A securities report on Wednesday showed that Chevron Corp (CVX.N) CEO Michael Wirth was paid $23.6 million in 2022, up 4% from the previous year, while the median employee wage fell 12%.
High oil prices and cost-cutting increased Chevron’s 2022 earnings to $36.5 billion.
Chevron workers made $161,488 last year.
Equity awards, pension benefit adjustments, and other remuneration increased Wirth’s “actual compensation paid” by 60% to $86.7 million under new SEC standards.
Since it comprised equity-based rewards, Chevron claimed it did not reflect Wirth’s actual realized income.
Last year, You Sow’s 100 CEOs with unjustified compensation ranked Wirth 87th.
You Sow 30% CEO compensation will rise to $38.1 million this year. Most companies approve of paying the year prior.
