Jun 3, 2022 - Business

Michigan CEOs make (even more) big bucks

Illustration of a small dollar sign magnified by a monocle.
Illustration: Brendan Lynch/Axios

CEO pay is rising for some of Michigan's biggest public companies.

Why it matters: Worker pay hasn’t kept pace despite top corporate leaders receiving record high pay in 2021 nationally — a fact exacerbated by crazy inflation and the pandemic.

Zoom in: Three Michigan CEOs appear on Equilar's list of top executive pay at the 100 biggest companies by revenue in the U.S. last year.

  • Roger Penske, head of Bloomfield Hills-based Penske Automotive Group, made $7 million, a 17% raise.
  • Marc Bitzer of Benton Harbor-based appliance maker Whirlpool earned $15.7 million, a mere 4% increase.
  • Jim Fitterling of Midland-based chemical company Dow took in $20.2 million, a hefty 21% raise.

Yes, but: This study is an early look — thousands of companies hadn't yet filed the relevant statement to the SEC by the time of its publication.

avatar

Get more local stories in your inbox with Axios Detroit.

🌱

Support local journalism by becoming a member.

Learn more

More Detroit stories

No stories could be found

Detroitpostcard

Get a free daily digest of the most important news in your backyard with Axios Detroit.

🌱

Support local journalism by becoming a member.

Learn more