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Knowledge Center Reports

Equilar | Associated Press CEO Pay Study 2018

May 24, 2018


Since 2011, Equilar has worked together with the Associated Press on annual CEO pay studies. The most recent edition identified trends in compensation awards for CEOs who served in that role at an S&P 500 company for at least two years as of fiscal year end 2017. Companies must have filed a proxy between January 1 and April 30, 2018 to be included in this study.

Key Findings

Pay Packages Increased 8.5% to $11.7 Million

Median total compensation* for individuals included in the 2018 Equilar | Associated Press CEO Pay Study totaled $11.7 million, an 8.5% increase from the year prior. The CEOs in the 2018 study had the same sized pay increase at the median when compared to 2017. Below are the top 10, highest-paid executives that qualified for inclusion.

COMPANY NAME CHIEF EXECUTIVE TOTAL COMPENSATION
Broadcom
Hock E. Tan $103,211,163
CBS
Leslie Moonves $68,375,015
TransDigm Group
W. Nicholas Howley $61,023,102
Time Warner
Jeffrey L. Bewkes $48,962,200
TripAdvisor
Stephen Kaufer $43,160,584
Discovery Communications
David M. Zaslav $42,247,984
Walt Disney
Robert A. Iger $36,283,680
Wynn Resorts
Stephen A. Wynn $34,522,695
Allergan
Brenton L. Saunders $32,827,626
Comcast
Brian L. Roberts $32,520,224

Fewer Female CEOs Than Previous Years

Of the 339 executives in the study, 17 were female, four fewer than the number of women in the previous year’s study. Those female executives earned a median $13.5 million, compared to $11.5 million at the median for the 322 male executives. The list of women at the helm of S&P 500 companies in 2016 and 2017—and their reported compensation for the most recent year—is below.

COMPANY NAME CHIEF EXECUTIVE TOTAL COMPENSATION
PepsiCo
Indra K. Nooyi $25,891,211
Ventas
Debra A. Cafaro $25,254,607
General Motors
Mary T. Barra $21,905,256
General Dynamics
Phebe N. Novakovic $21,200,768
Duke Energy
Lynn J. Good $21,107,600
Lockheed Martin
Marillyn A. Hewson $20,179,452
International Business Machines
Virginia M. Rometty $18,020,517
Hewlett Packard Enterprise
Margaret C. Whitman $14,767,855
Synchrony Financial
Margaret M. Keane $13,525,503
Mylan
Heather Bresch $12,744,397
Sempra Energy
Debra L. Reed $12,511,459
Ross Stores
Barbara Rentler $12,400,574
Advanced Micro Devices
Lisa T. Su $10,894,821
KeyCorp
Beth E. Mooney $8,142,538
Ulta Beauty
Mary N. Dillon $7,491,298
Alliant Energy
Patricia L. Kampling $5,401,329
American Water Works
Susan N. Story $4,357,075

Industry Comparison

The healthcare sector, which includes traditional healthcare, insurance as well as biopharma companies, had the highest median CEO pay package among S&P 500 companies at $14.9 million, followed by industrial goods at $13.9 million. Utilities CEOs were awarded a median $9.3 million, the lowest of the industry sectors in the study.

INDUSTRY SECTOR NUMBER OF CEOS MEDIAN TOTAL COMPENSATION
Healthcare
39 $14,871,627
Industrial Goods
30 $13,855,437
Basic Materials
36 $12,702,787
Technology
38 $12,176,311
Consumer Goods
29 $11,747,284
Services
56 $11,255,873
Financial
87 $10,366,488
Utilities
24 $9,346,702

Geographical Breakdown

CEOs at companies based in the state of New York included in the Equilar | Associated Press study received the highest median pay package (excluding Nevada, where there was only one CEO). There were 38 New York-based CEOs in this year’s study, who were awarded median total compensation of $16.6 million.

Only California boasted more CEOs than New York in the study, with 44. Texas (28), Illinois (24) and Massachusetts (16) rounded out the top five states with the highest representation.

In all, 37 states were represented in the study. Equilar is also conducting a study with the Associated Press on the largest CEO packages awarded to companies in each individual state, regardless of size or index classification, which will publish in the coming days.

*Total compensation includes information disclosed in company proxy statements including salary, bonus, stock and options valued at grant date, any deferred compensation, and other compensation (including benefits and perks).


For information regarding this study and the underlying datasets, or to learn more about Equilar Research Services, please contact the Equilar research team at researchservices@equilar.com.


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Dan Marcec, Director of Content & Communications at Equilar, authored this post. Please contact Amit Batish at abatish@equilar.com for more information or commentary on Equilar research and data analysis.



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