Amid Nationwide Financial Crisis, CEO Pay Leapt 11 Percent Last Year

Will this type of news ever stop emerging? The nation is in one of the deepest recessions in history, yet the Wall Street Journal reports that last year the CEOs of top US companies enjoyed an 11 percent pay hike:

The median value of salaries, bonuses and long-term incentive awards for CEOs of 350 major companies surged 11% to $9.3 million, according to a study of proxy statements conducted for The Wall Street Journal by management consultancy Hay Group.

The rise followed a year in which pay for the top boss was flat at these companies.

Viacom Inc. CEO Philippe P. Dauman topped the list. He received compensation valued at $84.3 million, more than double his 2009 pay, thanks largely to equity awards in a renewed contract.

The Postcombined salaries, bonuses, stock options and other sources of income to come to that percentage point, and reported that the steepest incline came in the form of bonuses, which jumped 19 percent since last year.

Last week, Think Progress released a graph noting that wealth inequality in the United States is worse than in Ivory Coast, Pakistan and Uganda.

AlterNet / By Julianne Escobedo Shepherd

Posted at May 9, 2011, 5:02am

Sign Up!
Get AlterNet's Daily Newsletter in Your Inbox
+ sign up for additional lists
Select additional lists by selecting the checkboxes below before clicking Subscribe:
Election 2018