15. Larry Culp
> Company: General Electric
> Annual compensation: $23,584,600
> Company revenue: $95.2 billion
> CEO pay ratio: 486 times more than the typical employee
Larry Culp is the third CEO of General Electric since the late Jack Welch left the top job in 2001 — and the first chief executive in GE’s history to be hired from a different company. Formerly the CEO of industrial company Danaher, Culp was named CEO of the troubled conglomerate in 2018 following the ousting of John Flannery. In fiscal 2019, Culp was compensated $23.6 million, and if he can turn GE’s fortunes around following the devastation of its jet engine business caused by the COVID-19 pandemic, he stands to earn a lot more.
GE’s board recently extended Culp’s contract to last at least until August 2024, and if he can meet the stock price target of $16.67 in that period, he stands to earn as much as $230 million. The company’s stock is currently trading at around $11 a share.
14. Stephen J. Squeri
> Company: American Express
> Annual compensation: $23,712,017
> Company revenue: $47.0 billion
> CEO pay ratio: 367 times more than the typical employee
Stephen Squeri began working for financial services company American Express in 1985 and, after rising through the ranks, took over as CEO in February 2018. In fiscal 2019, the most recent pay period the company has on file with the SEC, Squeri’s compensation totalled $23.7 million — up from $17.3 million the previous year. Though his base salary climbed by a modest $13,500 over that period, the value of his stock options nearly doubled, from just under $6 million to more than $10 million.
13. David M. Solomon
> Company: Goldman Sachs Group
> Annual compensation: $24,657,441
> Company revenue: $53.9 billion
> CEO pay ratio: 178 times more than the typical employee
As CEO of investment bank Goldman Sachs, David Solomon made nearly $25 million in fiscal 2019. Despite his eight-figure compensation, Solomon, who has served as the bank’s chief executive since October 2018, rides the subway to work, buys his own coffee, and often DJs at nightclubs on the weekend. Due in large part to bonuses, Solomon’s salary was about 20% higher in fiscal 2019 than it was the previous year.
12. Brian T. Moynihan
> Company: Bank of America
> Annual compensation: $25,406,963
> Company revenue: $113.6 billion
> CEO pay ratio: 276 times more than the typical employee
Bank of American CEO Brian Moynihan is one of several finance executives to report compensation in excess of $25 million in fiscal 2019.
Moynihan joined Bank of America in 2004 and was appointed CEO in 2010. When he took the top job, many were skeptical because of his relative lack of experience — especially at a time when the bank was still under investigation for its role in the 2008 financial crisis and after having only recently paid back the $45 billion federal bailout money it owed. For his leadership over the last decade — which was a tumultuous one for the financial services sector — Moynihan was chosen by a selection of other chief executives as CEO of the year in Chief Executive magazine.
11. Michael Corbat
> Company: Citigroup
> Annual compensation: $25,503,915
> Company revenue: $103.4 billion
> CEO pay ratio: 482 times more than the typical employee
Citigroup CEO Michael Corbat was paid $25.5 million in fiscal 2019. Corbat has held the position since 2012. At $1.5 million, Corbat’s base salary accounts for a relatively small share of his total compensation. His stock options accounted for $17.2 million of his compensation in fiscal 2019.
Citigroup is one of the largest banking institutions in the United States by total assets. There are over 2,300 branch locations worldwide, serving 200 million customer accounts. The company beat earnings estimates in each of the last four quarters.