The bosses of America’s biggest corporations are now earning an average of $14.7 million – a record high for the sixth year in a row.
Despite the Covid-19 pandemic and its massive economic impact, CEOs continued to earn vast amounts over the course of 2021.
The Wall Street Journal used data from MyLogIQ LLC to analyze 400 companies.
The statistics showed compensation rose by at least 12 percent for most of the bosses.
Most companies recorded shareholder returns of nearly 30 percent.
It’s important to point out much of the pay is made up of equity awards, which could lead to the bosses being worth more or less than reported.
Without those, the average salary is much lower at $4.1 million.
The figure are compared to an average of $13.4 million in 2020.
MyLogIQ’s data showed there were nine CEOs who earned at least $50 million – a rise from seven in 2020 and just one in 2016.
Around two-thirds of CEO salaries comes in the form of stock or stock-option awards.
The top 25 bosses, who all had packages worth more than $35 million, saw equity make up 78 per cent of their total compensation.
Who had the highest compensation?
Peter Kern, boss of Expedia Group, had a pay package of a staggering $296 million.
An Expedia spokesman told WSJ Mr Kern had navigated the pandemic and put the company in a position to thrive as it eased.
His equity awards won’t started vesting until 2024 at the earliest and Mr Kern isn’t expected to receive additional equity during his three-year contract
David Zaslav, the boss of Discovery Inc, received compensation of about $246 million.
This includes a $203 million option grant that depends on the stock price at least doubling from current levels before December 2027.
Apple said Tim Cook hasn’t received an equity award since he became CEO in August 2011, and the 2021 award’s size “recognizes his exceptional leadership and is commensurate with the size, performance, and profitability Apple has achieved during his tenure.”
Who was the highest paid woman?
The highest paid woman was Lisa Su, the boss at chip maker Advanced Micro Devices Inc., with a package worth $29.5 million, including $25.1 million in equity.