Corporate profit slumps and relatively flat pay for the average Hoosier didn’t slow executive compensation in 2013 at public companies based in Indiana.
The typical executive took home $923,705 in salary, stock or stock options, incentive pay and perks in 2013, IBJ found in a review of 301 top managers’ pay at 64 companies. The median compensation rose 20 percent from 2012 and doubled since 2006.
CEOs had an even steeper boost, 33 percent, to a median of just over $2 million. The state’s top-paid CEO for the year saw his pay reach $78.7 million thanks to a massive stock grant following an initial public offering.
Pay gains generally fell in line with stock performance, even as the median company profit dropped 7 percent. Meanwhile, the median Hoosier salary, not including benefits, increased less than 1 percent to $31,990 in 2013, according to the U.S. Bureau of Labor Statistics.