20. Larry Merlo, CVS Health Corporation
2014 Compensation: $32,350,733
Overpaid By: $19,261,594
After working for CVS for more than 30 years, Merlo was promoted to chief executive in 2011. Although the company’s earnings were hurt by its decision to halt tobacco sales in 2014, shares are up more than 23 percent since August of that year. Nevertheless, the HIP Investor regression analysis suggests a pay package closer to $13 million would have been more appropriate.
