- Navesh Chitrakar/Reuters
Bad news for chief executives: CEO pay in 2015 saw its steepest drop-off since the financial crisis.
That’s according to The Wall Street Journal’s Theo Francis and Joann S. Lublin, who report that median compensation came in at $10.8 million – down 3.8% from $11.2 million the year before.
That’s the biggest year-on-year decline since 2007-2008.
Johnson and Johnson CEO Alex Gorsky’s pay dropped 4.8% to $23.8 million from $25 million in 2014, according to the report.
American Express CEO Kenneth Chenault’s compensation reportedly dropped 3.5% to $22 million from $22.8 million the year before.
Perhaps the most extreme decline is that of Hess Corp. CEO John Hess. His compensation fell 42.7% to $12.9 million in 2015 from $22.5 million in 2014, according to The Journal.
The Securities and Exchange Commission in August adopted a new rule requiring public companies to disclose how much money CEOs earn in comparison to typical employees.