(AP) — The pandemic crushed the economy, but it was no match for CEO pay, which rose again last year.
The typical pay package for CEOs at S&P 500 companies hit $12.7 million, up 5%. Some CEOs took salary cuts, hoping to broadcast they were sharing in the pain as they laid off or furloughed workers. But some boards of directors also rejiggered performance targets to make it easier for CEOs to earn bonuses.
Others gave retention bonuses, saying they needed to hold onto CEOs’ leadership through the crisis. Across the rest of the economy, meanwhile, pay gains were much slower for workers.