Women CEOs in the S&P 500 get bigger paydays in 2023 than the overall average
The women CEOs of S&P 500 companies included in an annual Associated Press/Equilar compensation report were awarded a median pay package of $17.6 million in 2023, 7.7% more than the average payday overall for 341 CEOs surveyed.
The median compensation package for CEOs in the S&P 500 rose 12.6% in 2023 to $16.3 million. That represented a significant increase from last year’s study, which reported a modest 0.9% rise.
“The U.S. economy was notably strong in 2023, especially compared to the previous year,” Amit Batish, senior director, content and communications at Equilar, wrote in a summary of the study on the firm’s website. “CEO pay is often influenced by market conditions, and in 2023, this was evident.”
The median S&P 500 employee, on the other hand, earned $81,467 in 2023, up 5.2% from 2022. That means the average CEO earned 196 times as much as the average employee, up from 185 times as much in 2022. That ratio has been a required disclosure for seven years.
This year’s study, released this month, included 25 women CEOs, up from 20 in 2022. While still a small percentage of overall CEOs, that number topped the previous high of 21 in 2017.
For the fifth consecutive year, Advanced Micro Devices AMD CEO Lisa T. Su was the highest-paid woman in 2023. Su’s pay package, totaling $30.3 million, edged out General Motors GM CEO Mary T. Barra’s total compensation of $27.8 million.
Here’s a look at the 25 women and their 2023 earnings:
| Company Name | Chief Executive | 2023 Total Compensation |
| Advanced Micro Devices, Inc. | Lisa T. Su | $30,348,281 |
| General Motors Company | Mary T. Barra | $27,847,405 |
| Citigroup Inc. | Jane Nind Fraser | $25,458,313 |
| Northrop Grumman Corporation | Kathy J. Warden | $23,532,183 |
| United Parcel Service, Inc. | Carol B. Tome | $23,390,051 |
| General Dynamics Corporation | Phebe N. Novakovic | $22,582,776 |
| Elevance Health, Inc. | Gail Koziara Boudreaux | $21,889,039 |
| CVS Health Corporation | Karen S. Lynch | $21,615,034 |
| Vertex Pharmaceuticals Incorporated | Reshma Kewalramani | $20,594,441 |
| Duke Energy Corporation | Lynn J. Good | $20,215,105 |
| Nasdaq, Inc. | Adena T. Friedman | $18,498,752 |
| Ross Stores, Inc. | Barbara Rentler | $18,094,944 |
| Occidental Petroleum Corporation | Vicki A. Hollub | $17,560,293 |
| PG&E Corporation | Patricia K. Poppe | $16,961,121 |
| Otis Worldwide Corporation | Judith Fran Marks | $15,924,194 |
| The Progressive Corporation | Susan Patricia Griffith | $15,636,618 |
| Arista Networks, Inc. | Jayshree V. Ullal | $15,561,987 |
| Zoetis Inc. | Kristin C. Peck | $15,237,853 |
| Best Buy Co., Inc. | Corie S. Barry | $14,443,881 |
| Ventas, Inc. | Debra A. Cafaro | $13,520,625 |
| The Hershey Company | Michele G. Buck | $13,084,241 |
| Celanese Corporation | Lori J. Ryerkerk | $12,972,962 |
| Regency Centers Corporation | Lisa Palmer | $9,269,035 |
| CDW Corporation | Christine A. Leahy | $9,020,376 |
| American Water Works Company, Inc. | M. Susan Hardwick | $7,720,825 |
For 14 years, Equilar has partnered with the Associated Press to study CEO compensation at S&P 500 companies. The 2024 edition identifies trends in compensation awards for CEOs who served in that role at an S&P 500 company for at least two years as of fiscal year end 2023. Companies must have filed a proxy between January 1 and April 30, 2024 to be featured in this study.
Redwood City, Calif.-based Equilar is a leading provider of executive intelligence solutions.
Read more: The gender wage gap in the U.S. is closing, but ever so slowly
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