CEO pay at big companies rose nearly 19% last year to $24 million, report finds
CBSN
The chief executives at major U.S. corporations received millions of dollars in bonuses or raises last year even as many companies saw slumping sales and job cuts because of the pandemic, a new analysis shows.
CEO compensation at the top 350 companies jumped nearly 19% in 2020 to an average $24.2 million, according to the Economic Policy Institute, a liberal-leaning think tank. By comparison, pay for rank-and-file workers last year rose roughly 4%. The typical corporate leader at big companies in 2020 made $351 for every dollar earned by a typical employee, up from a ratio of 307-to-1 in 2019, according to EPI. Economist Lawrence Mishel, who co-authored the report, said some companies touted reductions in pay for top executives to reflect the pandemic's impact on business, but had little impact. "CEOs offering pay cuts during the pandemic yielded favorable headlines, but were symbolic at best and a head fake at worst," he said in a statement.
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