It's never been easier to head a company, and the pay keeps rising

CEO pay increased at almost twice the rate of ordinary wages. In 2018 - a pretty good year for the labor market - the average American private-sector worker got a 3.2 per cent raise

This is not a difficult time to be a chief executive.

The solid economy has bolstered companies’ sales, and President Trump’s corporate tax cuts have juiced profits. A huge increase in stock buybacks has lifted share prices.

Despite all the structural forces aiding companies’ bottom lines and stock prices, boards continue to act as if CEOs have unique powers to deliver better returns — and have gone to great lengths to compensate them. The most prominent example: Tesla approved a pay package to Elon Musk valued at as much as $2.3 billion. It’s not just the highest sum for last year; it’s