At the one end of the compensation to market cap ratio are relatively small companies that have very highly paid CEOs. At the other are chief executives at large companies who work for more modest sums and are either paid well for extraordinary financial results or have boards that believe that CEOs should not be paid like sultans

Read: America’s Least Valuable CEOs

Also Read: America’s Most Valuable CEOs

Every year, the media come out with lists of American public company CEOs who makes tens of millions of dollars. While some may have earned the money because of phenomenal results, others are paid well despite poor results. Our list of least valuable CEOs is based on chief executives who are paid handsomely, even though they run corporations with modest market caps and sales. Additionally, most of their companies have not done well, either financially or in terms of stock market performance.

Some of the companies on this list are run by founders or large shareholders. These people may well be in a position to have outsized influence over their own pay packages, which puts shareholders in an impossible position to effectively protest compensation. Other CEOs have been hired fairly recently to turn companies around. They have been paid well to take jobs in which they are expected to post great improvement, but they have not done so yet, and may never. .

24/7 Wall St. identified the least valuable CEOs based on executive pay relative to company market cap. We reviewed the market cap and CEO compensation for every S&P 500 company as of Dec. 31, 2011. If a company’s stock performance exceeded that of the S&P 500 Index between December 30th, 2011 and November 12th, 2012 it was excluded. CEOs who joined their companies or were promoted during the year in question have been included for the purpose of our measurements.

These are America’s least valuable CEOs.

The number of medical device recalls governed by the U.S. Food and Drug Administration (FDA) declined 13% compared with the previous quarter, but the number of products affected by such announcements broke 100 million units for the first time since the third quarter of 2010.

“The fact that more than 120 million medical device units were affected by recalls last quarter cannot be ignored, particularly because it comes during a time when America’s 50 million aging Baby Boomers are placing increasingly high demand on life-saving medical devices,” said a representative of Stericycle ExpertRECALL.

Companies affected by recent recalls include Coviden PLC (NYSE: COV), which this week announced a voluntary recall of some DGPHP RFA high-power single use grounding pads and Cool-tip RFA electrode kits that contain those pads. It also recently announced a voluntary global recall of some adult tracheostomy tubes.

CareFusion Corp. (NYSE: CFN) in June initated a recall of its EnVe ventilator due to potential risks they could compromise patient ventilation. The company also announced a voluntary recall of its AirLife Infant Breathing Circuit in May.

Abbott Laboratories (NYSE: ABT) in July recalled certain Architect Toco IGG Reagent kits. And General Electric Co.’s (NYSE: GE) medical systems unit recalled certain X-ray machines due to faulty wheels and casters.

And Johnson & Johnson (NYSE: JNJ) this week recalled certain Hemorrhoidal circular staplers and accessories for potential risks of a misfire. Ouch.

All these stocks are up less than 1% in morning trading. Coviden is near $57.08 in a 52-week range of $41.35 to $57.86. CareFusion is near $27.14 in a 52-week range of $22.55 to $27.29. Abbott Labs is near $65.91 in a 52-week range of $48.63 to $67.45. And Johnson & Johnson is near $68.06 in a 52-week range of $60.83 to $69.75.

Trey Thoelcke

Alcoa Inc. (NYSE: AA) Started as Buy at Stifel Nicolaus.
Baker Hughes Inc. (NYSE: BHI) Started as Buy at Stern Agee.
Broadcom Corporation (NASDAQ: BRCM) Started as Buy at Societe Generale.
CareFusion Corporation (NYSE: CFN) Started as Market Perform at BMO.
Charter Communications Inc. (NASDAQ: CHTR) Started as Outperform with $60 target at Credit Suisse.
Citigroup Inc. (NYSE: C) cut estimates and cut target to $45 from $50 at Credit Suisse’ Maintained Sell at Argus.
Fidelity National Financial (NYSE: FNF) named Value stock of the day at Zacks.
First Solar Inc. (NASDAQ: FSLR) Cut to Hold at S&P Equity Research (late-Monday call).
The Goldman Sachs Group Inc. (NYSE: GS) Cut to Underperform as Bear of the Day at Zacks.
Halliburton Company (NYSE: HAL) Started as Buy at Stern Agee; Reiterated Buy at Canaccord Genuity.
Lulelemon Athletica Inc. (NASDAQ: LULU) Started as Neutral at Macquarie.
Macy’s Inc. (NYSE: M) Started as Outperform at Macquarie.
Progressive Corp. (NYSE: PGR) Cut to Hold at Argus.
QUALCOMM Incorporated (NASDAQ: QCOM) Started as Hold at Societe Generale.
UnitedHealth Group, Inc. (NYSE: UNH) named Bull of the Day at Zacks.
Urban Outfitters, Inc. (NASDAQ: URBN) Started as Underperform at Macquarie; Started as Outperform at FBR.
VMware Inc. (NYSE: VMW) Cut to Hold at Jefferies.
Whirlpool Corporation (NYSE: WHR) Cut to Sell at Goldman Sachs.

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JON C. OGG

ARM Holdings plc (NASDAQ: ARMH) Raised to Buy at Citigroup.
CareFusion Corporation (NYSE: CFN) Raised to Buy at BofA/ML.
ConocoPhillips (NYSE: COP) Cut to Underperform at Macquarie.
Edison International (NYSE: EIX) Added to US Focus List at Credit Suisse.
General Mills, Inc. (NYSE: GIS) Added to Conviction Buy List at Goldman Sachs.
Goldman Sachs Group Inc. (NYSE: GS) estimates cut to expect a loss by Citigroup.
PDL BioPharma, Inc. (NASDAQ: PDLI) Cut to Sector Perform at RBC.
SAP AG (NYSE: SAP) Started as Buy at Citigroup.
Smithfield Foods Inc. (NYSE: SFD) Raised to Buy at BofA/ML.
Sprint Nextel Corporation (NYSE: S) Cut to Hold at Argus; Removed from U.S. Focus List at Credit Suisse.
Stryker Corporation (NYSE: SYK) Raised to Buy at BofA/ML.
Telefonica, S.A. (NYSE: TEF) Cut to Neutral at Goldman Sachs.
Telecom Italia SpA (NYSE: TI) Cut to Sell at Goldman Sachs.
Tyson Foods Inc. (NYSE: TSN) Raised to Buy at BofA/ML.
Valero Energy Corporation (NYSE: VLO) Raised to Overweight at Barclays.

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Anadarko Petroleum Corp. (NYSE: APC) Reiterated Hold at Argus.
Carefusion Corporation (NYSE: CFN) Cut to Neutral but kept $30 target at BofA/ML.
Chicago Bridge & Iron (NYSE: CBI) Raised to Outperform at Credit Suisse.
Columbia Sportswear Company (NASDAQ: COLM) Raised to Buy at BofA/ML.
DryShips, Inc. (NYSE: DRYS) named as Bear of the Day at Zacks.
Energizer Holdings Inc. (NYSE: ENR) Cut to Neutral at UBS.
Honda Motor Co., Ltd. (NYSE: HMC) Cut to Sell at Citigroup.
Idenix Pharmaceuticals Inc. (NASDAQ: IDIX) Raised to Buy at BofA/ML.
Jack In The Box. Inc. (NASDAQ: JACK) Cut to Underperform at Credit Suisse.
Magellan Health Services, Inc. (NASDAQ: MGLN) Started as Underperform and $50 target at BofA/ML.
Monsanto Co. (NYSE: MON) Raised to Buy at Deutsche Bank.
National Semiconductor Corporation (NYSE: NSM) Cut to Hold at Deutsche Bank; Cut to Neutral at Gleacher.
Novo Nordisk (NYSE: NVO) Raised to Overweight at JPMorgan.
SPX Corporation (NYSE: SPW) Started as Outperform with $100 target at Credit Suisse.
Toyota Motor Corporation (NYSE: TM) Cut to Sell at Citigroup.
V.F. Corporation (NYSE: VFC) named as Bull of the Day at Zacks. 

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JON C. OGG

Activision Blizzard, Inc. (NASDAQ: ATVI) Added to Best Idea List at Wedbush Morgan.
Aircastle Ltd. (NYSE: AYR) Raised to Outperform at FBR.
CareFusion Corp. (NYSE: CFN) Raised to Positive at Susquehanna.
Comcast Corp. (NASDAQ: CMCSA) Cut to Market Perform at Bernstein.
DragonWave Inc. (NASDAQ: DRWI) targets cut at RBC, TD, CIBC, and Raymond James.
Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) Cut to Hold at Citigroup.
Rubicon Technology Inc. (NASDAQ: RBCN) Raised to Outperform at Oppenheimer.
SunPower Corp. (NASDAQ: SPWRA) Raised to Hold at Auriga.
Walgreen Co. (NYSE: WAG) STarted as Buy at Lazard.
Yahoo Inc. (NASDAQ: YHOO) Raised to Positive at Susquehanna.

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JON C. OGG

Viacom Inc. (NYSE: VIA) rose close to 4% to a yearly high of $31.63, continuing its rise following its earnings release.  The company posted a 15% increase in profits, to 76 cents per share.

Garrett W. McIntyre

Accenture (NYSE: ACN) Cut to Neutral at UBS.
Air Tran Holdings (NYSE: AAI) Raised to Overweight at JPMorgan.
CareFusion (NYSE:CFN) Started as Market Perform at Leerink Swann; Started as Neutral at JPMorgan.
First Solar (NASDAQ: FSLR) Cut To Neutral at Macquarie.
Fannie Mae (NYSE: FNM)  Cut to Underperform at KBW.
Freddie Mac (NYSE: FRE) Cut to Underperform at KBW.
Geron Corporation (NASDAQ: GERN) Raised to Buy at Merriman Curhan Ford.
Marvell Tech (NASDAQ: MRVL) Started as Buy at Citigroup.
Southwest Airlines (NYSE: LUV) Cut to Underweight at JPMorgan.
Tellabs (NASDAQ: TLAB) Cut to Neutral at UBS.

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Jon C. Ogg
October 19, 2009