Where Data Tells the Story
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We analyzed SEC proxy filings (DEF 14A) for ~400 large U.S. public companies to find where boards raised CEO pay despite negative stock returns in calendar year 2024.
The result: 1 in 5 companies gave their CEO a raise while shareholders lost money. This graphic ranks the 15 most extreme cases — and reveals what drove the increases.
The answer is equity. Across these 15 companies, CEO pay increases totaled $123 million, with over 90% coming from stock and option grants. Salary and bonus changes were negligible — averaging just $76K per CEO. Most of the increase came from equity grants, not cash.
CEO pay is the "Total Compensation" figure from each company's Summary Compensation Table, as reported in their DEF 14A proxy filing. Equity refers to stock awards and option awards at grant-date fair value. The raise is the year-over-year change from FY2023 to FY2024. Stock returns are calendar year 2024. Only same-CEO comparisons are included — no CEO transitions. 14 of 15 are current S&P 500 members.