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Who are the Food Industry's 10 Highest-Paid CEOs? (Slideshow)

Who are the Food Industry's 10 Highest-Paid CEOs? (Slideshow)

These titans of industry are raking it in

10) Gary Rodkin, ConAgra

This Omaha-based packaged foods company makes and sells foods for supermarkets, restaurants, and food service establishments. Their brands include Healthy Choice, Hunt’s, Orville Redenbacher’s, Wesson oil, Swiss Miss, Reddi-Whip, PAM, and Hebrew National. The company’s CEO, Gary Rodkin, took home $10,711,785 last year.

9) C. Larry Pope, Smithfield

The United States’ largest pork processor was founded in 1936, and today it raises 15 million pigs annually and processes 27 million, producing more than 6 billion pounds of pork. Its president and CEO, C. Larry Pope, made $10,778,390 in 2013.

8) Brian P. Kelley, Keurig Green Mountain

Formerly Green Mountain Coffee Roasters, this company most likely roasts and distributes a lot of the coffee you drink, either home-brewed or in the form of those little K-cups. It’s come a long way from its 1981 beginnings as a small café in Vermont; in 2013 its CEO Brian Kelley earned $13,373,551.

7) JP Bilbrey, Hershey

Everybody loves chocolate, and everybody knows Hershey. Last year its CEO, JP Bilbrey, made $13,825,686.

6) Irene Rosenfeld, Mondelēz International

If the name Mondelēz doesn’t ring a bell, its earlier name, Kraft Foods, probably does. The name itself is essentially gibberish — it was spun off in 2012 to handle the global snack and food brands owned by Kraft, like Oreo, Triscuit, and Cadbury. Its CEO, Irene Rosenfeld, took home $13,994,780 last year.

5) Indra K. Nooyi, PepsiCo

Nooyi is the CEO and Chairperson of Pepsico, the second largest food and beverage business in the world. More than 20 of their brands have annual sales of more than $1 billion, including Pepsi, Lay’s, Gatorade, Doritos, Tropicana, and Lipton teas. Even though Nooyi has come under fire from shareholders recently for failing to meet key internal performance targets, her 2013 salary was $14,280,877, down from $17.1 million the previous year.

4) Howard Schultz, Starbucks

The man who’s largely responsible for building Starbucks into the multinational behemoth it is today, Howard Schultz raked in $17,242,507 last year.

3) Muhtar Kent, Coca Cola Co.

Coca-Cola obviously produces its namesake beverage, but the parent company also owns more than 500 brands including Sprite, Fanta, Capri Sun, Dasani, Nestea, Minute Maid, and Vitamin Water. Its CEO, Muhtar Kent, took home $20,380,660 in 2013.

2) Steve Ells, Chipotle

Chipotle is quickly becoming the gold standard for fast food, and it’s all thanks to Steve Ells, the founder and CEO. He pays himself quite a hefty salary: $25,116,871 in 2013.

1) Irwin D Simon, Hain Celestial Group

The highest-paid CEO in the food industry may surprise you, especially if you’ve never heard of Hain Celestial. It’s the parent company of many of the biggest natural and organic foods and personal care brands, including Celestial Seasonings, Soy Dream, Arrowhead Mills, Health Valley, Terra Chips, and Avalon Natural, and sales are through the roof. Its founder and CEO, Irwin Simon, was compensated to the tune of $26,426,555 in 2013, making him the highest-paid CEO in the food industry today.


The highest paid CEOs in Texas make 100 times the average worker - or more

Click ahead to see the highest paid CEOs in Texas, according to the research firm Equilar.

Houston Chronicle archives Show More Show Less

Former Comerica CEO Ralph W. Babb Jr.

Hand-out / Comerica Incorporated Show More Show Less

Jacobs Engineering CEO Steven Demetriou

Travis Stice, CEO of Diamondback Energy.

Tim Fischer, Chief Photographer / Midland Reporter-Telegram Show More Show Less

Perry Sook, Chairman, President and CEO of Nexstar Broadcasting Group.

Evan Agostini, INVL / Associated Press Show More Show Less

President and Chief Executive Officer Texas Instruments, Richard K. Templeton.

Clear Channel CEO Bob Pittman.

Matthew Karas, HOEP / Associated Press Show More Show Less

Exxon Mobil Chairman & CEO Darren Woods.

Richard Drew, STF / Associated Press Show More Show Less

Tenet Healtchcare CEO Ronald Rittenmeyer

Rye Druzin/San Antonio Express-News Show More Show Less

Former AT&T Chairman & CEO Randall Stephenson.

Richard Drew, STF / Associated Press Show More Show Less

AT&T&rsquos Randall Stephenson topped the charts as the highest-paid CEO in Texas last year, taking home $32 million in total compensation, according to S&P Global Market Intelligence research performed for the Houston Chronicle. Not only that, the Dallas-based wireless and media executive was near the top of the pack for the nation as well, coming in 7th among all CEOs, according to the research firm Equilar.

Stephenson, who stepped down this month and now serves as executive chairman, earned 325 times the median AT&T employee.

&ldquoIt&rsquos well known that the typical worker&rsquos wage has not grown that much in the last 40 years,&rdquo said Larry Mishel, a senior economist at the Economic Policy Institute, a nonpartisan nonprofit funded mostly by foundations and some labor unions. &ldquoIn contrast, CEO compensation has grown quite a lot.&rdquo

The data on Texas CEO compensation is based on proxy statements for publicly traded companies for 2019. (CEOs at Houston-based companies, profiled in the July 13 issue of Texas Inc., were not included in this ranking.) It shows not only the sizeable pay packages for CEOs at some of Texas&rsquo biggest companies, but it also shows how much more they are making than workers at their companies.

The median CEO in Texas made 71 times the median worker at his or her company, but the 10 highest-paid CEOs in the state made at least 100 times the median worker at his company.

As the economy recovered in the years following the last recession, CEO wages grew as well, recovering to pre-recession heights, Mishel said.

Worker pay did not grow as fast. CEO compensation has risen 52.6 percent since the 2009 recession, while the average workers saw compensation grow 5.3 percent. &ldquoWe call it wage suppression,&rsquo&rsquo Mishel said. &ldquoWe&rsquove had a dramatic weakening of unions, which has had a dramatic effect on low-wage workers, especially men.&rdquo

To get a sense of how much a CEO can make, look no further than Valero Energy Corp.&rsquos Joseph Gorder and Tenet Healthcare Corp.&rsquos Ronald Rittenmeyer, who earned $28.2 million and $24.3 million, respectively. Exxon Mobil Corp.&rsquos Darren Woods came in at No. 4. with $23.5 million in total compensation, followed by iHeartMedia&rsquos Robert Pittman ($22.9 million). Texas Instruments Inc.&rsquos Richard Templeton ($18.6 million) and Nexstar Media Group&rsquos Perry Sook ($16.4 million) followed. Diamondback Energy&rsquos CEO Travis Stice, Jacobs Engineering Group&rsquos Steven Demetriou and Comerica&rsquos Ralph Babb Jr. rounded out the list of the top 10.

Some of those same CEOs have since taken pay cuts this year as COVID-19 threw the economy, and their companies, into a tailspin.

Rittenmeyer, Dallas-based Tenet&rsquos executive chairman and CEO, wrote in his letter accompanying the health care company&rsquos April proxy statement that he would join other executives and directors donating substantial portions of their salary to the nonprofit Tenet Care Fund, which assists employees facing hardship. In a May 5 first quarter earnings call, Rittenmeyer said he would donate half of his salary for six months.

It&rsquos a lot of money, unless you&rsquore making as much as he is. Rittenmeyer was due to make a base salary of $1.5 million this year, putting the donation at roughly $375,000, or 1.5 percent of his total compensation package last year. A spokeswoman declined to comment but pointed to various public statements instead.

Gary Kelly, chairman and CEO of Dallas-based Southwest Airlines ($8.8 million in 2019 compensation), also pledged to take a pay cut this year. His $750,000 base salary was 8.5 percent of his compensation last year, according to SEC filings.

The pay cuts come as many company&rsquos stock price has dived, impacting executive compensation. Almost across the board, the bulk of CEO compensation comes in the form of stock. Some of it is paid in options or restricted stock that vests over time, at which point the value may change. Some of the stock vests only when the company or CEO meet certain performance metrics. For example, AT&T granted Stephenson $19.8 million in restricted stock awards last year.

&ldquoThe $32 million reported in the summary compensation table is not what was &lsquopaid&rsquo to our CEO in 2019, but rather it represents cash compensation realized last year, plus long-term compensation that may or may not materialize in coming years, and an increase in pension value,&rsquo&rsquo A&T spokeswoman Daphne Avila wrote in an email. Instead, AT&T calculated that Stephenson &ldquorealized&rdquo $25.6 million in pay in 2019 based on actual distributions that year.

Avila also pointed out that the company rewarded shareholders with a roughly 46 percent total shareholder return last year, which is dividends plus stock price appreciation. That was well above the median of 10 percent for Texas-based companies, according to S&P Global Market Intelligence.

After Stephenson, San Antonio-based Valero Energy granted its chairman and CEO Joseph Gorder the second-highest package in Texas with $28.2 million in total compensation. The bulk of that was restricted stock awards and an increase in the value of his pension, which varies based on interest rates and is outside the company&rsquos control. The oil refiner&rsquos earnings sunk in 2019 on high costs for high-sulfur &ldquosour crude&rdquo and high gasoline inventories. Still, the one-year total shareholder return for Valero in 2019 was a lofty 30 percent. Over 91 percent of shareholders approved the pay plan in an advisory vote, a spokeswoman said.

Meanwhile, another San Antonio-based CEO took his company into bankruptcy in 2018 and then back out in 2019. iHeartMedia had struggled under $20 billion of debt, in part from a Bain Capital and Thomas H. Lee Partners leveraged buyout a decade earlier. That didn&rsquot stop the media company from awarding chairman and CEO Robert Pittman with $22.9 million in compensation in 2019, much of it in restricted stock and options.

&ldquoiHeart is the rare example of a major traditional media company that has made the successful transformation into a 21st century media company - one with unparalleled scale, reaching 91 percent of Americans each month with our broadcast assets alone, more than any other media company,&rdquo Pittman said in a press release in January.

That same month, before the pandemic led to widespread shutdowns, employees said the company was laying off hundreds of people in local stations to consolidate offices and replace staff with artificial intelligence, according to The Washington Post. A spokeswoman at the time said the layoffs represented a small portion of the 12,500 staff members. After the pandemic hit, Pittman announced 90-day furloughs for an unspecified number of employees and said the company would cut executive pay. He would forgo the remainder of his 2020 salary, according to Billboard.

The company also said in a proxy statement that Pittman&rsquos base salary increased at the end of last year to $1.5 million from $1.2 million the prior year and that his compensation is based on meeting pre- and post-bankruptcy goals. Pittman made 408 times the median employee at the company, whose total compensation was $56,068. A spokeswoman for iHeart did not respond to requests for comment.


The highest paid CEOs in Texas make 100 times the average worker - or more

Click ahead to see the highest paid CEOs in Texas, according to the research firm Equilar.

Houston Chronicle archives Show More Show Less

Former Comerica CEO Ralph W. Babb Jr.

Hand-out / Comerica Incorporated Show More Show Less

Jacobs Engineering CEO Steven Demetriou

Travis Stice, CEO of Diamondback Energy.

Tim Fischer, Chief Photographer / Midland Reporter-Telegram Show More Show Less

Perry Sook, Chairman, President and CEO of Nexstar Broadcasting Group.

Evan Agostini, INVL / Associated Press Show More Show Less

President and Chief Executive Officer Texas Instruments, Richard K. Templeton.

Clear Channel CEO Bob Pittman.

Matthew Karas, HOEP / Associated Press Show More Show Less

Exxon Mobil Chairman & CEO Darren Woods.

Richard Drew, STF / Associated Press Show More Show Less

Tenet Healtchcare CEO Ronald Rittenmeyer

Rye Druzin/San Antonio Express-News Show More Show Less

Former AT&T Chairman & CEO Randall Stephenson.

Richard Drew, STF / Associated Press Show More Show Less

AT&T&rsquos Randall Stephenson topped the charts as the highest-paid CEO in Texas last year, taking home $32 million in total compensation, according to S&P Global Market Intelligence research performed for the Houston Chronicle. Not only that, the Dallas-based wireless and media executive was near the top of the pack for the nation as well, coming in 7th among all CEOs, according to the research firm Equilar.

Stephenson, who stepped down this month and now serves as executive chairman, earned 325 times the median AT&T employee.

&ldquoIt&rsquos well known that the typical worker&rsquos wage has not grown that much in the last 40 years,&rdquo said Larry Mishel, a senior economist at the Economic Policy Institute, a nonpartisan nonprofit funded mostly by foundations and some labor unions. &ldquoIn contrast, CEO compensation has grown quite a lot.&rdquo

The data on Texas CEO compensation is based on proxy statements for publicly traded companies for 2019. (CEOs at Houston-based companies, profiled in the July 13 issue of Texas Inc., were not included in this ranking.) It shows not only the sizeable pay packages for CEOs at some of Texas&rsquo biggest companies, but it also shows how much more they are making than workers at their companies.

The median CEO in Texas made 71 times the median worker at his or her company, but the 10 highest-paid CEOs in the state made at least 100 times the median worker at his company.

As the economy recovered in the years following the last recession, CEO wages grew as well, recovering to pre-recession heights, Mishel said.

Worker pay did not grow as fast. CEO compensation has risen 52.6 percent since the 2009 recession, while the average workers saw compensation grow 5.3 percent. &ldquoWe call it wage suppression,&rsquo&rsquo Mishel said. &ldquoWe&rsquove had a dramatic weakening of unions, which has had a dramatic effect on low-wage workers, especially men.&rdquo

To get a sense of how much a CEO can make, look no further than Valero Energy Corp.&rsquos Joseph Gorder and Tenet Healthcare Corp.&rsquos Ronald Rittenmeyer, who earned $28.2 million and $24.3 million, respectively. Exxon Mobil Corp.&rsquos Darren Woods came in at No. 4. with $23.5 million in total compensation, followed by iHeartMedia&rsquos Robert Pittman ($22.9 million). Texas Instruments Inc.&rsquos Richard Templeton ($18.6 million) and Nexstar Media Group&rsquos Perry Sook ($16.4 million) followed. Diamondback Energy&rsquos CEO Travis Stice, Jacobs Engineering Group&rsquos Steven Demetriou and Comerica&rsquos Ralph Babb Jr. rounded out the list of the top 10.

Some of those same CEOs have since taken pay cuts this year as COVID-19 threw the economy, and their companies, into a tailspin.

Rittenmeyer, Dallas-based Tenet&rsquos executive chairman and CEO, wrote in his letter accompanying the health care company&rsquos April proxy statement that he would join other executives and directors donating substantial portions of their salary to the nonprofit Tenet Care Fund, which assists employees facing hardship. In a May 5 first quarter earnings call, Rittenmeyer said he would donate half of his salary for six months.

It&rsquos a lot of money, unless you&rsquore making as much as he is. Rittenmeyer was due to make a base salary of $1.5 million this year, putting the donation at roughly $375,000, or 1.5 percent of his total compensation package last year. A spokeswoman declined to comment but pointed to various public statements instead.

Gary Kelly, chairman and CEO of Dallas-based Southwest Airlines ($8.8 million in 2019 compensation), also pledged to take a pay cut this year. His $750,000 base salary was 8.5 percent of his compensation last year, according to SEC filings.

The pay cuts come as many company&rsquos stock price has dived, impacting executive compensation. Almost across the board, the bulk of CEO compensation comes in the form of stock. Some of it is paid in options or restricted stock that vests over time, at which point the value may change. Some of the stock vests only when the company or CEO meet certain performance metrics. For example, AT&T granted Stephenson $19.8 million in restricted stock awards last year.

&ldquoThe $32 million reported in the summary compensation table is not what was &lsquopaid&rsquo to our CEO in 2019, but rather it represents cash compensation realized last year, plus long-term compensation that may or may not materialize in coming years, and an increase in pension value,&rsquo&rsquo A&T spokeswoman Daphne Avila wrote in an email. Instead, AT&T calculated that Stephenson &ldquorealized&rdquo $25.6 million in pay in 2019 based on actual distributions that year.

Avila also pointed out that the company rewarded shareholders with a roughly 46 percent total shareholder return last year, which is dividends plus stock price appreciation. That was well above the median of 10 percent for Texas-based companies, according to S&P Global Market Intelligence.

After Stephenson, San Antonio-based Valero Energy granted its chairman and CEO Joseph Gorder the second-highest package in Texas with $28.2 million in total compensation. The bulk of that was restricted stock awards and an increase in the value of his pension, which varies based on interest rates and is outside the company&rsquos control. The oil refiner&rsquos earnings sunk in 2019 on high costs for high-sulfur &ldquosour crude&rdquo and high gasoline inventories. Still, the one-year total shareholder return for Valero in 2019 was a lofty 30 percent. Over 91 percent of shareholders approved the pay plan in an advisory vote, a spokeswoman said.

Meanwhile, another San Antonio-based CEO took his company into bankruptcy in 2018 and then back out in 2019. iHeartMedia had struggled under $20 billion of debt, in part from a Bain Capital and Thomas H. Lee Partners leveraged buyout a decade earlier. That didn&rsquot stop the media company from awarding chairman and CEO Robert Pittman with $22.9 million in compensation in 2019, much of it in restricted stock and options.

&ldquoiHeart is the rare example of a major traditional media company that has made the successful transformation into a 21st century media company - one with unparalleled scale, reaching 91 percent of Americans each month with our broadcast assets alone, more than any other media company,&rdquo Pittman said in a press release in January.

That same month, before the pandemic led to widespread shutdowns, employees said the company was laying off hundreds of people in local stations to consolidate offices and replace staff with artificial intelligence, according to The Washington Post. A spokeswoman at the time said the layoffs represented a small portion of the 12,500 staff members. After the pandemic hit, Pittman announced 90-day furloughs for an unspecified number of employees and said the company would cut executive pay. He would forgo the remainder of his 2020 salary, according to Billboard.

The company also said in a proxy statement that Pittman&rsquos base salary increased at the end of last year to $1.5 million from $1.2 million the prior year and that his compensation is based on meeting pre- and post-bankruptcy goals. Pittman made 408 times the median employee at the company, whose total compensation was $56,068. A spokeswoman for iHeart did not respond to requests for comment.


The highest paid CEOs in Texas make 100 times the average worker - or more

Click ahead to see the highest paid CEOs in Texas, according to the research firm Equilar.

Houston Chronicle archives Show More Show Less

Former Comerica CEO Ralph W. Babb Jr.

Hand-out / Comerica Incorporated Show More Show Less

Jacobs Engineering CEO Steven Demetriou

Travis Stice, CEO of Diamondback Energy.

Tim Fischer, Chief Photographer / Midland Reporter-Telegram Show More Show Less

Perry Sook, Chairman, President and CEO of Nexstar Broadcasting Group.

Evan Agostini, INVL / Associated Press Show More Show Less

President and Chief Executive Officer Texas Instruments, Richard K. Templeton.

Clear Channel CEO Bob Pittman.

Matthew Karas, HOEP / Associated Press Show More Show Less

Exxon Mobil Chairman & CEO Darren Woods.

Richard Drew, STF / Associated Press Show More Show Less

Tenet Healtchcare CEO Ronald Rittenmeyer

Rye Druzin/San Antonio Express-News Show More Show Less

Former AT&T Chairman & CEO Randall Stephenson.

Richard Drew, STF / Associated Press Show More Show Less

AT&T&rsquos Randall Stephenson topped the charts as the highest-paid CEO in Texas last year, taking home $32 million in total compensation, according to S&P Global Market Intelligence research performed for the Houston Chronicle. Not only that, the Dallas-based wireless and media executive was near the top of the pack for the nation as well, coming in 7th among all CEOs, according to the research firm Equilar.

Stephenson, who stepped down this month and now serves as executive chairman, earned 325 times the median AT&T employee.

&ldquoIt&rsquos well known that the typical worker&rsquos wage has not grown that much in the last 40 years,&rdquo said Larry Mishel, a senior economist at the Economic Policy Institute, a nonpartisan nonprofit funded mostly by foundations and some labor unions. &ldquoIn contrast, CEO compensation has grown quite a lot.&rdquo

The data on Texas CEO compensation is based on proxy statements for publicly traded companies for 2019. (CEOs at Houston-based companies, profiled in the July 13 issue of Texas Inc., were not included in this ranking.) It shows not only the sizeable pay packages for CEOs at some of Texas&rsquo biggest companies, but it also shows how much more they are making than workers at their companies.

The median CEO in Texas made 71 times the median worker at his or her company, but the 10 highest-paid CEOs in the state made at least 100 times the median worker at his company.

As the economy recovered in the years following the last recession, CEO wages grew as well, recovering to pre-recession heights, Mishel said.

Worker pay did not grow as fast. CEO compensation has risen 52.6 percent since the 2009 recession, while the average workers saw compensation grow 5.3 percent. &ldquoWe call it wage suppression,&rsquo&rsquo Mishel said. &ldquoWe&rsquove had a dramatic weakening of unions, which has had a dramatic effect on low-wage workers, especially men.&rdquo

To get a sense of how much a CEO can make, look no further than Valero Energy Corp.&rsquos Joseph Gorder and Tenet Healthcare Corp.&rsquos Ronald Rittenmeyer, who earned $28.2 million and $24.3 million, respectively. Exxon Mobil Corp.&rsquos Darren Woods came in at No. 4. with $23.5 million in total compensation, followed by iHeartMedia&rsquos Robert Pittman ($22.9 million). Texas Instruments Inc.&rsquos Richard Templeton ($18.6 million) and Nexstar Media Group&rsquos Perry Sook ($16.4 million) followed. Diamondback Energy&rsquos CEO Travis Stice, Jacobs Engineering Group&rsquos Steven Demetriou and Comerica&rsquos Ralph Babb Jr. rounded out the list of the top 10.

Some of those same CEOs have since taken pay cuts this year as COVID-19 threw the economy, and their companies, into a tailspin.

Rittenmeyer, Dallas-based Tenet&rsquos executive chairman and CEO, wrote in his letter accompanying the health care company&rsquos April proxy statement that he would join other executives and directors donating substantial portions of their salary to the nonprofit Tenet Care Fund, which assists employees facing hardship. In a May 5 first quarter earnings call, Rittenmeyer said he would donate half of his salary for six months.

It&rsquos a lot of money, unless you&rsquore making as much as he is. Rittenmeyer was due to make a base salary of $1.5 million this year, putting the donation at roughly $375,000, or 1.5 percent of his total compensation package last year. A spokeswoman declined to comment but pointed to various public statements instead.

Gary Kelly, chairman and CEO of Dallas-based Southwest Airlines ($8.8 million in 2019 compensation), also pledged to take a pay cut this year. His $750,000 base salary was 8.5 percent of his compensation last year, according to SEC filings.

The pay cuts come as many company&rsquos stock price has dived, impacting executive compensation. Almost across the board, the bulk of CEO compensation comes in the form of stock. Some of it is paid in options or restricted stock that vests over time, at which point the value may change. Some of the stock vests only when the company or CEO meet certain performance metrics. For example, AT&T granted Stephenson $19.8 million in restricted stock awards last year.

&ldquoThe $32 million reported in the summary compensation table is not what was &lsquopaid&rsquo to our CEO in 2019, but rather it represents cash compensation realized last year, plus long-term compensation that may or may not materialize in coming years, and an increase in pension value,&rsquo&rsquo A&T spokeswoman Daphne Avila wrote in an email. Instead, AT&T calculated that Stephenson &ldquorealized&rdquo $25.6 million in pay in 2019 based on actual distributions that year.

Avila also pointed out that the company rewarded shareholders with a roughly 46 percent total shareholder return last year, which is dividends plus stock price appreciation. That was well above the median of 10 percent for Texas-based companies, according to S&P Global Market Intelligence.

After Stephenson, San Antonio-based Valero Energy granted its chairman and CEO Joseph Gorder the second-highest package in Texas with $28.2 million in total compensation. The bulk of that was restricted stock awards and an increase in the value of his pension, which varies based on interest rates and is outside the company&rsquos control. The oil refiner&rsquos earnings sunk in 2019 on high costs for high-sulfur &ldquosour crude&rdquo and high gasoline inventories. Still, the one-year total shareholder return for Valero in 2019 was a lofty 30 percent. Over 91 percent of shareholders approved the pay plan in an advisory vote, a spokeswoman said.

Meanwhile, another San Antonio-based CEO took his company into bankruptcy in 2018 and then back out in 2019. iHeartMedia had struggled under $20 billion of debt, in part from a Bain Capital and Thomas H. Lee Partners leveraged buyout a decade earlier. That didn&rsquot stop the media company from awarding chairman and CEO Robert Pittman with $22.9 million in compensation in 2019, much of it in restricted stock and options.

&ldquoiHeart is the rare example of a major traditional media company that has made the successful transformation into a 21st century media company - one with unparalleled scale, reaching 91 percent of Americans each month with our broadcast assets alone, more than any other media company,&rdquo Pittman said in a press release in January.

That same month, before the pandemic led to widespread shutdowns, employees said the company was laying off hundreds of people in local stations to consolidate offices and replace staff with artificial intelligence, according to The Washington Post. A spokeswoman at the time said the layoffs represented a small portion of the 12,500 staff members. After the pandemic hit, Pittman announced 90-day furloughs for an unspecified number of employees and said the company would cut executive pay. He would forgo the remainder of his 2020 salary, according to Billboard.

The company also said in a proxy statement that Pittman&rsquos base salary increased at the end of last year to $1.5 million from $1.2 million the prior year and that his compensation is based on meeting pre- and post-bankruptcy goals. Pittman made 408 times the median employee at the company, whose total compensation was $56,068. A spokeswoman for iHeart did not respond to requests for comment.


The highest paid CEOs in Texas make 100 times the average worker - or more

Click ahead to see the highest paid CEOs in Texas, according to the research firm Equilar.

Houston Chronicle archives Show More Show Less

Former Comerica CEO Ralph W. Babb Jr.

Hand-out / Comerica Incorporated Show More Show Less

Jacobs Engineering CEO Steven Demetriou

Travis Stice, CEO of Diamondback Energy.

Tim Fischer, Chief Photographer / Midland Reporter-Telegram Show More Show Less

Perry Sook, Chairman, President and CEO of Nexstar Broadcasting Group.

Evan Agostini, INVL / Associated Press Show More Show Less

President and Chief Executive Officer Texas Instruments, Richard K. Templeton.

Clear Channel CEO Bob Pittman.

Matthew Karas, HOEP / Associated Press Show More Show Less

Exxon Mobil Chairman & CEO Darren Woods.

Richard Drew, STF / Associated Press Show More Show Less

Tenet Healtchcare CEO Ronald Rittenmeyer

Rye Druzin/San Antonio Express-News Show More Show Less

Former AT&T Chairman & CEO Randall Stephenson.

Richard Drew, STF / Associated Press Show More Show Less

AT&T&rsquos Randall Stephenson topped the charts as the highest-paid CEO in Texas last year, taking home $32 million in total compensation, according to S&P Global Market Intelligence research performed for the Houston Chronicle. Not only that, the Dallas-based wireless and media executive was near the top of the pack for the nation as well, coming in 7th among all CEOs, according to the research firm Equilar.

Stephenson, who stepped down this month and now serves as executive chairman, earned 325 times the median AT&T employee.

&ldquoIt&rsquos well known that the typical worker&rsquos wage has not grown that much in the last 40 years,&rdquo said Larry Mishel, a senior economist at the Economic Policy Institute, a nonpartisan nonprofit funded mostly by foundations and some labor unions. &ldquoIn contrast, CEO compensation has grown quite a lot.&rdquo

The data on Texas CEO compensation is based on proxy statements for publicly traded companies for 2019. (CEOs at Houston-based companies, profiled in the July 13 issue of Texas Inc., were not included in this ranking.) It shows not only the sizeable pay packages for CEOs at some of Texas&rsquo biggest companies, but it also shows how much more they are making than workers at their companies.

The median CEO in Texas made 71 times the median worker at his or her company, but the 10 highest-paid CEOs in the state made at least 100 times the median worker at his company.

As the economy recovered in the years following the last recession, CEO wages grew as well, recovering to pre-recession heights, Mishel said.

Worker pay did not grow as fast. CEO compensation has risen 52.6 percent since the 2009 recession, while the average workers saw compensation grow 5.3 percent. &ldquoWe call it wage suppression,&rsquo&rsquo Mishel said. &ldquoWe&rsquove had a dramatic weakening of unions, which has had a dramatic effect on low-wage workers, especially men.&rdquo

To get a sense of how much a CEO can make, look no further than Valero Energy Corp.&rsquos Joseph Gorder and Tenet Healthcare Corp.&rsquos Ronald Rittenmeyer, who earned $28.2 million and $24.3 million, respectively. Exxon Mobil Corp.&rsquos Darren Woods came in at No. 4. with $23.5 million in total compensation, followed by iHeartMedia&rsquos Robert Pittman ($22.9 million). Texas Instruments Inc.&rsquos Richard Templeton ($18.6 million) and Nexstar Media Group&rsquos Perry Sook ($16.4 million) followed. Diamondback Energy&rsquos CEO Travis Stice, Jacobs Engineering Group&rsquos Steven Demetriou and Comerica&rsquos Ralph Babb Jr. rounded out the list of the top 10.

Some of those same CEOs have since taken pay cuts this year as COVID-19 threw the economy, and their companies, into a tailspin.

Rittenmeyer, Dallas-based Tenet&rsquos executive chairman and CEO, wrote in his letter accompanying the health care company&rsquos April proxy statement that he would join other executives and directors donating substantial portions of their salary to the nonprofit Tenet Care Fund, which assists employees facing hardship. In a May 5 first quarter earnings call, Rittenmeyer said he would donate half of his salary for six months.

It&rsquos a lot of money, unless you&rsquore making as much as he is. Rittenmeyer was due to make a base salary of $1.5 million this year, putting the donation at roughly $375,000, or 1.5 percent of his total compensation package last year. A spokeswoman declined to comment but pointed to various public statements instead.

Gary Kelly, chairman and CEO of Dallas-based Southwest Airlines ($8.8 million in 2019 compensation), also pledged to take a pay cut this year. His $750,000 base salary was 8.5 percent of his compensation last year, according to SEC filings.

The pay cuts come as many company&rsquos stock price has dived, impacting executive compensation. Almost across the board, the bulk of CEO compensation comes in the form of stock. Some of it is paid in options or restricted stock that vests over time, at which point the value may change. Some of the stock vests only when the company or CEO meet certain performance metrics. For example, AT&T granted Stephenson $19.8 million in restricted stock awards last year.

&ldquoThe $32 million reported in the summary compensation table is not what was &lsquopaid&rsquo to our CEO in 2019, but rather it represents cash compensation realized last year, plus long-term compensation that may or may not materialize in coming years, and an increase in pension value,&rsquo&rsquo A&T spokeswoman Daphne Avila wrote in an email. Instead, AT&T calculated that Stephenson &ldquorealized&rdquo $25.6 million in pay in 2019 based on actual distributions that year.

Avila also pointed out that the company rewarded shareholders with a roughly 46 percent total shareholder return last year, which is dividends plus stock price appreciation. That was well above the median of 10 percent for Texas-based companies, according to S&P Global Market Intelligence.

After Stephenson, San Antonio-based Valero Energy granted its chairman and CEO Joseph Gorder the second-highest package in Texas with $28.2 million in total compensation. The bulk of that was restricted stock awards and an increase in the value of his pension, which varies based on interest rates and is outside the company&rsquos control. The oil refiner&rsquos earnings sunk in 2019 on high costs for high-sulfur &ldquosour crude&rdquo and high gasoline inventories. Still, the one-year total shareholder return for Valero in 2019 was a lofty 30 percent. Over 91 percent of shareholders approved the pay plan in an advisory vote, a spokeswoman said.

Meanwhile, another San Antonio-based CEO took his company into bankruptcy in 2018 and then back out in 2019. iHeartMedia had struggled under $20 billion of debt, in part from a Bain Capital and Thomas H. Lee Partners leveraged buyout a decade earlier. That didn&rsquot stop the media company from awarding chairman and CEO Robert Pittman with $22.9 million in compensation in 2019, much of it in restricted stock and options.

&ldquoiHeart is the rare example of a major traditional media company that has made the successful transformation into a 21st century media company - one with unparalleled scale, reaching 91 percent of Americans each month with our broadcast assets alone, more than any other media company,&rdquo Pittman said in a press release in January.

That same month, before the pandemic led to widespread shutdowns, employees said the company was laying off hundreds of people in local stations to consolidate offices and replace staff with artificial intelligence, according to The Washington Post. A spokeswoman at the time said the layoffs represented a small portion of the 12,500 staff members. After the pandemic hit, Pittman announced 90-day furloughs for an unspecified number of employees and said the company would cut executive pay. He would forgo the remainder of his 2020 salary, according to Billboard.

The company also said in a proxy statement that Pittman&rsquos base salary increased at the end of last year to $1.5 million from $1.2 million the prior year and that his compensation is based on meeting pre- and post-bankruptcy goals. Pittman made 408 times the median employee at the company, whose total compensation was $56,068. A spokeswoman for iHeart did not respond to requests for comment.


The highest paid CEOs in Texas make 100 times the average worker - or more

Click ahead to see the highest paid CEOs in Texas, according to the research firm Equilar.

Houston Chronicle archives Show More Show Less

Former Comerica CEO Ralph W. Babb Jr.

Hand-out / Comerica Incorporated Show More Show Less

Jacobs Engineering CEO Steven Demetriou

Travis Stice, CEO of Diamondback Energy.

Tim Fischer, Chief Photographer / Midland Reporter-Telegram Show More Show Less

Perry Sook, Chairman, President and CEO of Nexstar Broadcasting Group.

Evan Agostini, INVL / Associated Press Show More Show Less

President and Chief Executive Officer Texas Instruments, Richard K. Templeton.

Clear Channel CEO Bob Pittman.

Matthew Karas, HOEP / Associated Press Show More Show Less

Exxon Mobil Chairman & CEO Darren Woods.

Richard Drew, STF / Associated Press Show More Show Less

Tenet Healtchcare CEO Ronald Rittenmeyer

Rye Druzin/San Antonio Express-News Show More Show Less

Former AT&T Chairman & CEO Randall Stephenson.

Richard Drew, STF / Associated Press Show More Show Less

AT&T&rsquos Randall Stephenson topped the charts as the highest-paid CEO in Texas last year, taking home $32 million in total compensation, according to S&P Global Market Intelligence research performed for the Houston Chronicle. Not only that, the Dallas-based wireless and media executive was near the top of the pack for the nation as well, coming in 7th among all CEOs, according to the research firm Equilar.

Stephenson, who stepped down this month and now serves as executive chairman, earned 325 times the median AT&T employee.

&ldquoIt&rsquos well known that the typical worker&rsquos wage has not grown that much in the last 40 years,&rdquo said Larry Mishel, a senior economist at the Economic Policy Institute, a nonpartisan nonprofit funded mostly by foundations and some labor unions. &ldquoIn contrast, CEO compensation has grown quite a lot.&rdquo

The data on Texas CEO compensation is based on proxy statements for publicly traded companies for 2019. (CEOs at Houston-based companies, profiled in the July 13 issue of Texas Inc., were not included in this ranking.) It shows not only the sizeable pay packages for CEOs at some of Texas&rsquo biggest companies, but it also shows how much more they are making than workers at their companies.

The median CEO in Texas made 71 times the median worker at his or her company, but the 10 highest-paid CEOs in the state made at least 100 times the median worker at his company.

As the economy recovered in the years following the last recession, CEO wages grew as well, recovering to pre-recession heights, Mishel said.

Worker pay did not grow as fast. CEO compensation has risen 52.6 percent since the 2009 recession, while the average workers saw compensation grow 5.3 percent. &ldquoWe call it wage suppression,&rsquo&rsquo Mishel said. &ldquoWe&rsquove had a dramatic weakening of unions, which has had a dramatic effect on low-wage workers, especially men.&rdquo

To get a sense of how much a CEO can make, look no further than Valero Energy Corp.&rsquos Joseph Gorder and Tenet Healthcare Corp.&rsquos Ronald Rittenmeyer, who earned $28.2 million and $24.3 million, respectively. Exxon Mobil Corp.&rsquos Darren Woods came in at No. 4. with $23.5 million in total compensation, followed by iHeartMedia&rsquos Robert Pittman ($22.9 million). Texas Instruments Inc.&rsquos Richard Templeton ($18.6 million) and Nexstar Media Group&rsquos Perry Sook ($16.4 million) followed. Diamondback Energy&rsquos CEO Travis Stice, Jacobs Engineering Group&rsquos Steven Demetriou and Comerica&rsquos Ralph Babb Jr. rounded out the list of the top 10.

Some of those same CEOs have since taken pay cuts this year as COVID-19 threw the economy, and their companies, into a tailspin.

Rittenmeyer, Dallas-based Tenet&rsquos executive chairman and CEO, wrote in his letter accompanying the health care company&rsquos April proxy statement that he would join other executives and directors donating substantial portions of their salary to the nonprofit Tenet Care Fund, which assists employees facing hardship. In a May 5 first quarter earnings call, Rittenmeyer said he would donate half of his salary for six months.

It&rsquos a lot of money, unless you&rsquore making as much as he is. Rittenmeyer was due to make a base salary of $1.5 million this year, putting the donation at roughly $375,000, or 1.5 percent of his total compensation package last year. A spokeswoman declined to comment but pointed to various public statements instead.

Gary Kelly, chairman and CEO of Dallas-based Southwest Airlines ($8.8 million in 2019 compensation), also pledged to take a pay cut this year. His $750,000 base salary was 8.5 percent of his compensation last year, according to SEC filings.

The pay cuts come as many company&rsquos stock price has dived, impacting executive compensation. Almost across the board, the bulk of CEO compensation comes in the form of stock. Some of it is paid in options or restricted stock that vests over time, at which point the value may change. Some of the stock vests only when the company or CEO meet certain performance metrics. For example, AT&T granted Stephenson $19.8 million in restricted stock awards last year.

&ldquoThe $32 million reported in the summary compensation table is not what was &lsquopaid&rsquo to our CEO in 2019, but rather it represents cash compensation realized last year, plus long-term compensation that may or may not materialize in coming years, and an increase in pension value,&rsquo&rsquo A&T spokeswoman Daphne Avila wrote in an email. Instead, AT&T calculated that Stephenson &ldquorealized&rdquo $25.6 million in pay in 2019 based on actual distributions that year.

Avila also pointed out that the company rewarded shareholders with a roughly 46 percent total shareholder return last year, which is dividends plus stock price appreciation. That was well above the median of 10 percent for Texas-based companies, according to S&P Global Market Intelligence.

After Stephenson, San Antonio-based Valero Energy granted its chairman and CEO Joseph Gorder the second-highest package in Texas with $28.2 million in total compensation. The bulk of that was restricted stock awards and an increase in the value of his pension, which varies based on interest rates and is outside the company&rsquos control. The oil refiner&rsquos earnings sunk in 2019 on high costs for high-sulfur &ldquosour crude&rdquo and high gasoline inventories. Still, the one-year total shareholder return for Valero in 2019 was a lofty 30 percent. Over 91 percent of shareholders approved the pay plan in an advisory vote, a spokeswoman said.

Meanwhile, another San Antonio-based CEO took his company into bankruptcy in 2018 and then back out in 2019. iHeartMedia had struggled under $20 billion of debt, in part from a Bain Capital and Thomas H. Lee Partners leveraged buyout a decade earlier. That didn&rsquot stop the media company from awarding chairman and CEO Robert Pittman with $22.9 million in compensation in 2019, much of it in restricted stock and options.

&ldquoiHeart is the rare example of a major traditional media company that has made the successful transformation into a 21st century media company - one with unparalleled scale, reaching 91 percent of Americans each month with our broadcast assets alone, more than any other media company,&rdquo Pittman said in a press release in January.

That same month, before the pandemic led to widespread shutdowns, employees said the company was laying off hundreds of people in local stations to consolidate offices and replace staff with artificial intelligence, according to The Washington Post. A spokeswoman at the time said the layoffs represented a small portion of the 12,500 staff members. After the pandemic hit, Pittman announced 90-day furloughs for an unspecified number of employees and said the company would cut executive pay. He would forgo the remainder of his 2020 salary, according to Billboard.

The company also said in a proxy statement that Pittman&rsquos base salary increased at the end of last year to $1.5 million from $1.2 million the prior year and that his compensation is based on meeting pre- and post-bankruptcy goals. Pittman made 408 times the median employee at the company, whose total compensation was $56,068. A spokeswoman for iHeart did not respond to requests for comment.


The highest paid CEOs in Texas make 100 times the average worker - or more

Click ahead to see the highest paid CEOs in Texas, according to the research firm Equilar.

Houston Chronicle archives Show More Show Less

Former Comerica CEO Ralph W. Babb Jr.

Hand-out / Comerica Incorporated Show More Show Less

Jacobs Engineering CEO Steven Demetriou

Travis Stice, CEO of Diamondback Energy.

Tim Fischer, Chief Photographer / Midland Reporter-Telegram Show More Show Less

Perry Sook, Chairman, President and CEO of Nexstar Broadcasting Group.

Evan Agostini, INVL / Associated Press Show More Show Less

President and Chief Executive Officer Texas Instruments, Richard K. Templeton.

Clear Channel CEO Bob Pittman.

Matthew Karas, HOEP / Associated Press Show More Show Less

Exxon Mobil Chairman & CEO Darren Woods.

Richard Drew, STF / Associated Press Show More Show Less

Tenet Healtchcare CEO Ronald Rittenmeyer

Rye Druzin/San Antonio Express-News Show More Show Less

Former AT&T Chairman & CEO Randall Stephenson.

Richard Drew, STF / Associated Press Show More Show Less

AT&T&rsquos Randall Stephenson topped the charts as the highest-paid CEO in Texas last year, taking home $32 million in total compensation, according to S&P Global Market Intelligence research performed for the Houston Chronicle. Not only that, the Dallas-based wireless and media executive was near the top of the pack for the nation as well, coming in 7th among all CEOs, according to the research firm Equilar.

Stephenson, who stepped down this month and now serves as executive chairman, earned 325 times the median AT&T employee.

&ldquoIt&rsquos well known that the typical worker&rsquos wage has not grown that much in the last 40 years,&rdquo said Larry Mishel, a senior economist at the Economic Policy Institute, a nonpartisan nonprofit funded mostly by foundations and some labor unions. &ldquoIn contrast, CEO compensation has grown quite a lot.&rdquo

The data on Texas CEO compensation is based on proxy statements for publicly traded companies for 2019. (CEOs at Houston-based companies, profiled in the July 13 issue of Texas Inc., were not included in this ranking.) It shows not only the sizeable pay packages for CEOs at some of Texas&rsquo biggest companies, but it also shows how much more they are making than workers at their companies.

The median CEO in Texas made 71 times the median worker at his or her company, but the 10 highest-paid CEOs in the state made at least 100 times the median worker at his company.

As the economy recovered in the years following the last recession, CEO wages grew as well, recovering to pre-recession heights, Mishel said.

Worker pay did not grow as fast. CEO compensation has risen 52.6 percent since the 2009 recession, while the average workers saw compensation grow 5.3 percent. &ldquoWe call it wage suppression,&rsquo&rsquo Mishel said. &ldquoWe&rsquove had a dramatic weakening of unions, which has had a dramatic effect on low-wage workers, especially men.&rdquo

To get a sense of how much a CEO can make, look no further than Valero Energy Corp.&rsquos Joseph Gorder and Tenet Healthcare Corp.&rsquos Ronald Rittenmeyer, who earned $28.2 million and $24.3 million, respectively. Exxon Mobil Corp.&rsquos Darren Woods came in at No. 4. with $23.5 million in total compensation, followed by iHeartMedia&rsquos Robert Pittman ($22.9 million). Texas Instruments Inc.&rsquos Richard Templeton ($18.6 million) and Nexstar Media Group&rsquos Perry Sook ($16.4 million) followed. Diamondback Energy&rsquos CEO Travis Stice, Jacobs Engineering Group&rsquos Steven Demetriou and Comerica&rsquos Ralph Babb Jr. rounded out the list of the top 10.

Some of those same CEOs have since taken pay cuts this year as COVID-19 threw the economy, and their companies, into a tailspin.

Rittenmeyer, Dallas-based Tenet&rsquos executive chairman and CEO, wrote in his letter accompanying the health care company&rsquos April proxy statement that he would join other executives and directors donating substantial portions of their salary to the nonprofit Tenet Care Fund, which assists employees facing hardship. In a May 5 first quarter earnings call, Rittenmeyer said he would donate half of his salary for six months.

It&rsquos a lot of money, unless you&rsquore making as much as he is. Rittenmeyer was due to make a base salary of $1.5 million this year, putting the donation at roughly $375,000, or 1.5 percent of his total compensation package last year. A spokeswoman declined to comment but pointed to various public statements instead.

Gary Kelly, chairman and CEO of Dallas-based Southwest Airlines ($8.8 million in 2019 compensation), also pledged to take a pay cut this year. His $750,000 base salary was 8.5 percent of his compensation last year, according to SEC filings.

The pay cuts come as many company&rsquos stock price has dived, impacting executive compensation. Almost across the board, the bulk of CEO compensation comes in the form of stock. Some of it is paid in options or restricted stock that vests over time, at which point the value may change. Some of the stock vests only when the company or CEO meet certain performance metrics. For example, AT&T granted Stephenson $19.8 million in restricted stock awards last year.

&ldquoThe $32 million reported in the summary compensation table is not what was &lsquopaid&rsquo to our CEO in 2019, but rather it represents cash compensation realized last year, plus long-term compensation that may or may not materialize in coming years, and an increase in pension value,&rsquo&rsquo A&T spokeswoman Daphne Avila wrote in an email. Instead, AT&T calculated that Stephenson &ldquorealized&rdquo $25.6 million in pay in 2019 based on actual distributions that year.

Avila also pointed out that the company rewarded shareholders with a roughly 46 percent total shareholder return last year, which is dividends plus stock price appreciation. That was well above the median of 10 percent for Texas-based companies, according to S&P Global Market Intelligence.

After Stephenson, San Antonio-based Valero Energy granted its chairman and CEO Joseph Gorder the second-highest package in Texas with $28.2 million in total compensation. The bulk of that was restricted stock awards and an increase in the value of his pension, which varies based on interest rates and is outside the company&rsquos control. The oil refiner&rsquos earnings sunk in 2019 on high costs for high-sulfur &ldquosour crude&rdquo and high gasoline inventories. Still, the one-year total shareholder return for Valero in 2019 was a lofty 30 percent. Over 91 percent of shareholders approved the pay plan in an advisory vote, a spokeswoman said.

Meanwhile, another San Antonio-based CEO took his company into bankruptcy in 2018 and then back out in 2019. iHeartMedia had struggled under $20 billion of debt, in part from a Bain Capital and Thomas H. Lee Partners leveraged buyout a decade earlier. That didn&rsquot stop the media company from awarding chairman and CEO Robert Pittman with $22.9 million in compensation in 2019, much of it in restricted stock and options.

&ldquoiHeart is the rare example of a major traditional media company that has made the successful transformation into a 21st century media company - one with unparalleled scale, reaching 91 percent of Americans each month with our broadcast assets alone, more than any other media company,&rdquo Pittman said in a press release in January.

That same month, before the pandemic led to widespread shutdowns, employees said the company was laying off hundreds of people in local stations to consolidate offices and replace staff with artificial intelligence, according to The Washington Post. A spokeswoman at the time said the layoffs represented a small portion of the 12,500 staff members. After the pandemic hit, Pittman announced 90-day furloughs for an unspecified number of employees and said the company would cut executive pay. He would forgo the remainder of his 2020 salary, according to Billboard.

The company also said in a proxy statement that Pittman&rsquos base salary increased at the end of last year to $1.5 million from $1.2 million the prior year and that his compensation is based on meeting pre- and post-bankruptcy goals. Pittman made 408 times the median employee at the company, whose total compensation was $56,068. A spokeswoman for iHeart did not respond to requests for comment.


The highest paid CEOs in Texas make 100 times the average worker - or more

Click ahead to see the highest paid CEOs in Texas, according to the research firm Equilar.

Houston Chronicle archives Show More Show Less

Former Comerica CEO Ralph W. Babb Jr.

Hand-out / Comerica Incorporated Show More Show Less

Jacobs Engineering CEO Steven Demetriou

Travis Stice, CEO of Diamondback Energy.

Tim Fischer, Chief Photographer / Midland Reporter-Telegram Show More Show Less

Perry Sook, Chairman, President and CEO of Nexstar Broadcasting Group.

Evan Agostini, INVL / Associated Press Show More Show Less

President and Chief Executive Officer Texas Instruments, Richard K. Templeton.

Clear Channel CEO Bob Pittman.

Matthew Karas, HOEP / Associated Press Show More Show Less

Exxon Mobil Chairman & CEO Darren Woods.

Richard Drew, STF / Associated Press Show More Show Less

Tenet Healtchcare CEO Ronald Rittenmeyer

Rye Druzin/San Antonio Express-News Show More Show Less

Former AT&T Chairman & CEO Randall Stephenson.

Richard Drew, STF / Associated Press Show More Show Less

AT&T&rsquos Randall Stephenson topped the charts as the highest-paid CEO in Texas last year, taking home $32 million in total compensation, according to S&P Global Market Intelligence research performed for the Houston Chronicle. Not only that, the Dallas-based wireless and media executive was near the top of the pack for the nation as well, coming in 7th among all CEOs, according to the research firm Equilar.

Stephenson, who stepped down this month and now serves as executive chairman, earned 325 times the median AT&T employee.

&ldquoIt&rsquos well known that the typical worker&rsquos wage has not grown that much in the last 40 years,&rdquo said Larry Mishel, a senior economist at the Economic Policy Institute, a nonpartisan nonprofit funded mostly by foundations and some labor unions. &ldquoIn contrast, CEO compensation has grown quite a lot.&rdquo

The data on Texas CEO compensation is based on proxy statements for publicly traded companies for 2019. (CEOs at Houston-based companies, profiled in the July 13 issue of Texas Inc., were not included in this ranking.) It shows not only the sizeable pay packages for CEOs at some of Texas&rsquo biggest companies, but it also shows how much more they are making than workers at their companies.

The median CEO in Texas made 71 times the median worker at his or her company, but the 10 highest-paid CEOs in the state made at least 100 times the median worker at his company.

As the economy recovered in the years following the last recession, CEO wages grew as well, recovering to pre-recession heights, Mishel said.

Worker pay did not grow as fast. CEO compensation has risen 52.6 percent since the 2009 recession, while the average workers saw compensation grow 5.3 percent. &ldquoWe call it wage suppression,&rsquo&rsquo Mishel said. &ldquoWe&rsquove had a dramatic weakening of unions, which has had a dramatic effect on low-wage workers, especially men.&rdquo

To get a sense of how much a CEO can make, look no further than Valero Energy Corp.&rsquos Joseph Gorder and Tenet Healthcare Corp.&rsquos Ronald Rittenmeyer, who earned $28.2 million and $24.3 million, respectively. Exxon Mobil Corp.&rsquos Darren Woods came in at No. 4. with $23.5 million in total compensation, followed by iHeartMedia&rsquos Robert Pittman ($22.9 million). Texas Instruments Inc.&rsquos Richard Templeton ($18.6 million) and Nexstar Media Group&rsquos Perry Sook ($16.4 million) followed. Diamondback Energy&rsquos CEO Travis Stice, Jacobs Engineering Group&rsquos Steven Demetriou and Comerica&rsquos Ralph Babb Jr. rounded out the list of the top 10.

Some of those same CEOs have since taken pay cuts this year as COVID-19 threw the economy, and their companies, into a tailspin.

Rittenmeyer, Dallas-based Tenet&rsquos executive chairman and CEO, wrote in his letter accompanying the health care company&rsquos April proxy statement that he would join other executives and directors donating substantial portions of their salary to the nonprofit Tenet Care Fund, which assists employees facing hardship. In a May 5 first quarter earnings call, Rittenmeyer said he would donate half of his salary for six months.

It&rsquos a lot of money, unless you&rsquore making as much as he is. Rittenmeyer was due to make a base salary of $1.5 million this year, putting the donation at roughly $375,000, or 1.5 percent of his total compensation package last year. A spokeswoman declined to comment but pointed to various public statements instead.

Gary Kelly, chairman and CEO of Dallas-based Southwest Airlines ($8.8 million in 2019 compensation), also pledged to take a pay cut this year. His $750,000 base salary was 8.5 percent of his compensation last year, according to SEC filings.

The pay cuts come as many company&rsquos stock price has dived, impacting executive compensation. Almost across the board, the bulk of CEO compensation comes in the form of stock. Some of it is paid in options or restricted stock that vests over time, at which point the value may change. Some of the stock vests only when the company or CEO meet certain performance metrics. For example, AT&T granted Stephenson $19.8 million in restricted stock awards last year.

&ldquoThe $32 million reported in the summary compensation table is not what was &lsquopaid&rsquo to our CEO in 2019, but rather it represents cash compensation realized last year, plus long-term compensation that may or may not materialize in coming years, and an increase in pension value,&rsquo&rsquo A&T spokeswoman Daphne Avila wrote in an email. Instead, AT&T calculated that Stephenson &ldquorealized&rdquo $25.6 million in pay in 2019 based on actual distributions that year.

Avila also pointed out that the company rewarded shareholders with a roughly 46 percent total shareholder return last year, which is dividends plus stock price appreciation. That was well above the median of 10 percent for Texas-based companies, according to S&P Global Market Intelligence.

After Stephenson, San Antonio-based Valero Energy granted its chairman and CEO Joseph Gorder the second-highest package in Texas with $28.2 million in total compensation. The bulk of that was restricted stock awards and an increase in the value of his pension, which varies based on interest rates and is outside the company&rsquos control. The oil refiner&rsquos earnings sunk in 2019 on high costs for high-sulfur &ldquosour crude&rdquo and high gasoline inventories. Still, the one-year total shareholder return for Valero in 2019 was a lofty 30 percent. Over 91 percent of shareholders approved the pay plan in an advisory vote, a spokeswoman said.

Meanwhile, another San Antonio-based CEO took his company into bankruptcy in 2018 and then back out in 2019. iHeartMedia had struggled under $20 billion of debt, in part from a Bain Capital and Thomas H. Lee Partners leveraged buyout a decade earlier. That didn&rsquot stop the media company from awarding chairman and CEO Robert Pittman with $22.9 million in compensation in 2019, much of it in restricted stock and options.

&ldquoiHeart is the rare example of a major traditional media company that has made the successful transformation into a 21st century media company - one with unparalleled scale, reaching 91 percent of Americans each month with our broadcast assets alone, more than any other media company,&rdquo Pittman said in a press release in January.

That same month, before the pandemic led to widespread shutdowns, employees said the company was laying off hundreds of people in local stations to consolidate offices and replace staff with artificial intelligence, according to The Washington Post. A spokeswoman at the time said the layoffs represented a small portion of the 12,500 staff members. After the pandemic hit, Pittman announced 90-day furloughs for an unspecified number of employees and said the company would cut executive pay. He would forgo the remainder of his 2020 salary, according to Billboard.

The company also said in a proxy statement that Pittman&rsquos base salary increased at the end of last year to $1.5 million from $1.2 million the prior year and that his compensation is based on meeting pre- and post-bankruptcy goals. Pittman made 408 times the median employee at the company, whose total compensation was $56,068. A spokeswoman for iHeart did not respond to requests for comment.


The highest paid CEOs in Texas make 100 times the average worker - or more

Click ahead to see the highest paid CEOs in Texas, according to the research firm Equilar.

Houston Chronicle archives Show More Show Less

Former Comerica CEO Ralph W. Babb Jr.

Hand-out / Comerica Incorporated Show More Show Less

Jacobs Engineering CEO Steven Demetriou

Travis Stice, CEO of Diamondback Energy.

Tim Fischer, Chief Photographer / Midland Reporter-Telegram Show More Show Less

Perry Sook, Chairman, President and CEO of Nexstar Broadcasting Group.

Evan Agostini, INVL / Associated Press Show More Show Less

President and Chief Executive Officer Texas Instruments, Richard K. Templeton.

Clear Channel CEO Bob Pittman.

Matthew Karas, HOEP / Associated Press Show More Show Less

Exxon Mobil Chairman & CEO Darren Woods.

Richard Drew, STF / Associated Press Show More Show Less

Tenet Healtchcare CEO Ronald Rittenmeyer

Rye Druzin/San Antonio Express-News Show More Show Less

Former AT&T Chairman & CEO Randall Stephenson.

Richard Drew, STF / Associated Press Show More Show Less

AT&T&rsquos Randall Stephenson topped the charts as the highest-paid CEO in Texas last year, taking home $32 million in total compensation, according to S&P Global Market Intelligence research performed for the Houston Chronicle. Not only that, the Dallas-based wireless and media executive was near the top of the pack for the nation as well, coming in 7th among all CEOs, according to the research firm Equilar.

Stephenson, who stepped down this month and now serves as executive chairman, earned 325 times the median AT&T employee.

&ldquoIt&rsquos well known that the typical worker&rsquos wage has not grown that much in the last 40 years,&rdquo said Larry Mishel, a senior economist at the Economic Policy Institute, a nonpartisan nonprofit funded mostly by foundations and some labor unions. &ldquoIn contrast, CEO compensation has grown quite a lot.&rdquo

The data on Texas CEO compensation is based on proxy statements for publicly traded companies for 2019. (CEOs at Houston-based companies, profiled in the July 13 issue of Texas Inc., were not included in this ranking.) It shows not only the sizeable pay packages for CEOs at some of Texas&rsquo biggest companies, but it also shows how much more they are making than workers at their companies.

The median CEO in Texas made 71 times the median worker at his or her company, but the 10 highest-paid CEOs in the state made at least 100 times the median worker at his company.

As the economy recovered in the years following the last recession, CEO wages grew as well, recovering to pre-recession heights, Mishel said.

Worker pay did not grow as fast. CEO compensation has risen 52.6 percent since the 2009 recession, while the average workers saw compensation grow 5.3 percent. &ldquoWe call it wage suppression,&rsquo&rsquo Mishel said. &ldquoWe&rsquove had a dramatic weakening of unions, which has had a dramatic effect on low-wage workers, especially men.&rdquo

To get a sense of how much a CEO can make, look no further than Valero Energy Corp.&rsquos Joseph Gorder and Tenet Healthcare Corp.&rsquos Ronald Rittenmeyer, who earned $28.2 million and $24.3 million, respectively. Exxon Mobil Corp.&rsquos Darren Woods came in at No. 4. with $23.5 million in total compensation, followed by iHeartMedia&rsquos Robert Pittman ($22.9 million). Texas Instruments Inc.&rsquos Richard Templeton ($18.6 million) and Nexstar Media Group&rsquos Perry Sook ($16.4 million) followed. Diamondback Energy&rsquos CEO Travis Stice, Jacobs Engineering Group&rsquos Steven Demetriou and Comerica&rsquos Ralph Babb Jr. rounded out the list of the top 10.

Some of those same CEOs have since taken pay cuts this year as COVID-19 threw the economy, and their companies, into a tailspin.

Rittenmeyer, Dallas-based Tenet&rsquos executive chairman and CEO, wrote in his letter accompanying the health care company&rsquos April proxy statement that he would join other executives and directors donating substantial portions of their salary to the nonprofit Tenet Care Fund, which assists employees facing hardship. In a May 5 first quarter earnings call, Rittenmeyer said he would donate half of his salary for six months.

It&rsquos a lot of money, unless you&rsquore making as much as he is. Rittenmeyer was due to make a base salary of $1.5 million this year, putting the donation at roughly $375,000, or 1.5 percent of his total compensation package last year. A spokeswoman declined to comment but pointed to various public statements instead.

Gary Kelly, chairman and CEO of Dallas-based Southwest Airlines ($8.8 million in 2019 compensation), also pledged to take a pay cut this year. His $750,000 base salary was 8.5 percent of his compensation last year, according to SEC filings.

The pay cuts come as many company&rsquos stock price has dived, impacting executive compensation. Almost across the board, the bulk of CEO compensation comes in the form of stock. Some of it is paid in options or restricted stock that vests over time, at which point the value may change. Some of the stock vests only when the company or CEO meet certain performance metrics. For example, AT&T granted Stephenson $19.8 million in restricted stock awards last year.

&ldquoThe $32 million reported in the summary compensation table is not what was &lsquopaid&rsquo to our CEO in 2019, but rather it represents cash compensation realized last year, plus long-term compensation that may or may not materialize in coming years, and an increase in pension value,&rsquo&rsquo A&T spokeswoman Daphne Avila wrote in an email. Instead, AT&T calculated that Stephenson &ldquorealized&rdquo $25.6 million in pay in 2019 based on actual distributions that year.

Avila also pointed out that the company rewarded shareholders with a roughly 46 percent total shareholder return last year, which is dividends plus stock price appreciation. That was well above the median of 10 percent for Texas-based companies, according to S&P Global Market Intelligence.

After Stephenson, San Antonio-based Valero Energy granted its chairman and CEO Joseph Gorder the second-highest package in Texas with $28.2 million in total compensation. The bulk of that was restricted stock awards and an increase in the value of his pension, which varies based on interest rates and is outside the company&rsquos control. The oil refiner&rsquos earnings sunk in 2019 on high costs for high-sulfur &ldquosour crude&rdquo and high gasoline inventories. Still, the one-year total shareholder return for Valero in 2019 was a lofty 30 percent. Over 91 percent of shareholders approved the pay plan in an advisory vote, a spokeswoman said.

Meanwhile, another San Antonio-based CEO took his company into bankruptcy in 2018 and then back out in 2019. iHeartMedia had struggled under $20 billion of debt, in part from a Bain Capital and Thomas H. Lee Partners leveraged buyout a decade earlier. That didn&rsquot stop the media company from awarding chairman and CEO Robert Pittman with $22.9 million in compensation in 2019, much of it in restricted stock and options.

&ldquoiHeart is the rare example of a major traditional media company that has made the successful transformation into a 21st century media company - one with unparalleled scale, reaching 91 percent of Americans each month with our broadcast assets alone, more than any other media company,&rdquo Pittman said in a press release in January.

That same month, before the pandemic led to widespread shutdowns, employees said the company was laying off hundreds of people in local stations to consolidate offices and replace staff with artificial intelligence, according to The Washington Post. A spokeswoman at the time said the layoffs represented a small portion of the 12,500 staff members. After the pandemic hit, Pittman announced 90-day furloughs for an unspecified number of employees and said the company would cut executive pay. He would forgo the remainder of his 2020 salary, according to Billboard.

The company also said in a proxy statement that Pittman&rsquos base salary increased at the end of last year to $1.5 million from $1.2 million the prior year and that his compensation is based on meeting pre- and post-bankruptcy goals. Pittman made 408 times the median employee at the company, whose total compensation was $56,068. A spokeswoman for iHeart did not respond to requests for comment.


The highest paid CEOs in Texas make 100 times the average worker - or more

Click ahead to see the highest paid CEOs in Texas, according to the research firm Equilar.

Houston Chronicle archives Show More Show Less

Former Comerica CEO Ralph W. Babb Jr.

Hand-out / Comerica Incorporated Show More Show Less

Jacobs Engineering CEO Steven Demetriou

Travis Stice, CEO of Diamondback Energy.

Tim Fischer, Chief Photographer / Midland Reporter-Telegram Show More Show Less

Perry Sook, Chairman, President and CEO of Nexstar Broadcasting Group.

Evan Agostini, INVL / Associated Press Show More Show Less

President and Chief Executive Officer Texas Instruments, Richard K. Templeton.

Clear Channel CEO Bob Pittman.

Matthew Karas, HOEP / Associated Press Show More Show Less

Exxon Mobil Chairman & CEO Darren Woods.

Richard Drew, STF / Associated Press Show More Show Less

Tenet Healtchcare CEO Ronald Rittenmeyer

Rye Druzin/San Antonio Express-News Show More Show Less

Former AT&T Chairman & CEO Randall Stephenson.

Richard Drew, STF / Associated Press Show More Show Less

AT&T&rsquos Randall Stephenson topped the charts as the highest-paid CEO in Texas last year, taking home $32 million in total compensation, according to S&P Global Market Intelligence research performed for the Houston Chronicle. Not only that, the Dallas-based wireless and media executive was near the top of the pack for the nation as well, coming in 7th among all CEOs, according to the research firm Equilar.

Stephenson, who stepped down this month and now serves as executive chairman, earned 325 times the median AT&T employee.

&ldquoIt&rsquos well known that the typical worker&rsquos wage has not grown that much in the last 40 years,&rdquo said Larry Mishel, a senior economist at the Economic Policy Institute, a nonpartisan nonprofit funded mostly by foundations and some labor unions. &ldquoIn contrast, CEO compensation has grown quite a lot.&rdquo

The data on Texas CEO compensation is based on proxy statements for publicly traded companies for 2019. (CEOs at Houston-based companies, profiled in the July 13 issue of Texas Inc., were not included in this ranking.) It shows not only the sizeable pay packages for CEOs at some of Texas&rsquo biggest companies, but it also shows how much more they are making than workers at their companies.

The median CEO in Texas made 71 times the median worker at his or her company, but the 10 highest-paid CEOs in the state made at least 100 times the median worker at his company.

As the economy recovered in the years following the last recession, CEO wages grew as well, recovering to pre-recession heights, Mishel said.

Worker pay did not grow as fast. CEO compensation has risen 52.6 percent since the 2009 recession, while the average workers saw compensation grow 5.3 percent. &ldquoWe call it wage suppression,&rsquo&rsquo Mishel said. &ldquoWe&rsquove had a dramatic weakening of unions, which has had a dramatic effect on low-wage workers, especially men.&rdquo

To get a sense of how much a CEO can make, look no further than Valero Energy Corp.&rsquos Joseph Gorder and Tenet Healthcare Corp.&rsquos Ronald Rittenmeyer, who earned $28.2 million and $24.3 million, respectively. Exxon Mobil Corp.&rsquos Darren Woods came in at No. 4. with $23.5 million in total compensation, followed by iHeartMedia&rsquos Robert Pittman ($22.9 million). Texas Instruments Inc.&rsquos Richard Templeton ($18.6 million) and Nexstar Media Group&rsquos Perry Sook ($16.4 million) followed. Diamondback Energy&rsquos CEO Travis Stice, Jacobs Engineering Group&rsquos Steven Demetriou and Comerica&rsquos Ralph Babb Jr. rounded out the list of the top 10.

Some of those same CEOs have since taken pay cuts this year as COVID-19 threw the economy, and their companies, into a tailspin.

Rittenmeyer, Dallas-based Tenet&rsquos executive chairman and CEO, wrote in his letter accompanying the health care company&rsquos April proxy statement that he would join other executives and directors donating substantial portions of their salary to the nonprofit Tenet Care Fund, which assists employees facing hardship. In a May 5 first quarter earnings call, Rittenmeyer said he would donate half of his salary for six months.

It&rsquos a lot of money, unless you&rsquore making as much as he is. Rittenmeyer was due to make a base salary of $1.5 million this year, putting the donation at roughly $375,000, or 1.5 percent of his total compensation package last year. A spokeswoman declined to comment but pointed to various public statements instead.

Gary Kelly, chairman and CEO of Dallas-based Southwest Airlines ($8.8 million in 2019 compensation), also pledged to take a pay cut this year. His $750,000 base salary was 8.5 percent of his compensation last year, according to SEC filings.

The pay cuts come as many company&rsquos stock price has dived, impacting executive compensation. Almost across the board, the bulk of CEO compensation comes in the form of stock. Some of it is paid in options or restricted stock that vests over time, at which point the value may change. Some of the stock vests only when the company or CEO meet certain performance metrics. For example, AT&T granted Stephenson $19.8 million in restricted stock awards last year.

&ldquoThe $32 million reported in the summary compensation table is not what was &lsquopaid&rsquo to our CEO in 2019, but rather it represents cash compensation realized last year, plus long-term compensation that may or may not materialize in coming years, and an increase in pension value,&rsquo&rsquo A&T spokeswoman Daphne Avila wrote in an email. Instead, AT&T calculated that Stephenson &ldquorealized&rdquo $25.6 million in pay in 2019 based on actual distributions that year.

Avila also pointed out that the company rewarded shareholders with a roughly 46 percent total shareholder return last year, which is dividends plus stock price appreciation. That was well above the median of 10 percent for Texas-based companies, according to S&P Global Market Intelligence.

After Stephenson, San Antonio-based Valero Energy granted its chairman and CEO Joseph Gorder the second-highest package in Texas with $28.2 million in total compensation. The bulk of that was restricted stock awards and an increase in the value of his pension, which varies based on interest rates and is outside the company&rsquos control. The oil refiner&rsquos earnings sunk in 2019 on high costs for high-sulfur &ldquosour crude&rdquo and high gasoline inventories. Still, the one-year total shareholder return for Valero in 2019 was a lofty 30 percent. Over 91 percent of shareholders approved the pay plan in an advisory vote, a spokeswoman said.

Meanwhile, another San Antonio-based CEO took his company into bankruptcy in 2018 and then back out in 2019. iHeartMedia had struggled under $20 billion of debt, in part from a Bain Capital and Thomas H. Lee Partners leveraged buyout a decade earlier. That didn&rsquot stop the media company from awarding chairman and CEO Robert Pittman with $22.9 million in compensation in 2019, much of it in restricted stock and options.

&ldquoiHeart is the rare example of a major traditional media company that has made the successful transformation into a 21st century media company - one with unparalleled scale, reaching 91 percent of Americans each month with our broadcast assets alone, more than any other media company,&rdquo Pittman said in a press release in January.

That same month, before the pandemic led to widespread shutdowns, employees said the company was laying off hundreds of people in local stations to consolidate offices and replace staff with artificial intelligence, according to The Washington Post. A spokeswoman at the time said the layoffs represented a small portion of the 12,500 staff members. After the pandemic hit, Pittman announced 90-day furloughs for an unspecified number of employees and said the company would cut executive pay. He would forgo the remainder of his 2020 salary, according to Billboard.

The company also said in a proxy statement that Pittman&rsquos base salary increased at the end of last year to $1.5 million from $1.2 million the prior year and that his compensation is based on meeting pre- and post-bankruptcy goals. Pittman made 408 times the median employee at the company, whose total compensation was $56,068. A spokeswoman for iHeart did not respond to requests for comment.


The highest paid CEOs in Texas make 100 times the average worker - or more

Click ahead to see the highest paid CEOs in Texas, according to the research firm Equilar.

Houston Chronicle archives Show More Show Less

Former Comerica CEO Ralph W. Babb Jr.

Hand-out / Comerica Incorporated Show More Show Less

Jacobs Engineering CEO Steven Demetriou

Travis Stice, CEO of Diamondback Energy.

Tim Fischer, Chief Photographer / Midland Reporter-Telegram Show More Show Less

Perry Sook, Chairman, President and CEO of Nexstar Broadcasting Group.

Evan Agostini, INVL / Associated Press Show More Show Less

President and Chief Executive Officer Texas Instruments, Richard K. Templeton.

Clear Channel CEO Bob Pittman.

Matthew Karas, HOEP / Associated Press Show More Show Less

Exxon Mobil Chairman & CEO Darren Woods.

Richard Drew, STF / Associated Press Show More Show Less

Tenet Healtchcare CEO Ronald Rittenmeyer

Rye Druzin/San Antonio Express-News Show More Show Less

Former AT&T Chairman & CEO Randall Stephenson.

Richard Drew, STF / Associated Press Show More Show Less

AT&T&rsquos Randall Stephenson topped the charts as the highest-paid CEO in Texas last year, taking home $32 million in total compensation, according to S&P Global Market Intelligence research performed for the Houston Chronicle. Not only that, the Dallas-based wireless and media executive was near the top of the pack for the nation as well, coming in 7th among all CEOs, according to the research firm Equilar.

Stephenson, who stepped down this month and now serves as executive chairman, earned 325 times the median AT&T employee.

&ldquoIt&rsquos well known that the typical worker&rsquos wage has not grown that much in the last 40 years,&rdquo said Larry Mishel, a senior economist at the Economic Policy Institute, a nonpartisan nonprofit funded mostly by foundations and some labor unions. &ldquoIn contrast, CEO compensation has grown quite a lot.&rdquo

The data on Texas CEO compensation is based on proxy statements for publicly traded companies for 2019. (CEOs at Houston-based companies, profiled in the July 13 issue of Texas Inc., were not included in this ranking.) It shows not only the sizeable pay packages for CEOs at some of Texas&rsquo biggest companies, but it also shows how much more they are making than workers at their companies.

The median CEO in Texas made 71 times the median worker at his or her company, but the 10 highest-paid CEOs in the state made at least 100 times the median worker at his company.

As the economy recovered in the years following the last recession, CEO wages grew as well, recovering to pre-recession heights, Mishel said.

Worker pay did not grow as fast. CEO compensation has risen 52.6 percent since the 2009 recession, while the average workers saw compensation grow 5.3 percent. &ldquoWe call it wage suppression,&rsquo&rsquo Mishel said. &ldquoWe&rsquove had a dramatic weakening of unions, which has had a dramatic effect on low-wage workers, especially men.&rdquo

To get a sense of how much a CEO can make, look no further than Valero Energy Corp.&rsquos Joseph Gorder and Tenet Healthcare Corp.&rsquos Ronald Rittenmeyer, who earned $28.2 million and $24.3 million, respectively. Exxon Mobil Corp.&rsquos Darren Woods came in at No. 4. with $23.5 million in total compensation, followed by iHeartMedia&rsquos Robert Pittman ($22.9 million). Texas Instruments Inc.&rsquos Richard Templeton ($18.6 million) and Nexstar Media Group&rsquos Perry Sook ($16.4 million) followed. Diamondback Energy&rsquos CEO Travis Stice, Jacobs Engineering Group&rsquos Steven Demetriou and Comerica&rsquos Ralph Babb Jr. rounded out the list of the top 10.

Some of those same CEOs have since taken pay cuts this year as COVID-19 threw the economy, and their companies, into a tailspin.

Rittenmeyer, Dallas-based Tenet&rsquos executive chairman and CEO, wrote in his letter accompanying the health care company&rsquos April proxy statement that he would join other executives and directors donating substantial portions of their salary to the nonprofit Tenet Care Fund, which assists employees facing hardship. In a May 5 first quarter earnings call, Rittenmeyer said he would donate half of his salary for six months.

It&rsquos a lot of money, unless you&rsquore making as much as he is. Rittenmeyer was due to make a base salary of $1.5 million this year, putting the donation at roughly $375,000, or 1.5 percent of his total compensation package last year. A spokeswoman declined to comment but pointed to various public statements instead.

Gary Kelly, chairman and CEO of Dallas-based Southwest Airlines ($8.8 million in 2019 compensation), also pledged to take a pay cut this year. His $750,000 base salary was 8.5 percent of his compensation last year, according to SEC filings.

The pay cuts come as many company&rsquos stock price has dived, impacting executive compensation. Almost across the board, the bulk of CEO compensation comes in the form of stock. Some of it is paid in options or restricted stock that vests over time, at which point the value may change. Some of the stock vests only when the company or CEO meet certain performance metrics. For example, AT&T granted Stephenson $19.8 million in restricted stock awards last year.

&ldquoThe $32 million reported in the summary compensation table is not what was &lsquopaid&rsquo to our CEO in 2019, but rather it represents cash compensation realized last year, plus long-term compensation that may or may not materialize in coming years, and an increase in pension value,&rsquo&rsquo A&T spokeswoman Daphne Avila wrote in an email. Instead, AT&T calculated that Stephenson &ldquorealized&rdquo $25.6 million in pay in 2019 based on actual distributions that year.

Avila also pointed out that the company rewarded shareholders with a roughly 46 percent total shareholder return last year, which is dividends plus stock price appreciation. That was well above the median of 10 percent for Texas-based companies, according to S&P Global Market Intelligence.

After Stephenson, San Antonio-based Valero Energy granted its chairman and CEO Joseph Gorder the second-highest package in Texas with $28.2 million in total compensation. The bulk of that was restricted stock awards and an increase in the value of his pension, which varies based on interest rates and is outside the company&rsquos control. The oil refiner&rsquos earnings sunk in 2019 on high costs for high-sulfur &ldquosour crude&rdquo and high gasoline inventories. Still, the one-year total shareholder return for Valero in 2019 was a lofty 30 percent. Over 91 percent of shareholders approved the pay plan in an advisory vote, a spokeswoman said.

Meanwhile, another San Antonio-based CEO took his company into bankruptcy in 2018 and then back out in 2019. iHeartMedia had struggled under $20 billion of debt, in part from a Bain Capital and Thomas H. Lee Partners leveraged buyout a decade earlier. That didn&rsquot stop the media company from awarding chairman and CEO Robert Pittman with $22.9 million in compensation in 2019, much of it in restricted stock and options.

&ldquoiHeart is the rare example of a major traditional media company that has made the successful transformation into a 21st century media company - one with unparalleled scale, reaching 91 percent of Americans each month with our broadcast assets alone, more than any other media company,&rdquo Pittman said in a press release in January.

That same month, before the pandemic led to widespread shutdowns, employees said the company was laying off hundreds of people in local stations to consolidate offices and replace staff with artificial intelligence, according to The Washington Post. A spokeswoman at the time said the layoffs represented a small portion of the 12,500 staff members. After the pandemic hit, Pittman announced 90-day furloughs for an unspecified number of employees and said the company would cut executive pay. He would forgo the remainder of his 2020 salary, according to Billboard.

The company also said in a proxy statement that Pittman&rsquos base salary increased at the end of last year to $1.5 million from $1.2 million the prior year and that his compensation is based on meeting pre- and post-bankruptcy goals. Pittman made 408 times the median employee at the company, whose total compensation was $56,068. A spokeswoman for iHeart did not respond to requests for comment.


Watch the video: Οι 10 πιο ακριβοπληρωμένοι αθλητές της δεκαετίας. Τι ποσά κερδίζουν? (January 2022).