CEO pay growth is finally slowing. The typical compensation package for chief executives who run S&P 500 companies rose just 0.9% last year.
AP Business WriterThe typical compensation package for chief executives who run S&P 500 companies rose just 0.9% last year, to a median of $14.8 million, according to data analyzed for The Associated Press by Equilar. That means half the CEOs in the survey made more and half made less. It was the smallest increase since 2015.Still, that’s unlikely to quell mounting criticism that CEO pay has become excessively high and the imbalance between company bosses and rank-and-file workers too wide.
In contrast to recent years, CEO pay gains were lower than the 5.1% increase in wages and benefits netted by private-sector workers through 2022. Alphabet’s CEO, Sundar Pichai, ranked No. 1 in the AP’s pay survey this year with a package valued at nearly $226 million. The vast majority of his compensation came from a grant of restricted stock, valued at $218 million, and which Google grants its CEO every three years.
“The clear disparity between executive rewards and our jobless former coworkers erodes trust and further underscores the need for transparency,” McMurtry said in a statement e-mailed to AP. “I don’t feel bad for her that she got a decrease,” said Jimi Hadley, UPS package driver in Roswell, Georgia, and Teamsters shop steward. “Nineteen million? Most workers will never make that in their entire life.”
Homebuilder Lennar, for example, capped the annual cash bonuses for its co-CEOs, Rick Beckwitt and Jonathan Jaffe, at $6 million each in response to complaints from investors about their $16.6 million bonuses in 2021. Just 63% of Lennar’s investors voted to approve the pay packages at last year’s shareholder meeting, compared to 84% in 2021.
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