Sure, many executives said goodbye to bonuses in 2008 and had their perks pared because of plummeting stock prices after the economic meltdown.

But million-dollar-plus annual salary packages were still the norm for most Indiana CEOs of companies traded on major stock exchanges, according to an analysis conducted for The Star by Equilar, an information services company specializing in executive compensation research.

Average compensation dropped by 19.6 percent in 2008. But average annual CEO pay was $3.6 million for 44 Indiana CEOs whose pay history was followed by Equilar.

DATABASE:Searchable database of CEO compensation at public companies.

Meanwhile, stock values for companies followed by The Star dropped an average of 46 percent in 2008, while companies with strong ties to health care performed best and paid their CEOs the most.

Late last year — as Wall Street’s financial mess spun into a global economic crisis — stories of excessive CEO pay and lavish perks abounded.

There wasRichard Fuld, CEO of the failed Lehman Brothers Holdings, collecting almost $465 million from 1993 through 2007, according to Equilar.

And don’t forget ex-Merrill Lynch chiefJohn Thain’sreported $35,000 toilet.

Paul Hodgson, a corporate governance researcher for The Corporate Library, said that in the much-troubled financial services industry the annual bonus has served as a main form of compensation.

“For executives at that level, the primary mode of compensation should be for the long term,” he said.

Despite a general drop in total pay at America’s largest companies in 2008, Eleanor Bloxham, CEO of The Value Alliance Co. and the Ohio-based board advisory company the Corporate Governance Alliance, said she has yet to see any fundamental shifts in how CEOs are paid.

“What we know from this recession is that the good times weren’t as good as everyone thought they were. What we have is basically a system that needs to be reworked.”

John Lechleiter, chairman and chief executive of Indianapolis drugmaker Eli Lilly and Co., was the state’s highest-paid CEO with 2008 compensation valued at $10.64 million, according to Equilar.

“His compensation was well-aligned with the company’s performance and its compensation philosophy,” Lilly spokesman Mark Taylor said in a statement.

Tim Solsoof Columbus-based engine maker Cummins was No. 2 with $9.2 million in pay, whileAngela Bralyof Indianapolis-based health insurer WellPoint was third with pay totaling $8.65 million.

Peter Soderberg’s$6.17 million for leading Batesville hospital-bed maker Hill-Rom andDavid Dvorak’s$6.16 million for heading up Warsaw-based orthopedics implant maker Zimmer rounded out the Top 5.

Some CEOs enjoyed hefty increases in pay last year — especially those leading companies with fiscal years that differed from the calendar year.

Soderberg, CEO of Hill-Rom, saw his total pay jump 33 percent to $6.17 million in 2008.

“We ended the year on an extreme up note,” said Lauren Green-Caldwell, spokeswoman for Hill-Rom. She noted that Hill-Rom’s fiscal fourth quarter, which ended Sept. 30, was one of the strongest in the company’s history.

At Celadon, an Indianapolis-based trucking company, CEOStephen Russell’s pay rose 148 percent in fiscal 2008 to $2.11 million, according to Equilar.

“Our fiscal year ends on June 30 instead of a calendar year end like most companies. When you combine that with the fact that we aren’t awarding bonuses due to the economic environment, Mr. Russell’s pay will actually be down more than 20 percent from last year,” said Celadon spokesman Craig Koven.

Emmis CEOJeff Smulyansaw his pay jump 14 percent to almost $1.18 million in its fiscal year, which ended Feb. 28, according to Equilar. The pay came as the radio broadcaster struggled amid the advertising slump.

But Emmis General Counsel Scott Enright said the increase was caused by Smulyan’s taking a $1 salary in 2007. Enright noted that all other forms of pay for Smulyan decreased last year.

Columbus-based Irwin Financial endured a dismal 2008 as loan losses contributed to a loss of $340 million. Yet in 2008, Irwin CEOWill Millersaw his total pay jump 38 percent to $910,824, according to Equilar.

Susan Matthews, a spokeswoman for Irwin, noted that Miller was paid no bonus. She also said that in 2009 his salary has been lowered 25 percent to $487,500.

With poor company performance in 2008 came pay cuts for some Indiana-based CEOs.

The recently retiredPaul Hassler, CEO of Elkhart- based Patrick Industries, saw his pay drop 57 percent to $340,278 in 2008. Patrick, a supplier to the hard-hit recreation vehicle and manufactured housing industries, saw its stock plummet 93 percent in value last year.

Richard Shepperd, CEO of West Lafayette-based pharmaceutical provider Bioanalytical Systems, saw his pay fall 75 percent to $425,125 from the previous year.

Bioanalytical lost $1.5 million in fiscal 2008.

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Reforms have been demanded to tie CEO pay to performance. Some suggestions include wider use of “clawback” provisions that allow the recouping of compensation paid to executives based on financials that turn out to be misstated.

There’s also a push for the “Say on Pay” measure — which provides shareholders with an annual advisory vote on executive pay. It has gained momentum in recent months.

Some large corporations such as computer-chip giant Intel already have enacted “Say on Pay.” Lilly and WellPoint shareholders voted down “Say on Pay” proposals at their companies’ recent annual meetings.

Last week, Treasury Secretary Timothy Geithner said the Obama administration would support legislation that would give regulators the authority to require companies to provide shareholders with a “Say on Pay” vote.

Change is coming, said Timothy Smith, a leader in the “Say on Pay” movement who is senior vice president at Walden Asset Management, a Boston investment company:

“We’re moving down the line to making this a reality for all companies.”