Indiana CEOs of S&P 500 companies make 258 times as much as workers, according to AFL-CIO's new 2020 Executive Paywatch.
The annual study meant to shine a spotlight on growing inequality found the average S&P 500 CEO in the Hoosier State makes $13.4 million, as compared to the average worker pay of $52,210. The study further found the average Russell 3000 CEO in Indiana made $5.6 million, or 108 times as much as the average worker in Indiana.
Nationally, the average S&P 500 CEO's pay grew by more than $700,000 last year. The average CEO made $15.5 million in 2020, or 299 times as much as the average worker.
“Working people bore the brunt of COVID-19 and its impact on the U.S. economy,” Secretary-Treasurer Liz Shuler said. “Last year, the unemployment rate peaked at 14.7% in April, with a record 41 million layoffs in the United States. While many of those jobs have come back, there was a net loss of 9 million jobs in 2020.”
Ford CEO James Farley Jr. made $11.8 million last year or 202 times as much as employees at the automaker that operates the Chicago Assembly Plant and Chicago Stamping Plant in Chicago Heights.
Cleveland-Cliffs CEO Lourenco Goncalves made $18.5 million or 182 times as much as workers at the company's steel mills, including in Burns Harbor and East Chicago.
U.S. Steel CEO David Burritt made $8.5 million or 117 times as much as the company's workers, including at Gary Works and the Midwest Plant in Portage.
In Indiana, NiSource CEO Joseph Hamrock made $6.4 million in total compensation or 62 times as much as the company's average worker. 1st Source Bank CEO Christopher Murphy received $2.3 million in total compensation or 39 times as much as the average worker.
Horizon Bank CEO Craig Dwight made $1.2 million or 28 times as much as employees at the Michigan City-based bank.
For more information or to search the report, visit aflcio.org/executive-paywatch.
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