CEOs made almost 200 times more than workers in 2023

  • 4 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why CEO continues to far outpace that of their workers.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:05Stocks are reacting to fresh labor market data.
00:07Private employers added fewer jobs than expected in the month of May, indicating slower growth
00:12in the job market, according to payroll processor ADP.
00:16This comes just a day after another report showed that U.S. job openings slowed to their
00:21lowest level since February of 2021.
00:24Investors will have a lot to digest on the labor market with the highly anticipated government
00:29May jobs report out on Friday.
00:32In other news, if you thought CEOs made a lot of money, well, they do, and probably
00:37more than you think.
00:38According to a new report by Equalar, the median CEO in the S&P 500 made 196 times more
00:45than the median employee in 2023.
00:48That's up from 185 times more in 2022.
00:53Median CEO pay, including stocks, totaled $16.3 million last year, a whopping 12.6 percent
01:01increase from 2022.
01:04The median employee brought in roughly $81,000, a 5.2 percent increase from the year before.
01:11That means CEOs made an extra $1.5 million, while workers got an additional $4,300.
01:19A big reason for the increase in compensation has been the stock market.
01:22About 70 percent of total compensation in 2023 was made up by stock awards.
01:28The bullish market added $9.4 million to the median CEO pay.
01:33Broadcom CEO Hock Tan topped Equalar's list of highest-paid CEOs, taking home almost $162
01:40million.
01:42He received a 167 percent pay increase in 2023.
01:47Apple's Tim Cook came in at number six, with a total compensation of about $63 million.
01:53Cook actually took a 36 percent pay cut last year, but that's still 672 times more than
02:00the average Apple employee made.
02:02That'll do it for your daily briefing.
02:04From the New York Stock Exchange, I'm Conway Gittins with The Street.

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