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[object Object],NEW YORK: Cost-cutting moves might have cost thousands of US jobs, but many CEOs at companies' that resorted to massive layoffs saw their pay packets fatten in 2009, says a study. An in-depth survey of 50-listed American companies by the Institute of Policy Studies showed that many of them, which slashed the most number of jobs, also paid around 42 per cent higher compensation to their respective CEOs. The study on the 50 companies in the broader S&P 500 Index that had laid off the maximum number of workers, revealed that their CEOs enjoyed larger payouts in comparison to their peers heading other S&P firms. "Setting the right tone in the short-term is very important for meeting long-term goals, hence they view huge manpower costs as a major hindrance to optimum productivity levels," Agrawal noted. Interestingly, five of the 50 top firms that laid off workers were also recipients of major state bailouts. Out of them, American Express CEO Kenneth Chenault pocketed a compensation of $16.8 million, one of the highest in 2009. The company has laid off at least 4,000 workers since the financial meltdown. Commenting on the study, an expert said that CEOs should not be rewarded for slashing jobs. "Realigning the interests of CEOs with their employees and the rest of our country would be good for the economy and national morale," the expert noted

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