CEO Pay Surges Back From Pandemic Declines

April 18, 2022

REDWOOD CITY, CA (April 18, 2022)— CEO pay soared in 2021 at the largest U.S. companies by revenue, according to a new Equilar study. The 2022 edition of the Equilar 100, an annual study of the 100 largest U.S. companies by revenue to file a proxy by March 31, revealed that median CEO pay reached $20 million in 2021, up 30.8% from 2020. The highest-paid executive on this year’s list is Intel CEO Patrick P. Gelsinger, who was awarded nearly $178 million in 2021.

Last year’s Equilar 100 study showed that CEO pay dropped by just under 2%, following a year of COVID-19 pandemic-related cuts to executive pay. Two years after the start of the pandemic, the early data from 2021 shows that CEO pay appears to be back on the rise. The large increase in pay is likely due to the fact that many companies elected to award their CEOs through bonuses and stock awards for guiding their organizations through turbulent times and driving revenue growth.

This trend is in line with the data uncovered in the Equilar 100 study. The median value of stock awards increased by 22.7% in 2021, from $8.6 million to $10.5 million. Meanwhile, cash bonuses increased by 46.4% in 2021, from $2.8 million to $4.2 million.

The median CEO Pay Ratio for Equilar 100 companies was 254:1 in 2021, up considerably from the 238:1 ratio seen on the previous year’s list. On the other hand, median employee pay at Equilar 100 companies actually increased from 2020 ($68,883) to 2021 ($71,869). This increase was partially due to the fact that many companies transitioned temporary COVID-related benefits to permanent benefits, increasing payouts made to bonuses and other forms of cash compensation.

The Equilar 100 included just nine women in the CEO position in 2021, a slight increase from six in the previous year’s study. None of these women are among the top 10 highest paid. The highest-paid woman on this year’s list is Rosalind G. Brewer, the new CEO of Walgreens Boots Alliance, who was awarded $28.3 million in 2021. Brewer is also the 14th overall highest-paid CEO in this year’s study.

About the Report

The Equilar 100 includes the largest U.S.-listed companies by revenue to file annual proxy statements by March 31 to provide an early look at CEO pay trends for 2021. While many of the companies in the Equilar 100 are consistent from year to year, due to changes in revenue and floating filing dates the list is not the same every year.

About Equilar

Equilar is the leading provider of corporate leadership data solutions. Companies of all sizes rely on Equilar for their most important business decisions, including 70% of the Fortune 500 and institutional investors representing over $20 trillion in assets. Equilar offers data-driven solutions for business development, recruiting, executive compensation and shareholder engagement that bring together business leaders to drive exceptional results. Founded in 2000, Equilar is cited regularly by Associated Press, Bloomberg, CNBC, The New York Times, The Wall Street Journal and other leading media outlets. Learn more at www.equilar.com.