Overview
- The AFL-CIO's Paywatch release Thursday showed average S&P 500 CEO pay rose 21% to $22.8 million in 2025 when Elon Musk is excluded.
- Including Musk's Tesla package lifts the 2025 average to $340.1 million and drives the reported CEO-to-worker ratio to 5,387:1, with the ratio at 312:1 when Musk is excluded.
- Companies used large one-off awards in 2025 that boosted individual CEO totals, for example Goldman Sachs reported a $118.9 million payout for David Solomon and Welltower disclosed $821 million for Shankh Mitra.
- Investor responses were mixed because advisory 'say on pay' votes remained broadly supportive at roughly 90.6% on average, while some special awards drew weak backing and prompted concern about dilution and governance.
- Labor leaders say the surge in CEO pay feeds worker anger and could accelerate organizing because they see rising executive awards, AI-driven pressure on jobs, and a Republican-run NLRB as factors holding down wages.