TheStreet’s Conway Gittens brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Tuesday, June 4.
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Full Video Transcript Below:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are reacting to fresh labor market data – private employers added fewer jobs than expected in the month of May, signaling slower growth in the job market, according to payroll processor ADP. This comes just a day after another report showed that U.S. job openings slowed to their lowest level since February 2021. Investors will have a lot to digest on the labor market with the highly anticipated government May jobs report out Friday.
In other news – If you thought CEOs made a lot of money, well, they do. And probably more than you think. According to a new report by EC-WAH-LAR Equilar, the median CEO in the S&P 500 made 196 times more than the median employee in 2023. That’s up from 185 times more in 2022.
Median CEO pay, including stocks, totaled $16.3 million last year – a whopping 12.6% increase from 2022. The median employee brought in roughly $81,000, a 5.2% increase from the year before. That means CEOs made an extra $1.5 million, while workers got an additional $4,300.
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A big reason for the increase in compensation has been the stock market. About 70% of total compensation in 2023 was made up by stock awards. The bullish market added $9.4 million to the median CEO pay.
Broadcom CEO Hock Tan topped Equilar’s list of highest paid CEOs, taking home almost $162 million. He received a 167% pay increase in 2023.
Apple’s Time Cook came in at number 6 with a total compensation of about $63 million. Cook actually took a 36% pay cut last year, but that’s still 672 times more than the average Apple employee made.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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