Indiana's highest-paid CEOs.

• Position: Chief executive officers - Illustration

The 50 highest-paid chief executives of public companies

1 STEPHEN C. HILBERT Chairman, president & CEO Conseco

PAY: $14,555,507 Long-term compensation: $2,871,474 Stock options exercised: $25,054,447 Headquarters: Carmel Business: Insurance holding company 1993 revenue: $2.6 billion 1993 net income: $297 million Joined company: Founded company in 1979 Age: 48 Education: Attended Indiana State University

2 JEFF SMULYAN Chairman Emmis Broadcasting

PAY: $2,059,787 Headquarters: Indianapolis Business: Broadcasting and publishing 1993 revenue: $49.7 million 1993 net income: $25.1 million Joined company: Formed company in 1980 Age: 46 Education: B.A. 1969, J.D. 1972, University of Southern California

3 LEO J. McKERNAN Chairman, president & CEO Clark Equipment Co.

PAY: $1,986,499 Long-term compensation: $63,789 Stock options exercised: $1,253,289 Headquarters: South Bend Business: Material-handling and construction equipment and components 1993 revenue: $874.9 million 1993 net income: $48 million Joined company: 1964 Age: 56 Education: Attended Iona College in New York; New York University; University of Bridgeport in Connecticut

4 RANDALL L. TOBIAS Chairman, president & CEO Eli Lilly & Co.

PAY: $1,735,402 Headquarters: Indianapolis Business: Pharmaceuticals and medical instruments 1993 revenue: $6.5 billion 1993 net income: $480.2 million Joined company: 1993 Age: 51 Education: B.S. 1964, Indiana University

5 DALE R. GLON Chairman & CEO Cobra Industries

PAY: $1,687,669 Headquarters: Goshen Business: Recreational-vehicle manufacturer 1993 revenue: $182.9 million 1993 net income: $-3.1 million Joined company: Co-founded company in 1987 Age: 47 Education: B.S. 1971, Ball State University

6 EMERSON KAMPEN Chairman, president & CEO Great Lakes Chemical Corp.

PAY: $1,367,916 Stock options exercised: $84,675 Headquarters: West Lafayette Business: Specialty chemicals 1993 revenue: $1.8 billion 1993 net income: $272.8...