As U.S. companies shed millions of workers during the recession, the CEOs who laid off the most people brought home pay that was significantly higher than that of their peers, a study released on Thursday found.
The CEOs of the 50 U.S. companies that laid off the most workers between November 2008 and April 2010 were paid $12 million on average in 2009, or 42 percent more than the average across the Standard & Poor's 500, according to a study by the Institute for Policy Studies, a Washington think tank.
The companies in the list range from ones that were hard hit by the slump, such as General Motors and Citigroup Inc, to better-positioned businesses including Verizon Communications Inc and Caterpillar Inc.
The cuts also came at a time when the companies were increasing profit -- 72 percent of companies announced planned layoffs even while earnings were rising, the study found.
The CEOs of the 50 U.S. companies that laid off the most workers between November 2008 and April 2010 were paid $12 million on average in 2009, or 42 percent more than the average across the Standard & Poor's 500, according to a study by the Institute for Policy Studies, a Washington think tank.
The companies in the list range from ones that were hard hit by the slump, such as General Motors and Citigroup Inc, to better-positioned businesses including Verizon Communications Inc and Caterpillar Inc.
The cuts also came at a time when the companies were increasing profit -- 72 percent of companies announced planned layoffs even while earnings were rising, the study found.
