AFL-CIO Posts Top CEO Pay for Public Companies
YOUNGSTOWN, Ohio – The AFL-CIO says the average pay for a CEO in an S&P 500 company was $12.4 million in 2015 — 335 times more than the average rank-and-file worker was paid.
The union posted multiple lists of its findings Tuesday on its newly updated Executive PayWatch website, a searchable database that tracks CEO pay. According to this data, the average production and nonsupervisory worker in the United States earned about $36,900 per year, “a wage that when adjusted for inflation, has remained stagnant for 50 years,” the AFL-CIO said.
In Ohio, the average CEO made $5,908,883 in 2015 while the average worker in the state was paid $40,334, according to the website.
“These numbers demonstrate the unacceptable levels of income inequality that exist here in Ohio and around the country,” said Ohio AFL-CIO President Tim Burga, in releasing the report. “Unfair trade deals have undermined efforts to raise wages and have instead resulted in the flight of good jobs from our state. This has obviously benefitted CEOs but working people have taken it on the chin, and the numbers in the new report demonstrate that.”
The PayWatch website uses financial results posted by publicly traded companies to rank the 100-highest paid CEOs in each state.
In Ohio, Leslie H. Wexner of L Brands tops the list with 2015 compensation of $27,168,100, followed by Richard J. Kramer of Goodyear Tire & Rubber Co., $19,307,800; Gary R. Heminger of Marathon Petroleum Corp., $18,583,337; and A.G. Lafley of Procter & Gamble Co., $18,286621.
United Community Financial Corp. is the only Youngstown-based company whose CEO’s pay is ranked. Gary M. Small was paid $877,118 in 2015, ranking his pay 91st among Ohio’s top-100, the website shows.
The CEO of Warren-based Stoneridge, Jonathan B. Degaynor, was paid $2,499,752 in 2015, ranking his pay 74th highest in Ohio.
Stoneridge announced in March that it is moving its corporate headquarters to Novi, Mich.
Copyright 2023 The Business Journal, Youngstown, Ohio.