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CEO Pay Rises To $12.7M Even As Pandemic Ravages Economy

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FILE- This photo combo shows from left, Brian Niccol, CEO of Chipotle, Advance Auto Parts CEO Tom Greco, Carnival Corp. CEO Arnold Donald. Pay packages rose yet again in 2020 for the CEOs of the biggest U.S. companies, even though the pandemic sent the economy to its worst quarter on record and slashed corporate profits around the world. (AP Photo/File)

(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.

 

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