If you’re a manufacturing CEO or CFO, you likely got a nice pay bump in 2013, but your bank account wasn’t nearly as energized as your energy counterparts.
Compensation rose an average of 45% last year for CEOs in mid-market energy firms, according to a new analysis from BDO USA, an accounting and consulting company. Direct compensation rose 5% on average for manufacturing CEOs in firms with sales ranging from $25 million to $1 billion.
CFOs in manufacturing saw their pay rise an average of 12% in 2013, BDO found. The energy field again proved the most lucrative, with CFO pay up 21% on average.
“As a result of improving economic conditions and domestic shale opportunities, the energy sector is currently immersed in a highly competitive business environment, creating a need for strong senior leadership,” BDO noted.
CEO pay in mid-market manufacturing firms averaged $2,310,889 in 2013. CFOs in manufacturing averaged $995,817.
Across 600 public firms in eight industry verticals, CEO compensation rose an average of 12.6% and CFOs saw their paychecks increase by 8.2% on average. BDO said the raises demonstrate that "the Great Recession is behind us, and businesses are once again investing in top executive talent."
Who fared the worst in 2013? CEOs in retail saw their pay drop 4% while CFOs took an 11% hit. Still, retail CEOs averaged $2,565,727 while CFOs averaged $798,102.
“Unlike the energy sector, the retail industry continues to struggle with fallout from the economic downturn, emerging challenges from a rapid shift in consumer demands and the overall business landscape,” BDO observed.