CEO Pay Trends: A Post Proxy Season Recap

The 2025 proxy season has officially concluded, and companies have finished submitting their proxy statements (DEF 14A) to the Securities and Exchange Commission (SEC). These filings provide comprehensive insights into executive compensation practices and corporate governance structures. The following analysis examines fiscal 2024 proxy statements submitted by Equilar 500 companies—the largest U.S. public companies by revenue—and highlights key trends in executive compensation.

The aftermath of the COVID-19 pandemic, ongoing inflationary pressures and political crosswinds have all contributed to an increasingly competitive market for high-level leadership. In response, companies have continued to increase pay packages to attract and retain top talent, especially as the role of the CEO becomes more complex and demanding. This analysis follows compensation trends from 2020-2024, offering a comprehensive view of how executive pay has changed over the years in comparison to median employee compensation, as well as a look into gender pay equity.

The median total direct compensation for CEOs increased 3.8%, reaching $16.2 million in 2024. The 25th percentile also experienced a 12.6% increase, while the 75th percentile rose 4.8%. Compared to 2020, when median pay stood at $12.3 million, CEO compensation has risen 31.7%.

Equilar 500 data reveals that CEO pay ratios have continued to climb in tandem with increased CEO compensation. Although there was a slight decline in the median pay ratio between 2022 and 2023, the trend reversed in 2024 with a 3.6% increase. This moved the ratio from 206:1 to 213.5:1. Similar growths were observed at both the 25th and 75th percentiles. These increases indicate that while CEO compensation is rising, pay for lower-level employees are not keeping pace, further widening the gap between executive and median employee pay.

It is important to note that the largest component of CEO compensation typically comes in the form of stock awards, which are not realized until a future date. This differs significantly from the compensation structure of the median employee, who primarily receives a fixed salary and annual bonus. Additionally, the growing CEO pay ratio can be attributed to the modest increase in median employee compensation. Since 2020, median employee pay has risen by 13.4%, increasing from $65,855. However, in 2024 alone, it grew by just 2.6%, climbing from $72,747 to $74,674. In contrast, CEO median compensation increased 31.7% since 2020 and rose 3.8% from 2023. These relatively small increases in employee compensation, when compared to the larger growth experienced in CEO compensation, further contribute to the disparity between executive and employee pay.

In the lens of compensation, male and female figures have continuously fluctuated over the period from 2020 to 2024, though both groups reached study-high figures in 2024. Notably, female CEOs earned a median compensation of $17.2 million, surpassing their male counterparts, who earned $16.1 million. This marks a significant shift, particularly following two years of compensation plateau for female CEOs.

The conclusion of the 2025 proxy season reveals a number of key trends in executive compensation. Yet, one clear takeaway remains that CEO compensation is continuing its upwards trajectory. Looking ahead to the 2026 proxy season, time will tell whether these patterns will hold steady.

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Courtney Yu, Director of Research at Equilar, provided the data and analysis for this post.