CEO pay just hit a new record.
Median: $17.1M for S&P 500 chiefs in 2024 — up nearly 10% YoY.
More than 70% of that is stock.
Boards call it “performance alignment.”
Sometimes that’s true.
Sometimes it’s camouflage.
At Eagle Talon, we look deeper.
We analyze the mechanics behind the number.
It's the difference between aligned incentives —
and the enrichment of management at the expense of shareholders:
• Equity vs. cash — Larger stock grants can indicate long-term alignment, but only if the vesting math matches the message.
• Perk creep — Security details, lifestyle services, private jets. These aren’t just line items — they reveal whether the board is buying focus… or buying comfort.
• Pay ratio — One CEO dollar often equals hundreds of employee dollars. When the scale is off, cultural cracks usually follow.
Why it matters:
Compensation is a trust ledger.
Boards write it. CEOs cash it.
And the structure reveals:
→ Who the board actually believes in
→ How long they think value creation will take
→ What risks they’re truly willing to share
At Eagle Talon, we underwrite leadership the same way we underwrite a balance sheet:
We follow the incentives.
Alignment endures. Optics don’t.