Based on importance, CEOs should make more

A May 26 front-page Gazette featured an AP article headlined “Average CEO earns $9.6 million a year” amounted to a condemnation of these salaries. Several comments:

1. For perspective, the 2011 Vanity Fair Hollywood earnings list: No. 1 James Cameron, $257 million; No. 40 Eddie Murphy, $13 million.

2. Corporations pay such salaries because that is the cost in a free market to keep the best chief executive officers from going to the competition or starting their own company.

3. Nationally, CEOs' decisions impact millions of jobs and the future retirements of millions who invest in stocks and mutual funds.

4. Apart from a few well-publicized exceptions, most U.S. CEOs excel. They lead companies doing outstanding work that has made America an unprecedented economic, military, technological and charitable powerhouse. I think they deserve at least what Eddie Murphy makes.

John R. Brownell

Hiawatha