The Highest Paid CEOs of 2023
By THEO FRANCIS
Wed, May 22, 2024 9:48am
6 min
6 min
The chiefs of America’s biggest companies reached new pay heights in 2023 as stock awards swelled the value of compensation packages.
Half of the executives in a Wall Street Journal analysis made at least $15.7 million, a record for median CEO pay in the annual survey, with several making more than $50 million . Median pay for the same companies a year earlier was about $14.5 million .
Most of the executives received year-over-year raises of at least 9%—one in four got 25% or more—and most companies recorded annual shareholder returns of at least 13%, the Journal found in an analysis of data on more than 400 companies from MyLogIQ , a provider of public-company data and analysis. (See the full ranking below.)
Eight tech executives ranked among the 25 top earners, as did five each heading financial companies and media or entertainment companies.
Hock Tan , the highest-paid CEO in the Journal’s analysis at $162 million, has to stay on the job for five years and Broadcom ’s share price must reach certain targets after October 2025 to get the full value of most of his pay. Broadcom said the company has outperformed competitors under Tan, its CEO since 2006, and he won’t get more equity or cash bonuses for five years.
Pay for Nikesh Arora at Palo Alto Networks totalled $151 million, mostly in equity awards that included shares granted over three years.
Blackstone , where Steven Schwarzman made $120 million, said the company’s 83% total return surpassed U.S. asset managers last year and described its pay structure as aligning executive incentives with those of investors.
Christopher Winfrey of Charter Communications , the cable operator, received total pay valued at $89.1 million, largely in options and stock vesting over five years, and much of it only if the company’s shares rise 28% to 152% from when the grants were made.
A $30 million one-time retention and leadership award that vests over five years helped boost total pay for Fair Isaac ’s Will Lansing to $66 million. The company said its shareholder returns ranked among the top 1% of companies in the S&P 500 over the past decade.
Stock gains
Equity awards continued to make up the bulk of most executives’ pay, much of it structured to deliver more stock or options if the company meets financial or share-price performance over several years. That means the pay can lose considerable value if the company’s share price falls or operating targets are missed—or soar in value amid market and operating success.
Restricted stock awarded in early March last year to Jensen Huang , CEO of graphics-chip maker Nvidia , quadrupled in value through late January, to $107.5 million. Huang’s pay, originally reported at $34.2 million , included $26.7 million of restricted stock as valued at grant.
Under the terms of the award, Huang could receive 50% to 100% more shares than originally targeted if the company meets performance criteria, according to Nvidia’s proxy.
Nvidia’s share price tripled during the year.
Brian Niccol , CEO of restaurateur Chipotle Mexican Grill , received stock and options valued at $15.5 million when they were granted in February 2023 as part of a $22.5 million pay package. By the end of the year, that equity had more than tripled in value, to $52.2 million, the company said. Chipotle shares returned about 65% during 2023, and 18% a year over three years.
A Chipotle spokeswoman said the growth in Niccol’s equity-award value reflects the company’s strong share-price performance during the year. The company said the value Niccol ultimately realises depends on continued financial, operating and stock-market performance by the company.
Intel CEO Patrick Gelsinger ’s equity awards last year also more than tripled in value by year-end, to $39.3 million. The company said in its securities filings that austerity measures last year reduced Gelsinger’s salary by about 15% to $1.1 million, which in turn reduced his cash bonus target by about 15%, to $2.9 million.
Overall, median cash pay for CEOs, including salary and annual bonuses, remained flat at about $3.8 million.
Top performers
Pay for CEOs running the best- and worst-performing companies didn’t vary dramatically. Median total pay was $14.6 million for the 20% of CEOs whose companies recorded the worst returns compared with other companies in the same sector, and $15.7 million for CEOs at the best-performing companies.
Chip and computer hardware makers accounted for six of the 25 best-performing companies—including Nvidia, the top performer—while four were in the travel or transportation industries. Several of the top performers bounced back from one or more years of poor returns, often tied to the pandemic.
Royal Caribbean Group reported paying Jason Liberty $17.2 million and recorded a total return of 162% last year, after posting minus 36% in 2022 and minus 43% in 2020, when the cruise industry was battered by illness and travel bans. (The company posted a 3% return in 2021.) Ride-sharing giant Uber Technologies recorded a 149% return after posting returns of minus 41% in 2022 and minus 18% in 2021.
Chip maker Advanced Micro Devices , ranked seventh by one-year performance, was headed by Lisa Su , the second-highest-paid woman in the analysis, at just over $30 million, including nearly $28 million in restricted stock and options. The highest-paid woman, at $31.55 million, was Julie Sweet of consultant Accenture , which posted a one-year total return of about 14%.
Thirty-one women ran S&P 500 companies for the full year of 2023, up from around two dozen at the beginning of the decade. None ranked among the top 25 by pay. One other woman ran one of the 25 best performers: Jayshree Ullal at networking company Arista Networks , which posted a 94% return. Ullal’s pay totalled $15.56 million.
Bottom of the pack
Among the 25 worst-performing companies in the Journal analysis, nearly a third operated in the healthcare sector, including six pharmaceutical or biotech companies. They were joined by four utilities.
Pfizer said it didn’t pay bonuses to top executives last year after weak demand for Covid-related products led the company to miss financial targets. The $17.5 million equity award that made up most of CEO Albert Bourla ’s total pay last year is meant to recognize his leadership and give him an incentive to focus on long-term strategy, the company said.
Poor performance can slash the value of CEO equity awards. Covid-vaccine maker Moderna reported total pay of $17.1 million for CEO Stéphane Bancel last year, including $12.5 million in stock and option awards.
The value of those awards fell 42% to $7.3 million at year-end, the company’s proxy shows, as Moderna’s stock price tumbled about the same amount for the year. In addition, equity awards made to Bancel in prior years fell in value by about $167 million during 2023.
Those losses offset a net $945 million in new equity awards and increases in value reported for Bancel during the prior three years.
Moderna declined to comment.
Methodology
The Wall Street Journal used data from corporate proxy statements filed through May 16 by companies in the S&P 500 index with fiscal years ended after June 30, 2023. The data was collected by MyLogIQ, a provider of public-company data and analysis.
Aggregate pay and shareholder-return figures exclude companies that changed CEOs or fiscal-year-end dates during the year.
Pay reflects the value of equity awards at grant, as reported by companies. Total returns reflect stock-price change and dividends, in most cases calculated from the month end closest to the company’s fiscal-year end.
Sources: MyLogIQ (compensation); Institutional Shareholder Services, FactSet (shareholder return); Standard & Poor’s (industry groups); company filings (pay for select companies)
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In a series of social-media posts, the eldest child of David and Victoria Beckham threw stones at the image of a ‘perfect family’.
By SAM SCHUBE & CHAVIE LIEBER
Thu, Jan 22, 2026 3 min
3 min
David Beckham was at the World Economic Forum in Davos, Switzerland, on Tuesday with Bank of America chief executive Brian Moynihan to promote their new partnership. But all anyone wanted to talk about was his son.
After the obligatory questions about business and the World Cup, a host on CNBC’s “Squawk Box” lobbed Beckham an out-of-left-field query about how young people can preserve their mental health in the age of social media.
“Children are allowed to make mistakes,” Beckham, 50, said. “That’s how they learn. So, that’s what I try to teach my kids, but you have to sometimes let them make those mistakes as well.”
Just a day earlier, his 26-year-old son Brooklyn Beckham had posted a series of accusations about his soccer-famous father and pop-star-turned-fashion-designer mother, Victoria Beckham.
He said that his parents had controlled him for years, lied about him to the press and sought to damage his relationship with his wife, Nicola Peltz Beckham. Their goal, he said, was to affect the image of a “perfect family.”
“My family values public promotion and endorsements above all else,” he wrote on Instagram. “Brand Beckham comes first.”
That brand has been burnished over decades of professional triumphs, tabloid scandals and slick dealmaking.
Recently, both David and Victoria Beckham put their legacies on-screen in docuseries that cast them as hardworking entrepreneurs and devoted parents. Their image appeared stronger than ever. Now their firstborn child is throwing stones.
Representatives for David Beckham, Victoria Beckham and Brooklyn Beckham did not respond to requests for comment. A representative for Nicola Peltz Beckham declined to comment.
In the U.K., the Beckhams are as close as you can get to royalty without sharing Windsor DNA. David is perhaps the most famous English player in soccer history, while Victoria parlayed her Spice Girls fame into a career as a respected fashion designer.
Their partnership was forged in the cauldron of 1990s celebrity gossip, with their every move—in their careers, their bumpy personal lives and their adventurous senses of personal style—subject to tabloid scrutiny.
“They were Taylor Swift and Travis Kelce before Taylor Swift and Travis Kelce,” said Elaine Lui, founder of the website Lainey Gossip.
Over time, the couple became savvy managers of their own brand, a sprawling modern empire including a professional soccer team, fashion and beauty lines, investment deals and commercial partnerships.
In recent years they each released a Netflix docuseries—“Beckham” in 2023, “Victoria Beckham” in 2025—featuring scenes from their private family life. (Brooklyn and Nicola appeared in David’s series, but not Victoria’s.)
“The way they’ve performed their celebrity has been togetherness,” Lui said: Appearing and engaging with the world as a happily married couple, in both relative calm and amid scandal. And as their family grew, their four children became smiling ambassadors for Brand Beckham, too.
Until Monday night. In a series of Instagram Story posts, Brooklyn accused his parents of “trying endlessly to ruin” his marriage to Nicola, an actress and model, and the daughter of billionaire investor Nelson Peltz . Brooklyn declared, “I do not want to reconcile with my family.”
Where Victoria and David seemed to see press scrutiny as part of the job, Brooklyn and Nicola are operating in a manner more typical of their own generation. Brooklyn’s posts call to mind the “no contact” boundaries some children have enforced with their parents in recent years to much pop-psych chatter.
Andrew Friedman, managing director of crisis communications at Orchestra, said he’d advised many clients through family drama. “Going public,” he said, should be a “last resort.”
He’s also warned clients that using social media to air grievances opens a can of worms. “Nuance is not welcome in social-media feeding frenzies,” Friedman said. “Sensational and unusual details will overshadow the central issue.”
Brooklyn, the eldest of the Beckhams’ four children, has built a following in his parents’ image, though without the benefit (or burden) of a steady career.
He’s worked as a model, photographer, cooking-show host and most recently founded a hot-sauce brand. Brooklyn and Nicola went public with their relationship in 2020 and married in a lavish 2022 ceremony at her family estate in Palm Beach, Fla.
Rumors of a family feud flared almost immediately after the wedding, including whispers about the fact that Nicola didn’t wear a dress made by her fashion-designer mother-in-law.
Brooklyn on Monday recounted further grievances related to a mother-son dance and the seating chart. In the months and years that followed, celebrity journalists and fans closely tracked both generations of the family, looking for cracks in the relationship.
But official dispatches from Beckham World suggested that things were just fine. In a scene from the final episode of David’s Netflix series, the Beckham family, including Brooklyn and Nicola, joke around on a visit to their country home. It’s a picture of familial bliss.
“We’ve tried to give our children the most normal upbringing as possible. But you’ve got a dad that was England captain and a mom that was Posh Spice,” David says in voice-over.
“And they could be little s—s. And they’re not. And that’s why I say I’m so proud of my children, and I’m so in awe of my children, the way they’ve turned out.”
