Report: CEO Pay Skyrocketing Again
CHICAGO (WBBM/CBS) — A new report says the pay for company chief executive officers is going sky-high again after two years of decreases, and some people are trying to do something about it.
As WBBM Newsradio 780’s Bernie Tafoya reports, the Associated Press says the average pay package for CEOs in the Standard & Poor 500 was $9 million last year, up 24 percent from the year before.
LISTEN: Newsradio 780’s Bernie Tafoya reports
Analysts say CEOs got more in pay, stock options and other perks, because their companies, overall, were making more money and cutting costs.
Meanwhile, a Roman Catholic priest, a nun, and the head of a Jewish group plan to speak out at the annual meeting of Goldman Sachs in New York Friday.
The religious coalition will press Goldman whether it’s paying executives too much, and Goldman CEO Lloyd Blankfein will have to listen. The group has won a coveted spot on the annual meeting agenda.
The religious contingent also wants the investment bank to evaluate the pay discrepancy between high-paid workers and those at the bottom. They are also asking the company to explain something many shareholders want to know – why compensation for Goldman’s top five executives rose to $69.6 million in 2010 even as profits and revenues have declined.