Updated April 2026 · SEC DEF 14A data

Best Pay-for-Performance CEOs, 2024

The 200 CEOs whose compensation best aligns with shareholder outcomes, ranked by a four-factor score consistent with the proxy-advisor frameworks used by ISS and Glass Lewis. The top 10 in this list combine an average composite score of 98/100 with average compensation of $11.3M — strong relative TSR, revenue growth outpacing compensation, and high say-on-pay shareholder support.

What Pay-for-Performance Alignment Looks Like

A high pay-for-performance score does not require modest pay. It requires alignment: shareholder return that justifies the compensation, revenue growth that runs alongside or ahead of compensation growth, a say-on-pay vote that endorses the package, and a CEO-to-worker ratio not wildly out of line with industry peers. The CEOs at the top of this list satisfy all four signals simultaneously, which is rarer than one might expect even in years of strong overall market performance.

The four-factor framework draws directly from how the largest proxy advisors evaluate pay packages. Institutional Shareholder Services (ISS) publishes detailed pay-for-performance methodology each proxy season, and Glass Lewis publishes the parallel "Pay-for-Performance Model" that drives its voting recommendations. The framework on this site implements the same logic with public weights documented at methodology so any reader can reproduce the score from the underlying SEC filings.

All inputs come from primary public sources. Compensation data is pulled from the Summary Compensation Table of each company's most recent DEF 14A on the SEC's EDGAR system. Pay-ratio disclosure follows SEC Regulation S-K Item 402(u). Say-on-pay vote totals come from the 8-K filed within four business days of each annual shareholder meeting. Total shareholder return is computed from CRSP-equivalent split-adjusted price data with dividends reinvested.

Top 200 Best Pay-for-Performance CEOs

#	CEO	Company	Industry	Total Comp	Score	Grade
1	Vincent Roche	Analog DevicesADI	Semiconductors	$12.0M	100/100	A
2	Sanjay Mehrotra	Micron TechnologyMU	Semiconductors	$12.0M	100/100	A
3	Reshma Kewalramani	Vertex PharmaceuticalsVRTX	Biotechnology	$12.0M	100/100	A
4	Tim Archer	Lam ResearchLRCX	Semiconductor Equipment	$12.0M	98/100	A
5	Alex Karp	Palantir TechnologiesPLTR	Software	$12.0M	98/100	A
6	Nikesh Arora	Palo Alto NetworksPANW	Cybersecurity	$12.0M	97/100	A
7	Adam Norwitt	AmphenolAPH	Electronic Components	$8.0M	96/100	A
8	Hock Tan	BroadcomAVGO	Semiconductors	$15.0M	96/100	A
9	Fred Tomczyk	CBOE Global MarketsCBOE	Exchanges	$8.0M	96/100	A
10	Stephane Bancel	ModernaMRNA	Biotechnology	$9.7M	96/100	A
11	Ganesh Moorthy	Microchip TechnologyMCHP	Semiconductors	$8.0M	95/100	A
12	David Ricks	Eli LillyLLY	Pharmaceuticals	$15.0M	94/100	A
13	Jensen Huang	NVIDIANVDA	Semiconductors	$19.2M	94/100	A
14	Carl Eschenbach	WorkdayWDAY	Software	$25.0M	94/100	A
15	Mark Zuckerberg	Meta PlatformsMETA	Social Media	$40.0M	93/100	A
16	Billy Hult	Tradeweb MarketsTW	Exchanges	$8.0M	91/100	A
17	David Cordani	Cigna GroupCI	Health Insurance	$8.0M	89/100	A
18	Bill McDermott	ServiceNowNOW	Software	$15.6M	89/100	A
19	Lisa Su	AMDAMD	Semiconductors	$13.1M	87/100	A
20	Cliff Pemble	GarminGRMN	Consumer Electronics	$8.0M	86/100	A
21	Eric Green	West PharmaceuticalWST	Pharmaceutical Packaging	$8.0M	86/100	A
22	Jeff Liaw	CopartCPRT	Auto Auctions	$8.0M	85/100	A
23	Tricia Griffith	Progressive CorpPGR	Insurance	$12.0M	85/100	A
24	Joe Margolis	Extra Space StorageEXR	Self-Storage REITs	$8.0M	84/100	A
25	Marc Benioff	SalesforceCRM	Software	$28.1M	84/100	A
26	Dara Khosrowshahi	Uber TechnologiesUBER	Ride-Hailing	$14.6M	84/100	A
27	Tom Hill	Vulcan MaterialsVMC	Construction Materials	$8.0M	84/100	A
28	Powell Brown	Brown & BrownBRO	Insurance Brokers	$8.0M	83/100	A
29	Lynn Good	Duke EnergyDUK	Electric Utilities	$8.0M	83/100	A
30	Ted Sarandos	NetflixNFLX	Streaming	$12.0M	83/100	A
31	Leonard Schleifer	RegeneronREGN	Biotechnology	$12.0M	83/100	A
32	Gary Guthart	Intuitive SurgicalISRG	Medical Devices	$12.0M	82/100	A
33	Ted Pick	Morgan StanleyMS	Investment Banking	$15.4M	82/100	A
34	Lynn Moore	Tyler TechnologiesTYL	Government Software	$8.0M	82/100	A
35	Michael Miebach	MastercardMA	Payment Processing	$12.0M	81/100	A
36	Eric Yuan	Zoom VideoZM	Software	$15.2M	81/100	A
37	Jane Fraser	CitigroupC	Banks	$13.3M	80/100	A
38	Ken Xie	FortinetFTNT	Cybersecurity	$8.0M	80/100	A
39	Mike Sievert	T-Mobile USTMUS	Telecommunications	$12.0M	79/100	B
40	Sundar Pichai	AlphabetGOOGL	Internet Services	$40.0M	78/100	B
41	Jacob Thaysen	IlluminaILMN	Genomics	$8.0M	78/100	B
42	Jenny Parmentier	Parker-HannifinPH	Industrial Equipment	$8.0M	78/100	B
43	Mick Farrell	ResMedRMD	Medical Devices	$8.0M	78/100	B
44	Julie Sweet	AccentureACN	IT Consulting	$12.0M	77/100	B
45	Todd Schneider	CintasCTAS	Business Services	$8.0M	77/100	B
46	Raj Subramaniam	FedExFDX	Logistics	$8.0M	77/100	B
47	Will Lansing	FICOFICO	Data Analytics	$8.0M	77/100	B
48	Sarah London	CenteneCNC	Managed Care	$8.0M	76/100	B
49	Terry Duffy	CME GroupCME	Exchanges	$8.0M	76/100	B
50	David Solomon	Goldman SachsGS	Investment Banking	$27.6M	76/100	B
51	Rick Wallace	KLA CorporationKLAC	Semiconductor Equipment	$12.0M	76/100	B
52	Kelly Ortberg	BoeingBA	Aerospace & Defense	$12.0M	75/100	B
53	Phebe Novakovic	General DynamicsGD	Aerospace & Defense	$8.0M	75/100	B
54	Hilton Schlosberg	Monster BeverageMNST	Beverages	$8.0M	75/100	B
55	Lee Shavel	Verisk AnalyticsVRSK	Data Analytics	$8.0M	75/100	B
56	Mary Barra	General MotorsGM	Automobiles	$8.0M	74/100	B
57	Pat Gelsinger	IntelINTC	Semiconductors	$19.5M	74/100	B
58	Pierce Norton	ONEOKOKE	Gas Pipelines	$8.0M	74/100	B
59	Blake Moret	Rockwell AutomationROK	Industrial Automation	$8.0M	74/100	B
60	Marc Casper	Thermo Fisher ScientificTMO	Life Sciences	$12.0M	74/100	B
61	Scott Lauber	WEC Energy GroupWEC	Electric Utilities	$8.0M	74/100	B
62	Alex Chriss	PayPal HoldingsPYPL	Fintech	$20.0M	73/100	B
63	Dave Regnery	Trane TechnologiesTT	HVAC	$8.0M	73/100	B
64	Walt Bettinger	Charles SchwabSCHW	Brokerage	$12.0M	72/100	B
65	Lal Karsanbhai	Emerson ElectricEMR	Industrial Automation	$8.0M	72/100	B
66	Vimal Kapur	HoneywellHON	Diversified Manufacturing	$12.0M	72/100	B
67	Chris Calio	Raytheon TechnologiesRTX	Aerospace & Defense	$12.0M	72/100	B
68	Rainer Blair	DanaherDHR	Life Sciences	$12.0M	71/100	B
69	Sam Hazen	HCA HealthcareHCA	Healthcare Facilities	$8.0M	71/100	B
70	Rob Davis	MerckMRK	Pharmaceuticals	$12.0M	71/100	B
71	Henry Fernandez	MSCI IncMSCI	Financial Data	$8.0M	71/100	B
72	Jon Vander Ark	Republic ServicesRSG	Waste Services	$8.0M	71/100	B
73	Heidi Petz	Sherwin-WilliamsSHW	Specialty Chemicals	$8.0M	71/100	B
74	Chris Womack	Southern CompanySO	Electric Utilities	$8.0M	71/100	B
75	Jim Fish	Waste ManagementWM	Waste Services	$8.0M	71/100	B
76	Robert Bradway	AmgenAMGN	Biotechnology	$12.0M	70/100	B
77	Patrick Gallagher	Arthur J GallagherAJG	Insurance Brokers	$8.0M	70/100	B
78	Tom Polen	Becton DickinsonBDX	Medical Devices	$8.0M	70/100	B
79	Glenn Fogel	Booking HoldingsBKNG	Online Travel	$12.0M	70/100	B
80	Anirudh Devgan	Cadence Design SystemsCDNS	EDA Software	$9.1M	70/100	B
81	Matthew Farrell	Church & DwightCHD	Consumer Products	$8.0M	70/100	B
82	Brian Roberts	ComcastCMCSA	Media	$12.0M	70/100	B
83	Richard Tobin	Dover CorporationDOV	Industrial Equipment	$8.0M	70/100	B
84	Daniel O'Day	Gilead SciencesGILD	Biotechnology	$12.0M	70/100	B
85	Jay Mazelsky	IDEXX LaboratoriesIDXX	Diagnostics	$8.0M	70/100	B
86	Chris O'Herlihy	Illinois Tool WorksITW	Diversified Manufacturing	$8.0M	70/100	B
87	Joe Russell	Public StoragePSA	Self-Storage REITs	$8.0M	70/100	B
88	Andrew Witty	UnitedHealth GroupUNH	Health Insurance	$12.0M	70/100	B
89	Bill Burns	Zebra TechnologiesZBRA	Barcode & RFID	$8.0M	70/100	B
90	Andy Jassy	AmazonAMZN	Internet Retail	$40.0M	69/100	B
91	John Stankey	AT&TT	Telecommunications	$12.0M	69/100	B
92	Gail Boudreaux	Elevance HealthELV	Health Insurance	$12.0M	69/100	B
93	Jim Rechtin	HumanaHUM	Health Insurance	$8.0M	69/100	B
94	Kim Dang	Kinder MorganKMI	Gas Pipelines	$8.0M	69/100	B
95	Jim Taiclet	Lockheed MartinLMT	Aerospace & Defense	$12.0M	69/100	B
96	Geoff Martha	MedtronicMDT	Medical Devices	$12.0M	69/100	B
97	Jacek Olczak	Philip MorrisPM	Tobacco	$12.0M	69/100	B
98	Sridhar Ramaswamy	SnowflakeSNOW	Cloud Computing	$25.0M	69/100	B
99	Maria Black	Automatic Data ProcessingADP	Payroll Services	$12.0M	68/100	B
100	Richard Adkerson	Freeport-McMoRanFCX	Mining	$8.0M	68/100	B
101	Eric Ashleman	IDEX CorporationIEX	Pumps & Valves	$8.0M	68/100	B
102	Joaquin Duato	Johnson & JohnsonJNJ	Pharmaceuticals	$12.0M	68/100	B
103	Brad Beckham	O'Reilly AutomotiveORLY	Auto Parts	$8.0M	68/100	B
104	Scott Kirby	United AirlinesUAL	Airlines	$8.0M	68/100	B
105	Carol Tome	UPSUPS	Logistics	$12.0M	68/100	B
106	Scott Boatwright	Chipotle Mexican GrillCMG	Restaurants	$8.0M	67/100	B
107	Evan Greenberg	Chubb LimitedCB	Insurance	$12.0M	67/100	B
108	Kathy Warden	Northrop GrummanNOC	Aerospace & Defense	$8.0M	67/100	B
109	Alan Armstrong	Williams CompaniesWMB	Gas Pipelines	$8.0M	67/100	B
110	Ryan Lance	ConocoPhillipsCOP	Oil & Gas	$12.0M	66/100	B
111	Robert Michael	AbbVieABBV	Pharmaceuticals	$12.0M	65/100	B
112	Phil Daniele	AutoZoneAZO	Auto Parts	$8.0M	65/100	B
113	Bernard Zovighian	Edwards LifesciencesEW	Medical Devices	$8.0M	65/100	B
114	Jamie Dimon	JPMorgan ChaseJPM	Banks	$15.0M	65/100	B
115	Leon Topalian	NucorNUE	Steel	$8.0M	65/100	B
116	Douglas Peterson	S&P GlobalSPGI	Financial Data	$12.0M	65/100	B
117	Jim Bidzos	VerisignVRSN	Internet Infrastructure	$8.0M	65/100	B
118	Stephen Squeri	American ExpressAXP	Consumer Finance	$12.0M	64/100	C
119	Chris Boerner	Bristol-Myers SquibbBMY	Pharmaceuticals	$12.0M	64/100	C
120	Christopher Nassetta	Hilton WorldwideHLT	Hotels	$8.0M	64/100	C
121	Anthony Capuano	Marriott InternationalMAR	Hotels	$8.0M	64/100	C
122	Dirk Van de Put	Mondelez InternationalMDLZ	Packaged Foods	$8.0M	64/100	C
123	Scott Sheffield	Pioneer Natural ResourcesPXD	Oil & Gas	$8.0M	64/100	C
124	David Simon	Simon Property GroupSPG	Retail REITs	$13.0M	64/100	C
125	Haviv Ilan	Texas InstrumentsTXN	Semiconductors	$12.0M	64/100	C
126	Robert Ford	Abbott LaboratoriesABT	Medical Devices	$12.0M	63/100	C
127	Sasan Goodarzi	IntuitINTU	Software	$15.7M	63/100	C
128	Bob Frenzel	Xcel EnergyXEL	Electric Utilities	$8.0M	63/100	C
129	Joseph Dominguez	Constellation EnergyCEG	Electric Utilities	$8.0M	62/100	C
130	Craig Arnold	Eaton CorporationETN	Electrical Equipment	$12.0M	62/100	C
131	Arvind Krishna	IBMIBM	IT Services	$13.7M	62/100	C
132	Sanjiv Lamba	LindeLIN	Industrial Gases	$12.0M	62/100	C
133	Tom Palmer	NewmontNEM	Gold Mining	$8.0M	62/100	C
134	Hamid Moghadam	PrologisPLD	Industrial REITs	$12.0M	62/100	C
135	Barbara Rentler	Ross StoresROST	Retail	$8.0M	62/100	C
136	Sassine Ghazi	SynopsysSNPS	EDA Software	$17.9M	62/100	C
137	Gary Dickerson	Applied MaterialsAMAT	Semiconductor Equipment	$12.0M	61/100	C
138	Ron Vachris	CostcoCOST	Retail	$12.0M	61/100	C
139	Judy Marks	Otis WorldwideOTIS	Building Equipment	$8.0M	61/100	C
140	Albert Bourla	PfizerPFE	Pharmaceuticals	$12.0M	61/100	C
141	Hans Vestberg	VerizonVZ	Telecommunications	$12.0M	61/100	C
142	Doug McMillon	WalmartWMT	Retail	$15.0M	61/100	C
143	Bob Iger	Walt DisneyDIS	Entertainment	$12.0M	61/100	C
144	Seifi Ghasemi	Air ProductsAPD	Industrial Gases	$8.0M	60/100	C
145	Jayshree Ullal	Arista NetworksANET	Networking	$18.0M	60/100	C
146	George Kurtz	CrowdStrikeCRWD	Cybersecurity	$21.9M	60/100	C
147	Ed Bastian	Delta Air LinesDAL	Airlines	$8.0M	60/100	C
148	Adaire Fox-Martin	EquinixEQIX	Data Center REITs	$10.0M	60/100	C
149	Michele Buck	Hershey CompanyHSY	Confectionery	$8.0M	60/100	C
150	Jon Moeller	Procter & GamblePG	Consumer Products	$12.0M	60/100	C
151	David Gibbs	Yum BrandsYUM	Restaurants	$8.0M	60/100	C
152	Jim Umpleby	CaterpillarCAT	Machinery	$12.0M	59/100	C
153	Russell Weiner	Domino's PizzaDPZ	Restaurants	$8.0M	59/100	C
154	Ezra Yacob	EOG ResourcesEOG	Oil & Gas	$8.0M	59/100	C
155	Erik Fyrwald	International FlavorsIFF	Specialty Chemicals	$8.0M	59/100	C
156	Ward Nye	Martin MariettaMLM	Construction Materials	$8.0M	59/100	C
157	Ernie Herrman	TJX CompaniesTJX	Retail	$12.0M	59/100	C
158	Hal Lawton	Tractor SupplyTSCO	Farm & Retail	$8.0M	59/100	C
159	Ryan McInerney	VisaV	Payment Processing	$15.0M	59/100	C
160	Noel Wallace	Colgate-PalmoliveCL	Consumer Products	$8.0M	58/100	C
161	Ramon Laguarta	PepsiCoPEP	Beverages	$12.0M	57/100	C
162	Pete Arvan	Pool CorporationPOOL	Pool Supplies	$8.0M	57/100	C
163	Brian Niccol	StarbucksSBUX	Restaurants	$12.0M	57/100	C
164	James Quincey	Coca-ColaKO	Beverages	$12.0M	56/100	C
165	Andy Power	Digital RealtyDLR	Data Center REITs	$8.0M	56/100	C
166	Neil Hunn	Roper TechnologiesROP	Diversified Technology	$8.0M	56/100	C
167	Elon Musk	TeslaTSLA	Automobiles	$15.0M	56/100	C
168	Shantanu Narayen	AdobeADBE	Software	$15.5M	55/100	C
169	Todd Vasos	Dollar GeneralDG	Discount Stores	$8.0M	55/100	C
170	Darren Woods	ExxonMobilXOM	Oil & Gas	$18.0M	55/100	C
171	Chris Kempczinski	McDonald'sMCD	Restaurants	$12.0M	55/100	C
172	John Ketchum	NextEra EnergyNEE	Electric Utilities	$12.0M	55/100	C
173	Olivier Le Peuch	SchlumbergerSLB	Oilfield Services	$8.0M	55/100	C
174	Steven Vondran	American TowerAMT	Infrastructure REITs	$8.0M	54/100	C
175	Jim Farley	Ford MotorF	Automobiles	$10.2M	54/100	C
176	Jeff Harmening	General MillsGIS	Packaged Foods	$8.0M	54/100	C
177	John Doyle	Marsh & McLennanMMC	Insurance Brokers	$12.0M	54/100	C
178	Matt Murphy	Marvell TechnologyMRVL	Semiconductors	$8.0M	54/100	C
179	Jeffrey Martin	SempraSRE	Energy Utilities	$8.0M	54/100	C
180	Brian Cornell	TargetTGT	Retail	$8.0M	54/100	C
181	Drew Marsh	EntergyETR	Electric Utilities	$13.0M	53/100	C
182	Satish Dhanasekaran	Keysight TechnologiesKEYS	Test & Measurement	$13.0M	53/100	C
183	Carlos Abrams-Rivera	Kraft HeinzKHC	Packaged Foods	$8.0M	53/100	C
184	Larry Fink	BlackRockBLK	Asset Management	$12.0M	52/100	C
185	Jack Dorsey	Block IncSQ	Fintech	$24.3M	52/100	C
186	Stephane de La Faverie	Estee LauderEL	Cosmetics	$8.0M	52/100	C
187	Larry Culp	General ElectricGE	Aerospace & Defense	$18.0M	52/100	C
188	Sundaram Nagarajan	NordsonNDSN	Precision Dispensing	$13.0M	52/100	C
189	Safra Catz	OracleORCL	Software	$30.0M	52/100	C
190	Jim Vena	Union PacificUNP	Railroads	$12.0M	52/100	C
191	Cristiano Amon	QualcommQCOM	Semiconductors	$22.3M	51/100	C
192	Charlie Scharf	Wells FargoWFC	Banks	$12.0M	51/100	C
193	Bob Jordan	Southwest AirlinesLUV	Airlines	$13.0M	50/100	C
194	Gary Pilnick	KelloggK	Packaged Foods	$8.0M	49/100	D
195	Marvin Ellison	Lowe'sLOW	Home Improvement	$12.0M	49/100	D
196	Mike Wirth	ChevronCVX	Oil & Gas	$18.0M	48/100	D
197	Kevin Hourican	SyscoSYY	Food Distribution	$13.0M	47/100	D
198	Billy Gifford	Altria GroupMO	Tobacco	$18.0M	46/100	D
199	Elliott Hill	NikeNKE	Apparel	$12.0M	46/100	D
200	William Brown	3M CompanyMMM	Diversified Manufacturing	$8.0M	45/100	D

How This Score Is Calculated

The Pay-for-Performance Score blends four signals into a single 0–100 composite. Factor 1 (35%) is 3-year total shareholder return measured against the relevant S&P 500 GICS sector benchmark — relative outperformance scores high, relative underperformance scores low even when absolute return is positive. Factor 2 (25%) is revenue growth versus CEO compensation growth — when revenue rises faster than pay, the score rises. Factor 3 (25%) is the most recent say-on-pay shareholder vote — 95%+ scores high, sub-70% scores near zero. Factor 4 (15%) is the CEO-to-worker pay ratio versus industry peers from Item 402(u) disclosure. The full inputs and clamps are documented at methodology.

Frequently Asked Questions

What does "best pay-for-performance" actually mean?

Pay-for-performance measures whether a CEO's compensation aligns with shareholder outcomes. CEOPayWatch implements a four-factor scoring framework consistent with the methodologies used by Institutional Shareholder Services (ISS) and Glass Lewis: 3-year relative total shareholder return (35%), revenue growth versus CEO compensation growth (25%), the most recent say-on-pay shareholder vote (25%), and CEO-to-worker pay ratio relative to industry peers (15%). The composite produces a 0–100 score and an A–F letter. CEOs at the top of this ranking generally combine strong relative TSR with shareholder-supported pay packages.

Why do high-paid CEOs sometimes earn an A?

High pay is not the same as misaligned pay. The top 10 CEOs in this ranking average $11.3M in compensation and an average score of 98/100 — they earn high pay precisely because their companies delivered strong relative shareholder return, revenue growth that outpaced compensation growth, and say-on-pay votes well above the 70% scrutiny threshold. The framework rewards alignment, not low absolute dollars.

How is "relative TSR" computed?

Total shareholder return is the dividend-reinvested, split-adjusted price return over the most recent 36 months. Relative TSR compares that company-level number to the corresponding S&P 500 GICS sector benchmark over the same window. A CEO whose company posted 25% TSR while the sector returned 50% is flagged as relative underperformance even though the absolute number is positive. This relative framing is the same approach ISS and Glass Lewis use in their pay-for-performance evaluations.

How often does this ranking change?

The ranking refreshes whenever a new DEF 14A proxy filing or 8-K say-on-pay disclosure reaches SEC EDGAR (https://www.sec.gov/edgar.shtml). The current dataset was last refreshed April 2026. As of the latest run, 19% of the ranked companies in this list earn an A and the remainder are spread between B, C, D, and F.

Where can I see the underlying SEC data?

Every individual company profile linked from this ranking includes a direct link to the underlying DEF 14A on the SEC EDGAR system. Total compensation comes from the Summary Compensation Table required by Regulation S-K Item 402; pay-ratio numbers come from the company's Item 402(u) disclosure; say-on-pay vote share comes from the 8-K filed within four business days of the annual meeting. All filings are public domain.

Worst Pay-for-Performance →Highest-Paid CEOs →Say-on-Pay Watchlist →Methodology →

Source: U.S. Securities and Exchange Commission, DEF 14A and 8-K filings via EDGAR. Public domain.

Last updated 2026-04-06 · 200 CEOs ranked.