The highest-paid executives of Silicon Valley's largest companies took home $1 billion last year, according to an annual executive compensation survey.

The total, which included salary, bonus and estimated stock options gains for 754 executives, was only about one-fourth of the $3.8 billion in 2001 and one-fifth of the record $4.7 billion in 2000, the San Jose Mercury News reported Sunday in its yearly study of area executives' pay.

Thomas M. Siebel, chief executive of Siebel Systems, was first in the survey with income of $34.6 million, from exercising options he had acquired since he founded his e-business software company.

Scott McNealy of Sun Microsystems placed second on the list, pulling in about $25.8 million last year after cashing in $25.2 million in options. Craig Barrett, CEO of Intel, came in third with $19.4 million.

Peter Calpine of Calpine Energy and John Gifford of Maxim Integrated Products rounded out the top five.

In 2002, executive compensation fell as the stock market continued to founder. In just two years, the Valley's top executives have seen the value of their vested, unexercised options drop from $16 billion to $2.2 billion.

The highest ranking woman on the list-- Christine B. Hoberg, chief financial officer of chip maker Nvidia-- bolstered her $200,000 salary by exercising options. Her boss, CEO Jen-Hsun Huang, exercised options worth $12.2 million.

Christos M. Cotsakos, former chairman and chief executive of ETrade, pulled down the 11th biggest paycheck in the survey despite his controversial exit from the company last year. Cotsakos left amid shareholder backlash over his $88 million pay package in 2001. That revolt forced Cotsakos to return $37 million in compensation.