AFL-CIO: CEOs make 335 times more than workers

AFL-CIO: CEOs make 335 times more than workers
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The chief executive officers at the largest companies in America raked in an average of $12.4 million in 2015, according to a new study on corporate pay.

The AFL-CIO’s executive pay report released Tuesday compares the salaries of rank-and-file workers to their bosses. It found the CEOs made 335 times more than the $36,875 salary they paid the average employee.

This comes as the conversation about income inequality heats up in Washington and on the campaign trail.

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“The income inequality that exists in this country is a disgrace. We must stop Wall Street CEOs from continuing to profit on the backs of working people,” AFL-CIO President Richard Trumka said in a statement.

The Paywatch report, which lists the salaries of well-known executives like Apple CEO Tim Cook, specifically calls out executives at Verizon, Mondelez International and United Technologies. 

Verizon CEO Lowell McAdam made more than $18 million in 2015, which was nearly 500 times the amount the company paid the average worker, according to the report.

The report also targets Mondelez CEO Irene Rosenfeld, who it claims made nearly $20 million last year, even as the company that makes Oreos and Chips Ahoy cookies considers shipping jobs overseas.

"It’s shameful that a CEO can make that type of money and still destroy the livelihood of the hard-working people who make the company profitable,” Trumka said.

“Companies and their shareholders must acquire the talent needed to run a successful business. CEO pay is set through a dialogue of investors, directors and management. Painting with a broad brush misses these points and what is needed for the long-term success of a business and its shareholders,” Tom Quaadman, senior vice president of the U.S. Chamber of Commerce Center for Capital Markets Competitiveness, said in a statement. “The more that ratios are used to embarrass businesses the more we will see the continued decline of public companies in the United States.”

--This report was updated at 4:03 p.m.