The Wall Street Journal reports that Nextel Communications’ CEO Timothy M. Donahue’s salary jumped nearly nine time from $2.9 million in 2002 to a whopping $26.4 million in 2003. Is he worth it? I am not sure, but the shareholders aren’t likely to object. He is certainly worth more than Ed Whitacre of SBC who is one greedy bell head and took home about $19 million last year when his company’s stock was well sagging.

bq. During 2003, shares of Nextel — the country’s No. 6 cellphone carrier — rose about 140%, making it one of the best-performing stocks in the telecommunications industry. Mr. Donahue received salary, bonus, and cash from long-term incentive payments totaling $6.1 million in 2003. But the big increase in Mr. Donahue’s total compensation was driven largely by $17.9 million of restricted stock he received in 2003, compared with no such award in 2002.