Broadcom, Disney CEOs Rank Among Green Group’s Top 10 ‘Most Overpaid’
Broadcom CEO Hock Tan's pay package exceeds $103.2 million, placing him third on As You Sow’s list of the S&P 500's “most overpaid” chief executives for 2019, said the social responsibility group Thursday. Its fifth annual report used a “regression…
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analysis” of proxy statements and other public filings to compute “excess CEO pay” on the basis of “total shareholder return,” plus the percentage of shareholders who voted against their CEOs’ pay packages, said the group. Based on those metrics, the report pegs Tan’s excess pay at nearly $86.9 million, partly because a large proportion of Broadcom shareholders -- 38 percent -- voted against his pay package. Tan tried to spearhead Broadcom's takeover of Qualcomm last year, but was forced to withdraw the bid after President Donald Trump killed it on national security grounds (see 1803150060). Disney CEO Bob Iger ranked sixth with a $36.3 million package and excess pay of $22.4 million, said the report. It said 55 percent of Disney shareholders voted against Iger’s package, placing Disney eighth on the list of highest percentage of dissenters. It was the second year in a row Iger placed among the top 25 most overpaid CEOs, said the report. Broadcom and Disney didn’t comment. “Overall CEO pay continues to increase,” but so, too, does shareholder “opposition to high CEO pay,” said the report.