Finance executives at America’s biggest companies received a collective 7% pay rise last year as many of them steered their firms’ finances through the pandemic, though not all saw their compensation increase.
Chief financial officers at the largest 100 companies in the S&P 500 by market capitalization that disclosed executive pay through April 12 received 7% more in median pay in 2020 than a year before, equal to about $6 million total, according to data provider MyLogIQ. Pay packages were boosted by an increase in equity-based compensation. Median pay represents the midpoint of all companies in the data set.
CFOs last year played a central role in navigating their companies through the economic downturn caused by the coronavirus pandemic. Many businesses shored up cash, slashed costs and temporarily cut executive salaries amid lockdown orders aimed at slowing the spread of the virus.
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