Most publicly traded U.S. companies have released the announcements for their shareholder meetings, including reports on executive compensation. The top executives of major U.S. companies have astronomical salaries. In addition to fixed salaries and cash bonuses, they receive incentives in the form of stock options or shares, pushing their total compensation into tens of millions of dollars.
While some major companies have yet to publish their reports, there are already a dozen CEOs with compensation packages exceeding $50 million. Leading the pack of chief executive officers is Starbucks’ new hire, Brian Niccol, with $95.8 million. He is closely followed by the CEOs of GE Vernova, Blackstone, Microsoft, and Apple.
Among the top executives at U.S. companies, there is also a group of Spaniards. While their salaries exceed those of their counterparts in Spain, they don’t rank among the highest-paid U.S. executives. Leading the Spanish cohort is Ramón Laguarta, chairman of PepsiCo, with a total compensation of $28.8 million. He is followed by Javier Oliván, chief operating officer of Meta, who earned $25.5 million. Joaquín Duato, chairman and CEO of Johnson & Johnson, received $24.3 million last year, while Enrique Lores, president and CEO of HP, earned $19.4 million in fiscal year 2024, which ended on October 31.
These figures fall well short of those earned by the top-paid American executives. The ranking includes leaders of publicly traded companies who received more than $50 million in total compensation. In 2023, five executives surpassed the $100 million mark: Jon Winkelried of TPG ($198.7 million), Harvey M. Schwartz of Carlyle ($187 million), Hock E. Tan of Broadcom ($161.8 million), Nikesh Arora of Palo Alto Networks ($151.4 million), and Sue Y. Nabi of Coty ($149.4 million). So far in 2024, no executive has exceeded $100 million, though some companies have yet to disclose their figures. This list will be updated regularly to reflect the highest-paid executives in the United States.
Brian Niccol was the corporate world’s star signing in 2024. In August, Starbucks hired him to lead the coffee chain, bringing on board the then-CEO of Chipotle, a Mexican fast-food company that he had transformed into an empire. Prior to that, he had worked at Pizza Hut and served as the head of Taco Bell. The mere announcement of his appointment sent Starbucks’ stock soaring. At 51 years old, Niccol was handsomely rewarded. Despite taking the helm in September, his total compensation amounted to $95.8 million. He signed a $10 million signing bonus — half of which was paid last year — and received stock incentives worth $90.3 million, largely to compensate for the awards he forfeited by leaving Chipotle. His salary, along with housing, legal fees, and other benefits, brought his total compensation to the reported $95.8 million.
The compensation of Larry Culp, chairman and CEO of GE Aerospace — the successor to General Electric — soared from $14 million to $88.9 million in 2024. The main reason was a special long-term stock incentive worth $49 million, tied to the company’s share price and set to vest by the end of his contract in 2027.
According to the company’s compensation report, the award agreement “provides a stronger retention incentive than simply increasing his annual compensation package would have.” To receive it, Culp must “achieve the performance target and fulfill the term of the contract.” The value of the award reflects “Mr. Culp’s exceptional past performance and his ability to lead GE Aerospace to success at this critical time,” the report adds.
Altogether, Culp earned a fixed salary of $2.25 million, a $6.8 million cash bonus, $78.3 million in stock incentives, and $1.6 million in pension and other benefits.
For Steve Schwarzman, chairman and CEO of Blackstone, the $84 million compensation in 2024 represents a significant reduction. The executive earned $253 million in 2022 and $120 million in 2023. Blackstone’s compensation system differs from the typical corporate structure and is based on a form of success fee. His base salary is $350,000, with the rest made up of “distributions, whether cash or in-kind, in respect of profit-sharing or incentive fee allocations” tied to Blackstone’s performance plans, according to the company’s annual report. At 78 years old, Schwarzman is a co-founder and controlling shareholder of the investment firm, holding 51.8% of the capital. His salary is a small portion of his vast fortune, valued at $43 billion.
Microsoft operates on an irregular fiscal year, so the compensation of its CEO, Satya Nadella, is for the fiscal year ending on June 30. Nadella, 57, born in India, has led the company since 2014 and has been its chairman since 2021. The executive’s compensation surged by 63% last year, reaching $79.1 million, in recognition of the company’s success and strong operational and stock market performance. Nadella earned a fixed salary of $2.5 million, a $5.2 million cash bonus, $71.2 million in stock incentives, and additional benefits.
Tim Cook, CEO of Apple, earned $74.6 million for the fiscal year ending on September 30, an 18% increase from the previous year, but still below the $99.4 million he received in 2022. Cook’s salary hike came in a year when Apple’s profits declined for the second consecutive year. Nonetheless, the company achieved new record highs on the stock market and closed the calendar year as the world’s most valuable company by market capitalization. Cook earned $98.7 million in 2021, which sparked criticism from investors and shareholders. In the annual meeting for that year, shareholder support for the advisory vote on executive compensation plummeted from 95% to 64%. As a result, the company decided to lower Cook’s compensation after discussions with shareholders and the executive himself.
The investment firm KKR has two co-chairmen and two joint CEOs. Together, the four top executives earned a total of $229 million in 2024. The highest-paid of them was Joe Bae, 52, born in South Korea. Similar to Blackstone, KKR compensates its executives with a performance-based commission or success fee. Bae’s base salary was $300,000, but his total compensation rose to $73.1 million due to this performance-based bonus, up from $50 million the previous year, according to the figures in the firm’s annual report.
David Gitlin, 55, made his way onto the list of the highest-paid executives in the United States in 2024, despite his company, Carrier Global, not even being among the top 150 companies in the S&P 500 by market capitalization. Carrier is a multinational specializing in heating, ventilation, air conditioning, refrigeration, and fire and security systems, based in Palm Beach Gardens, Florida. Gitlin has led the company since 2019 and has chaired the board since 2021.
The company awarded him a special incentive due to “the criticality of having CEO continuity to remain on course with its ongoing transformation while delivering superior value to shareowners, and the significant concern about Mr. Gitlin’s retention against the background of numerous media speculations about the possibility of him taking on a CEO role with a different public company,” according to the company’s compensation report. Thanks to this extraordinary long-term incentive in stock and options, his compensation rose from $17.7 million in 2023 to $65.7 million in 2024.
Scott C. Nuttall is the other joint CEO of KKR. His compensation rose from $47.1 million in 2023 to $64.2 million in 2024, similar to Bae’s increase, due to the firm’s performance-based commission. Nuttall, 53, took on the day-to-day management of the company alongside Bae, while Henry Kravis and George Roberts transitioned to the roles of co-executive chairmen.
The on-demand streaming platform Netflix also has two of its CEOs among the highest-paid executives in the United States. The company’s founder and architect, Reed Hastings, stepped down from day-to-day management in 2023, with Ted Sarandos and Greg Peters taking over. In 2024, both received a stock award valued at $42.7 million, which helped them join the ranks of the highest-paid executives. Sarandos earned a base salary of $3 million, a $12 million cash bonus, the aforementioned $42.7 million in stock, options worth $2.2 million, and additional compensation totaling $1.96 million.
Greg Peters’ compensation scheme as joint CEO of Netflix is very similar to that of his colleague Ted Sarandos. He also received a base salary of $3 million, a $12 million cash bonus, and $42.7 million in stock. However, in his case, the options granted were valued at $1.95 million, and the additional compensation amounted to $613,000. In total, his compensation reached $60.3 million.
Shantanu Narayen’s compensation increased by 17% in 2024, reaching $52.4 million. The 61-year-old chair and CEO of Adobe, originally from India, is a long-time figure at the company. He joined in 1998 and has led the company since 2007. In 2024, Narayen received a base salary of $1.5 million, a $2.94 million cash bonus, $46.3 million in stock incentives, and $1.6 million in other compensation.
Among the executives earning more than $50 million in 2024, David Zaslav heads the company with the smallest market capitalization. Warner Bros Discovery is valued at just around $20 billion on the stock market and is not among the top 350 companies in the S&P 500. Hundreds of CEOs of larger companies earn smaller salaries. Zaslav has been president and CEO since the merger between Discovery and WarnerMedia was completed in 2022. Previously, he was president and CEO of Discovery since 2007. In 2024, he earned $3 million in cash, $23.9 million in cash bonuses, $23.1 million in stock awards, and $1.9 million in other compensation.
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