The bigger you are the harder you fall. CEOs at the biggest US corporations (median annual revenue $66.2 billion) saw their pay drop sharply this past year. Of course, few of these folks will be nudging you on a street corner with a tin cup: they still take home an average of $14 million apiece.
Direct compensation for big-company CEOs dropped 15.8% while CEOs at the next tier of firms (median annual revenue of $16.2 billion) stayed flat. Perhaps it is true that some CEO pay is is actually tied to performance. From Reuters:
CEO compensation at the biggest U.S. corporations dropped sharply last year, reflecting in part the rough business conditions at top-tier banks and other large financial firms, a study has found.
The study, released Thursday by consulting firm Mercer, a unit of Marsh & McLennan Cos Inc (MMC.N: Quote, Profile, Research), is one of the most comprehensive reports to date analysing chief executive pay data for companies’ most recently completed fiscal year.
The study looked at pay data in annual proxy filings for 350 companies of varying sizes and industries in the Fortune 1000.