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CEO pay is rising at major U.S. companies, but employee wages are also increasing at the same time, though at a slower rate.
Monday study The report, produced by Equilar for The Associated Press, paints a picture of the compensation packages paid to hundreds of CEOs last year.
The study focused on S&P 500 companies and narrowed the list to 341 CEOs who had been in their jobs for at least two consecutive years to avoid inflating the numbers due to signing bonuses.
Related: April jobs report shows employers are hiring less and employee wage growth is slowing
The researchers took public proxy data from these companies filed between January 1 and April 30 and calculated exactly how the CEOs’ pay compared to employees in the middle of their pay brackets.
The survey found that the CEO’s median compensation package last year (including base salary, bonuses, perks and stock awards) was $16.3 million, a 12.6% increase over 2022.
The median CEO base salary was $1.3 million, up 4% from 2022, while stock-based compensation increased 10.7% to $9.4 million.
At the same time, the wages of private industry workers Rose It decreased by 4.1%.
“At half of the companies participating in this year’s wage survey, it would take nearly 200 years for the company’s middle worker to earn as much as the CEO,” the Associated Press reported. stated.
The gap is even more pronounced at the top of the chart, where CEOs of Apple, Broadcom, and Netflix earn more than 200 times what their average workers make.
At Apple, for example, it would take an employee at the middle of the company’s salary hierarchy 672 years to earn as much as CEO Tim Cook makes in a year.
Related: Why most CEOs won’t take a pay cut to avoid being fired
Who are these high-paid CEOs? Broadcom CEO Hock E. Tan tops the list with compensation of about $162 million.
Broadcom is uppercase letter Tan, who built custom AI chips for major companies to capitalize on the AI boom, received the bulk of his compensation in the form of stock awards worth $160.5 million.
Tesla’s Elon Musk is not on the list, but Musk did it If Tesla shareholders approve the deal at its annual meeting on June 13, he will receive a historic $56 billion compensation package.
Related: Tesla asks shareholders to approve record pay for CEO Musk
Here are the five CEOs who will receive the highest compensation packages in 2023 and how their salaries compare to the average employee at their companies.
1. Hock E. Tan
Broadcom CEO Hock Tan. Photo by Ying Tan/NurPhoto via Getty Images.
company: Broadcom Corporation
sector: Communications and Technology
Salary Package: $161,826,161
510 times Above the median employee
2. William J. Lansing
company: Fair Isaac Co., Ltd.
sector: Communications and Technology
Salary Package: $66,349,962
653 times Above the median employee
3. Timothy D. Cook
Apple CEO Tim Cook. Photo by David Paul Morris/Bloomberg via Getty Images
company: Apple.
sector: Communications and Technology
Salary Package: $63,209,845
672 times Above the median employee
4. Hamid R. Moghadam
company: Prologis Inc.
sector: real estate
Salary Package: $50,891,597
400 times Above the median employee
5. Theodore A. Sarandos
company: Netflix Inc.
sector: Communications and Technology
Salary Package: $49,834,936
248 times Above the median employee
click here See the complete list here.