Tag Archives: Institute for Policy Studies

As Pandemic Wiped Out Workers, Covid Crisis Proved No Obstacle to Soaring CEO Pay

“This should have been a year for shared sacrifice,” said one economist. “Instead it became a year of shielding CEOs from risk while it was the frontline employees who paid the price.”

By Kenny Stancil, staff writer for Common Dreams. Published 5-28-2021

Carnival CEO Arnold Donald’s pay package in 2020 surged to $13.3 million, a 19% increase over the previous year, even though the cruise operator recorded losses of $10.2 billion. Photo: World Travel & Tourism Council/flickr/CC

Even as the Covid-19 pandemic created record losses in the second quarter of 2020—and claimed the lives and livelihoods of millions of workers—median CEO pay in the U.S. increased yet again last year, according to a new analysis.

At a time when “CEOs’ big pay packages seemed to be under as much threat as everything else,” many boards of directors “made changes to the intricate formulas that determine” executive compensation to “make up for losses created by the crisis,” the Associated Press reported Friday. Continue reading

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