SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
Jamie Dimon, chair and CEO of JPMorgan Chase, takes his seat to testify before the House Financial Services Committee on April 10, 2019.
(Photo: J. Lawler Duggan/For The Washington Post via Getty Images)
Median Pay of Top CEOs Hits Record $14.7 Million as Workers Strike Over Starvation Wages
"While most of America struggles to put gas in the tank and pay the grocery bills, price-gouging, excessive-profit-taking CEOs used their captive boards to award themselves record pay," said one expert.
May 16, 2022
As workers across the U.S. attempt to unionize and walk off the job over brutal conditions and starvation wages, an analysis released Sunday found that the median pay package of top U.S. CEOs jumped to $14.7 million in 2021--the sixth consecutive record-breaking year for executive compensation.
According to the Wall Street Journal's review of data from more than 400 U.S. corporations, total CEO compensation "rose by at least 12% for most of the executives, and most companies recorded annual shareholder returns of nearly 30%." Nine CEOs made $50 million or more in total compensation in 2021, up from just one in 2016 and seven in 2020.
"Much of the pay consisted of equity awards that could ultimately prove to be worth more or less than initially reported," the Journal noted. "In 2020, the median pay package was $13.4 million for the same companies, with median cash compensation of $3.1 million."
The Journal's analysis showed that Expedia CEO Peter Kern brought in the highest total compensation--$294.57 million--among top CEOs last year. Other CEOs on the list include Warner Bros. Discovery CEO David Zaslav ($216.06 million), ServiceNow CEO Bill McDermott ($162.23 million), Apple CEO Tim Cook ($82.35 million), and JPMorgan Chase CEO Jamie Dimon ($77.62 million).
Rising CEO pay stands in stark contrast to the grim economic realities that ordinary workers are facing nationwide as inflation--driven in large part by corporate profits--erodes modest wage gains and expiring pandemic aid leaves vulnerable families without a safety net.
"While most of America struggles to put gas in the tank and pay the grocery bills, price-gouging, excessive-profit-taking CEOs used their captive boards to award themselves record pay," Jennifer Taub, a professor at Western New England University School of Law and an expert on corporate governance, tweeted in response to the Journal's findings.
As CEOs rake in huge compensation packages, workers at prominent U.S. companies with ultra-wealthy chief executives--including Amazon, Starbucks, and Apple--are trying to unionize in the face of relentless opposition from management.
In recent months, employees at more than 60 Starbucks locations in the U.S. have voted to form a union, winning a remarkable 90% of elections held thus far.
Additionally, as labor journalist Michael Sainato reported for The Guardian on Monday, "workers in America's fast-food and retail sectors who worked on the frontlines through the dangers of the Covid-19 pandemic are continuing a trend of strikes and protests over low wages, safety concerns, and sexual harassment issues on the job."
"My weekly paycheck is no more than $200, $260 at the max," Ashley Sierra, a Dollar General employee who makes $11 an hour, told The Guardian. "I have three children, I cannot survive on $260 a week, it's just not working. It needs to get upped to at least $15 an hour, the bottom is $15, because we work so hard for so little."
Todd Vasos, Dollar General's CEO, made $16.45 million in total compensation last year.
An Urgent Message From Our Co-Founder
Dear Common Dreams reader, It’s been nearly 30 years since I co-founded Common Dreams with my late wife, Lina Newhouser. We had the radical notion that journalism should serve the public good, not corporate profits. It was clear to us from the outset what it would take to build such a project. No paid advertisements. No corporate sponsors. No millionaire publisher telling us what to think or do. Many people said we wouldn't last a year, but we proved those doubters wrong. Together with a tremendous team of journalists and dedicated staff, we built an independent media outlet free from the constraints of profits and corporate control. Our mission has always been simple: To inform. To inspire. To ignite change for the common good. Building Common Dreams was not easy. Our survival was never guaranteed. When you take on the most powerful forces—Wall Street greed, fossil fuel industry destruction, Big Tech lobbyists, and uber-rich oligarchs who have spent billions upon billions rigging the economy and democracy in their favor—the only bulwark you have is supporters who believe in your work. But here’s the urgent message from me today. It's never been this bad out there. And it's never been this hard to keep us going. At the very moment Common Dreams is most needed, the threats we face are intensifying. We need your support now more than ever. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. When everyone does the little they can afford, we are strong. But if that support retreats or dries up, so do we. Will you donate now to make sure Common Dreams not only survives but thrives? —Craig Brown, Co-founder |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
As workers across the U.S. attempt to unionize and walk off the job over brutal conditions and starvation wages, an analysis released Sunday found that the median pay package of top U.S. CEOs jumped to $14.7 million in 2021--the sixth consecutive record-breaking year for executive compensation.
According to the Wall Street Journal's review of data from more than 400 U.S. corporations, total CEO compensation "rose by at least 12% for most of the executives, and most companies recorded annual shareholder returns of nearly 30%." Nine CEOs made $50 million or more in total compensation in 2021, up from just one in 2016 and seven in 2020.
"Much of the pay consisted of equity awards that could ultimately prove to be worth more or less than initially reported," the Journal noted. "In 2020, the median pay package was $13.4 million for the same companies, with median cash compensation of $3.1 million."
The Journal's analysis showed that Expedia CEO Peter Kern brought in the highest total compensation--$294.57 million--among top CEOs last year. Other CEOs on the list include Warner Bros. Discovery CEO David Zaslav ($216.06 million), ServiceNow CEO Bill McDermott ($162.23 million), Apple CEO Tim Cook ($82.35 million), and JPMorgan Chase CEO Jamie Dimon ($77.62 million).
Rising CEO pay stands in stark contrast to the grim economic realities that ordinary workers are facing nationwide as inflation--driven in large part by corporate profits--erodes modest wage gains and expiring pandemic aid leaves vulnerable families without a safety net.
"While most of America struggles to put gas in the tank and pay the grocery bills, price-gouging, excessive-profit-taking CEOs used their captive boards to award themselves record pay," Jennifer Taub, a professor at Western New England University School of Law and an expert on corporate governance, tweeted in response to the Journal's findings.
As CEOs rake in huge compensation packages, workers at prominent U.S. companies with ultra-wealthy chief executives--including Amazon, Starbucks, and Apple--are trying to unionize in the face of relentless opposition from management.
In recent months, employees at more than 60 Starbucks locations in the U.S. have voted to form a union, winning a remarkable 90% of elections held thus far.
Additionally, as labor journalist Michael Sainato reported for The Guardian on Monday, "workers in America's fast-food and retail sectors who worked on the frontlines through the dangers of the Covid-19 pandemic are continuing a trend of strikes and protests over low wages, safety concerns, and sexual harassment issues on the job."
"My weekly paycheck is no more than $200, $260 at the max," Ashley Sierra, a Dollar General employee who makes $11 an hour, told The Guardian. "I have three children, I cannot survive on $260 a week, it's just not working. It needs to get upped to at least $15 an hour, the bottom is $15, because we work so hard for so little."
Todd Vasos, Dollar General's CEO, made $16.45 million in total compensation last year.
From Your Site Articles
As workers across the U.S. attempt to unionize and walk off the job over brutal conditions and starvation wages, an analysis released Sunday found that the median pay package of top U.S. CEOs jumped to $14.7 million in 2021--the sixth consecutive record-breaking year for executive compensation.
According to the Wall Street Journal's review of data from more than 400 U.S. corporations, total CEO compensation "rose by at least 12% for most of the executives, and most companies recorded annual shareholder returns of nearly 30%." Nine CEOs made $50 million or more in total compensation in 2021, up from just one in 2016 and seven in 2020.
"Much of the pay consisted of equity awards that could ultimately prove to be worth more or less than initially reported," the Journal noted. "In 2020, the median pay package was $13.4 million for the same companies, with median cash compensation of $3.1 million."
The Journal's analysis showed that Expedia CEO Peter Kern brought in the highest total compensation--$294.57 million--among top CEOs last year. Other CEOs on the list include Warner Bros. Discovery CEO David Zaslav ($216.06 million), ServiceNow CEO Bill McDermott ($162.23 million), Apple CEO Tim Cook ($82.35 million), and JPMorgan Chase CEO Jamie Dimon ($77.62 million).
Rising CEO pay stands in stark contrast to the grim economic realities that ordinary workers are facing nationwide as inflation--driven in large part by corporate profits--erodes modest wage gains and expiring pandemic aid leaves vulnerable families without a safety net.
"While most of America struggles to put gas in the tank and pay the grocery bills, price-gouging, excessive-profit-taking CEOs used their captive boards to award themselves record pay," Jennifer Taub, a professor at Western New England University School of Law and an expert on corporate governance, tweeted in response to the Journal's findings.
As CEOs rake in huge compensation packages, workers at prominent U.S. companies with ultra-wealthy chief executives--including Amazon, Starbucks, and Apple--are trying to unionize in the face of relentless opposition from management.
In recent months, employees at more than 60 Starbucks locations in the U.S. have voted to form a union, winning a remarkable 90% of elections held thus far.
Additionally, as labor journalist Michael Sainato reported for The Guardian on Monday, "workers in America's fast-food and retail sectors who worked on the frontlines through the dangers of the Covid-19 pandemic are continuing a trend of strikes and protests over low wages, safety concerns, and sexual harassment issues on the job."
"My weekly paycheck is no more than $200, $260 at the max," Ashley Sierra, a Dollar General employee who makes $11 an hour, told The Guardian. "I have three children, I cannot survive on $260 a week, it's just not working. It needs to get upped to at least $15 an hour, the bottom is $15, because we work so hard for so little."
Todd Vasos, Dollar General's CEO, made $16.45 million in total compensation last year.
From Your Site Articles
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.