The Highest-Paid CEO in Every State
American companies have plenty of money, and every year a larger and larger percentage of it goes to company CEOs. Since 1978, CEO compensation has grown 940 percent, according to the Economic Policy Institute.
The average worker’s compensation? It has only risen 12 percent during that time. The average full-time worker in the United States earns an annual salary of $44,720, according to the Bureau of Labor Statistics.
On average, the highest-paid CEO in every state earns a lot more than that. The following list includes the CEOs at publicly traded companies with more than $1 billion in revenue that filed their proxy statements with federal regulators between Jan. 1 and April 30, 2019. The four states that do not have such a CEO (i.e., the company isn't publicly traded or doesn't make more than $1 billion) are noted below with an asterisk.
Pay figures come from Equilar, an executive data firm, and the Associated Press. The CEO pay listed includes salary, bonus, stock awards, stock option awards, deferred compensation, and other benefits and perks.
Alabama: J. Thomas Hill
Company: Vulcan Materials
Pay: $7.8 million
J. Thomas Hill of Vulcan Materials makes nearly $8 million annually. Vulcan specializes in construction materials, including asphalt mix, concrete and calcium. The company employs 8,782 employees and reports $4.4 billion in annual sales.
Alaska: Ronald A. Duncan*
Company: General Communication
Pay: $2.7 million
Ronald A. Duncan is the CEO and founder of General Communication, the largest telecommunications provider in Alaska. The company has more than 2,000 employees and nearly $1 billion in revenues.
Arizona: Richard Adkerson
Pay: $14 million
Richard Adkerson of Freeport-McMoRan makes $14 million every year. FCX is one of the largest publicly traded producers of copper. The company employs 26,800 employees and reports $19 billion in sales.
Arkansas: C. Douglas McMillon
Pay: $23.6 million
C. Douglas McMillon of Walmart makes $23.6 million annually. The retail giant continues to face criticism for paying most of its mostly part-time 1.5 million U.S. employees just $11 an hour. The company reports $514.4 billion in sales.
California: Elon Musk
Pay: $2.28 billion
As the CEO of Tesla, Elon Musk makes $2.28 billion annually. The Palo Alto company designs, develops and manufactures electric cars and SUVs, electric train components, batteries and solar roofs. Tesla employs 48,817 people and reports sales of $21.5 billion annually.
Colorado: Gregory Maffei
Company: Liberty Media
Pay: $20.2 million
Gregory Maffei of Liberty Media makes $20.2 million every year. The company has three stock groups: the Liberty SiriusXM Group, the Braves Group and the Formula One Group. It acquired Formula One in 2017 for "a total enterprise value of $8.0 billion," according to its website. It is unclear how many employees the company has, but Forbes reported revenue of $1.9 billion in 2015.
Connecticut: Glenn Fogel
Company: Booking Holdings
Industry: Online travel
Pay: $20.5 million
Glenn Fogel makes $20.5 million as CEO of Booking Holdings, which operates some of the largest companies in the online travel space. The company employees 24,500 people and reports annual sales of $14.5 billion. It owns booking.com, priceline.com, agoda.com, KAYAK, rentalcars.com and OpenTable.
Delaware: Hervé Hoppenot
Pay: $9.3 million
Hervé Hoppenot makes $9.3 million as the CEO of Incyte, a biopharmaceutical company that employs 1,367 people and reports annuals sales of $1.9 billion. The company makes billions creating medical treatments for different types of cancer.
District of Columbia: Thomas Joyce, Jr.
Pay: $15.4 million
Thomas Joyce, Jr. makes $15.4 million a year as the CEO of Danaher, a company that reports $20.1 billion in sales annually. The company employs 71,000 people. It specializes in life sciences, diagnostics, dental and environmental issues.
"The Life Sciences segment offers a range of research and clinical tools that scientists use to study cells and cell components to understand the causes of diseases; identify new therapies; test new drugs and vaccines," Forbes reported.
Florida: Frank Del Rio
Company: Norwegian Cruise Line Holdings
Pay: $22.6 million
Frank Del Rio of Norwegian Cruise Line Holdings makes $22.6 million annually as the CEO. The travel company employs 33,200 employees and reports annual sales of $6.1 billion. Norwegian offers cruises and travel experiences at three levels: contemporary, premium and luxury.
Georgia: Martin Richenhagen
Pay: $18.6 million
Martin Richenhagen makes $18.6 million in the farming business as the CEO of AGCO. The company manufactures and distributes grain storage, handling equipment and protein production systems under the following brand names: Challenger, Fendt, Massey Ferguson, GSI and Valtra.
Hawaii: Constance Lau
Company: Hawaiian Electric Industries
Pay: $5.7 million
Constance Lau makes $5.7 million as the CEO of Hawaiian Electric Industries, which is essentially three different kinds of companies in one. Hawaiian Electric, Maui Electric, and Hawai'i Electric Light make up the first part of the business and provide electricity and related services for 95 percent of Hawai‘i’s population.
The second part of the business is American Savings Bank, which is the third-largest bank in Hawaii. The third aspect of the company is Pacific Current, which invests in clean energy and sustainability efforts across Hawaii, according to the company.
HEI reported an operating budget of $333 million for 2018.
Idaho: Darrel Anderson
Pay: $4.5 million
Darrel Anderson makes $4.5 million as CEO of IDACORP, an electricity company. IDACORP is made up of Idaho Power Company, IDACORP Financial and Ida-West Energy. Together they have 1,981 full-time employees.
Illinois: Miles White
Company: Abbott Laboratories
Pay: $24.3 million
Miles White makes $24.3 million as the CEO of Abbott Laboratories, a health care products company. Abbott employes 103,000 people and reports annual sales of $30.7 billion. It sells pharmaceutical, nutritional, diagnostic and vascular health care products.
Indiana: David Ricks
Company: Eli Lilly
Pay: $15.7 million
David Ricks makes $15.7 million annually as the CEO of pharmaceutical company Eli Lilly. The company employs 38,680 employees and reports annual sales of $24.6 billion. The company also makes and sells drugs for livestock and poultry.
Iowa: Daniel Houston
Company: Principal Financial Group
Pay: $10.5 million
Daniel Houston makes $10.5 million as CEO of Principal Financial Group. The company reports $14.3 billion in sales and only employs 16,475 people. The company provides retirement, insurance and investment products.
Kansas: Thomas Gentile III
Company: Spirit AeroSystems
Pay: $9.9 million
Thomas Gentile III of Spirit AeroSystems makes $9.9 million. The company reports sales of $7.2 billion annually and employs 17,000 people. Spirit AeroSystems makes airplane parts.
Kentucky: William Carstanjen
Company: Churchill Downs
Industry: Horse racing and gaming
Pay: $21.1 million
William Carstanjen of Churchill Downs makes $21.1 million every year. Churchill Downs has been around since 1875 and specializes in horseracing and gambling enterprises in Mississippi, Florida and Louisiana.
Louisiana: Leo Denault
Pay: $9.3 million
Leo Denault of Entergy makes $9.3 million a year. Entergy reports sales of $11.1 billion and employs 13,688 people. The company distributes electric power and manages a natural gas property, and also owns, operates and decommissions nuclear power plants.
Maine: Jonathan Ayers
Company: IDEXX Laboratories
Industry: Veterinary, livestock, water testing and dairy
Pay: $6.8 million
Jonathan Ayers of IDEXX Laboratories makes $6.8 million a year. The company employs 8,377 people and reports sales of $2.2 billion. The company creates products and offers various services involving animals, water and dairy.
Maryland: David Zaslav
Pay: $129.5 million
David Zaslav of Discovery makes a whopping $129.5 million a year as the CEO. The company only employs 9,000 people and reports $10.5 billion in sales. The global media company provides content on television networks such as Discovery Channel, TLC and Animal Planet.
Massachusetts: James Heppelmann
Pay: $50 million
James Heppelmann of PTC makes $50 million a year. The company is a computer software and services firm that has been around since 1985. They employ 6,000 people and report $1 billion in revenue.
Michigan: Mary Barra
Company: General Motors
Pay: $21.9 million
Mary Barra of GM makes $21.9 million a year. The car company has been around since 1908 and employs 173,000 people. It reports sales of $147 billion annually.
Minnesota: James Cracchiolo
Company: Ameriprise Financial
Pay: $24.8 million
James Cracchiolo of Ameriprise Financial makes $24.8 million a year. The Minneapolis company employs 14,000 people and reports sales of $12.6 billion. Ameriprise offers financial planning, asset management and insurance services to individuals, businesses and institutions.
Mississippi: Joe Sanderson, Jr.
Company: Sanderson Farms
Industry: Poultry farming
Pay: $4.2 million
Joe Sanderson, Jr. runs Sanderson Farms and makes $4.2 million a year. The third-largest poultry producer in the country produces about 9.3 million chickens per week.
Missouri: Michael Neidorff
Pay: $26.1 million
Michael Neidorff is the CEO of Centene and makes $26.1 million a year. Centene employs 47,300 people and reports sales of $60.1 billion. The company provides programs and services to government-sponsored healthcare programs like Medicaid.
Montana: Kevin P. Riley*
Company: First Interstate BancSystem
Pay: $1.7 million
CEO Kevin P. Riley makes $1.7 million at First Interstate BancSystem. The median worker pay at the company is $50,483, according to Money. The company is better known as First Interstate Bank. It employs about 1,700 people.
Nebraska: Lance Fritz
Company: Union Pacific
Pay: $12.8 million
As the CEO of Union Pacific Lance, Fritz brings in $12.8 million every year. The railroad company has been around since 1862 and employs 41,967 people. It reports sales of $22.8 billion annually.
Nevada: Sheldon Adelson
Company: Las Vegas Sands
Industry: Hotels and casinos
Pay: $24 million
As CEO of Las Vegas Sands, Sheldon Adelson brings in $24 million a year. The Nevada company employs 51,500 people and reports sales of $13.8 billion. The hotel developer company’s assets include the Venetian Macao and the Venetian Las Vegas.
New Hampshire: Timothy McGrath
Company: PC Connection
Pay: $4.5 million
Timothy McGrath brings in $4.5 million as the CEO of PC Connection. The company employs 2,500 people and sells more than 300,000 technology products. In 2017, the company had revenues of $2.9 billion.
New Jersey: Kenneth Frazier
Pay: $20.9 million
Kenneth Frazier brings in $20.9 million as the CEO of Merck. The company employs 51,713 people and reports sales of $17.7 billion. Merck makes and sells pharmaceutical and chemical products.
New Mexico: Patricia Collawn
Company: PNM Resources
Pay: $4.8 million
Patricia Collawn makes $4.8 million as the CEO of PNM Resources. The company provides electricity to people in New Mexico and Texas. It reported operating revenues of $1.4 billion for 2018.
New York: Jamie Dimon
Company: JPMorgan Chase
Pay: $30 million
Jamie Dimon brings in $30 million annually as the CEO of JPMorgan Chase. The company reports sales of $132.9 billion and employs 256,105 people. The company provides financial and investment banking services.
North Carolina: Brian Moynihan
Company: Bank of America
Pay: $22.5 million
As the CEO of Bank of America, Brian Moynihan makes $22.5 million every year. The company employs 204,000 people and reports $111.9 billion in sales annually.
North Dakota: David Goodin
Company: MDU Resources Group
Pay: $4.1 million
MDU Resources Group CEO David Goodin makes $4.1 million. MDU makes $4.4 billion annually, providing electric and natural gas utilities, natural gas pipelines, and construction materials and services.
Ohio: Gary Heminger
Company: Marathon Petroleum
Pay: $18.9 million
Gary Heminger makes $18.9 million as the CEO of Marathon Petroleum. The oil and gas company reports $96.1 billion in sales and employs 60,350 people.
Oklahoma: Harold Hamm
Company: Continental Resources
Pay: $13.3 million
Harold Hamm also makes his millions running a gas and oil company. The CEO brings in $13.3 million a year. Continental Resources reports sales of $4.7 billion and only employs 1,221 people. The company focuses on crude oil and natural gas.
Oregon: Bryan DeBoer
Company: Lithia Motors
Industry: Automotive retail
Pay: $5.5 million
As CEO of Lithia Motors, Bryan DeBoer makes $5.5 million a year. The company is an automotive retailer that operates across the country. With annual revenue reported at $11.82 billion, Lithia Motors is the third-largest retailer of vehicles.
Pennsylvania: Brian Roberts
Pay: $35 million
Brian Roberts of Comcast makes $35 million a year. The cable and internet company has 184,000 employees and reports sales of $94.5 billion annually.
Rhode Island: Larry Merlo
Company: CVS Health
Industry: Healthcare and retail
Pay: $21.9 million
Larry Merlo of CVS makes $21.9 million as CEO. The company employs 295,000 people, but it is unclear how many are full-time employees. CVS reports $194.1 billion annually in sales. If you have never been in one, CVS stores provide prescription drugs and an assortment of general merchandise like Walgreens and other local pharmacies.
South Carolina: John Williams
Pay: $8 million
John Williams of Domtar makes $8 million a year as CEO of the company. Domtar specializes in fiber-based products such as communication papers and specialty and packaging papers. The company also manufactures adult incontinence products. Domtar reports annual revenue of $5.6 billion.
South Dakota: David Emery
Company: Black Hills
Pay: $4.1 million (left company on Dec. 31, 2018)
CEO David Emery made $4.1 million at Black Hills in 2018. The utilities company has 2,834 employees, and reported a net income for 2018 of $265 million.
Tennessee: R. Milton Johnson
Company: HCA Healthcare
Pay: $20.1 million (left company on Dec. 31, 2018)
CEO R. Milton Johnson of HCA Healthcare made $20.1 million in 2018. The company operates hospitals, surgery centers, emergency rooms and urgent care facilities. It reports annual sales of $46.7 billion and employs 262,000 people.
Texas: Lewis Bird III
Company: At Home Group
Pay: $43.1 million
CEO Lewis Bird III of At Home Group makes $43.1 million annually. The company specialized in retail chains that sell home decor items. Each location has about 50,000 different products for the home like rugs, textiles, wall decors and more.
Utah: Joseph Margolis
Company: Extra Space Storage
Pay: $4.4 million
Joseph Margolis makes $4.4 million as the CEO of Extra Space Storage. The company has just 3,624 employees but reports sales of $1.2 billion. The company owns and operates self-storage facilities.
Vermont: John W. Casella*
Company: Casella Waste Systems
Industry: Waste management
Pay: $2.8 million
John W. Casella makes $2.8 million as CEO of Casella Waste Systems. The solid waste services company was started in 1975 with a single truck and now employs 2,300 people.
Virginia: Paul Saville
Pay: $39.1 million
CEO Paul Saville makes $39.1 million a year at NVR. The company produces and sells single-family homes, townhomes and condos. They have 5,600 employees and report sales of $7 billion.
Washington: John Legere
Company: T-Mobile US
Pay: $66.5 million
John Legere of T-Mobile US makes $66.5 million as CEO. The cell phone company is the third-largest provider in the U.S. and is majority-owned by Germany's Deutsche Telekom. T-Mobile employs 50,000 people.
West Virginia: Richard M. Adams*
Company: United Bankshares
Pay: $3.6 million
CEO Richard M. Adams makes $3.6 million annually at United Bankshares. The company has banks in West Virginia, Virginia, the District of Columbia, Maryland, Ohio and Pennsylvania. It reports total assets of $19.25 billion. The median worker pay is $53,145, according to Money.
Wisconsin: Jeffery Yabuki
Pay: $12.4 million
Jeffery Yabuki (left) of Fiserv makes $12.4 million annually. The company specializes in financial services technology like electronic payment transactions. Fiserv employs 24,000 people and reports sales of $5.8 billion annually.
Wyoming: Colin Marshall*
Company: Cloud Peak Energy
Pay: $4.4 million
CEO Colin Marshall makes $4.4 million at Cloud Peak Energy. The company mines coal in the Powder River Basin. The company was founded in 1993 and employs 1,200 people.