These are the 10 most overpaid CEOs in the 2022 Fortune 500

Overall hourly U.S. wages fell 2.4% on average last year (after adjusting for inflation), but the median total compensation of CEOs Fortune studied as part of this year’s Fortune 500 ranking jumped 30% from a year earlier to $15.9 million.

That made us curious. Did those CEOs deserve the compensation packages they received? Fortune’s Maria Aspan and Scott DeCarlo analyzed the compensation and stock performance of the 280 Fortune 500 CEOs who have held their jobs for at least three years, ranking them on pay vs. performance.

The study not only identified who was being overpaid, but also the CEOs who might actually be underpaid, given the performance of their companies. (Moderna’s Stéphane Bancel topped that list, with an average three-year compensation of $3.1 million and an annualized total return over his tenure of 79.1%. See the rest of the undervalued CEOs list here.)

Only a few of the companies with the most overpaid CEOs commented on the findings. The others declined to discuss the issue.

Here’s a look at Fortune’s most overpaid CEOS of 2021:

1. Dexter Goei, Altice USA

Pay vs. Performance Composite Score*: 1000
3-year average compensation: $16.1 million
Company 3-year total return annualized: –26.8%
Industry median 3-year total return annualized: –1.5%

2. David Zaslav, Warner Bros. Discovery

Pay vs. Performance Composite Score*: 957
3-year average compensation: $62.7 million
Company 3-year total return annualized: –16.9%
Industry median 3-year total return annualized: –4.1%

3. Michel Vounatsos, Biogen

Pay vs. Performance Composite Score*: 938
3-year average compensation: $13.4 million
Company 3-year total return annualized: –3.3%
Industry median 3-year total return annualized: 15.1%

4. John Visentin, Xerox Holdings

Pay vs. Performance Composite Score*: 916
3-year average compensation: $10.7 million
Company 3-year total return annualized: –15.6%
Industry median 3-year total return annualized: 6.7%

5. James Loree, Stanley Black & Decker

Pay vs. Performance Composite Score*: 899
3-year average compensation: $14.4 million
Company 3-year total return annualized: –4.9%
Industry median 3-year total return annualized: 11.6%

6. Thomas McInerney, Genworth Financial

Pay vs. Performance Composite Score*: 893
3-year average compensation: $10.6 million
Company 3-year total return annualized: –1.3%
Industry median 3-year total return annualized: 7.1%

7. Gary Norcross, Fidelity National Information Services

Pay vs. Performance Composite Score*: 884
3-year average compensation: $58.8 million
Company 3-year total return annualized: –2.7%
Industry median 3-year total return annualized: 7.3%

8. Richard Kramer, Goodyear Tire & Rubber

Pay vs. Performance Composite Score*: 880
3-year average compensation: $10.4 million
Company 3-year total return annualized: –10.2%
Industry median 3-year total return annualized: –1.3%

9. Ryan Schneider, Realogy Holdings

Pay vs. Performance Composite Score*: 878
3-year average compensation: $7.5 million
Company 3-year total return annualized: –4.8%
Industry median 3-year total return annualized: 12.5%

10. Richard Johnson, Foot Locker

Pay vs. Performance Composite Score*: 861
3-year average compensation: $6.5 million
Company 3-year total return annualized: –18.4%
Industry median 3-year total return annualized: 3.2%

*Out of 1120 possible. A higher number means more overpaid.