Jun 3, 2022 - Business
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.
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