fbpx
Sunday, September 20th, 2020
Home » Money » Elon Musk earns 1,082 times more than the CEO at the Port of Los Angeles

Elon Musk earns 1,082 times more than the CEO at the Port of Los Angeles

PortandTerminal.com, October 2, 2019

LOS ANGELES, CA – The Port of Los Angeles is America’s #1 container port. In 2018 Los Angeles handled 9.5 million teu which represented almost 20% of all of America’s total container traffic. In the fiscal year 2018, the port had operating revenue of almost half a billion dollars. It’s a huge operation by any measure.

The Port of Los Angeles is America’s largest container port

Surprisingly though, for an operation as large as Los Angeles’ port is, its top executives really aren’t paid that much when you compare their salaries to what other top execs in America are making.

Gene Seroka, Executive Director, Port of Los Angeles

Case in point. Gene Seroka is the Executive Director of the Port of Los Angeles and is the top dog there. In 2018 Seroka’s total compensation package was $474,523. That’s a lot of money, but it’s not a huge amount of money for a port the size of Los Angeles to be paying its top executive. In fact, it’s not much at all when compared to some of the outrageous salaries other CEOs and Execs are being paid in America.

Highest paid CEOs in America (2018)

In 2018 Elon Musk’s total compensation package (primarily from Tesla) was $513 million dollars. That works out to 1,082 times more than Gene Seroka earned in the same year

In 2018 Brendan Kennedy, CEO/President of Tilray (Canada’s largest cannabis company) was $256 million dollars. That works out to 540 times more than Gene Seroka earned in the same year
In 2018 Bob Iger, CEO/Chairman of Walt Disney Co’s total compensation package was $147 million dollars. That works out to 310 times more than Gene Seroka earned in the same year

Do Gene Seroka and the other top execs at America’s largest ports deserve a raise? We think so. America’s ports are of such strategic and economic importance that it is mission-critical to ensure that its senior management never has reason to look to jump ship for a higher paid job elsewhere.

Over the past several weeks PortandTerminal.com have run articles on what the execs at several of America’s largest ports earn. Our main findings are this:

  1. Unions at Ports keep wages higher than the local market average for markets that they are located in.
  2. Pilots at ports earn more than the people who run the ports.
  3. Senior port execs are paid far less than they could earn in private industry.

Other articles that you may be interested in

Copyright © 2019 PortandTerminal.com. All rights reserved. This material may not be published, broadcast, written or redistributed.

Check Also

Smoke rises from the scene of the explosion in the seaport of Beirut

9 people are still missing after Beirut port explosion

PortandTerminal.com, September 20, 2020 BEIRUT – The Lebanese army announced Saturday that nine people are …

Thomas Wilhelmsen, CEO of Wilhelmsen Group.

Shipping heir Thomas Wilhelmsen rejects buyout offers from cousins

PortandTerminal.com, September 20, 2020 OSLO, NORWAY – Last week, Norwegian daily Dagens Næringsliv reported that cousins and …