CEO pay has been going in one direction for the past three years: up.
The head of a typical large public company made $9.7 million in 2012, a 6.5 percent increase from a year earlier that was aided by a rising stock market, according to an analysis by The Associated Press using data from Equilar, an executive pay research firm.
CEO pay, which fell two years straight during the Great Recession but rose 24 percent in 2010 and 6 percent in 2011, has never been higher.
Companies say they need to pay CEOs well so they can attract the best talent. But shareholder activists and some corporate governance experts say many chief executives are being paid far above what is reasonable or what their performance merits.
Pay for all U.S. workers rose 1.1 percent in 2010, 1.2 percent in 2011 and 1.6 percent last year -- not enough to keep up with inflation. The median wage in the United States was about $39,900 in 2012, according to data from the Bureau of Labor Statistics.
The highest-paid chief executive was Leslie Moonves of CBS, who made $60.3 million. He beat the second-place finisher handily: David Zaslav of Discovery Communications, who made $49.9 million. Five of the 10 highest-paid CEOs were from the entertainment and media industry.