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CEO pay soars 13% in 2023; far outpacing worker wage gains

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  • Staff Report 

The average compensation for CEOs of S&P 500 companies surged nearly 13% last year, reaching a median of $16.3 million, according to data analyzed by Equilar for The Associated Press. Meanwhile, private-sector workers saw their wages and benefits increase by just 4.1% in 2023, struggling to keep up with inflation.

DiSanto Propane (Billboard)

CEOs received substantial raises as companies navigated economic challenges, including inflation and higher interest rates, resulting in strong profits and stock prices. The data revealed that half of the companies surveyed had CEOs earning nearly 200 times more than their median employees. Notably, Hock Tan, CEO of Broadcom Inc., topped the list with a pay package valued at about $162 million.

Despite these gains, the growing disparity between executive and worker pay remains a contentious issue. Sarah Anderson of the Institute for Policy Studies highlighted that many Americans feel the impact of inflation more acutely because their wages aren’t rising fast enough. Anderson emphasized the need for greater scrutiny and reform in executive compensation practices.