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The financial and economic crisis left by the Covid pandemic – 19 last year saw millions of people laid off from multiple companies around the world. Despite the adverse situation, there were those who had profits that allowed them to raise their salary, the executive directors (CEOs) of large companies.
Regardless of the scenario of adversity, according to an AP report, the vast majority of corporations made notable improvements to its senior managers . The directors of companies throughout the United States made changes in the tabulators that determine the salary of their executives, in addition they took measures that balanced the losses due to the pandemic.
These movements impacted salary outlays for CEOs of large companies last year, despite the fact that the pandemic led the economy to its worst quarter on record and reduced corporate profits worldwide .
According to the AP-Equilar report, the average salary expenditures of a CEO of an S&P company 500 reached $ 10, $ 7 million in 2020 . That means half of them earned more and half earned less. It is 5% more than the average salary of the same group of executives in 2019 and an acceleration compared to the rise of 4.1% in last year’s survey.
The study only took into account only companies that have stock market reach, that is, with annual billings that exceed $ 1, million dollars and who filed their representational statements with federal regulators between January 1 and 30 of April.
An example of this is represented by the firm Advance Auto Parts, where the salary of the CEO, Tom Greco, for 2020 with everything and the impacts of the pandemic represented a total of $ 8.1 million . The report does not detail how many Advance Auto Parts employees were fired from the company.
Carnival, a cruise company, granted subsidies in the form of shares to executives, for them not leave the company in the context in which the pandemic slowed down travel and had an impact on the dismissal of workers. Under this strategy, CEO Arnold Donald, had grants valued at $ 5.2 million dollars.
These two examples contrast with the reality they live 10 millions of Americans, who are unemployed according to the Department of Labor and its latest study in April. The pay gap between top executives and those in the retail sectors, for example, is stark. Well, official figures indicate that wages increased only 2.6% last year.
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