkage is appropriate and desirable," adds Pearl Meyer,
Senior Managing Director of Steven Hall & Partners, "prudent Boards
are undertaking a comprehensive review of compensation programs to
ensure that these programs are effective in motivating management to
restore and grow future shareholder value as well as retaining critical
leadership talent during this tumultuous period."

This data excludes terminated CEOs who are falling from office at an
accelerating pace. "Either in or out of office, CEO well-being, along
with that of other employees, stockholders and directors, is in a
downward spiral," according to Steven Hall.

About the Study

The study included Chief Executive Officers of 175 publicly traded
companies in the Fortune 200. The study excluded CEOs at companies that
are no longer traded publicly and companies that were acquired or taken
private. The study also excluded CEOs with disclosed retirement or
resignation dates. Amounts are calculated for the period beginning at
each company's respective fiscal year end (typically December 31, 2007)
and ending December 31, 2008, using equity holdings as disclosed in the
companies' most recent proxies. Values do not reflect changes in equity
holdings occurring after the disclosure of the most recent proxy.
Steven Hall & Partners intends to update the study on a quarterly
basis.

Steven Hall & Partners is an independent executive
compensation consulting firm serving as outside counsel to Boards,
Compensation Committees and management. The firm focuses solely on
executive compensation, Director remuneration and related corporate
governance matters. Prior to forming Steven Hall & Partners in
September 2005, the firm's principals, Pearl Meyer, Steven E. Hall and
Steven Root, served as Chair, President and Managing Director,
respectively, of Pearl Meyer & Partners which they founded in 1989.
For more information please visit www.shallpartners.com.