FT.com / Companies / Financials – European bosses close gap on US salaries
European bosses close gap on US salaries
By Brooke Masters in London
Published: November 11 2008 17:25 | Last updated: November 11 2008 17:25
The chief executives of Europe’s 50 biggest public companies are starting to close the gap with their US counterparts in terms of total pay packages, a Hay Group study found. They also make more than them when only guaranteed salaries are considered.
The chiefs of the US’s 50 biggest companies by market capitalisation took a pay cut last year, bringing home a median package of €9.7m $11.2m in salary, bonus and long-term compensation, down from just under €13m the previous year, the consultancy found.
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European chief executive total compensation, by contrast, continued to grow to a median of €5.6m in this year’s survey, up from €5m last year.