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US executive pay average rises to $10.5 million

MEDIAN pay for a top US boss rose above eight figures last year, a pay study showed today.

The head of a typical large company now earns a record $10.5 million (£6.25m), an increase of 8.8 per cent from $9.6m (£5.7m) in 2012.

A chief executive now makes about 257 times the average worker’s salary, up sharply from 181 times in 2009.

The highest-paid boss was Anthony Petrello of Nabors Industries, who made $68.3m (£40.65m) in 2013.

Mr Petrello’s pay ballooned as a result of a $60m (£35.7m) lump sum to buy out his old contract.

Freeport-McMoRan Copper & Gold CEO Richard Adkerson also received a one-time payment — $36.7m (£21.8m) to renegotiate his contract.

His total pay of $55.3m (£32.9m) made him the third-highest-paid CEO last year.

The median pay of a Wall Street CEO rose by 22 per cent last year, on top of a similar increase the year before.

The 8.8 per cent increase for bosses last year dwarfed the average worker’s rise.

The Bureau of Labour Statistics said US average weekly wages rose 1.3 per cent.

At that rate an employee would have to work 257 years to make what a typical chief executive takes in a year.

Chipotle Mexican Grill bosses Steve Ells and Montgomery Moran were knocked back when shareholders voted against a huge rise for 2014.

Mr Ells trousered $25.1m (£14.9m) in 2013 while Mr Moran stashed away $24.3m (£14.5m).

US fast-food workers earn about $8.83 (£5.25) per hour, or $18,400 (£10,950) per year if they are lucky enough to work a full 40-hour week.

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