Tim Cook took over the reins of highest paid CEO from his predecessor Steve Jobs, with an annual compensation of $378 million awarded last August, according to the Wall Street Journal/Hay Group Survey of CEO Compensation.

Mr. Cook’s 2011 compensation is the highest recorded annual compensation recorded in the Wall Street Journal’s annual CEO pay survey since at least 2006. Mr. Cook’s shares are now valued at $530 million. In a proxy statement, Apple explained that the shares are viewed as compensation for the next 10 years.

Oracle Corp.’s founder, Larry Ellison, was the second-highest-paid CEO in 2011 with an annual compensation of $76 million in the fiscal year ended May 31, 2011. Mr. Ellison’s compensation was 11% higher than the prior year. His current shares in Oracle are valued at more than $29 billion.

Chief executive of broadcaster CBS Corp., Leslie Moonves, received the third-highest compensation, at $69.3 million, up 29% from the prior year. Mr. Moonves’s compensation includes a $30 million annual bonus and stock options valued at $27.3 million and restricted stocks valued at $8.5 million.

The former head of Apple’s retail-store unit, Ron Johnson, who took over as CEO of retailer J.C. Penney Co. earned $53.3 million in compensation. Mr. Johnson’s compensation stemmed from a grant of 1.66 million shares of restricted stock options, valued at $52.6 million.

Sanjay Jha of Motorola Mobility Holdings Inc. received compensation valued at $46.6 million; including stock options valued at $34.2 million and restricted stock valued at $9.4 million.

The Wall Street Journal/Hay Group CEO Compensation Study analyzes CEO pay from the 300 largest U.S. public companies by revenue that filed their definitive proxy statements between May 1, 2011, and April 30, 2012. All figures in millions.