Motorola Co-CEO Sanjay Jha ranks No. 2 in the Associated Press’ list of the 10 highest-paid CEOs for 2008 at Standard & Poor's 500 companies. Jha’s total pay is calculated at $104.4 million.

Motorola Co-CEO Sanjay Jha

The only executive with higher pay on the list is Aubrey McClendon of Chesapeake Energy Corp., whose total compensation comes to $112.5 million. Kevin Johnson of Juniper Networks came in at No. 9, with $36.1 million.

Jha’s compensation, which is tied to his ability to turn around Motorola’s cell phone unit and make it a separate entity by Oct. 31, 2010, has been widely reported.Meanwhile, an AP analysis released today shows the median pay package for CEOs fell 7 percent, to $7.6 million in 2008.

The AP’s total pay figures are rounded and are based on a compensation formula that adds up salary, perks, bonuses, preferential interest rates on pay set aside for later, and company estimates for the value of stock options and stock awards on the day they were granted last year.

Yesterday, Motorola reported continued losses from the cell phone unit. Meanwhile, it’s embroiled in an ugly legal battle with former CFO Paul Liska.  

Motorola recruited Jha from Qualcomm, where he was COO, in 2008.

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