THE 200 HIGHEST-PAID CEOS

 

By Dan Marcec

The New York Times recently published its coverage of the annual Equilar 200 study, which analyzes the largest pay packages awarded to CEOs at U.S. public companies. The 2017 Equilar 200 marks the 11th consecutive year of a partnership with The New York Times to analyze data on pay awards for these high-profile executives.

The introductory page of this feature shows the Top 10 CEOs who were awarded the largest pay packages in 2016, as reported in the summary compensation table of the proxy statement filed to the SEC. (Read more about the study’s methodology.)

Below the Top 10 table, there is a link to the full list of the 200 CEOs in an interactive chart that allows you to sort by pay, change in compensation year over year, change in company revenue and total shareholder return (TSR) to see how pay aligns with company performance and shareholder return.

Because compensation is reported to the SEC including the full value of stock and options awards on the day they were granted, “total compensation” in this study does not reflect what CEOs actually put in their pocket each year, but rather what they were awarded in both cash and equity during the fiscal year reported. Therefore, these numbers reflect what CEOs earn for both short-term gains and what they are being provided to incentivize long-term performance.

The Top 10 Largest CEO Pay Packages in 2016

  Chief Executive Total Comp. Change in Pay* TSR**
1. Thomas M. Rutledge
Charter Communications (CHTR)
$98,012,344 499% n/a
2. Leslie Moonves
CBS (CBS)
$68,594,646 22% 36%
3. David O’Connor
Madison Square Garden (MSG)
$54,044,394 n/a n/a
4. Fabrizio Freda
Estee Lauder (EL)
$47,691,779 196% 6%
5. Mark G. Parker
Nike (NKE)
$47,615,302 183% 10%
6. Mark V. Hurd
Oracle (ORCL)
$41,121,896 n/a -6%
7. Robert A. Iger
Walt Disney (DIS)
$40,988,618 -6% -8%
8. Safra A. Catz
Oracle (ORCL)
$40,943,812 n/a -6%
9. David M. Zaslav
Discovery Communications (DISCA)
$37,192,354 15% 3%
10. Robert A. Kotick
Activision Blizzard (ATVI)
$33,065,560 358% -6%

*n/a = Executive did not serve two full fiscal years as CEO

**n/a = Company not publicly traded for a full fiscal year

Key Trends and Takeaways

Pay packages on the whole were higher than ever before.

The 200th CEO on this year’s list was awarded more than $13 million for the first time in the history of the Equilar 200 study. In the past, the low-end cut off has typically been approximately $12 million. On the 2015 list, for example, the 200th CEO was awarded $12.2 million, and 18 CEOs who made the list last year received pay packages less than $13 million.

Median pay for Equilar 200 CEOs was $16.9 million in fiscal year 2016, and the CEOs on this list saw a 9% pay increase at the median. CEOs on last year’s Equilar 200 list were awarded 5% more than in 2014 at the median. Average pay for the Equilar 200 in 2016 was $19.7 million, compared to $19.3 million for the CEOs on the 2015 list.

Media and entertainment companies dominate the top 10 and were awarded more than any other sector overall.

Tom Rutledge, the CEO of Charter Communications, had the highest chief executive pay package in 2016, bolstered by an options award valued at $78.0 million that will he will receive if he meets performance goals over the next five years.

Other more familiar faces at the top of the Equilar 200 list include Les Moonves of CBS, Robert Iger of Walt Disney and David Zaslav of Discovery Communications, who each consistently appear in the top 10 for this annual study. Along with Rutledge, newcomers to the top rung of the Equilar 200 ladder who lead companies in the media and entertainment business included David O’Connor of Madison Square Garden and Robert Kotick of Activision Blizzard.

Overall, CEOs in the “services” sector, which includes each of these executives, were awarded a median pay package of $20.1 million, more than any other sector. Because it is so wide-ranging, the services sector also boasts the most CEOs on the list. Interestingly, CEOs from the services sector represented in the recent Equilar 100 study—which looked at CEO pay among the 100 largest companies by revenue to file proxy statements before April 1, 2017—were awarded the lowest median.

Though few in number, top female CEOs outpace the field.

Sixteen CEOs on the Equilar 200 list are female, one more than on the previous year’s list. These women were awarded $17.6 million at the median, down from $18.6 million for the 15 women on last year’s list.

Once again, however, the female CEOs on the list outpaced males with an average pay package of $20.9 million vs. $19.5 million. Safra Catz of Oracle earned the largest pay package of any female CEO at $40.9 million—eighth on the list. She was the only woman in the top 10 for the second year in a row.

The largest cash award goes to…

Les Moonves of CBS received a $32 million cash bonus in 2016. Jeff Immelt of GE earned the largest salary in the study at $3.8 million. Moonves was a close second with $3.5 million in base salary, and along with the value of his benefits and perks, his total cash compensation for the year came in at $36.6 million. By comparison, Immelt’s total cash compensation was $10.9 million.

Equilar 200: The Largest CEO Pay Packages of 2016

 

EXECUTIVE NAME TOTAL COMPENSATION CHANGE IN PAY REVENUE CHANGE TSR
Thomas M. Rutledge
Charter Communications (CHTR)
$98,012,344 499% 197% n/a
Leslie Moonves
CBS (CBS)
$68,594,646 22% 4% 36%
David O’Connor
Madison Square Garden (MSG)
$54,044,394 n/a 4% n/a
Fabrizio Freda
Estee Lauder (EL)
$47,691,779 196% 4% 6%
Mark G. Parker
Nike (NKE)
$47,615,302 183% 6% 10%
Mark V. Hurd
Oracle (ORCL)
$41,121,896 n/a -3% -6%
Robert A. Iger
Walt Disney (DIS)
$40,988,618 -6% 6% -8%
Safra A. Catz
Oracle (ORCL)
$40,943,812 n/a -3% -6%
David M. Zaslav
Discovery Communications (DISCA)
$37,192,354 15% 2% 3%
Robert A. Kotick
Activision Blizzard (ATVI)
$33,065,560 358% 42% -6%
Margaret C. Whitman
Hewlett Packard Enterprise (HPE)
$32,935,138 93% -4% 54%
Alex A. Molinaroli
Johnson Controls International (JCI)
$32,610,507 n/a 1% 36%
Jeffrey L. Bewkes
Time Warner (TWX)
$32,587,664 3% 4% 52%
Virginia M. Rometty
International Business Machines (IBM)
$32,307,434 63% -2% 25%
Joshua W. Sapan
AMC Networks (AMCX)
$30,485,596 72% 7% -30%
Gregory B. Maffei
Liberty Media & Liberty Interactive (LMCA & QVCA)
$29,827,114 11% n/a n/a
Brian L. Roberts
Comcast (CMCSA)
$28,641,518 4% 8% 25%
Leonard S. Schleifer
Regeneron Pharmaceuticals (REGN)
$28,337,520 -40% 18% -32%
John J. Haley
Willis Towers Watson (WLTW)
$28,192,776 n/a 106% -3%
Stephen A. Wynn
Wynn Resorts (WYNN)
$28,156,985 36% 9% 28%
Dion J. Weisler
HP (HPQ)
$28,154,637 n/a -6% 10%
James J. Peterson
Microsemi (MSCC)
$27,958,781 277% 33% 28%
Thomas E. Dooley
Viacom (VIAB)
$27,898,606 n/a -6% -8%
Marissa A. Mayer
Yahoo! (YHOO)
$27,410,159 -24% 4% 16%
James Dimon
JPMorgan Chase (JPM)
$27,205,551 49% 1% 33%
Kenneth W. Lowe
Scripps Networks Interactive (SNI)
$26,755,670 234% 13% 31%
Brian D. Jellison
Roper Technologies (ROP)
$26,316,166 13% 6% -3%
John D. Wren
Omnicom Group (OMC)
$25,979,039 10% 2% 15%
Laurence D. Fink
BlackRock (BLK)
$25,472,831 -1% -2% 14%
Indra K. Nooyi
Pepsico (PEP)
$25,168,597 13% 0% 8%
Rex W. Tillerson
Exxon Mobil (XOM)
$25,144,225 4% -16% 20%
Randall L. Stephenson
AT&T (T)
$24,959,412 11% 12% 29%
Hock E. Tan
Broadcom (AVGO)
$24,692,047 513% 94% 40%
Evan G. Greenberg
Chubb (CB)
$24,419,486 20% 66% 15%
Martin J. Barrington
Altria Group (MO)
$24,210,491 126% 1% 20%
Reed Hastings
Netflix (NFLX)
$23,194,567 39% 30% 8%
Thomas R. Greco
Advance Auto Parts (AAP)
$22,820,767 n/a -2% 13%
Mary T. Barra
General Motors (GM)
$22,400,282 -22% 9% 7%
Kirill Tatarinov
Citrix Systems (CTXS)
$22,273,969 n/a 4% 18%
Henry A. Fernandez
MSCI (MSCI)
$22,164,262 245% 7% 11%
Bradley S. Jacobs
XPO Logistics (XPO)
$21,984,448 281% 92% 58%
Michael F. Neidorff
Centene (CNC)
$21,968,983 6% 78% -14%
C. Douglas McMillon
Wal-Mart Stores (WMT)
$21,841,988 13% 1% 4%
Howard Schultz
Starbucks (SBUX)
$21,815,498 9% 11% -3%
Ronald F. Clarke
Fleetcor Technologies (FLT)
$21,735,563 113% 8% -1%
Christopher A. Holden
Envision Healthcare (EVHC)
$21,726,391 203% 44% n/a
Michael B. Polk
Newell Brands (NWL)
$21,684,542 51% 124% 3%
Christopher North
Shutterfly (SFLY)
$21,457,985 n/a 7% 13%
Jeffery W. Yabuki
Fiserv (FISV)
$21,241,782 112% 5% 16%
Alex Gorsky
Johnson & Johnson (JNJ)
$21,207,949 1% 3% 15%
Phebe N. Novakovic
General Dynamics (GD)
$21,202,838 4% 0% 28%
James P. Gorman
Morgan Stanley (MS)
$21,196,864 -4% -1% 35%
James R. Murdoch
Twenty-First Century Fox (FOXA)
$20,755,673 n/a -6% -16%
Daniel P. Amos
Aflac (AFL)
$20,412,010 70% 8% 19%
Lloyd C. Blankfein
Goldman Sachs Group (GS)
$20,204,374 -11% -9% 34%
John J. Legere
T-Mobile US (TMUS)
$20,059,915 -18% 16% 47%
Shantanu Narayen
Adobe Systems (ADBE)
$20,035,334 9% 22% 12%
Gary A. Norcross
Fidelity National Information Services (FIS)
$20,010,377 54% 40% 27%
Alan B. Miller
Universal Health Services (UHS)
$19,823,149 -3% 8% -11%
Gary E. Dickerson
Applied Materials (AMAT)
$19,680,422 9% 12% 76%
Walter W. Bettinger II
Charles Schwab (SCHW)
$19,547,649 58% 17% 21%
Walter Uihlein
Acushnet Holdings (GOLF)
$19,525,034 n/a 5% n/a
Marillyn A. Hewson
Lockheed Martin (LMT)
$19,422,118 -4% 17% 18%
Andrew Liveris
Dow Chemical (DOW)
$19,411,022 -9% -1% 15%
Mark Fields
Ford Motor (F)
$19,257,495 9% 1% -8%
Stuart A. Miller
Lennar (LEN)
$19,225,403 7% 16% -17%
William Nuti
NCR (NCR)
$19,190,267 61% 3% 66%
Gerald L. Hassell
Bank of New York Mellon (BK)
$19,165,598 42% 1% 17%
Brian M. Krzanich
Intel (INTC)
$19,076,000 30% 7% 8%
Daniel H. Schulman
PayPal Holdings (PYPL)
$18,934,341 31% 17% 9%
Brad D. Smith
Intuit (INTU)
$18,788,385 17% 12% 6%
John S. Watson
Chevron (CVX)
$18,763,062 -2% -17% 36%
Oscar Munoz
United Continental Holdings (UAL)
$18,720,548 n/a -3% 27%
Mark T. Bertolini
Aetna (AET)
$18,653,231 8% 5% 16%
W. Nicholas Howley
Transdigm Group (TDG)
$18,650,700 47% 17% 36%
Fabian T. Garcia
Revlon (REV)
$18,516,466 n/a 22% 5%
Pierre Nanterme
Accenture (ACN)
$18,499,843 17% 6% 24%
Larry J. Merlo
CVS Health (CVS)
$18,359,377 -20% 16% -18%
Robert V. Vitale
Post Holdings (POST)
$17,982,736 n/a 8% 31%
Michael I. Roth
The Interpublic Group of Companies (IPG)
$17,958,197 24% 3% 3%
Marc N. Casper
Thermo Fisher Scientific (TMO)
$17,800,661 9% 8% 0%
Jeffrey R. Immelt
General Electric (GE)
$17,744,236 -33% 5% 4%
Ernie L. Herrman
The TJX Companies (TJX)
$17,743,560 n/a 7% 7%
Richard A. Gonzalez
AbbVie (ABBV)
$17,738,393 -3% 12% 10%
Satya Nadella
Microsoft (MSFT)
$17,692,031 -3% -9% 19%
Ronald D. Croatti
Unifirst (UNF)
$17,686,460 740% 1% 19%
David M. Cote
Honeywell International (HON)
$17,628,542 -47% 2% 14%
John R. Strangfeld
Prudential Financial (PRU)
$17,599,748 6% 3% 31%
Richard B. Handler
Leucadia National (LUK)
$17,568,689 136% -7% 35%
George A. Scangos
Biogen (BIIB)
$17,512,146 5% 6% -7%
Lowell C. McAdam
Verizon Communications (VZ)
$17,441,424 -4% -4% 20%
David J. Lesar
Halliburton (HAL)
$17,441,266 12% -33% 61%
Jeffrey M. Leiden
Vertex Pharmaceuticals (VRTX)
$17,419,758 -38% 65% -41%
Marc Holliday
SL Green Realty (SLG)
$17,326,371 -25% 12% -2%
Greg C. Garland
Phillips 66 (PSX)
$17,158,107 -1% -15% 9%
Eric J. Foss
Aramark (ARMK)
$17,048,657 -19% 1% 30%
Kenneth C. Frazier
Merck (MRK)
$17,023,820 -14% 1% 15%
Ian C. Read
Pfizer (PFE)
$16,989,764 18% 8% 4%
Kenneth I. Chenault
American Express (AXP)
$16,944,835 -22% -3% 8%
Jean-Jacques Bienaime
Biomarin Pharmaceutical (BMRN)
$16,937,601 24% 26% -21%
Giovanni Caforio
Bristol-Myers Squibb (BMY)
$16,933,858 n/a 17% -13%
Richard D. Fairbank
Capital One Financial (COF)
$16,917,730 -6% 1% 23%
Ajaypal S. Banga
Mastercard (MA)
$16,892,056 9% 11% 7%
Robert A. Bradway
Amgen (AMGN)
$16,850,001 5% 6% -7%
Paal Kibsgaard
Schlumberger (SLB)
$16,826,439 -3% -22% 23%
Wesley G. Bush
Northrop Grumman (NOC)
$16,805,097 6% 4% 25%
Frederick W. Smith
FedEx (FDX)
$16,757,033 54% 6% -4%
James J. Murren
MGM Resorts International (MGM)
$16,609,696 25% 3% 27%
Jeffery H. Boyd
Priceline Group (PCLN)
$16,499,096 n/a 16% 15%
Joseph R. Swedish
Anthem (ANTM)
$16,455,697 21% 7% 5%
Miles D. White
Abbott Laboratories (ABT)
$16,424,876 -13% 2% -12%
Charles W. Scharf
Visa (V)
$16,416,903 39% 9% 20%
Richard J. Kramer
Goodyear Tire & Rubber (GT)
$16,288,981 -8% -8% -5%
Andre Calantzopoulos
Philip Morris International (PM)
$16,284,462 12% 1% 9%
James L. Robo
NextEra Energy (NEE)
$16,086,450 10% -8% 18%
Charles H. Robbins
Cisco Systems (CSCO)
$16,034,571 n/a 0% 11%
Muhtar Kent
Coca-Cola (KO)
$16,028,941 10% -5% 0%
Devin N. Wenig
eBay (EBAY)
$15,941,192 n/a -5% 8%
Gary J. Goldberg
Newmont Mining (NEM)
$15,863,672 21% 10% 90%
Irene B. Rosenfeld
Mondelez International (MDLZ)
$15,840,326 -13% -13% 0%
Stephen J. Hemsley
UnitedHealth Group (UNH)
$15,695,513 8% 18% 38%
Jane Elfers
The Children’s Place (PLCE)
$15,691,170 60% 3% 50%
Steve Ells
Chipotle Mexican Grill (CMG)
$15,663,096 13% -13% -21%
Samuel R. Allen
Deere (DE)
$15,637,303 -1% -8% 16%
Robert A. Walker
Anadarko Petroleum (APC)
$15,631,241 5% -10% 44%
Ryan M. Lance
ConocoPhillips (COP)
$15,610,315 -8% -21% 10%
Hamid Moghadam
Prologis (PLD)
$15,539,777 4% 15% 27%
Douglas R. Oberhelman
Caterpillar (CAT)
$15,468,856 -2% -18% 41%
Gary R. Heminger
Marathon Petroleum (MPC)
$15,457,995 -11% -12% 0%
Brian T. Moynihan
Bank Of America (BAC)
$15,444,665 13% 0% 33%
James M. Cracchiolo
Ameriprise Financial (AMP)
$15,389,761 -21% -4% 7%
Stephen Easterbrook
McDonald’s (MCD)
$15,355,746 n/a -3% 6%
Inge G. Thulin
3M (MMM)
$15,350,681 -1% -1% 21%
Greg Creed
Yum Brands (YUM)
$15,324,582 105% -1% 23%
William C. Rhodes
Autozone (AZO)
$15,310,775 187% 4% 4%
Robert D. Lawler
Chesapeake Energy (CHK)
$15,283,363 -1% -38% 56%
Daniel S. Glaser
Marsh & McLennan Companies (MMC)
$15,276,596 -1% 2% 24%
Gregory C. Case
Aon (AON)
$15,234,773 -49% 0% 22%
John C. Lechleiter
Eli Lilly (LLY)
$15,222,500 -8% 6% -10%
David M. Cordani
Cigna (CI)
$15,217,857 -12% 5% -9%
Joseph W. Gorder
Valero Energy (VLO)
$15,118,308 6% -14% 0%
Thomas A. Kingsbury
Burlington Stores (BURL)
$15,079,035 185% 9% 56%
Michael S. Burke
AECOM (ACM)
$15,056,884 -19% -3% 8%
Scott D. Sheffield
Pioneer Natural Resources (PXD)
$15,003,350 14% -21% 44%
Richard K. Templeton
Texas Instruments (TXN)
$14,972,465 0% 3% 36%
Robert Greifeld
NASDAQ (NDAQ)
$14,958,278 2% 9% 17%
Patrick P. Gelsinger
VMware (VMW)
$14,841,374 3% 8% 39%
Martine A. Rothblatt
United Therapeutics (UTHR)
$14,812,904 553% 9% -8%
Jerome A. Peribere
Sealed Air (SEE)
$14,809,624 82% -4% 3%
Sean M. Healey
Affiliated Managers Group (AMG)
$14,732,572 -16% -12% -9%
Martin L. Flanagan
Invesco (IVZ)
$14,607,055 -8% -8% -6%
Steven A. Kandarian
MetLife (MET)
$14,576,288 -3% -9% 15%
Timothy Wentworth
Express Scripts Holding (ESRX)
$14,522,178 n/a -1% -21%
Matthew J. Simoncini
Lear (LEA)
$14,416,108 6% 2% 9%
David S. Taylor
Procter & Gamble (PG)
$14,404,653 n/a -8% 12%
Randall J. Hogan
Pentair (PNR)
$14,326,541 51% 6% 16%
Leslie H. Wexner
L Brands (LB)
$14,220,063 -47% 3% -33%
Dennis A. Muilenburg
Boeing (BA)
$14,109,579 n/a -2% 11%
Mark Clouse
Pinnacle Foods (PF)
$14,043,699 n/a 18% 28%
Hubert Joly
Best Buy (BBY)
$14,037,980 -6% 0% 65%
Michael W. Lamach
Ingersoll-Rand (IR)
$14,016,808 1% 2% 38%
Eric C. Wiseman
V.F. Corp. (VFC)
$14,010,496 8% 0% -12%
Juan R. Luciano
Archer Daniels Midland (ADM)
$13,963,197 49% -8% 28%
Richard C. Adkerson
Freeport-McMoRan (FCX)
$13,953,035 109% 2% 95%
John F. Milligan
Gilead Sciences (GILD)
$13,935,212 n/a -7% -27%
Jeff M. Fettig
Whirlpool (WHR)
$13,913,876 4% -1% 26%
Gerardo I. Lopez
Extended Stay America (STAY)
$13,910,163 n/a -1% 6%
William M. Brown
Harris (HRS)
$13,878,890 103% 47% 11%
Frank J. Bisignano
First Data (FDC)
$13,835,173 -73% 1% -11%
Laura J. Alber
Williams Sonoma (WSM)
$13,823,379 -1% 2% -4%
Thomas A. Kennedy
Raytheon (RTN)
$13,772,854 8% 4% 17%
Thomas J. Falk
Kimberly-Clark (KMB)
$13,760,334 13% -2% -7%
Howard W. Lutnick
BGC Partners (BGCP)
$13,750,000 8% 1% 11%
Thomas J. DeRosa
Welltower (HCN)
$13,734,354 25% 11% 3%
Klaus Kleinfeld
Arconic (ARNC)
$13,693,847 -4% 0% -11%
George S. Barrett
Cardinal Health (CAH)
$13,661,087 3% 19% -5%
Glen F. Post III
CenturyLink (CTL)
$13,632,398 32% -2% 3%
Arthur M. Coppola
Macerich (MAC)
$13,537,911 3% -19% -9%
William J. Flynn
Atlas Air Worldwide Holdings (AAWW)
$13,487,787 117% 1% 26%
Gregory J. Goff
Tesoro (TSO)
$13,471,061 -21% -14% -15%
Lynn J. Good
Duke Energy (DUK)
$13,458,982 26% 2% 13%
Vincent A. Forlenza
Becton Dickinson (BDX)
$13,444,674 15% 21% 37%
Gregory J. Hayes
United Technologies (UTX)
$13,438,619 28% 2% 17%
Martin S. Craighead
Baker Hughes (BHI)
$13,418,989 -1% -37% 42%
John J. Christmann IV
Apache (APA)
$13,416,196 n/a -22% 45%
Christopher M. Crane
Exelon (EXC)
$13,395,490 -1% 6% 32%
Michael L. Corbat
Citigroup (C)
$13,377,487 -8% -9% 16%
Heather Bresch
Mylan (MYL)
$13,269,928 -27% 17% -29%
David Simon
Simon Property Group (SPG)
$13,238,074 -7% 3% -5%
Gary E. Hendrickson
Valspar (VAL)
$13,225,865 45% -5% 25%
Thomas E. Jorden
Cimarex Energy (XEC)
$13,180,919 69% -13% 52%
Marc Benioff
Salesforce.com (CRM)
$13,170,047 -61% 26% 16%
Ernest E. Santi
Illinois Tool Works (ITW)
$13,168,190 10% 1% 35%
Dennis R. Glass
Lincoln National (LNC)
$13,133,395 10% -2% 34%
Dinesh C. Paliwal
Harman International Industries (HAR)
$13,123,635 26% 12% -38%
Susan M. Cameron
Reynolds American (RAI)
$13,110,836 -3% 17% 25%
Ursula M. Burns
Xerox (XRX)
$13,093,444 23% -6% -15%
William A. Wulfsohn
Ashland Global Holdings (ASH)
$13,039,537 n/a -8% 17%
James C. Foster
Charles River Laboratories International (CRL)
$13,039,136 21% 23% -5%
Michael T. Strainese
L3 Technologies (LLL)
$13,035,333 25% 0% 30%
*n/a = Executive did not serve two full fiscal years as CEO *n/a = Company not publicly traded for a full fiscal year
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