CEO Pay Rises to $12.7M Even As Pandemic Ravages Economy

Across the country, boards made changes to the intricate formulas that determine their CEOs’ pay — and other moves — that helped make up for losses created by the crisis.

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FILE- This photo combo shows from left, Brian Niccol, CEO of Chipotle, Advance Auto Parts CEO Tom Greco, Carnival Corp. CEO Arnold Donald. Pay packages rose yet again in 2020 for the CEOs of the biggest U.S. companies, even though the pandemic sent the economy to its worst quarter on record and slashed corporate profits around the world. (AP Photo/File)
Image via AP Photo/Uncredited

This article was republished here with permission from The Associated Press, however it is no longer available to read on Snopes.com.

NEW YORK (AP) — As COVID-19 ravaged the world last year, CEOs’ big pay packages seemed to be under as much threat as everything else. Fortunately for those CEOs, many had boards of directors willing to see the pandemic as an extraordinary event beyond their control. Across the country, boards made changes to the intricate formulas that determine their CEOs’ pay — and other moves — that helped make up for losses created by the…

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