€7.9 million: this is the average amount received by a CAC 40 executive in 2023, according to Proxinvest. The bar has never been this high since the inception of the flagship index of the Paris Stock Exchange. A figure that starkly contrasts with the persistent stagnation of average salaries in France.
For some CEOs, the ceilings are exploding. Some exceed the average of major French bosses by ten to twenty times. These disparities fuel discussions, intensified by increased transparency demanded by European regulations. XXL compensations no longer go unnoticed and ignite public debate.
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Overview of CAC 40 CEO Salaries: Key Figures and Recent Trends
In Paris, the issue of CAC 40 CEO salaries constantly resurfaces whenever governance or equity is discussed. In 2024, a CAC 40 executive earns an average of €6,923,781 per year. The median stands at €6,657,899. Since 2014, these amounts have surged by 62%, a growth that leaves far behind that of employees during the same period. The concrete result: in 2023, the pay ratio between a CAC 40 boss and an ordinary employee reached 1 to 95.
These compensations consist of several components. On average, the fixed salary amounts to €1.37 million. In addition, there is a short-term variable component of €1.77 million, not to mention the free shares whose value has risen by 15.9% in one year. These amounts are not decided behind closed doors: they are approved by the boards of directors and then submitted to the general assembly, in accordance with the Sapin 2 law which has strengthened the voice of shareholders.
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Conditions related to extra-financial performance (ESG) have now been integrated into the variable component since 2021. Yet, the upward trend shows no signs of weakening. The example of Alexandre Ricard’s fortune illustrates how the compensation of emblematic figures becomes as much a current topic as an economic issue.
Some CEOs stand out significantly. Bernard Charlès, at Dassault Systèmes, pocketed €46.8 million in 2023. Ilham Kadri (Solvay) follows with €23 million. This concentration of the highest amounts in the hands of a few executives raises questions about the CAC 40’s ability to find a balance between economic performance, societal expectations, and responsible governance.
Who are the highest-paid French bosses and what image do they project?
The highest-paid French bosses assert themselves in the media landscape, sometimes on par with political leaders. Bernard Charlès, the head of Dassault Systèmes, tops the ranking: €46.8 million received in 2023, a peak never reached in France. His legitimacy rests on market valuation and his capacity for innovation, but the gap with his employees’ salaries raises questions about social ties and the sense of equity.
The automotive sector is not lagging behind. Carlos Tavares (Stellantis) continues his ascent, praised by the markets. However, the amount of his eight-figure compensation continues to spark debate, even during general assemblies. Daniel Julien, head of Teleperformance, is part of this trend, having received nearly €20 million in 2021.
To better illustrate these disparities, here are some striking examples:
- Bernard Charlès (Dassault Systèmes): €46.8 million in 2023
- Ilham Kadri (Solvay): €23 million in 2023
- Daniel Julien (Teleperformance): nearly €20 million in 2021
- François-Henri Pinault (Kering): €12 million in 2021
- Paul Hudson (Sanofi): €8.96 million in 2021
The observation is clear: the leadership of the CAC 40 remains largely male-dominated. Only four companies in the CAC 40 are currently led by women, and none appear among the twenty highest salaries. This real imbalance reflects the persistent resistance and barriers that remain to be dismantled at the top of French groups.
The compensations of major French bosses fascinate, disturb, and raise questions. They paint a picture of a capitalism where performance is displayed in millions, but where the issues of sharing and representation never truly fade away. How far will the race go? The boards of directors hold the power, and public opinion has not had its final word.