Ohio CEOs: Who’s Cashing the Biggest Checks?

 Uncovering the Paychecks: Which Ohio Employers Are Shelling Out the Biggest Bucks to Their CEOs?

In the world of business, CEO pay often sparks debate—it's a mix of rewards for steering massive ships and questions about fairness when workers earn far less. Research from Policy Matters Ohio's 2025 CEO Pay Report suggests that while top executives drive growth, their compensation packages have grown dramatically, outpacing typical employee wages by hundreds of times in many cases. Based on 2024 data from 25 major Ohio employers required to disclose under federal rules, the median CEO pay hit $15.6 million—254 times the median worker's $60,917. For the state's 10 largest employers, the gap widens to 324-to-1. These figures highlight a trend: stock awards and bonuses dominate packages, tying pay to company performance but raising eyebrows on equity.

Key Takeaways:

• Starbucks and GE lead the pack: Newcomer Brian Niccol at Starbucks topped the list with $95.8 million, largely from stock incentives, while GE's H. Lawrence Culp earned $88.9 million amid a turnaround.
• Banking and retail dominate: Firms like JPMorgan Chase ($37.6 million for Jamie Dimon) and Walmart ($27.4 million for Doug McMillon) reflect how global giants in Ohio boost executive rewards.
• Regional hotspots vary: Cincinnati sees P&G's Jon Moeller at $21.9 million; Northeast Ohio's Goodyear paid Mark Stewart $25.7 million; Central Ohio's Cardinal Health gave Jason Hollar around $20 million (estimated from trends).
• Pay gaps fuel discussion: It seems likely that these disparities, while incentivizing leadership, could pressure companies to boost worker pay amid economic squeezes—evidence leans toward calls for policy tweaks like higher minimum wages.
• Growth amid scrutiny: CEO pay rose 7% nationally in 2024, per AFL-CIO, but Ohio's ratios exceed the U.S. average of 281-to-1, sparking balanced views on merit vs. reform.

Top 10 Ohio Employers by CEO Pay (2024 Totals)

Here's a quick snapshot of the highest earners, drawn from SEC filings analyzed in the report. Note: These are total realized compensation, mostly from stock and performance bonuses, not just base salary.

Rank	Company (HQ Region)	CEO	Total Compensation	Median Worker Pay	Pay Ratio
1	Starbucks (National, ops in OH)	Brian Niccol	$95.8 million	$14,674	6,527:1 (est.)
2	General Electric (Cincinnati)	H. Lawrence Culp	$88.9 million	N/A	N/A
3	JPMorgan Chase (National, ops in OH)	Jamie Dimon	$37.6 million	$70,000 (est.)	537:1
4	Walmart (National, major OH ops)	Doug McMillon	$27.4 million	$52,996	517:1
5	Ford Motor Co. (National, OH plants)	James D. Farley	$24.8 million	N/A	N/A
6	UPS (National, OH hubs)	Carol B. Tome	$24 million	N/A	N/A
7	TJX Companies (National, OH stores)	Ernie Herrman	$23.4 million	N/A	N/A
8	PNC Financial (Pittsburgh, OH ops)	William S. Demchak	$22.3 million	N/A	N/A
9	Procter & Gamble (Cincinnati)	Jon R. Moeller	$21.9 million	$52,996	413:1
10	Target (National, OH stores)	Brian C. Cornell	$20.4 million	N/A	N/A

Sources: Policy Matters Ohio 2025 Report; ratios per SEC disclosures where available. Estimates based on the top 10 aggregate data.

Why These Numbers Matter: A Quick Dive into Trends

Ohio's economy thrives on manufacturing, retail, and finance, and CEO pay mirrors that—tied to stock performance in volatile markets. For instance, Niccol's haul at Starbucks came after a rocky year, with 94% from long-term stock awards to align with recovery goals. Similarly, Culp's GE package reflects the aviation sector's rebound post-pandemic. Yet, with Ohio's median household income around $66,000, these figures underscore complexity: Do they spur innovation, or widen inequality? Studies like the Economic Policy Institute's suggest the former, but worker advocates push for the latter's reform.

Regional Spotlights: Where the Big Checks Are Cashed

• Cincinnati Area: Home to consumer giants, averaging $10.7 million per CEO. Rodney McMullen of Kroger earned $15.6 million, underscoring margin pressure in the grocery sector, while Procter & Gamble stood out with innovation-led incentive payouts.
• Central Ohio (Columbus): Cardinal Health's Jason Hollar topped local lists at ~$20 million (2024 est.), fueled by healthcare logistics growth. Wendy's interim CEO saw $18 million in transition pay.
• Northeast Ohio (Cleveland/Akron): Goodyear's Mark Stewart hit $25.7 million, boosted by a signing bonus. Cleveland-Cliffs' Lourenco Goncalves earned $15.2 million amid steel volatility.

For more on local impacts, check the Ohio Department of Development's employer list.

In the landscape of American business, few topics stir as much curiosity—and controversy—as CEO compensation. As Ohio stands as a powerhouse in manufacturing, retail, and finance, with over 51 major employers calling it home, the question arises: Which of these giants are cutting the largest checks to their top leaders? Drawing from the freshly released Policy Matters Ohio CEO Pay Report 2025, alongside regional analyses from Crain's Cleveland Business and Columbus Business First, this deep dive unpacks the 2024 figures, breakdowns, trends, and broader implications. We'll explore not just the numbers, but the stories behind them: from stock windfalls in turbulent markets to the yawning gaps between corner-office rewards and shop-floor realities. Whether you're a business buff, a policy wonk, or just pondering economic fairness, here's a comprehensive look at Ohio's CEO pay scene—grounded in data, balanced in perspective.

The Big Picture: Ohio's CEO Pay Landscape in 2024

Ohio's major employers—think Walmart supercenters, Procter & Gamble labs, and Ford assembly lines—collectively support hundreds of thousands of jobs. Yet, as the Policy Matters report reveals, only 25 of the state's 51 largest firms (per the Ohio Department of Development) must disclose CEO pay under the Dodd-Frank Act. Exemptions cover nonprofits like the Cleveland Clinic, government entities, and private outfits, leaving a focused but revealing snapshot.

Key stats paint a stark portrait:

• Median CEO Pay: $15.6 million, up from prior years amid a 7% national rise (AFL-CIO data).
• Median Worker Pay: $60,917 statewide; dips to $52,996 at the top 10 employers.
• Average Pay Ratio: 254-to-1 overall; balloons to 324-to-1 for giants like Walmart and Kroger, exceeding the national 281-to-1 benchmark.

This disparity isn't new—back in 1965, CEOs earned 20 times the typical worker—but globalization, stock-heavy incentives, and shareholder pressures have accelerated it. In Ohio, where manufacturing employs 700,000+, evidence leans toward these packages motivating risk-taking in competitive sectors. However, critics, including labor groups, argue they exacerbate inequality, especially as inflation bites at worker budgets. Balanced views from sources like the Economic Policy Institute suggest reforms like tying more pay to ESG (environmental, social, governance) goals could bridge the divide without stifling growth.

Table: Full Breakdown of Top 25 Ohio CEO Compensations (2024)

Building on the report, here's the ranked list with available details. Where breakdowns exist (from proxy snippets), we've noted components like base salary (often ~1-2% of total), bonuses (10-20%), and stock/options (70-90%). Pay ratios use SEC summaries, which sometimes undercount full packages (e.g., Amazon's Andy Jassy: $40.1M total, but $1.5M for ratio calc).

Rank	Company	CEO	Total Comp ($M)	Base Salary ($K)	Bonus/Perf. Pay ($M)	Stock Awards ($$ M)	Median Worker ( $$)	Ratio
1	Starbucks	Brian Niccol	95.8	1,500	5.5	90.3	14,674	6,527:1
2	General Electric	H. Lawrence Culp	88.9	2,000	10.2	75.7	N/A	N/A
3	JPMorgan Chase	Jamie Dimon	37.6	1,500	6.0	28.1	70,000	537:1
4	Walmart	Doug McMillon	27.4	1,276	4.0	21.0	52,996	517:1
5	Ford Motor Co.	James D. Farley	24.8	2,000	3.5	18.3	N/A	N/A
6	UPS	Carol B. Tome	24.0	1,650	3.8	17.5	N/A	N/A
7	TJX Companies	Ernie Herrman	23.4	1,400	3.2	18.0	N/A	N/A
8	PNC Financial	William S. Demchak	22.3	1,200	4.1	16.0	N/A	N/A
9	Procter & Gamble	Jon R. Moeller	21.9	1,600	3.0	16.3	52,996	413:1
10	Target	Brian C. Cornell	20.4	1,400	2.8	15.2	N/A	N/A
11	KeyCorp	Christopher M. Gorman	18.6	1,000	2.5	14.1	N/A	N/A
12	CVS Health	J. David Joyner	18.2	1,300	2.2	13.7	N/A	N/A
13	Progressive Corp.	Tricia Griffith	16.3	1,100	2.0	12.2	N/A	N/A
14	Kroger Co.	W. Rodney McMullen	15.6	1,500	2.1	11.0	52,996	294:1
15	Cleveland-Cliffs	Lourenco Goncalves	15.2	1,200	1.8	11.2	N/A	N/A
16	Whirlpool Corp.	Marc Bitzer	13.9	1,400	1.5	10.0	N/A	N/A
17	Walgreens Boots Alliance	Tim Wentworth	13.2	1,000	1.6	9.6	N/A	N/A
18	American Electric Power	William Fehrman	13.2	1,300	1.7	9.2	N/A	N/A
19	Sherwin-Williams	Heidi G. Petz	12.9	1,100	1.4	9.4	N/A	N/A
20	FedEx	Rajesh Subramaniam	12.8	1,300	1.3	9.2	N/A	N/A
21	Cedar Fair (Six Flags)	Richard Zimmerman	9.1	900	1.0	6.2	N/A	N/A
22	Fifth Third Bancorp	Timothy N. Spence	10.1	1,000	1.2	7.0	N/A	N/A
23	Huntington Bancshares	Stephen D. Steinour	10.0	1,100	1.1	6.8	N/A	N/A
24	Charter Communications (Spectrum)	Christopher L. Winfrey	5.7	1,200	0.8	3.7	N/A	N/A
25	Dollar General	Todd J. Vasos	2.1	1,000	0.3	0.8	N/A	N/A
26*	Amazon	Andrew Jassy	1.5 (SEC; total 40.1)	81.8	0.2	35. 35,0 (est.)	35,000	43:1

Amazon included for ops scale; breakdowns estimated from Equilar/AFL-CIO. N/A where not disclosed.

This table underscores a truth: Pay isn't just salary—it's a bet on future value. For example, Niccol's $90.3 million stock grant at Starbucks (94% of total) vests over years, hinging on sales rebounds. Similarly, Culp's GE package included $75.7 million in equity, rewarding jet engine deals amid supply chain woes.

Drilling Down: How CEO Pay Is Structured—and Why It Varies

CEO compensation isn't a flat cheque; it's a mosaic of elements designed to align leaders with shareholders. Per SEC proxies:

• Base Salary: Modest anchor, 1-2% of total (e.g., Dimon's $1.5M at JPMorgan).
• Annual Bonuses: 10-20%, for hitting quarterly targets like revenue growth.
• Long-Term Incentives: 70-90%, mostly restricted stock units (RSUs) and options, vesting on milestones like EBITDA jumps.
• Perks/Other: Jets, security—often 1-5%, but scrutinized for excess.

In Ohio, retail and finance skew higher due to scale: Walmart's McMillon got $21M in stock for e-commerce pushes, while Ford's Farley earned via EV transitions. Manufacturing like Whirlpool ties to supply chains—Bitzer's $10M stock reflects appliance demand. Trends show a 21% regional uptick in Northeast Ohio (Crain's), driven by signing bonuses (e.g., Goodyear's Stewart: $25.7M total, including $10M upfront).

Practical tip: If you're eyeing exec roles, focus on equity—it's where fortunes form, but risks volatility. For investors, check proxies on EDGAR.sec.gov for "say-on-pay" votes; Ohio firms averaged 95% approval, signaling board-worker alignment.

Case Study: Starbucks' Niccol vs. Kroger's McMullen—A Retail Rivalry

Consider two retail titans. Niccol, poached from Chipotle in 2024, pocketed $95.8M—$5.5M bonus for menu tweaks, $90.3M stock for global expansion. Median barista? $14,674, yielding a 6,527:1 ratio that drew shareholder pushback (link to Starbucks proxy). Contrast McMullen at Kroger: $15.6M total ($1.5M base, $11M stock), with a 294:1 ratio on $52,996 worker pay. Kroger's steadier grocery model means less flash, but steady dividends. Research suggests such variances reflect sector risks—coffee's fad-prone vs. food's essentials.

Regional Deep Dives: Cincinnati, Central, and Northeast Ohio

Ohio's pay map isn't uniform; geography flavors the figures.

Cincinnati: Consumer Goods Capital

Averaging $10.7M (Cincinnati Business Courier), this hub shines with P&G's Moeller ($21.9M: $16.3M stock for Tide innovations) and Kroger's McMullen. Top 5 estimate:

• P&G: $21.9M
• Kroger: $15.6M
• GE: $88.9M (outlier via HQ move)
• Fifth Third: $10.1M
• Cincinnati Financial: ~$8M (est.)

Trends: 15% rise from 2023, per local filings, amid consumer spending rebounds. External link: P&G Investor Relations.

Central Ohio: Logistics and Energy Hub

Columbus firms averaged $12M, with Cardinal Health's Hollar ~$20M (base $1.43M, $3M perf., $15M stock—proxy snippet). Wendy's: $18M transition pay. AEP's Fehrman: $13.2M for grid upgrades.

• Cardinal Health: $20M
• Wendy's: $18M
• AEP: $13.2M
• Nationwide: ~$12M (est.)
• Big Lots: $8M

Growth: 10% YoY, tied to supply chain booms. Internal link suggestion: Our guide to Ohio's rising logistics sector.

Northeast Ohio: Manufacturing Muscle

Crain's median at $6.38M (up 25%), led by Goodyear's Stewart ($25.7M: $10M bonus). TransDigm's Stein: $21.4M; Cliffs' Goncalves: $15.2M.

• Goodyear: $25.7M
• TransDigm: $21.4M
• Sherwin-Williams: $12.9M
• Eaton: ~$15M (est.)
• FirstEnergy: ~$14M

Insight: Steel and auto volatility boost incentives—Goncalves' pay spiked on tariffs. Internal link: Northeast Ohio manufacturing outlook.

Broader Impacts: Economy, Workers, and Policy

High CEO pay signals confidence—Ohio GDP grew 2.5% in 2024—but ratios like 324:1 at top firms fuel debate. Workers at these employers (250,000+ in the top 10) earn 15% below the state median, per report. Positively, stock ties have lifted Ohio pensions ($100B+ assets). Negatively, buybacks (e.g., Norfolk Southern's $10B pre-derailment) prioritize execs over safety.

Empathetic angle: For families, a CEO's year equals 250 lifetimes of median pay—daunting, yet leadership risks are real (e.g., Dimon's bank navigated crises). Policy ideas: Tax stock gains progressively; mandate living wages. According to the AFL-CIO, 93% of S&P CEOs exceed median pay, signalling merit—though the Economic Policy Institute counters with calls for limits.

Tips for Ohio pros:

• Career Climb: Network via LinkedIn; target finance/manufacturing MBAs.
• Advocacy: Join shareholder votes—Starbucks faced 40% "no" on pay.
• Invest Wisely: Buy into high-pay firms for dividends (P&G yields 2.5%).

Wrapping Up: What This Means for Ohio's Future

Ohio's CEO pay reveals a state at a crossroads: rewarding visionaries while grappling with equity. From Niccol's blockbuster to regional stalwarts, these packages underscore innovation's price—and potential. As 2025 unfolds, watch for proxy battles and wage hikes; evidence points to gradual shifts toward balance.

Ready to dive deeper? Share your thoughts in comments—what's fair pay in your book? Subscribe for more Ohio business insights, or explore our wage equity series.

Expanded FAQs: Answering What Readers Are Asking Now

Based on trending Google/X queries (e.g., "Ohio CEO pay inequality 2025"), here's more:

1. What makes up CEO pay, and is it 'real' money? Mostly future stock (70%+), not cash—realized on vesting/sale. E.g., Farley's $18.3M Ford stock hinges on sales targets. It's an incentive, not a guarantee.
2. How does Ohio compare nationally? Ohio medians ($15.6M) trail the U.S. S&P average ($18.9M, AFL-CIO), but ratios exceed (254 vs. 281). Tech-heavy states like California top totals ($200M+ for Musk-types).
3. Why the huge pay gaps—greed or merit? Research suggests both: Boards link to performance (95% correlation, Equilar), but critics cite power imbalances. Balanced: 80% of Ohio CEOs beat benchmarks, per reports.
4. Can workers influence this? Yes—union drives at Starbucks/Dollar General cut ratios 10%. Vote proxies; support bills like Ohio's proposed min. Wage hike to $15.
5. What's next for 2025 pay? Up 5-8% projected (Deloitte), with ESG bonuses rising. Watch AI/retail shifts—Niccol's model could spread.
6. Highest-paid women CEOs in Ohio? Tricia Griffith (Progressive, $16.3M) leads; Carol Tome (UPS, $24M). Women hold 8% of top spots, earning 92% of men's medians (Equilar).
7. Nonprofit CEOs—how do they stack? Lower: Cleveland Clinic's Tom Mihaljevic ~$10M (Crain's), vs. for-profits. Ratios ~50:1, but scrutiny is high on tax-exempt status.
8. Tax implications for these mega-pays? Federal top rate 37%, plus Ohio's 3.99%. Stock deferrals save millions—e.g., Dimon's package taxed progressively.
9. Impact on stock prices? Positive short-term: High-pay CEOs correlate 12% higher returns (Harvard study). Long-term? Mixed if gaps spark boycotts.
10. How to get CEO-level pay without the title? Climb C-suite: Avg. COO $5M in Ohio. Focus skills in data/AI; 20% exec pay now ESG-tied.

Key Citations

• Policy Matters Ohio CEO Pay Report 2025
• Cincinnati Enquirer: Ohio CEO Pay Breakdown
• AFL-CIO Highest-Paid CEOs 2025
• Crain's Cleveland: Northeast Ohio CEOs
• Equilar 100: CEO Pay Snapshot
• Economic Policy Institute: National Trends (adapted for 2024)
• Columbus Business First: Central Ohio List
• Cincinnati Business Courier: Regional Averages