Executives of West Michigan’s publicly traded companies continued to receive substantial compensation packages in 2024 as they seek to maintain profitability in a disruptive macroeconomic environment. 

With $21.98 million in total compensation, Stryker Corp. CEO Kevin Lobo leads the Highest-Paid CEOs in West Michigan list, which is published here for the first time. 

The average total compensation for CEOs in the area reached $6.71 million, with a median of $6.11 million, based on disclosures filed with the U.S. Securities and Exchange Commission and analyzed by Crain’s.

The highest-paid CEOs at West Michigan’s publicly traded companies in 2024 were:

• Kevin Lobo, Stryker Corp. (Portage): $21.98 million
• Marc Bitzer, Whirlpool Corp. (Benton Harbor): $13.92 million
• Christopher Hufnagel, Wolverine World Wide Inc. (Rockford): $9.37 million
• Charles Williams, Northpointe Bancshares Inc. (Grand Rapids): $8.97 million
• Andi Owen, MillerKnoll Inc. (Zeeland): $8.96 million 

These executives represent a diverse range of industries in the region, including medical devices, home appliances, footwear, banking and office furniture manufacturing.

Executive compensation for Macatawa Bank Corp. is not included because the company was acquired by Wintrust Financial Corp. in August 2024.

Managing headwinds

CEO compensation remained high even as company performance varied in an environment filled with shifting trade policy.

Lobo was the highest-paid executive on the list, with total compensation increasing from $20.77 million in 2023 to $21.98 million in 2024. Stryker reported $3 billion in net profit last year, compared to $3.2 billion in 2023. Stryker is already off to a strong start in 2025 by raising full-year guidance and expectations to offset a $200 million hit from tariffs.

In contrast, Bitzer was the second highest-paid on the list despite the company posting a net loss of $323 million in 2024, following net income of $481 million in 2023.  Bitzer’s $13.92 million compensation included $2.5 million in long-term incentive payouts. In recent years, Whirlpool has experienced fluctuations in profitability, including posting a $1.52 billion net loss in 2022, but hopes to gain ground over competitors by benefitting from tariffs on China. 

Hufnagel, who was appointed CEO in August 2023, is overseeing Wolverine World Wide’s turnaround plan that aims to make the footwear and apparel marketer a leaner operation.

SpartanNash’s Sarsam, who ranked as the fourth highest-paid West Michigan CEO in 2023 with $9.98 million in total compensation, dropped to seventh on the list with $6.99 million in total compensation based on a cut in long-term incentive payouts.