CEOs with lowest-paid US workers ‘focused on own short-term windfall’ – report

A report found that companies like Lowe’s, run by Marvin Ellison, left, and Nike, run by John Donahoe, could do more for their lowest paid employees. Composite: Bloomberg, AFP, Getty Images

The CEOs of some of the largest employers with the lowest-paid workers in the US are more “focused on their own personal short-term windfall” – spending significantly more money on stock buybacks than capital investments and contributions to employee retirement plans, according to a new report released by the Institute for Policy Studies.

Between 2019 to 2023, the 100 largest low-wage employers in the US, the 100 corporations in the S&P 500 with the lowest median worker pay, spent $522bn on stock buybacks. Lowe’s and Home Depot spent the most on stock buybacks, with Lowe’s spending $42.6bn during this period and Home Depot spending $37.2bn.