More churn and less pay for CEOs
Due to a decrease in bonuses and incentive plans, average mining CEO compensation fell 16% according to a study by Bedford Resources.
“Sixty-three percent of CEO’s received an annual bonus in 2013 compared to 88% in the previous yeart,” said Bedford in its fifth annual report on Board and Executive Compensation for the Mining Industry for 2014.
“Incumbents working at companies under $1 billion in assets experienced greater likelihood of receiving no bonus payment.”
While total compensation was down, median CEO salaries were up 5% compared to last year.
The study also found that many of the survey respondents “experienced significant transition.” Approximately 17% of CEOs left their positions in 2013.
Bedford Resources is an international recruiting firm focused on mining and oil and gas sectors.
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