• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Republica Press

Your Business & Political News Source

REPUBLICA PRESS
Your Business & Political News Source

  • Home
  • BUSINESS
  • MONEY
  • POLITICS
  • REAL ESTATE
  • SCIENCE/TECH
  • US
  • WORLD
  • VIDEOS

C.E.O. Pay Remains Stratospheric, Even at Companies Battered by Pandemic

by

And, according to security filings, a select few are rapidly accumulating new fortunes. Chad Richison, founder and chief executive of an Oklahoma software company, Paycom, is worth more than $3 billion and was awarded $211 million last year, when his company made $144 million in profit. John Legere, the former chief executive of T-Mobile, was awarded $137.2 million last year, a reward for taking over the rival Sprint.

“We’ve created this class of centimillionaires and billionaires who have not been good for this country,” said Nell Minow, vice chair of ValueEdge Advisors, an investment consulting firm. “They may build a wing on a museum. But it’s not infrastructure — it’s not the middle class.”

The gap between executive compensation and average worker pay has been growing for decades. Chief executives of big companies now make, on average, 320 times as much as their typical worker, according to the Economic Policy Institute. In 1989, that ratio was 61 to 1. From 1978 to 2019, compensation grew 14 percent for typical workers. It rose 1,167 percent for C.E.O.s.

The pandemic only compounded these disparities, as hundreds of companies awarded their leaders pay packages worth significantly more than most Americans will make in their entire lives.

“To my mind, they’re the logical consequence of our total embrace of shareholder capitalism, starting with the corporate raiders of the 1980s, to the exclusion and sacrifice of all else, including American workers,” said Robert Reich, a labor secretary under President Bill Clinton. “The pay packages reflect soaring share prices, which in turn reflect, at least in part, the willingness if not eagerness of corporations to cut payrolls at the slightest provocation.”

Today in Business

Updated 

April 23, 2021, 1:31 p.m. ET

AT&T, the media conglomerate, lost $5.4 billion and cut thousands of jobs throughout the year. John Stankey, the chief executive, received $21 million for his work in 2020, down from $22.5 million in 2019.

T-Mobile said it would create new jobs through its merger with Sprint, but has already begun layoffs. It made $3.1 billion in 2020. In addition to Mr. Legere’s windfall, the company awarded its current chief executive, Mike Sievert, $54.9 million.

View Source

Filed Under: BUSINESS Tagged With: Bezos, Jeffrey P, Boeing Company, Calhoun, David L, Chad, Corporations, Executive Compensation, Hilton Worldwide Holdings Inc, Iger, Robert A, Income Inequality, Infrastructure, Jobs, Johnson, Kevin R, Labor and Jobs, Layoffs and Job Reductions, Media, Oklahoma, Page, Larry, Policy, Rittenmeyer, Ronald A, Software, Stankey, John T, Starbucks Corporation, Wages and Salaries, Warren, Elizabeth

Primary Sidebar

More to See

RPM Living’s Marketing Team Named Department of the Year for Superior Performance and Talent

AUSTIN, Texas--(BUSINESS WIRE)--As the first multifamily management company to be recognized in the Public Relations and Marketing Excellence Awards, … [Read More...] about RPM Living’s Marketing Team Named Department of the Year for Superior Performance and Talent

These San Francisco homes sold for less than $1 million in October

There have been whispers of cooling housing and rental prices in the San Francisco Bay Area, but that hasn't yet translated into practical, noticeable … [Read More...] about These San Francisco homes sold for less than $1 million in October

Tuesday, November 1. Russia’s War On Ukraine: News And Information From Ukraine

Cars pass in Independence Square at twilight in Kyiv, Ukraine, Monday, Oct. 31, 2022. Rolling ... [+] blackouts are increasing across Ukraine as the … [Read More...] about Tuesday, November 1. Russia’s War On Ukraine: News And Information From Ukraine

Copyright © 2023 · Republica Press · Log in · As an Amazon Associate we earn from qualifying purchases.

Terms and Conditions - Privacy Policy