Jim Anderson, CEO of Pennsylvania-based tech company Coherent, has emerged as the highest-paid CEO in the U.S. in 2024, with a total compensation package of over US$101 million.

Anderson was the only CEO among the top 100 highest-paid executives to surpass the nine-figure mark, with nearly all of his pay tied to stock awards, according to an early study by executive data firm Equilar.

Despite being entitled to a base salary of US$1.06 million, Anderson, who joined Coherent in June 2024, received just $81,538 in cash. He was also granted a signing bonus of $500,000, while the majority of his earnings came from stock-based compensation, as disclosed in the company’s 2024 proxy statement.

His pay package exceeded that of several prominent tech leaders, including Microsoft CEO Satya Nadella ($79.1 million), Apple CEO Tim Cook ($74.6 million), and Nvidia CEO Jensen Huang ($34.1 million), according to the report.

Jim Anderson, CEO of Pennsylvania-based tech company Coherent. Photo courtesy of Coherent

Anderson, 52, assumed leadership of Coherent following the retirement of former CEO Chuck Mattera. He previously served as CEO of Lattice Semiconductor and held senior roles at AMD, where he led the computing and graphics business unit, as reported by Fortune magazine. He holds an MBA and a Master’s in electrical engineering and computer science from MIT, a Master’s from Purdue University, and a Bachelor’s from the University of Minnesota, all in electrical engineering.

Equilar’s analysis, based on proxy filings submitted by March 31 from companies generating at least $1 billion in annual revenue, found that median CEO pay rose to $25.6 million in 2024, a 9.5% year-on-year increase, largely driven by stock grants.

Tesla CEO Elon Musk did not appear in the ranking, as the company had not yet filed its proxy statement. Even if it had, Musk may have been excluded, according to U.S.’s financial outlet Barron’s. He has not drawn compensation from Tesla since 2019. His last pay arrangement, a 10-year, 12-tranche performance-based package approved in 2018 and valued at around US$70 billion, was twice rejected by a Delaware Chancery Court. Tesla’s appeal is currently under review by the Delaware Supreme Court.