Median CEO Pay, $10 Million, Is 257 Times What Average Workers Make

Tuesday, 27 May 2014 04:53 PM

By Morgan Chilson

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The median pay package for a CEO surpassed $10 million in 2013, up from $9.6 million in 2012, The Associated Press reported.

It marks the first time that CEO pay has gone over the eight-figure mark, The Associated Press said, quoting the AP/Equilar pay study.

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In the last four years, the median compensation for CEOs went up 50 percent, and company leaders now make about 257 times what average workers do.

That’s compared to 181 times the average worker’s salary in 2009, AP said.

After the recent economic recession, stockholders and the public often critiqued companies for what appeared to be outlandish salaries earned by some CEOs. To respond, some boards of directors began tying pay more to performance by offering stock to leaders.

The result was that when the stock market began to rise, so did the CEOs' pay.

"Companies have been happy with their CEOs' performance and the stock market has provided a big boost," Gary Hewitt, director of research at GMI Ratings, told the AP. "But we are still dealing with a situation where CEO compensation has spun out of control and CEOs are being paid extraordinary levels for their work."

The study showed the person earning the highest pay was Anthony Petrello, of Nabors Industries, who made a whopping $68.3 million last year. His pay jumped when the company bought him out of a previous contract for $60 million, AP said.

The AFL/CIO keeps a list of the 100 highest paid CEOs, called PayWatch, and updates it as more information comes available. Right now, Oracle’s Lawrence J. Ellison tops that list with $78 million.

As the news broke, feelings about the high dollars CEOs are earning were made clear online.

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