Last year, CEOs of companies listed on the S&P 500, a stock market index consisting of 500 large publicly traded corporations, earned an average of $18.8 million. However, a recent report identified 100 “overpaid” CEOs who received high compensation in 2022 despite their companies’ mixed shareholder returns.
At the top of the list: Warner Bros Discovery chief executive David Zaslav, who received $246 million in 2022 even though the company’s stock fell 60% in the same year and roughly 40% of shares voted against his pay package.
Fabrizio Freda, the CEO of Estée Lauder, was ranked the second most overpaid CEO, earning $66 million in 2022 while the company’s stock fell 33%. Meanwhile, Jay Snowden, the CEO of Penn National Gaming, was ranked third on the list, having been paid $65.9 million while his company’s stock fell 42.7%.
These Are the most overpaid CEOs among S&P 500 companies, 2023
| Rank | Company | CEO | CEO Pay | Excess Pay | Institutional Shares Voted Against | Reported Shares Voted Against | CEO : Worker Pay Ratio | Median Worker Pay |
|---|---|---|---|---|---|---|---|---|
| 1 | Warner Bros. Discovery, Inc. | David M. Zaslav | 246,573,481.00 | 232,711,591.00 | 78% | 39% | 123.8340278 | 82,964.00 |
| 2 | Estee Lauder Companies Inc. | Fabrizio Freda | 65,996,984.00 | 50,680,560.00 | 70% | 9% | 81.87569444 | 33,586.00 |
| 3 | Penn National Gaming, Inc. | Jay A. Snowden | 65,887,214.00 | 51,015,162.00 | 58% | 58% | 80.91736111 | 33,930.00 |
| 4 | Intel Corporation | Patrick Gelsinger | 178,590,400.00 | 164,139,649.00 | 43% | 66% | 71.29236111 | 104,400.00 |
| 5 | Booking Holdings Inc. | Glenn D. Fogel | 53,982,195.00 | 39,703,318.00 | 62% | 68% | 38.79236111 | 58,005.00 |
| 6 | ServiceNow, Inc. | William R. McDermott | 165,802,037.00 | 149,659,047.00 | 57% | 65% | 29.54236111 | 233,859.00 |
| 7 | JPMorgan Chase & Co. | James Dimon | 84,428,145.00 | 69,838,805.00 | 52% | 69% | 38.20902777 | 92,112.00 |
| 8 | Las Vegas Sands Corp. | Robert G. Goldstein | 31,204,900.00 | 17,417,511.00 | 97% | 34% | 36.08402777 | 35,879.00 |
| 9 | Amazon.com, Inc. | Andrew R. Jassy | 212,701,169.00 | 197,275,894.00 | 31% | 44% | 269.7506944 | 32,855.00 |
| 10 | Apple Inc. | Timothy D. Cook | 98,734,394.00 | 82,878,041.00 | 38% | 36% | 60.29236111 | 68,254.00 |
| 11 | FleetCor Technologies, Inc. | Ronald F. Clarke | 57,923,473.00 | 43,417,531.00 | 43% | 64% | 58.50069444 | 41,265.00 |
| 12 | CenterPoint Energy, Inc. | David J. Lesar | 37,809,810.00 | 23,526,039.00 | 79% | 78% | 15.25069444 | 103,170.00 |
| 13 | Coca-Cola Company | James Quincey | 24,883,878.00 | 10,332,070.00 | 58% | 49% | 74.62569444 | 13,894.00 |
| 14 | Walgreens Boots Alliance Inc | Rosalind G. Brewer | 28,333,498.00 | 14,742,930.00 | 42% | 38% | 45.16736111 | 26,255.00 |
| 15 | TJX Companies Inc | Ernie L. Herrman | 31,802,000.00 | 17,299,165.00 | 29% | 50% | 93.70902777 | 14,139.00 |
| 16 | Lennar Corporation | Richard Beckwitt | 68,090,434.00 | 53,570,271.00 | 51% | 37% | 13.95902777 | 101,561.00 |
| & Jonathan M. Jaffe | ||||||||
| 17 | Yum! Brands, Inc. | David W. Gibbs | 27,578,659.00 | 12,850,421.00 | 30% | 48% | 87.83402777 | 13,082.00 |
| 18 | NIKE, Inc. | John J. Donahoe II | 32,920,708.00 | 17,936,096.00 | 29% | 28% | 38.04236111 | 36,077.00 |
| 19 | Electronic Arts Inc. | Andrew Wilson | 39,165,820.00 | 24,809,412.00 | 46% | 58% | 13.16736111 | 123,935.00 |
| 20 | D.R. Horton, Inc. | David V. Auld | 30,571,596.00 | 15,666,556.00 | 90% | 73% | 11.83402777 | 107,880.00 |
| 21 | Walt Disney Company | Robert Chapek | 32,464,293.00 | 18,228,910.00 | 20% | 15% | 26.83402777 | 50,430.00 |
| 22 | Walmart Inc. | C. Douglas McMillon | 25,670,673.00 | 10,810,001.00 | 25% | 9% | 42.20902777 | 25,335.00 |
| 23 | Analog Devices, Inc. | Vincent Roche | 30,824,323.00 | 15,990,327.00 | 21% | 23% | 27.83402777 | 46,141.00 |
| 24 | DXC Technology Company | Michael J. Salvino | 21,733,120.00 | 8,226,633.00 | 55% | 53% | 30.62569444 | 42,509.00 |
| 25 | Netflix, Inc. | Reed Hastings | 79,055,889.00 | 64,074,357.00 | 77% | 73% | 8.417361111 | 201,743.00 |
| & Ted Sarandos | ||||||||
| 26 | Norwegian Cruise Line Holdings Ltd. | Frank J. Del Rio | 19,668,768.00 | 6,399,586.00 | 62% | 85% | 42.41736111 | 19,319.00 |
| 27 | TransDigm Group Incorporated | Kevin Stein | 22,060,463.00 | 6,664,331.00 | 100% | 48% | 17.62569444 | 52,202.00 |
| 28 | Global Payments Inc. | Jeffrey S. Sloan | 23,318,393.00 | 8,765,295.00 | 55% | 59% | 17.29236111 | 56,202.00 |
| 29 | Expedia Group, Inc. | Peter M. Kern | 296,247,749.00 | 281,769,672.00 | 9% | 6% | 120.7090277 | 102,270.00 |
| 30 | Broadcom Inc. | Hock E. Tan | 60,703,627.00 | 45,377,216.00 | 34% | 20% | 10.20902777 | 247,541.00 |
| 31 | Honeywell International Inc. | Darius Adamczyk | 26,100,120.00 | 11,498,082.00 | 28% | 38% | 14.41736111 | 75,529.00 |
| 32 | T-Mobile US, Inc. | G.Michael Sievert | 22,610,659.00 | 7,901,703.00 | 77% | 18% | 13.00069444 | 72,572.00 |
| 33 | Fidelity National Information Services, Inc. | Gary A. Norcross | 25,023,771.00 | 10,729,168.00 | 24% | 36% | 16.25069444 | 64,135.00 |
| 34 | Halliburton Company | Jeffrey A. Miller | 23,591,982.00 | 9,741,498.00 | 48% | 54% | 12.12569444 | 81,076.00 |
| 35 | General Electric Company | H. Lawrence Culp Jr. | 22,663,449.00 | 9,402,997.00 | 27% | 35% | 17.16736111 | 55,064.00 |
| 36 | Charter Communications, Inc | Thomas M. Rutledge | 41,860,263.00 | 27,340,360.00 | 9% | 6% | 29.08402777 | 60,007.00 |
| 37 | Sysco Corporation | Kevin P. Hourican | 23,197,124.00 | 8,600,025.00 | 36% | 38% | 12.87569444 | 75,209.00 |
| 38 | Applied Materials, Inc. | Gary E. Dickerson | 35,265,559.00 | 19,864,015.00 | 11% | 17% | 13.45902777 | 109,304.00 |
| 39 | Goldman Sachs Group, Inc. | David M. Solomon | 39,545,072.00 | 25,084,966.00 | 20% | 18% | 9.917361111 | 165,828.00 |
| 40 | Fox Corporation | Lachlan K. Murdoch | 27,675,399.00 | 13,003,702.00 | 12% | 5% | 14.29236111 | 80,732.00 |
| 41 | IQVIA Holdings Inc. | Ari Bousbib | 28,615,851.00 | 13,489,241.00 | 29% | 24% | 8.542361111 | 139,803.00 |
| 42 | Centene Corporation | Michael F. Neidorff | 20,637,990.00 | 5,736,294.00 | 60% | 66% | 12.08402777 | 71,217.00 |
| 43 | Paramount Global | Robert M. Bakish | 20,035,212.00 | 6,479,814.00 | 97% | 5% | 8.834027777 | 94,580.00 |
| 44 | Carnival Corporation | Arnold W. Donald | 15,063,788.00 | 1,894,933.00 | 57% | 36% | 72.50069444 | 8,658.00 |
| 45 | Wells Fargo & Company | Charles W. Scharf | 21,350,906.00 | 7,336,567.00 | 25% | 27% | 12.08402777 | 73,578.00 |
| 46 | Ford Motor Company | James D. Farley Jr. | 22,813,174.00 | 8,226,963.00 | 13% | 8% | 14.83402777 | 64,003.00 |
| 47 | Citigroup Inc. | Jane Fraser | 20,541,324.00 | 6,508,752.00 | 16% | 19% | 15.50069444 | 55,285.00 |
| 48 | Howmet Aerospace Inc. | John C. Plant | 17,189,000.00 | 2,570,586.00 | 62% | 48% | 17.29236111 | 58,921.00 |
| 49 | Corning Incorporated | Wendell P. Weeks | 20,766,032.00 | 6,319,068.00 | 12% | 10% | 21.20902777 | 40,760.00 |
| 50 | Johnson & Johnson | Alex Gorsky | 26,741,959.00 | 12,249,565.00 | 9% | 14% | 12.37569444 | 90,000.00 |
| 51 | Procter & Gamble Company | David S. Taylor | 23,900,381.00 | 9,208,077.00 | 9% | 9% | 14.29236111 | 69,671.00 |
| 52 | Micron Technology, Inc. | Sanjay Mehrotra | 25,316,709.00 | 10,261,175.00 | 8% | 14% | 16.29236111 | 64,827.00 |
| 53 | Viatris Inc | Michael Goettler | 14,669,592.00 | 1,713,251.00 | 79% | 80% | 16.58402777 | 36,865.00 |
| 54 | Caesars Entertainment, Inc. | Thomas R. Reeg | 22,576,517.00 | 7,018,921.00 | 9% | 10% | 26.41736111 | 35,618.00 |
| 55 | Etsy, Inc. | Josh Silverman | 40,584,292.00 | 23,548,921.00 | 14% | 17% | 7.292361111 | 231,338.00 |
| 56 | Visa Inc. | Alfred F. Kelly Jr. | 30,944,838.00 | 15,944,269.00 | 11% | 11% | 8.792361111 | 146,420.00 |
| 57 | First Republic Bank | James H. Herbert II | 41,275,730.00 | 26,682,070.00 | 40% | 44% | 4.584027777 | 162,300.00 |
| & Hafize Gaye Erkan | ||||||||
| 58 | CME Group Inc. | Terrence A. Duffy | 22,924,737.00 | 8,030,172.00 | 72% | 77% | 6.250694444 | 153,565.00 |
| 59 | PayPal Holdings, Inc. | Daniel H. Schulman | 32,070,353.00 | 17,020,673.00 | 7% | 11% | 15.91736111 | 83,905.00 |
| 60 | Adobe Inc. | Shantanu Narayen | 36,128,725.00 | 20,763,787.00 | 9% | 12% | 9.084027777 | 165,733.00 |
| 61 | Twitter, Inc. | Parag Agrawal | 30,351,152.00 | 15,345,616.00 | 30% | 42% | 5.417361111 | 232,626.00 |
| 62 | Accenture plc | Julie Sweet | 23,085,391.00 | 7,886,531.00 | 7% | 8% | 51.12569444 | 18,821.00 |
| 63 | Royal Caribbean Cruises Ltd. | Richard D. Fain | 15,812,027.00 | 1,876,637.00 | 22% | 21% | 44.79236111 | 14,706.00 |
| 64 | Cigna Corporation | David M. Cordani | 19,872,266.00 | 5,347,592.00 | 15% | 17% | 12.37569444 | 66,917.00 |
| 65 | Meta Platforms, Inc. | Mark Zuckerberg | 26,823,061.00 | 12,368,936.00 | 52% | 14% | 3.834027777 | 292,785.00 |
| 66 | Fiserv, Inc. | Frank J. Bisignano | 20,385,208.00 | 5,808,193.00 | 11% | 12% | 12.08402777 | 70,276.00 |
| 67 | Philip Morris International Inc. | André Calantzopoulos | 15,349,110.00 | 1,258,253.00 | 23% | 30% | 43.95902777 | 18,196.00 |
| 68 | Align Technology, Inc. | Joseph M. Hogan | 21,591,400.00 | 6,125,042.00 | 7% | 8% | 69.12569444 | 13,011.00 |
| 69 | Skyworks Solutions, Inc. | Liam K. Griffin | 16,150,421.00 | 1,763,096.00 | 14% | 14% | 38.66736111 | 17,409.00 |
| 70 | Equinix, Inc. | Charles Meyers | 23,248,193.00 | 8,516,880.00 | 12% | 18% | 7.917361111 | 122,075.00 |
| 71 | Omnicom Group Inc | John D. Wren | 19,981,715.00 | 5,814,780.00 | 9% | 10% | 16.45902777 | 50,613.00 |
| 72 | Lumen Technologies, Inc. | Jeffrey K. Storey | 22,654,781.00 | 8,892,290.00 | 8% | 14% | 12.41736111 | 75,984.00 |
| 73 | WestRock Co. | David B. Sewell | 21,189,086.00 | 7,129,001.00 | 8% | 12% | 13.87569444 | 63,560.00 |
| 74 | NextEra Energy, Inc. | James L. Robo | 25,335,936.00 | 10,171,682.00 | 9% | 18% | 7.959027777 | 132,798.00 |
| 75 | Western Digital Corporation | David V. Goeckeler | 17,093,364.00 | 3,457,778.00 | 9% | 18% | 63.08402777 | 11,292.00 |
| 76 | CSX Corporation | James M. Foote | 20,006,806.00 | 5,005,656.00 | 38% | 40% | 7.750694444 | 107,772.00 |
| 77 | Texas Instruments Incorporated | Richard K. Templeton | 19,195,411.00 | 4,186,227.00 | 16% | 17% | 11.54236111 | 69,407.00 |
| 78 | ConocoPhillips | Ryan M. Lance | 23,886,640.00 | 9,013,827.00 | 26% | 39% | 5.542361111 | 179,428.00 |
| 79 | Universal Health Services, Inc. | Marc D. Miller | 14,020,942.00 | (152,537.00) | 100% | 10% | 12.87569444 | 45,454.00 |
| 80 | Abbott Laboratories | Robert B. Ford | 24,914,886.00 | 9,775,441.00 | 7% | 8% | 10.58402777 | 97,952.00 |
| 81 | Monster Beverage Corporation | Rodney C. Sacks | 33,394,105.00 | 18,834,301.00 | 6% | 5% | 10.04236111 | 69,417.00 |
| & Hilton H. Schlosberg | ||||||||
| 82 | Monolithic Power Systems, Inc. | Michael R. Hsing | 20,254,831.00 | 4,311,022.00 | 8% | 28% | 17.25069444 | 48,913.00 |
| 83 | Travelers Companies, Inc. | Alan D. Schnitzer | 19,853,697.00 | 5,308,653.00 | 20% | 28% | 7.542361111 | 109,586.00 |
| 84 | Valero Energy Corporation | Joseph W. Gorder | 22,684,706.00 | 8,003,044.00 | 28% | 30% | 4.750694444 | 198,219.00 |
| 85 | Chevron Corporation | Michael K. Wirth | 22,610,285.00 | 7,951,682.00 | 23% | 27% | 5.125694444 | 183,531.00 |
| 86 | CVS Health Corporation | Karen S. Lynch | 20,388,412.00 | 5,987,233.00 | 7% | 8% | 19.08402777 | 45,010.00 |
| 87 | The Boeing Company | David L. Calhoun | 21,093,605.00 | 6,944,188.00 | 10% | 16% | 7.042361111 | 124,844.00 |
| 88 | Allstate Corporation | Thomas J. Wilson | 19,066,920.00 | 4,412,592.00 | 8% | 12% | 12.75069444 | 62,235.00 |
| 89 | AbbVie, Inc. | Richard A. Gonzalez | 23,912,154.00 | 8,683,455.00 | 9% | 11% | 6.667361111 | 149,662.00 |
| 90 | Starbucks Corporation | Kevin Johnson | 20,425,163.00 | 5,873,479.00 | 6% | 8% | 65.79236111 | 12,935.00 |
| 91 | Wynn Resorts, Limited | Matt Maddox | 12,928,747.00 | (809,143.00) | 69% | 51% | 12.25069444 | 44,048.00 |
| 92 | Thermo Fisher Scientific Inc. | Marc N. Casper | 21,234,358.00 | 5,737,291.00 | 8% | 12% | 10.58402777 | 83,666.00 |
| 93 | Ross Stores, Inc. | Barbara Rentler | 15,989,635.00 | 1,624,246.00 | 8% | 14% | 61.66736111 | 10,806.00 |
| 94 | Interpublic Group of Companies, Inc. | Philippe Krakowsky | 17,371,647.00 | 2,794,237.00 | 9% | 10% | 12.08402777 | 59,814.00 |
| 95 | Cisco Systems, Inc. | Charles H. Robbins | 25,446,695.00 | 10,774,286.00 | 7% | 11% | 8.500694444 | 124,806.00 |
| 96 | Hewlett Packard Enterprise Company | Antonio F. Neri | 19,052,415.00 | 4,703,965.00 | 8% | 10% | 12.04236111 | 65,944.00 |
| 97 | NXP Semiconductors NV | Kurt Sievers | 20,911,892.00 | 6,267,243.00 | 6% | 8% | 17.37569444 | 50,138.00 |
| 98 | Automatic Data Processing, Inc. | Carlos A. Rodriguez | 16,985,259.00 | 2,031,850.00 | 12% | 15% | 10.87569444 | 64,965.00 |
| 99 | Ameriprise Financial, Inc. | James M. Cracchiolo | 21,229,464.00 | 6,217,072.00 | 10% | 19% | 6.875694444 | 129,010.00 |
| 100 | Parker-Hannifin Corporation | Thomas L. Williams | 17,034,500.00 | 2,361,600.00 | 9% | 11% | 12.62569444 | 56,274.00 |
The report’s rankings were based on three factors: CEO pay in relation to shareholder returns for the year, the percentage of shareholders voting against CEO pay packages, and the ratio of CEO pay compared to median worker compensation at the company. It weights the first two data points at 40% each, and the pay ratio at 20% to develop its ranking.
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