CEO pay package sees hefty 8.8% rise
Print Edition
THEY’RE the US$10 million men and women.
Propelled by a soaring stock market, the median pay package for a CEO rose above eight figures for the first time last year. The head of a typical large public company earned a record US$10.5 million, an increase of 8.8 percent from US$9.6 million in 2012, according to an Associated Press/Equilar pay study.
Last year was the fourth straight that CEO compensation rose following a decline during the Great Recession. The median CEO pay package climbed more than 50 percent over that stretch. A chief executive now makes about 257 times the average worker’s salary, up sharply from 181 times in 2009.
The best paid CEO last year led an oilfield-services company. The highest paid female CEO was Carol Meyrowitz of discount retail giant TJX, owner of TJ Maxx and Marshall’s.
Over the last several years, companies’ boards of directors have tweaked executive compensation to answer critics’ calls for CEO pay to be more attuned to performance. They’ve cut back on stock options and cash bonuses, which were criticized for rewarding executives even when a firm did poorly. Boards of directors have placed more emphasis on paying CEOs in stock instead of cash and stock options.
The change became a boon for CEOs last year because of a surge in stocks that drove the Standard & Poor’s 500 index up 30 percent. The stock component of pay packages rose 17 percent to US$4.5 million.
The highest paid CEO was Anthony Petrello of oilfield-services company Nabors Industries, who made US$68.3 million in 2013. His pay ballooned as a result of a US$60 million lump-sum that the company paid him to buy out his old contract.
Freeport-McMoRan Copper & Gold CEO Richard Adkerson also received a one-time payment of US$36.7 million to renegotiate his contract. His total pay, US$55.3 million, made him the third-highest paid CEO last year.
The second-highest paid CEO among S&P 500 firms was Leslie Moonves of CBS. Moonves’ total compensation rose 9 percent to US$65.6 million in 2013, a year when the company’s stock rose nearly 70 percent.
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