|by Richard Smallteacher
June 30th, 2013
U.S. corporate CEO salaries rose 16 percent in 2012 according to a new report from research firm Equilar. Top salary: Larry Ellison of Oracle – over $96 million. Top exit bonus: James Mulva of ConocoPhillips – $156 million.
Average salary for the CEOs of the top 200 U.S. companies with revenue of over $1 billion was $5.3 million. The big money, however, is paid out in stock and options which added another $9 million to the median compensation package for the CEOs.
Worst off were the workers at these companies whose median pay is now at a historic low compared to the CEOs. In 1965, according to a new report from the Economic Policy Institute, the average CEO made 20 times the average worker. Now the ratio is 273 to 1 ie the average CEO’s daily salary is now greater than the annual salary of their workers.
Ellison did even better – he was paid the equivalent of the average U.S. salary of $45,790 every single hour last year.
“So much for the idea that shareholders were finally getting through to corporate boards on the topic of reining in pay,” writes Gretchen Morgenson at the New York Times. The salary survey was commissioned by her newspaper.
And CEO’s sometimes do even better when they quit.
- Average CEO Makes More in 1 Day Than Worker Makes in 1 Year (truthdig.com)