Glass Lewis & Company, an investor advisory firm, has reviewed pay-for-performance of corporate America’s executives in 2007 and reported that Sprint Nextel executives were the most overpaid.

The firm calculated that top managers at the Tier 1 operator were awarded nearly $74 million in pay while the company’s stock sunk to new lows and customers were churning at record levels.

Possibly skewing Sprint’s total compensation figure is that the Tier 1 operator had higher than usual pay in 2007. The inflated figures included pay for hiring new CEO Dan Hesse, as well as paying former CEO Gary Forsee his contracted compensation package, which totaled about $50 million for both. Other Sprint executives received the remaining $24 million.

Glass Lewis’ rankings are based on a formula that compares a company's pay practices for its top executives with business performance against its peers. The formula looks at compensation, including cash pay, restricted stock and stock options.

Other companies on Glass Lewis’ ignominious list include CBS Corp., Ford Motor, General Motors and KB Homes.

Glass Lewis specializes in making recommendations to investors on how to vote proxy ballots.

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