NEW YORK — Profits at big U.S. companies broke records last year, and so did pay for CEOs. The head of a typical public company made $9.6 million in 2011, according to an analysis by The Associated Press using data from Equilar, an executive pay research firm.
If there was some confusion yesterday why in the first quarter, seemingly having no better capital allocation option S&P500 corporate CEOs spent a record $160 billion on stock buybacks, then the following report should explain it: According to a new study by the AP, the median pay package for a CEO rose above eight figures for the first time last year. The head of a typical large public company earned a record $10.5 million, an increase of 8.8 percent from $9.6 million in 2012, according to an Associated Press/Equilar pay study. The study details:
The average CEO of a big American corporation made 20 times more than a typical employee in the same industry in 1965. Today, the average CEO is making almost 300 times more, according to a new report from the Economic Policy Institute.
Glencore International Plc Chief Executive Officer Ivan Glasenberg criticized his recently departed mining CEO peers for swamping the industry with new mines that led to a surplus in metals and trimmed profits.
“The big guys really screwed up,” Glasenberg, 56, told investors Monday in a presentation. “We’ve always been wanting to keep building and keep putting the cash which we generate into new assets. That’s what we’ve got to stop doing as a mining industry. We’ve got to learn about demand and supply.”