Gaming and media companies are on the list of the companies paying the most to their CEO.
A Chief Executive Officer’s salary is related to how well the business is doing, and with the business atmosphere improving in the United States, so are CEO salaries.
According to a study by the Associated Press, the median compensation for a CEO of a Fortune 500 company in 203 was $10.8 million, topping the $10 million mark for the first time in the study’s history.
The new median amount is an 8.8 percent increase over the 2012 number.
Much of the increase was related to performance cash bonuses, stock awards and options. CEO pay is related to business success, and the S&P 500 Index rose 30 percent in 2013. At the same time, earnings per share increased by more than 5 percent, another factor in increased CEO compensation.
The survey showed that banking CEOs got the largest pay increases, and media executives also had significant raises. The CEOs of CBS, Viacom, Walt Disney and Time Warner.
Two-thirds of CEOs received raises in 2013, in the study performed by executive pay research firm Equilar using federal filing statements.
Women CEOs, of which there are only a dozen, make more than male CEOs. Women average $11.7 million while men make $10.5 million.
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Time Magazine has determined the top CEOs in terms of salary of the Fortune 500 companies.
No. 5 – Leslie Moonves, CBS, $62.2 million: So It’s not that big a deal that David Letterman gets $30 million a year. CBS is the most watched TV network in the United States and its continuing list of hit TV shows keep Moonves near the top of the CEO heap.
No 4 – Robert Kotick, Activision Blizzard, $64.9 million: The company produces Call of Duty and World of Warcraft for gaming systems, and right there you have enough explanation for Kotick’s compensation, much of which comes as company stock.
No. 3 – Mario Gabelli, Gamco Investors, $69 million: Gabelli owns 99 percent of the company’s Class B Voting shares, so he determines his own salary.
No. 2 – Larry Ellison, Oracle, $77 million: Ellison actually took a $20 million pay cut from 2012 to 2013 after several quarters of lagging sales growth for the software manufacturer.
No. 1 – Elon Musk, Tesla Motors, $78.2 million: After making his first big payday by developing the payment website PayPal, Musk now runs Tesla Motors, which is now one of the world’s most popular luxury sports car brands.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.