Here’s How Much Minnesota’s Highest-Paid CEO Made Last Year
If you were curious about just how much money the highest-paid CEO makes here in Minnesota, we have the answer. (Hint: It's a LOT.)
If you work your way up the corporate ladder and eventually become the chief executive officer of some company or corporation, you're probably going to be compensated pretty well, right? Yeah. In fact according to this Minnesota Reformer story, "CEO pay in the United States has ballooned in the last several decades, increasing roughly 940% from 1978 to 2018 at the nation’s 350 largest companies," the story noted.
That's certainly the case here in Minnesota, where the highest-paid CEO's earn a pretty big paycheck-- much bigger than their employees earn. The story went on to examine the salaries of CEO's who work for Minnesota's 14 Fortune 500 companies. And, yeah, they all do, uh, alright, in the compensation department. That's if you define 'alright' as earning approximately 110 times MORE than their employees do.
That's a pretty big disparity, isn't it? The numbers bear that stat out, though. Take a look at the highest-paid CEO in Minnesota, who happens to work for Ameriprise Financial. Now, the story notes that the average employee salary at Ameriprise isn't too bad, coming in at $94,570. But Ameriprise Financial CEO James M. Craicchiolo made a cool $25,742,524 last year!
That's also the case for several Minnesota companies we're more familiar with, like Target and Best Buy. Over at Target, the story says CEO Brian C. Cornell made $17,204,69 last year, while the average Target associate took home closer to $22,439.
And it's a similar situation over at Best Buy, where CEO Hubert Joly took home $17,382,486 last year. The average salary of an associate at Best Buy? Yeah, that'd be a little less, at around $28,500. (Now in both of those cases, the story said, one should note that the salaries for associates are smaller, mainly because many associates at Target and Best Buy work parttime.) But it's still a pretty big difference, isn't it? Why didn't I major in business when I was in college?!?