It seems that $100 million paydays are a thing of the past when it comes to CEOs. The Wall Street Journal reported that no CEO in the U.S. received a salary of $100 million in 2024.
Between 2020 and 2023, several CEOs received substantial compensation packages exceeding $100 million, often driven by stock awards and performance-based incentives.
Jane Fraser, CEO of Citigroup, earned over $100 million since taking the role in 2021 with her pay package in 2024 reaching $34.5 million, marking a significant increase from the previous year.
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Larry Culp, CEO of General Electric, also saw impressive compensation with his 2024 earnings reaching $89 million, bolstered by a large stock bonus tied to performance targets. Denise Coates, the founder and CEO of Bet365, took a 45% pay cut in 2024, but still earned around $200 million from her salary and dividends as the company’s profits surged.
Additionally, Hock E. Tan, CEO of Broadcom, earned a total of $161.8 million in 2023, a sharp increase from the previous year. These figures highlight the ongoing trend of exceptionally high CEO pay packages, driven largely by equity awards and performance incentives.
While such compensation often sparks debate, it reflects the increasing reliance on stock-based rewards as a way to align executives’ financial interests with the long-term performance of their companies. This trend has become a hallmark of executive pay, especially among large, publicly traded companies.
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However, it seems that ever since X (formerly Twitter) CEO Elon Musk’s pay package came under fire in the Delaware Chancery Court, the $100 million dollar paydays have been shrinking. In January 2024, the court rejected the pay deal, citing meagre board discussions and close ties between Musk and Tesla directors. Since then, Tesla has received another shareholder vote in support of executive pay, and the company and the plaintiff-shareholder continue to argue in court.
Increased scrutiny of executive pay, combined with rising shareholder activism and regulatory pressure, has led many companies to reassess how they structure executive compensation packages. While performance-based stock awards still dominate, companies are placing greater emphasis on aligning pay with long-term company goals rather than short-term stock price gains. This shift reflects a broader trend towards more sustainable and transparent executive compensation, signaling a potential end to the era of extraordinary $100 million-plus paydays for CEOs.