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CNN
6 days ago
- Business
- CNN
This company's CEO made 6,666 more than its typical worker
Starbucks' coffee isn't the only thing at the company that's amped up. Its CEO, Brian Niccol, made a whopping 6,666 times more than the company's typical employee last year, according to the AFL-CIO's annual Executive Paywatch report, released Wednesday. It was the widest pay gap by far between the top executive and median worker among the nation's 500 largest public companies listed in the report. Niccol, who took over the company's helm last September, received nearly $98 million in compensation, compared to the typical Starbucks worker's pay of less than $15,000, according to the report, which drew from corporate filings with the Securities and Exchange Commission. Starbucks is but one example of the hefty pay gap between America's corporate leaders and their workers, which grew even larger in 2024. CEOs at the largest public companies took home $18.9 million last year, or 285 times as much as the typical US worker's paycheck of $49,500. That's up from a ratio of 268 to 1 a year earlier, according to the AFL-CIO, a powerful federation of labor unions representing 15 million workers. The typical employee would have had to start working in 1740 to earn what the average CEO received in 2024, the report noted. CEO pay at S&P 500 companies increased 7% in 2024 from the prior year. It topped the prior peak of $18.3 million in 2021, though the ratio was 324 to 1 that year. The typical private sector worker's raise last year was 3%, the AFL-CIO said, citing Bureau of Labor Statistics data. At Starbucks, the typical worker is a part-time barista in the US, the company said in its SEC filing. It noted that many of its employees work in part-time, flexible positions, which has the effect of lowering the compensation level of its median employee. Also, the calculation includes its global workforce of about 361,000 staffers, not just the roughly 210,000 US-based workers. Some staffers at the coffee retailer have formed a union, Starbucks Workers United, and have staged strikes at various locations in recent years. Among their demands is a wage increase. It's 'no wonder why the workers there at Starbucks are fighting to form a union with the Starbucks Workers Union to improve their pay and working conditions,' Fred Redmond, AFL-CIO's secretary-treasurer, told reporters. 'And these numbers only begin to scratch the surface of how runaway executive pay is fueling economic inequality.' Starbucks did not immediately return a request for comment. Big tax break from GOP package In its report this year, the AFL-CIO highlighted that the sweeping tax and spending cuts package that President Donald Trump signed into law on July 4 will provide CEOs with far bigger tax breaks than workers. The average CEO will receive a tax cut of nearly $490,000 from the permanent extension of the lower individual income tax rates, which were initially reduced in Trump's 2017 Tax Cuts and Jobs Act, the report found. That compares to a $765 tax break for the typical US worker. Unlike workers, salaries are not the largest component of CEOs' compensation. Nearly half of the top executives' total pay was restricted stock awards, and another $4 million were bonuses. The highest-paid CEO of an S&P 500 company was Patrick Smith of Axon Enterprise, which manufactures Tasers and other weapons for law enforcement and the military. He received a package of nearly $165 million.
CNN
6 days ago
- Business
- CNN
AFL-CIO Executive Paywatch: Starbucks CEO Brian Niccol made 6,666 more than its typical worker
Starbucks' coffee isn't the only thing at the company that's amped up. Its CEO, Brian Niccol, made a whopping 6,666 times more than the company's typical employee last year, according to the AFL-CIO's annual Executive Paywatch report, released Wednesday. It was the widest pay gap by far between the top executive and median worker among the nation's 500 largest public companies listed in the report. Niccol, who took over the company's helm last September, received nearly $98 million in compensation, compared to the typical Starbucks worker's pay of less than $15,000, according to the report, which drew from corporate filings with the Securities and Exchange Commission. Starbucks is but one example of the hefty pay gap between America's corporate leaders and their workers, which grew even larger in 2024. CEOs at the largest public companies took home $18.9 million last year, or 285 times as much as the typical US worker's paycheck of $49,500. That's up from a ratio of 268 to 1 a year earlier, according to the AFL-CIO, a powerful federation of labor unions representing 15 million workers. The typical employee would have had to start working in 1740 to earn what the average CEO received in 2024, the report noted. CEO pay at S&P 500 companies increased 7% in 2024 from the prior year. It topped the prior peak of $18.3 million in 2021, though the ratio was 324 to 1 that year. The typical private sector worker's raise last year was 3%, the AFL-CIO said, citing Bureau of Labor Statistics data. At Starbucks, the typical worker is a part-time barista in the US, the company said in its SEC filing. It noted that many of its employees work in part-time, flexible positions, which has the effect of lowering the compensation level of its median employee. Also, the calculation includes its global workforce of about 361,000 staffers, not just the roughly 210,000 US-based workers. Some staffers at the coffee retailer have formed a union, Starbucks Workers United, and have staged strikes at various locations in recent years. Among their demands is a wage increase. It's 'no wonder why the workers there at Starbucks are fighting to form a union with the Starbucks Workers Union to improve their pay and working conditions,' Fred Redmond, AFL-CIO's secretary-treasurer, told reporters. 'And these numbers only begin to scratch the surface of how runaway executive pay is fueling economic inequality.' Starbucks did not immediately return a request for comment. In its report this year, the AFL-CIO highlighted that the sweeping tax and spending cuts package that President Donald Trump signed into law on July 4 will provide CEOs with far bigger tax breaks than workers. The average CEO will receive a tax cut of nearly $490,000 from the permanent extension of the lower individual income tax rates, which were initially reduced in Trump's 2017 Tax Cuts and Jobs Act, the report found. That compares to a $765 tax break for the typical US worker. Unlike workers, salaries are not the largest component of CEOs' compensation. Nearly half of the top executives' total pay was restricted stock awards, and another $4 million were bonuses. The highest-paid CEO of an S&P 500 company was Patrick Smith of Axon Enterprise, which manufactures Tasers and other weapons for law enforcement and the military. He received a package of nearly $165 million.
CNN
6 days ago
- Business
- CNN
AFL-CIO Executive Paywatch: Starbucks CEO Brian Niccol made 6,666 more than its typical worker
Starbucks' coffee isn't the only thing at the company that's amped up. Its CEO, Brian Niccol, made a whopping 6,666 times more than the company's typical employee last year, according to the AFL-CIO's annual Executive Paywatch report, released Wednesday. It was the widest pay gap by far between the top executive and median worker among the nation's 500 largest public companies listed in the report. Niccol, who took over the company's helm last September, received nearly $98 million in compensation, compared to the typical Starbucks worker's pay of less than $15,000, according to the report, which drew from corporate filings with the Securities and Exchange Commission. Starbucks is but one example of the hefty pay gap between America's corporate leaders and their workers, which grew even larger in 2024. CEOs at the largest public companies took home $18.9 million last year, or 285 times as much as the typical US worker's paycheck of $49,500. That's up from a ratio of 268 to 1 a year earlier, according to the AFL-CIO, a powerful federation of labor unions representing 15 million workers. The typical employee would have had to start working in 1740 to earn what the average CEO received in 2024, the report noted. CEO pay at S&P 500 companies increased 7% in 2024 from the prior year. It topped the prior peak of $18.3 million in 2021, though the ratio was 324 to 1 that year. The typical private sector worker's raise last year was 3%, the AFL-CIO said, citing Bureau of Labor Statistics data. At Starbucks, the typical worker is a part-time barista in the US, the company said in its SEC filing. It noted that many of its employees work in part-time, flexible positions, which has the effect of lowering the compensation level of its median employee. Also, the calculation includes its global workforce of about 361,000 staffers, not just the roughly 210,000 US-based workers. Some staffers at the coffee retailer have formed a union, Starbucks Workers United, and have staged strikes at various locations in recent years. Among their demands is a wage increase. It's 'no wonder why the workers there at Starbucks are fighting to form a union with the Starbucks Workers Union to improve their pay and working conditions,' Fred Redmond, AFL-CIO's secretary-treasurer, told reporters. 'And these numbers only begin to scratch the surface of how runaway executive pay is fueling economic inequality.' Starbucks did not immediately return a request for comment. In its report this year, the AFL-CIO highlighted that the sweeping tax and spending cuts package that President Donald Trump signed into law on July 4 will provide CEOs with far bigger tax breaks than workers. The average CEO will receive a tax cut of nearly $490,000 from the permanent extension of the lower individual income tax rates, which were initially reduced in Trump's 2017 Tax Cuts and Jobs Act, the report found. That compares to a $765 tax break for the typical US worker. Unlike workers, salaries are not the largest component of CEOs' compensation. Nearly half of the top executives' total pay was restricted stock awards, and another $4 million were bonuses. The highest-paid CEO of an S&P 500 company was Patrick Smith of Axon Enterprise, which manufactures Tasers and other weapons for law enforcement and the military. He received a package of nearly $165 million.
CNN
6 days ago
- Business
- CNN
AFL-CIO Executive Paywatch: Starbucks CEO Brian Niccol made 6,666 more than its typical worker
Labor unions Taxes Pay & incomeFacebookTweetLink Follow Starbucks' coffee isn't the only thing at the company that's amped up. Its CEO, Brian Niccol, made a whopping 6,666 times more than the its typical employee last year, according to the AFL-CIO's annual Executive Paywatch report, released Wednesday. It was the widest pay gap by far between the top executive and median worker among the nation's 500 largest public companies listed in the report. Niccol, who took over the company's helm last September, received nearly $98 million in compensation, compared to the typical Starbucks worker's pay of less than $15,000, according to the report, which drew from corporate filings with the Securities and Exchange Commission. Starbucks is but one example of the hefty pay gap between America's corporate leaders and their workers, which grew even larger in 2024. CEOs at the largest public companies took home $18.9 million last year, or 285 times as much as the typical US worker's paycheck of $49,500. That's up from a ratio of 268 to 1 a year earlier, according to the AFL-CIO, a powerful federation of labor unions representing 15 million workers. The typical employee would have had to start working in 1740 to earn what the average CEO received in 2024, the report noted. CEO pay at S&P 500 companies increased 7% in 2024 from the prior year. It topped the prior peak of $18.3 million in 2021, though the ratio was 324 to 1 that year. The typical private sector worker's raise last year was 3%, the AFL-CIO said, citing Bureau of Labor Statistics data. At Starbucks, the typical worker is a part-time barista in the US, the company said in its SEC filing. It noted that many of its employees work in part-time, flexible positions, which has the effect of lowering the compensation level of its median employee. Also, the calculation includes its global workforce of about 361,000 staffers, not just the roughly 210,000 US-based workers. Some staffers at the coffee retailer have formed a union, Starbucks Workers United, and have staged strikes at various locations in recent years. Among their demands is a wage increase. It's 'no wonder why the workers there at Starbucks are fighting to form a union with the Starbucks Workers Union to improve their pay and working conditions,' Fred Redmond, AFL-CIO's secretary-treasurer, told reporters. 'And these numbers only begin to scratch the surface of how runaway executive pay is fueling economic inequality.' Starbucks did not immediately return a request for comment. In its report this year, the AFL-CIO highlighted that the sweeping tax and spending cuts package that President Donald Trump signed into law on July 4 will provide CEOs with far bigger tax breaks than workers. The average CEO will receive a tax cut of nearly $490,000 from the permanent extension of the lower individual income tax rates, which were initially reduced in Trump's 2017 Tax Cuts and Jobs Act, the report found. That compares to a $765 tax break for the typical US worker. Unlike workers, salaries are not the largest component of CEOs' compensation. Nearly half of the top executives' total pay was restricted stock awards, and another $4 million were bonuses. The highest-paid CEO of an S&P 500 company was Patrick Smith of Axon Enterprise, which manufactures Tasers and other weapons for law enforcement and the military. He received a package of nearly $165 million.
CNN
6 days ago
- Business
- CNN
A windfall for ICE, what smartphones do to kids, widening pay gap: Catch up on the day's stories
5 Things Pay & incomeFacebookTweetLink Follow 👋 Welcome to 5 Things PM! The pay gap between America's corporate leaders and their workers grew even larger in 2024. A new report found that CEOs at the nation's 500 largest public companies took home 285 times as much as the typical US worker's paycheck of $49,500. Here's what else you might have missed during your busy day. When we look back at President Donald Trump's big agenda law in a few years, its historic expansion of Immigration and Customs Enforcement could be what we remember most. The agency received a huge amount of money — and it's also extremely unpopular. The Department of Education has paused forgiveness for income-driven repayment plans, and it comes at a time of major change for the system. Interest will start accruing on August 1 for millions of other borrowers. Here's what you need to know. Children younger than 13 should not have smartphones, new research concluded. Their phone use was associated with suicidal thoughts, worse emotional regulation, lower self-worth and detachment from reality — especially among girls. Archaeologists have discovered the remains of a medieval knight buried under a shuttered ice cream parlor in Poland. The ornate tombstone and bones of an adult male were remarkably well-preserved and date back to the 13th or 14th century. Italian fashion designer Gianni Versace paid supermodels up to $30,000 each to appear in his shows. A new retrospective celebrates his work 'in-between the old and the new.' GET '5 THINGS' IN YOUR INBOX If your day doesn't start until you're up to speed on the latest headlines, then let us introduce you to your new favorite morning fix. Sign up here for the '5 Things' newsletter. 🍻 Serving up community: Welcome to Howdy's, a bar along the Guadalupe River in Kerrville. Owner Bob Canales calls it 'one of the last Texas honky tonks' and said he reopened quickly after the tragic flooding so people would have a place to get together. Bryan Kohberger sentenced to life without parole for Idaho student murders Exclusive: Newly discovered photos and video shed fresh light on Trump's ties to Jeffrey Epstein Trump's AI plan: Pull back restraints on tech 🪲 That's how many hand-bound books restoration workers are removing from the shelves of a medieval abbey in Hungary to save them from a beetle infestation. 📸 Forgotten photos: For decades, photography studios in Lagos, Nigeria, documented special occasions, celebrations and people's everyday lives. Karl Ohiri and Riikka Kassinen spent years hunting down photographers, cataloging their archives and creating exhibitions of the work. 'It's hard to describe how difficult it is to play a first match after so much time off.' Venus Williams 🎾 Going strong at 45: She defeated fellow American Peyton Stearns in straight sets at the DC Open and became the oldest player to win a singles match on the WTA Tour in more than 20 years. 🎵 Stevie Nicks and Lindsey Buckingham are re-releasing their rare debut record 'Buckingham Nicks.' Which popular band did they later join?A. ABBAB. Fleetwood MacC. Jefferson AirplaneD. The Pretenders⬇️ Scroll down for the answer. ❤️ Love at first flight: A Southern belle and a London boy met while flying across the Atlantic Ocean in 1982. Then came a whirlwind wedding. Watch and discover what has kept their relationship special ever since. 👋 We'll see you tomorrow.🧠 Quiz answer: B. Nicks and Buckingham put out their first and only studio album as a duo in 1973 before joining Fleetwood Mac.📧 Check out all of CNN's newsletters. Today's edition of 5 Things PM was edited and produced by CNN's Kimberly Richardson, Sarah Hutter and Chris Good.
