How much does a CEO earn in Brazil? Salaries at the largest companies remained stable in 2023, says research

CEO salaries in Brazil also face restrictions given the situation of the economy. In the largest companies, they exceeded R$80 thousand per month in 2023, but this represented stagnation in relation to 2021. The data comes from research by Page Executive, PageGroup’s business unit.

The average salaries shown in the study start in the range of R$40,000 and grow as companies’ revenue increases. The research was carried out with the participation of 1,915 executives who work in companies of different sizes in Latin America, between October 2023 and February 2024.

CEOs of companies with revenues starting at R$495 million showed stable salaries. In those where revenue is up to R$1 billion, remuneration in the period remained the same as two years ago: from R$60 thousand. For billion-dollar companies, the salary floor was maintained at R$80,000.

Executive salaries were stabilized in 2023. Photograph: InsideCreativeHouse – stock.adobe.com

However, for executives heading slightly smaller companies, there was a slight variation in fees. For those working in companies with revenues of up to R$246 million, the salary cap increased by 8%, reaching R$65 thousand. Of those who work with revenues between R$247 million and R$494 million, the base payment increased to a 25% higher level: it went from R$40 thousand to R$50 thousand.

Overall, the average fixed monthly compensation of CEOs in Brazil was practically unchanged in 2023, with 66.5% salary stability, says the survey.

According to the director of Page Executive Paulo Dias, the maintenance of top leadership’s payroll is a result of the country’s “low economic growth.” “We noticed that the range impacted by the salary increase was another move by the company seeking market adjustment or according to the company’s strategy”, he explains.

The Brazilian economy ended 2023, the first year of Lula’s third term, with a Gross Domestic Product (GDP) growth of 2.9%. In the fourth quarter of the year, however, the economy was stagnant compared to the previous three months.

In addition to the new study, Page Executive’s research incorporated data from the 23-24 Compensation Study, by the same group, which included the participation of more than 2 thousand executives. Data from the Board Members 2024 study was also included, with responses from more than 900 board members.