Michigan CEOs make (even more) big bucks

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.

• Chief executives earned 254 times more than the median worker in 2021, per an analysis from corporate leadership data firm Equilar.

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.