Median CEO Pay Crosses $10 Million in 2013

The Houston Chronicle (May 27, Sweet) cites a new Associated Press/Equilar pay study in reporting that "the median pay package for a CEO rose above eight figures for the first time last year." Researchers found that the head of a Standard & Poor's 500 company earned a record $10.5 million -- up 8.8 percent from $9.6 million in 2012. In recent years, companies' boards of directors have tweaked executive pay in response to critics' calls for CEO pay to be more attuned to company performance. Many have cut back on stock options and cash bonuses, which often rewarded executives even when a firm performed poorly. "Boards of directors have placed more emphasis on paying CEOs in stock instead of cash and stock options," the Chronicle concludes. "The change became a boon for CEOs last year because of a surge in stocks that drove the S&P 500 index up 30 percent." Ken Sweet, @kensweet, AP Business Writer

Click here to read more.