Effects of Excessive CEO Pay on U.S. Society

The Ruth & Ted Braun Awards for Writing Excellence
at Saginaw Valley State University



Effects of Excessive CEO Pay on U.S. Society
Russell S. Whelton
COLLEGE OF BUSINESS & MANAGMENT
Nominated by Dr. Deborah R. Bishop
Professor of Management

















While working full-time, Russell Whelton, from Saginaw, has earned two associate
degrees from Delta College, one in Engineering and one in Science, and a bachelor’s
degree in Engineering Technology Management from SVSU (summa cum laude). His next
goal in life is to research and develop technology to reduce pollution and conserve natural
resources. In his spare time he is an avid hunter and outdoorsman. He also enjoys
motorcycle touring and has been in 41 states on his motorcycle.


















Abstract
Journal, as well as other media sources, criticize CEO

wage escalation and call for corporate reform.

There is a growing trend in the United States to

The Corporate Library, a think tank in Maine,
recruit and retain corporate CEOs by offering
defines excessive pay as compensation that is 20%
extravagant pay packages. Excessive pay, defined as
above the mean wage for similar job functions (Brush,
compensation that is 20% or greater than the national
2005). While it is easy for employees to criticize the
average CEO salary, has changed the relationship
large pay gap between their wage and that of the CEO,
between CEOs and stakeholders. While the free market
history is full of unequal wealth distribution, from kings
society can present valid reasons for the escalation in
to the Pope. If the compensation is legal and approved,
wages, the overwhelming majority of data concludes that
why are so many people upset?
the impact on society is detrimental. Contemporary

Capitalism, the foundation of American society,
American author David Callahan has coined the phrase
rewards individual achievement. The American dream,
“cheating culture” to describe the current decay of
the potential for financial success that inspires
ethical behavior in the U.S. and how it contributes to
immigration to the U.S., is envied worldwide. The
CEO corruption and unethical behavior by stakeholders.
Christian religion also encourages tolerance and
This paper will provide supporting evidence to validate
acceptance of unequal wealth distribution. The parable
the negative impact excessive CEO wage gaps have on
of the workers in the vineyard teaches that an individual
society.
should not be concerned with the wages of other workers

if it does not impact the wage the individual accepted
Introduction
(The NIV Study Bible, Matt. 20:1-16).

Thus Callahan and current media articles seem

to be in conflict with traditional American and Christian

In his book The Cheating Culture, David
views. Callahan gives the impression that wage inequity
Callahan (2004) exposes the recent exponential growth
forces the automatic response for subordinates to
of CEO salary and bonus plans in the United States.
renounce personal ethics to “get even” by any means
Callahan makes the claim that CEO wage greed
possible. Legal executive compensation is criticized and
contributes to the growth of the cheating culture in
blamed as the cause of recent corporate scandals. This
America. Daily news articles found in The Wall Street
leads to the following research question:
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What effect does the current trend in large CEO
CEO wages are compared to average hourly worker
compensation packages have on society?
wages (Reh 2005).

To answer this question, all stakeholders, from
coworkers to the general population, will be reviewed to
Figure 2
present evidence that supports or refutes a link to
Gap Between Average CEO
increased cheating and compromised ethical behavior in
Compensation and Average
society, resulting from the increasing wage gap between
Hourly Worker Wage
CEOs and the public. Pros and cons to this topic will be
evaluated to determine the net impact on society.
600
531

Trends in CEO Pay
multipli- 400
cation

200
factor

Callahan (2004) describes the widening gap in
11
42
85
CEO pay compared to subordinates’ wages along a time
0 1970 1980 1990 2000
line starting in the 1940s and extending to the early
2000s. From the 1940s through 1970, the wage gap was
Year
constant at approximately a 30-to-one ratio. Although
the numbers Callahan uses are very dramatic and get the
Source: Reh, 2005
reader’s attention, his information is based on the

highest paid CEO in the year discussed, not the average

Figure 2 shows that in 1970, the average CEO
CEO compensation, which may not present a realistic
compensation was 11 times the average hourly worker
view. Figure 1, “Top CEO Wage by Year,” reflects
wages. In 1980 the gap was 42 times, and in 1990 CEO
Callahan’s research (2004, pp. 45-46).
compensation was 85 times greater than average hourly

wages. CEO compensation in 2000 demonstrates a pay
gap of over 531 times the average hourly worker wage.
Figure 1
The two graphs show similar direction and magnitude,
Top CEO Wage by Year
confirming the exponential growth trend.

This trend originated in the US and is not a
600
575
result of global influence, as the 2004 statistics for
500
foreign CEOs show a five to ten times wage advantage
compared to average workers, far lower than for U.S.
400
corporations (O’Toole, 2005).
$ (million) 300

This increase in pay for CEOs has not been in
200
proportion to company profits. Bebucuk and Ginstein
found that “pay for the top five company executives rose
100
40
from 4.8 percent of aggregate net company income
0.8
3
0
during 1993-1995 to 10.3 percent of aggregate net
1968
1978
1988
1998
income during 2001-2003” (as cited in Sklar, 2005).
Year
This means that executives are now taking a larger
percentage of the overall corporate income.
Source: Calahan, 2004

Examples of CEOs making huge profits during

years of massive corporate loss are recorded weekly in
The media also report dramatic numbers. For example,
The Wall Street Journal. For example, in 2004 Merck
in the article “CEO Pay Still on Steroids,” author Holly
had to pull Vioxx off the market due to concern linking
Sklar calculated that the highest paid CEO in 2004 made
Vioxx to increased risk of heart attack or stroke. This
over $230.6 million. Put in perspective, that’s over $4.6
quickly led Merck stock to decrease by 28 percent. That
million per week (Sklar, 2005)!
same year the CEO of Merck, Ray Gilmartin, received

To find out if Calahan’s information presents an
not only his base salary but performance-based bonuses
accurate view on pay gaps, Figure 2, “Gap Between
worth over $37.8 million (Sklar, 2005).
Average CEO Compensation and Average Hourly

According to Derek Bok, “there are only two
Worker Wage” depicts information from F. John Reh, in
decades since World War I when executive
his article “CEOs are Overpaid.” In this graph, average
compensation went up much more rapidly than blue-
collar wages. That was the 1920s and 1980s” (as cited in
Vogl, 1994). Bok felt this was due to a culture where
16

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money was celebrated and business leaders were
Boeing stock went up $4 per share. Boeing, on that one
considered role models. Both decades of excess were
day, generated a paper profit of over $3 billion. This
followed by economic downturns and public dissent,
easily offset the six-year $62 million salary McNerney
which led to legislative activity regulating corporate
accepted (Murray, 2005). In this example, the board of
accounting.
directors received positive feedback from the public

Michael Brush puts excessive CEO pay in
market that confirmed its decision to pay a high wage.
perspective with his article “Extravagant CEO Pay Is
• The second reason a board of directors may use to
Back.” In this article Brush highlights George David, the
justify large CEO salaries is that it can be used to
CEO of United Technologies, one of the highest paid
indicate how well the company is performing. Hiring a
executives in 2004. David collected $88.7 million in
CEO is newsworthy and gives the company an
2004. Brush articulates the magnitude of George David’s
opportunity to advertise its new goals and business
salary in the following passage:
strategy. High wages give the company the perception of
What kind of fire power can you buy with $88.7
profitability and may contribute to new investor interest.
million these days in the market for CEOs? Here
• The negative side of boards of directors and CEO
is one way to think about it. David pocketed just
salary negotiation is the way many corporations
a little less than the $89.1 million that we pay all
structure the board. In many cases the board is composed
the top executives running the three branches of
of past CEOs and other people with direct ties to the
our federal government. In other words, for
CEO. The article “Six Degrees of Separation” declares
around the same amount United Technologies
that “CEOs who had any ‘back door’ link to someone on
shareholders paid for their CEO last year,
the company’s compensation committee received on
taxpayers got: one president, a vice president,
average $453,688 more than CEOs who had no such
535 lawmakers on Capitol Hill, and nine
links. The average compensation for CEOs at firms
Supreme Court justices. David’s pay includes a
where inside and outside directors were linked in any
base salary of $1.2 million, an annual bonus of
way was greater by $612,422” (Six, 2005). A common
$3.5 million and gains of $83.6 million from
trend where individuals may sit on several boards is
cashing options. Was David worth the pay he
called “overboarding” (Lawrence, Webber & Post, 2005,
received? While David led United Technologies
pp. 295). Overboarding has the potential for creating
to produce stock gains three times the returns of
conflict-of-interest situations as board members from
the S&P 500 for the same time period, his
one company may be CEOs of another company. CEOs
compensation was nineteen times the median
also have great influence on the compensation of the
CEO pay package (Brush, 2005).
board of directors. CEOs can recommend board
Brush puts CEO compensation in a practical, real world,
members and often influence the current board members
perspective.
by using corporate networking strategies.

The trends in CEO wage escalation having been

discussed, all the relevant stakeholders will be analyzed
How Excessive CEO Pay Affects Business
to determine if stakeholders suffer negative

consequences and whether this influences their ethical
behavior.
Effect on Other CEOs


Extravagant pay packages created by a board of
Boards of Directors
directors have contributed to the “free agent” mentality
currently seen in corporate culture. Callahan sums this

up by stating “The new freedom of top executives to

How can CEOs get away with such a large
funnel more profits into their own pockets gave CEOs an
salary, plus stock options, perks, and bonus packages?
immense incentive to worship the leanest and meanest
The answer is that boards of directors set base pay,
version of the bottom line, since every new ‘efficiency’
bonus packages, use of corporate resources and
translated directly into personal gain” (Callahan, 2004,
severance pay. What reasons do boards give for large
pp. 45-46).
CEO incentives?

The article “The Serial CEO,” by Joann Lubin,
• The Great Person Theory of Shareholder Value
describes the emergent trend in hiring CEOs away from
proposes that large compensation packages are used to
other companies. While 70% of all CEOs are currently
attract the best person to run the company. The market
hired from within the company, this number is dropping
and availability of qualified experienced candidates set
fast (Vogl, 1994). This also correlates with a reduction
the rate. This theory does have merit. When Boeing
of tenure for CEOs. “Among the 300 largest U.S.
appointed James McNerney to run the company in 2005,
companies, 19 percent of the CEOs have worked at the
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company for less than five years, up from 5 percent in

Stock options create an environment in which
1980” (Lubin, 2005).
unethical behavior can germinate. CEOs can use people,

It is understandable that a board of directors
company activities, and deception as a means to an end
would like to hire the best possible CEO; however, many
in obtaining higher short term stock market value. There
experts believe that enticing individuals with enormous
is a big incentive for CEOs to “cook the books” to report
pay packages is detrimental to the integrity of corporate
false business levels and hide low corporate growth.
America. Closed door negotiations to persuade a CEO
Stock options often reward short term decision making,
that he/she is underpaid and would have a better future at
which can be detrimental to a company’s long term
a different company distract the CEO from his/her duty
success (A Decade of Executive Excess, 1999).
to focus on company business. Unethical behavior to

By exercising stock options, CEOs may also be
attract desirable people and the impact of a key person
able to purchase a significant percentage of controlling
suddenly resigning are also detrimental to a corporation.
stock. This would shift the ownership stake of the
Companies with revolving door CEOs may never reach
company to a partial owner/employee relationship. It is
efficient organizational behavior, as each CEO brings in
very easy to see the potential for conflicts of interest and
a new vision and management style (Six, 2005).
board manipulation when the CEO is a majority stock

The free agent mentality creates competition
owner.
between CEOs and a lack of long-term commitment and

Possibly the most detrimental effect of large
vision. The free market society rewards the most
CEO incentive packages is the emphasis on short-term
deserving and in-demand CEOs; however, there has
profits without regard to long-term strategy. Incentive
been little proof that the high wages are justified and
plans reward short-term goals, reduce the focus on
create more shareholder value. In the article “Vexing
long-term goals, and diminish investment in future
Questions,” J. Vogl states that “all of the studies that
products. CEO compensation also reduces the money
I’ve read suggest that the correlation between executive
available for corporate research and development,
pay and performance is very weak” (Vogl, 1994).
employee training, and market research (A Decade of

Executive Excess, 1999). As already illustrated, many
Effect on the Company
CEOs have taken significant payouts that are a large

The majority of compensation for CEOs comes
percentage of company revenue, and some have reaped
from stock options, which allow the CEO to purchase
enormous personal benefit even when the company has
shares in company stock at a set price that can be
suffered a loss.
significantly lower than market value. The ability to buy

From the company’s perspective, CEOs fill a
stock at a lower price and sell when stock prices are
critical and needed role in an organization and can have
higher may motivate the CEO to find ways to exaggerate
an enormous positive effect on a company. It is the CEO
the value of company shares. This temptation to “take
who sets the direction and vision of a corporation. The
the money and run” can motivate CEOs to direct
skills and responsibilities required to run a company are
subordinates to report false profit statements and
specialized, require total dedication to the company, and
undertake unethical accounting methods, creating a false
are found in only a small percentage of the population.
impression of corporate profitability (Levin, 2005).
The majority of CEOs are worth the wages they receive

Before legislation to report stock options as an
and can justify wages many times the base salary of
expense went into effect in 2004, U.S. accounting rules
subordinates (Coleman, 2005). However, the current
allowed stock option compensation to be kept off a
trend in excessive compensation is out of proportion to
company’s books as an expense, even when taken as a
the value of the CEO (A Decade of Executive Excess,
business expense deduction on the company’s tax return
1999).
(Levin, 2005). Enron, in 2000, paid executives $750

million in a year when Enron’s net income was $975
Effect on Subordinate Workers
million (Levin, 2005). These payments did not reduce

Research has concluded that high CEO pay
the profits reported in Enron’s financial statement,
contributes to higher subordinate turnover, lower job
creating a false impression of profitability. Since the
satisfaction, and lower quality products. A 1992 study
Financial Accounting Standards Board released
conducted by David Levine, a business professor at the
Statement 123 in 2004, requiring accounting for share-
University of California at Berkeley, found that bigger
based payment, the use of stock options has declined,
pay gaps between CEOs and workers had a measurable
but it is still a significant source of income for the CEO
adverse effect on product quality (as cited in Boisseau,
(AFL-CIO, 2004).
1996). In the article “Workers Foot Bill for Boost in
Bosses Pay,” Margaret Blair, senior fellow in corporate
governance for the Bookings Institution, states, “There is
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a growing sense—and it’s not totally unwarranted—that
however. The overwhelming evidence supports the
since the mid-1980s, the gains to shareholders have
negative effects on employee morale and turnover.
come at the expense primarily to employees” (as cited in

The idea that a single person in the company can
Boisseau, 1996).
be worth 531 times the average worker salary must be

There have been many instances of CEOs
demoralizing to workers. When a company grows and is
making huge fortunes during cost cutting, outsourcing,
profitable, not all the praise and reward should be
layoff and wage reduction initiatives. This can only lead
focused on the CEO. While the CEO sets the course for
to resentment and poor worker morale. Take Albertsons’
the company, the subordinate workers are ultimately
CEO Lawrence Johnston, an example of a CEO profiting
responsible for the profitability of the company. Without
during unprofitable times. Johnston became CEO of the
an educated and motivated workforce, the company will
Boise-based retail grocery chain in 2001. Within three
struggle, regardless of CEO management. High CEO
years his salary and bonus package had risen 68 percent.
wages can only contribute towards the feeling that the
In that same time period the company closed 95 stores,
CEO is a superhuman, someone above the norms of
laid off 1,300 workers, and had a fall in stock prices of
society and not in communion with fellow workers.
over 5.4 percent. To make matters worse, the average

salary of a grocery worker for Albertsons’ is $18,000 per
How Excessive CEO Pay Affects Society
year, which means that a grocery worker would need to

work 911 years to make the same yearly salary as
Impact on the Community and Nation
Johnston (Ouchi & Timmerman, 2005).

Alan Greenspan, past Chairman of the Board of

Authors Lynne Andersson and Thomas Bateman
Governors of the Federal Reserve from 1987 to 2006,
conducted research to find root causes for cynicism in
has expressed concern over excessive payouts to CEOs
the workplace. Their paper, “Cynicism in the workplace:
contributing to inflation and reducing the corporate
Some causes and effects,” published in the Journal of
focus on long term profitability (Winnick, 2002). This
Organizational Behavior in 1997, presents the following
delivers a one – two punch for the economy. First,
hypotheses:
corporations shift the wealth to individuals who have the
• High levels of executive compensation will lead to
means to hide or protect the income from taxation. This
significantly higher levels of cynicism than modest
also reduces compensation to the vast majority of
levels of executive compensation
employees, further reducing tax revenues.
• Poor organizational performance will lead to

The past practices of deducting CEO pay as a
significantly higher levels of cynicism than strong
company expense drastically reduced tax revenue at the
organizational performance
state and federal level. While new legislation makes this
• Higher levels of executive compensation will have a
practice illegal, only time will tell if tax revenue and
greater impact on cynicism when organizational
accurate cost accounting will turn around the trend of
performance is poor than when organizational
corporations paying less in taxes every year. A study
performance is strong
conducted by the nonprofit organization United for a
• High levels of executive compensation will have a
Fair Economy found CEO pay and perk deductions to be
greater impact on cynicism when harsh and immediate
“one of several factors in the dramatic drop in the share
layoffs are announced than when a less severe and more
of federal taxes paid by corporations. In 1960,
gradual workforce reduction strategy is announced.
corporations paid 23.2 percent of federal taxes; in 1998

On the other hand, positive effects of CEO
they paid only 11.4 percent” (A Decade, 1999).
salaries on coworkers could also be deduced (Coleman,

Society as a whole is also adversely affected.
2005):
Sky-high CEO pay creates new role models for the next
• Motivating subordinates to set goals to obtain
generation. As the media glorify excessive wealth, a
upward mobility toward high-paying CEO positions
shift in values and norms is taking place. Individuals
• Attracting the best candidates to the company, due to
define basic needs and success based on inflated and
the high wage of the CEO
distorted lifestyles. Authors such as Derek Bok, Chuck
• Using the high salary of the CEO as a reason to
Collins and Ralph Estes have all elaborated on the
justify higher employee compensation. This has the
negative effect excessive pay has on society (Callahan,
potential to raise the wages of all subordinates in a
2004).
company.


The positive effects discussed do not appear
Impact on Multinational Companies
sufficient to justify or legitimize excessive pay gaps,

As stated previously, U.S. CEOs make on
average 531 times the average employee wage, while the
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ratio is 13–to-1 in Germany and 11–to-1 in Japan
as well as holding the CEO responsible for accurate
(O’Toole, 2005). Not only does this cause U.S.
financial statements (Lawrence, Webber & Post, 2005)
corporations to be at a competitive disadvantage with
• Statement 123 Share-Based Payment created by the
foreign companies, but mergers and takeovers involving
Financial Accounting Standards Board, which requires
U.S. and international firms become more complicated.
financial statements to account for share-based payments
In cultures that are more collectivistic compared to the
to all employees (Securities and Exchange Commission,
individualistic U.S., high CEO wages are not common
2005).
and many cultures consider excessive wage gaps

unethical.
Conclusion

However, the effect of U.S. CEO wage

escalation has started a trend in raising the compensation
Research supports the assertion that excessive CEO
packages in foreign corporations. Stock options are
compensation has a negative influence on society. David
becoming more popular in other countries and mergers
Callahan is not alone in declaring this era as a time
between U.S. and foreign companies have often elevated
where the cheating culture is growing like never before.
foreign CEO salaries. Foreign companies are also
Research suggests excessive CEO compensation
starting to witness the migration of top CEOs from
contributes to the cheating culture in every aspect of
existing native homeland corporations to U.S.-based
society. Each stakeholder--from coworker to the
companies. In a very real way, U.S. CEO pay is having
international community--may be negatively influenced
an impact on world economics (A Decade, 1999).
by the U.S. system of CEO pay packages. The mentality

that earning potential has no limit in a capitalistic society
Impact on the Future Work Culture
fosters a cheating culture. CEOs have enormous

The past decade of CEO compensation
responsibility and should be compensated accordingly;
escalation has raised the bar on future CEO expectations.
however, 531-to-one wage ratios are not justified. This
Prospective new hires expect higher starting salaries and
ratio continues to create an environment where ethics are
quick upward mobility, a direct result of media focus
easily compromised.
using dramatic, front page articles on total compensation

There has been a recent uprising in concern and
estimates for top business executives.
anger by the public regarding excessive CEO pay
An Australian study conducted in 2000 by Diane
packages. With the recent legislative enactment of the
Swanson, a professor of business ethics at Kansas State
Sarbanes-Oxley Act and increased Securities and
University, found a correlation between ethics and
Exchange Commission activity, it is apparent that the
expected wage levels of newly hired workers. “Those
U.S. government is taking action to curb this trend. It is
who expressed a preference for being paid far beyond
possible that the thirty-year period from the 1980’s
what other employees earn were also the ones least
through 2010 will be considered the golden age of CEO
concerned with matters of corporate ethics.” She
wages. It is certain that future boards of directors will
recommends that executive applicants be screened based
have new guidelines and a focus on corporate
on pay expectations, to weed out employees with low
responsibility for all stakeholders.
moral inclinations (as cited in MacDonald, 2005).

The impact of today’s excessive CEO
Callahan argues that the trend in unethical
compensation on the emerging class of CEOs remains to
behavior and cheating will increase unless business and
be seen. The trend of abuse and corruption could
governmental programs are instituted to reduce
continue, or a movement toward higher moral and
inequality and narrow the income gap. There are already
ethical standards could take place. It is hoped that ethics
signs of a cultural shift away from materialism toward
will prevail.
social advancement that may reduce many of the

avenues CEOs have used in the past for wealth
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