Worst-Aligned CEOs

We compare year-over-year changes in three metrics for each company's CEO: total compensation as set by the board, realized pay (compensation actually received after stock-based adjustments), and total shareholder return.

A company appears here when the board's reported pay decision moved in the opposite direction from stock returns between the two most recent fiscal years. Realized pay (CAP) is used to classify severity, not as an inclusion filter.

Wealth Transfer — the board raised pay while stock fell, and the CEO's realized pay also rose. The worst governance outcome: shareholders lost value while the executive captured more.

Governance Gap — the board raised pay while stock fell, but the market corrected realized pay downward. The board's decision was still misaligned, though equity adjustments offset part of the damage.

Timing Mismatch — the board cut pay while stock rose. Often reflects equity vesting timing or conservative board adjustments, not governance failure.