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CEOs’ salary went up 12.6% last year, compared to a 0.9% growth in 2022, according to a report by market research company Equilar and The Associated Press, which looked at compensation of the leaders of S&P 500 companies.
Stock awards made up approximately 70% of total compensation.
Hock E. Tan of chip producer Broadcom was the highest-paid CEO with a pay package totaling $161.8 million.
The median S&P 500 employee earned $81,500 last year, up 5.2% from 2022.
This means the CEO/employee pay ratio increased from 185 in 2022 to 196 in 2023.
The report also found that female were awarded a median pay package of $17.6 million in 2023, 7.7% more than the index median.
Lisa T. Su, CEO of computing solutions provider Advanced Micro Devices, was the highest-paid woman with a pay of $30.35 million.
The Associated Press said that CEOs got rewarded as the economy showed resilience, underpinning strong profits and boosting stock prices.
About two dozen CEOs in the report received a pay bump of 50% or more.
