Median CEO pay increased in nine of 11 market segments in 2023, with utilities and consumer discretionary sectors topping the list. Gallagher's CEO and Executive Compensation Trends: 2024-2025 Edition* documents developments in senior management compensation at 2,892 companies. This report includes those organizations that filed their proxy statements with the US Securities and Exchange Commission between July 1, 2023, and June 30, 2024, appearing in the Russell 3000® index.
Key insights
- CEO pay increased 5.3% and 5.8% for the overall Russell 3000 and S&P 500® indexes. This increase contrasts with the decrease of 5.7% and 2.0%, respectively, for 2022.
- While Russell 3000 CEO pay increased by 5.3%, incumbent CEO pay increased at a higher rate of 6.8%.
- Median pay for other named executives increased 3.2% and 4.6% for the overall Russell 3000 and S&P 500 indexes.
- Russell 3000 CEOs in utilities and consumer discretionary industries realized the most substantial 2023 pay increases, at 23.3% and 16.3%.
- In 2023, long-term incentives represented 76% of total direct compensation for those Russell 3000 companies with revenues less than $50 million, the highest percentage among all size classes studied.
* This report benchmarks the individual elements of compensation packages. Analysis based on data from Main Data Group and company disclosures from the Russell 3000® and S&P 500® indexes. Because company proxy statements generally are filed in the spring, this information is considered the most current data available for compensation insights and planning purposes in 2025. Gallagher will publish a 2025-2026 report in November 2025, based on filings submitted in Q2 2025.
