Jun 10, 2024 - Business

FirstEnergy CEO among Northeast Ohio's highest-paid executives

A bar chart showing the total compensation of Northeast Ohio's highest-paid CEOs in 2023. Brian X. Tierney of FirstEnergy tops the chart with $26.4 million, followed by Lourenco Goncalves of Cleveland-Cliffs with $26.2 million. Richard G. Kyle of Timken is in the 10th position, with compensation of $10.78 million.
Data: Crain's Cleveland Business; Chart: Axios Visuals

Northeast Ohio's highest-compensated executive in 2023 was Brian Tierney, the president and CEO of Akron's FirstEnergy Corp., according to a Crain's Cleveland Business annual list.

State of play: Tierney took home more than $26 million in total compensation, the vast majority of which (more than $22 million) came in the form of stock awards.

By the numbers: Thirteen executives earned more than $10 million, though no base salary was higher than Lourenco Goncalves of Cleveland-Cliffs, at $2.1 million.

  • Three CEOs among the top 25 — Kevin Stein of TransDigm, Craig Arnold of Eaton, and Richard Zimmerman of Cedar Fair — earned more than 400 times their companies' median employee.

In a stunning stat, there are as many Richards among the Top 25 as there are women — three.

Yes, but: John Morikis of Sherwin-Williams resigned as the company's top executive in December, and his replacement was a woman: Heidi Petz.

Zoom out: Progressive Insurance is the largest Northeast Ohio company in terms of revenue, ranking 62nd on the 2024 Fortune 500.

  • Its president and CEO, Tricia Griffith, earned $15.6 million last year, including $10 million in stock awards.
  • Her 22.7% year-over-year increase in compensation was the lowest increase among the top 10.
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