Nvidia and Lucid CEOs highest paid on '22 list

Lucid CEO Peter Rawlinson, who ranked second on the list, made 11 times more than No. 3 Mary Barra of GM.

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							Retirement Pay
2022 Total Compensation	2021 Total Compensation	2022 Base Salary	2022 Bonus and Incentive Plan Compensation	2022 Stock Option Gains	2022 Stock Award Gains	2022 Other	2022 Accumulated Pension Benefits	2022 Deferred Compensation Balance
$506,343,201	$560,990,995	$996,832	0	$442,805,513	$61,847,146	$693,710	0	0
$379,029,183	N/A	$575,000	0	$5,504,378	$372,928,375	$21,430	0	0
$34,106,824	$62,260,812	$2,100,000	$6,258,000	0	$24,627,264	$1,121,560	$2,160,068	$4,736,297
$33,797,188	$40,297,753	$1,393,269	$7,350,403	$19,815,525	$5,056,217	$181,774	$17,713,857	$7,282,738
$29,695,769	N/A	$1,269,231	$2,119,562	0	$25,879,116	$427,860	0	0
$29,628,286	N/A	$1,150,000	$2,737,000	0	$24,874,173	$867,113	0	$4,195,025
$27,778,295	$17,535,549	$1,248,846	$3,746,539	0	$22,453,234	$329,676	0	0
$27,067,335	$23,734,030	$1,000,000	$10,958,500	0	$14,635,725	$473,110	0	$4,130,479
$25,524,307	$32,065,188	$1,400,000	$1,952,160	$93,094	$21,867,588	$211,465	$20,936,645	$7,738,777
$23,678,912	$7,963,732	$918,375	$2,115,225	0	$20,438,584	$206,728	0	$1,144,182
$23,650,714	$25,888,570	$1,262,532	$2,074,067	$12,891,092	$6,790,472	$632,551	0	$11,175,907
$22,136,013	$12,448,392	$1,200,000	$3,348,000	0	$17,325,137	$262,876	$377,631	$1,631,163
$21,634,387	$8,913,254	$1,325,000	$2,815,671	0	$17,083,802	$409,914	0	$1,110,380
$18,340,695	$9,986,637	$1,700,000	$2,754,000	$1,869,342	$10,620,588	$1,396,765	0	$2,252,405
$17,601,368	$14,885,197	$1,000,000	$4,287,500	0	$12,266,860	$47,008	0	$54,623
$16,822,285	$22,171,190	$1,462,272	$2,193,408	0	$12,974,343	$192,262	0	$1,091,154
$16,440,514	$16,051,205	$1,250,000	$2,045,920	0	$13,137,662	$6,932	0	$7,508,386
$15,451,599	$12,943,192	$1,327,500	$3,412,800	0	$9,846,171	$865,128	0	$1,737,465
$13,833,129	$12,276,413	$1,272,500	$2,418,000	0	$9,575,532	$567,097	$1,333,621	$10,063,236
$13,739,340	$7,733,105	$1,250,000	$5,569,500	0	$5,871,839	$1,048,001	$8,641,781	$2,981,462
$13,389,461	$11,144,597	$1,336,366	$2,233,139	$5,864,133	$3,628,378	$327,445	0	0
$12,977,284	$13,143,616	$1,620,000	$3,482,903	0	$7,610,627	$263,754	$13,615,561	$2,818,739
$12,808,435	$7,817,777	$1,052,500	$1,987,500	$2,316,991	$6,954,116	$497,328	0	$3,445,341
$12,450,548	$14,996,035	$1,000,000	$2,937,200	0	$8,344,179	$169,169	0	0
$12,400,535	$9,045,359	$1,600,000	0	0	$10,099,922	$700,613	0	0
$12,129,659	$14,862,091	$1,265,000	$2,150,500	0	$8,457,042	$257,117	0	$14,734,338
$11,558,156	$19,149,528	$1,137,500	$4,118,200	$2,919,995	$3,121,490	$260,971	0	$2,416,906
$11,081,301	$21,701,149	$1,067,072	$1,873,405	$2,233,400	$5,487,140	$420,284	$11,773,834	$1,125,971
$10,858,500	N/A	$1,302,100	$945,900	0	$8,113,400	$497,100	$1,235,000	$665,600
$10,010,883	$12,072,555	$1,292,308	$3,510,000	0	$5,178,072	$30,503	0	0
$8,878,514	$21,843,472	$1,366,667	$3,109,500	0	$4,219,217	$183,130	$23,939,253	$195,206
$8,600,304	$6,086,775	$1,275,000	$1,435,523	0	$5,857,268	$32,513	0	$3,193,956
$8,322,077	N/A	$1,300,000	$4,446,000	0	$2,022,787	$553,290	0	0
$7,560,987	$6,561,132	$985,839	$743,570	$3,690,716	$2,101,223	$39,639	0	0
$6,298,108	$14,406,433	$1,333,333	$1,351,000	0	$3,061,895	$551,880	$15,946,148	$3,350,128
$6,047,698	$4,048,894	$1,041,667	$548,438	0	$4,341,686	$115,907	$2,993,176	$1,067,190
$5,377,468	$9,926,779	$1,232,297	$1,049,781	0	$2,654,376	$441,014	$308,352	$3,678,964
$4,654,046	$1,981,736	$792,693	$604,720	0	$3,010,904	$245,729	0	$917,107
$3,995,690	$2,855,624	$850,000	$3,125,000	0	0	$20,690	0	0
$3,230,754	N/A	$1,062,833	$1,532,908	$50,050	$525,860	$59,103	$4,235,835	0
$3,183,753	N/A	$682,692	$2,370,000	0	0	$131,061	0	0
$3,101,195	$14,936,523	$450,000	0	0	$2,627,194	$24,001	0	0
$2,190,965	$1,407,298	$1,000,000	$896,400	0	$173,020	$121,545	0	$2,119,068
$1,656,023	$3,515,443	$925,000	0	0	$699,521	$31,502	0	0
$1,629,878	$1,936,150	$590,000	$433,473	0	$589,062	$17,343	0	0
$1,396,511	N/A	$767,692	$216,024	0	$373,794	$39,001	0	0
$1,012,518	$776,197	$650,000	$182,000	0	0	$180,518	0	0
$783,255	$19,738,873	$62,400	$710,000	0	0	$10,855	0	0
0	$23,452,910,176	0	0	0	0	0	0	0
$17,723,788	$26,256,760	$1,700,000	$810,000	0	$13,268,994	$1,944,794	$20,278,807	$974,944
$7,178,696	$5,500,165	$1,124,850	$1,112,355	$81,934	$4,676,454	$183,103	$7,802,887	$166,177
$7,108,767	N/A	$1,055,963	$968,760	$170,586	$4,777,869	$135,589	$9,958,193	$150,203
$5,247,922	$4,148,071	$500,000	$334,620	0	$4,277,030	$136,272	0	$48,398
$12,770,819	$18,312,110	$1,350,000	$2,598,800	0	$8,383,769	$438,250	$1,562,866	$2,157,252
$5,165,415	$10,816,534	$875,000	$1,629,800	0	$2,401,655	$258,960	$1,305,217	$1,056,204
$4,217,035	$3,405,422	$1,000,000	$1,862,500	0	$1,131,110	$223,425	0	$193,669
$4,031,898	$5,727,730	$875,000	$1,629,800	0	$1,283,838	$243,260	$1,418,140	$1,060,442


Rank Name (age)
1: Jen-Hsun Huang (60) NVIDIA
2: Peter Rawlinson Lucid Group
3: Mary Barra (61) General Motors
4: E. Scott Santi (61) Illinois Tool Works
5: Stephen Scherr* Hertz Global
6: Cristiano Amon Qualcomm
7: Mark Mondello† (58) Jabil
8: Edward Breen DuPont de Nemours
9: Craig Arnold Eaton
10: Douglas Del Grosso (60) Adient
11: Terrence Curtin TE Connectivity
12: Joseph Ferraro Avis Budget Group
13: Revathi Advaithi (55) Flex
14: James Farley (61) Ford Motor
15: Jeffrey Brown (50) Ally Financial
16: Kevin Clark Aptiv
17: Bryan DeBoer (57) Lithia Motors
18: Frederic Lissalde (56) BorgWarner
19: Raymond Scott (58) Lear
20: David Dauch (59) American Axle & Manufacturing
21: David Smith Sonic Automotive
22: James Fitterling Dow
23: Sachin Lawande (56) Visteon
24: Dara Khosrowshahi (54) Uber Technologies
25: Roger Penske (86) Penske Automotive Group
26: Earl Hesterberg† (69) Group 1 Automotive
27: Steven Fisher Novelis
28: Richard Kyle (57) Timken
29: Patrick Gelsinger (62) Intel
30: David Hult (58) Asbury Automotive Group
31: Richard Kramer (59) Goodyear Tire & Rubber
32: James Kamsickas (56) Dana
33: Michael Manley (59) AutoNation
34: Jeffrey Cote Sensata Technologies
35: Michael McGarry† (65) PPG Industries
36: Timothy Myers Arconic
37: William Nash CarMax
38: Steven Downing Gentex
39: Majdi Abulaban Superior Industries International
40: Jennifer Rumsey* Cummins
41: Thomas Shortt* Vroom
42: Logan Green† Lyft
43: Jeffrey Edwards Cooper-Standard
44: Jonathan DeGaynor† (57) Stoneridge
45: Michael Darrow† (66) TrueCar
46: Peter Kelly OPENLANE
47: Robert Scaringe (40) Rivian Automotive
48: Henrik Fisker (60) Fisker
49: Elon Musk (52) Tesla
Ford: William Ford (66) executive chairman
Ford: John Lawler VP & CFO
Ford: Ashwani Kumar Galhotra president, Ford Blue
Ford: John Field chief advanced technology
GM: Mark Reuss (59) president
GM: Stephen Carlisle† (61) EVP & president, North America
GM: Paul Jacobson EVP & CFO
GM: Douglas Parks EVP, global product development

Notes: Data current as of August 2023. Reflects 2022 executive data from SEC filings by publicly traded companies. The total compensation figures in this survey will not match the value reported in the summary compensation table of each companyâ€™s proxy statement, which includes the grant date value of equity awards, whereas this survey includes the realized value of options exercised and stock vested during the fiscal year. In most cases, the realized value of equity is attributable to awards granted in prior fiscal years and does not reflect grants made in 2022.

* New CEO, †Former CEO (or planning to leave), N.A. = Not available

Source: Equilar Inc., equilar.com

September 03, 2023 12:00 AM

Paige Hodder

The CEOs of Nvidia and Lucid each earned hundreds of millions of dollars more than the leaders of other publicly traded U.S.-based automotive companies in 2022, according to this year's Automotive News/Equilar CEO Compensation Survey.

Overall, however, the study found that CEO compensation declined slightly from 2021.

Nvidia, which makes computer chips, gave Jensen Huang $506.3 million worth of pay and benefits, while Peter Rawlinson got $379 million from Lucid, an electric vehicle maker that went public in 2021.

Rawlinson's compensation was 11 times more than the next highest-paid CEO, Mary Barra of General Motors.

Nvidia CEO Jensen Huang’s 2022 package of pay and benefits was $506.3 million, putting him at the top of the CEO compensation ranking.

CEO compensation by industry segment

	2022 median	2021 median	Change
Automotive services	$17,601,368	$12,448,392	41%
Supplier	$12,808,435	$12,609,803	1.6%
Mobility/technology	$12,450,548	$14,966,035	-17%
Dealership	$11,070,271	$11,608,576	-4.6%
Automaker	$9,676,607	$19,738,873	-51%

Source: Equilar Inc.

Huang's compensation, which included a salary of roughly $1 million and $442.8 million in stock option gains, fell almost 10 percent from 2021. Nvidia declined to comment.

The median CEO compensation in 2022 was $12.4 million, down 3.9 percent from the median on last year's list. That's mostly because of smaller bonuses paid in 2022, said Courtney Yu, Equilar's director of research.

Decrease in bonuses

In 2021 "a lot of companies were hitting their annual goals for their bonuses, and that led to larger payouts," Yu said. "In 2022, there was a lot more economic turmoil, fears of recession and uncertainty. So the bonuses saw a decrease in 2022, which was a big contributing factor to the decrease overall."

Barra, GM: $34.1 million

The relatively small sample size of the survey makes it susceptible to swings that could skew results, Yu added.

Each of the top four — Huang, Rawlinson, Barra and Illinois Tool Works CEO Ernest Santi — moved up one spot from the 2022 study. The previous No. 1, Tesla CEO Elon Musk, dropped to the bottom because he earned nothing last year using Equilar's methodology. After getting $23.5 billion from stock options in 2021, Musk didn't exercise stock options in 2022 and does not receive a salary.

Barra's compensation of $34.1 million was down 45 percent. Her salary was unchanged at $2.1 million, but she didn't exercise any options in 2022 after gaining $26.5 million in options the previous year.

Rawlinson, Lucid: $379 million

Ford Motor Co. CEO Jim Farley was No. 14 with total compensation of $18.3 million in 2022, 84 percent more than last year. His base salary of $1.7 million was unchanged, but stock awards more than tripled to $10.6 million.

Stellantis CEO Carlos Tavares, whose company-reported compensation was worth about $26 million, is not included in the study because the automaker is based overseas.

The study looked at the CEOs of 49 automakers, suppliers and public retailers and calculated total compensation as the sum of base salary, gains from stock option exercise, gains from the vesting of stock awards, cash bonus payouts and other forms of compensation.

Equilar's survey includes the realized value of equity awards, which is why its numbers can differ from the total compensation reported in regulatory filings.

CEO compensation among the Detroit 3 is a point of contention in their contract negotiations with the UAW. Union President Shawn Fain has used executive compensation figures to justify the UAW's demands for significantly higher pay and benefits.

Four Ford and four GM executives below the CEOs also were included in the survey. Ford Executive Chair Bill Ford was the highest-paid non-CEO listed, at $17.7 million, followed by GM President Mark Reuss, at $12.8 million. Ford CFO John Lawler received nearly $7.2 million.

‘Less change year over year'

Changes in CEO compensation across industry segments were fairly mixed, and there were few trends for any individual segment, Yu said.

"A couple of years ago, we saw large increases because we were coming out of the pandemic and things were only going upward," he added. "But now that we are in this tougher economic environment, we are seeing a lot less change year over year."

The eight publicly traded dealership groups on the list were hit hardest by annual bonus decreases in 2022. Median bonuses for CEOs at dealership companies fell 23 percent in 2022 compared with 2021, possibly as a result of supply chain issues that impacted car sales throughout the year, Yu said.

Three new companies were included in this year's analysis: automaker Fisker, supplier Flex and mobility and technology company Qualcomm.