Despite an increase in most CEO pay last year, half of Chattanooga’s top bosses took a cut in their compensation, including the two highest-paid executives in the region.
According to proxy statements filed by SEC-regulated companies in the Chattanooga region, Unum CEO Rick McKenney remained the highest paid CEO in Chattanooga last year even though his total compensation was down nearly 7% from the previous year. McKenney, who has headed the world’s biggest disability insurance company since 2015, was given $2.4 million less in non-equity incentive pay last year compared with 2023 even though Unum boosted its income, stock price and revenues in 2024. McKenney was paid a total compensation package of $18.4 million last year.
TVA CEO Jeff Lyash was the second highest paid CEO in the region — and remained the highest paid federal employee in the United States last year — with a total compensation package of $10.5 million in 2024. Lyash’s pay was down slightly due to the TVA board ‘s decision last year to limit the pay of its top executive after Lyash’s pay was criticized by President Trump and others.
CBL CEO Stephen Lebovitz and Dixie Group CEO Dan Frierson also took a cut in their pay packages last year, but the heads of Miller Industries, Mohawk Industries, Astec Industries and Covenant Logistics were all given more in total compensation in 2024 compared to the previous year.
Chattanooga’s top bosses
Among Chattanooga CEOs, the biggest increase in compensation last year was granted to Miller Industries’ CEO William G. Miller II, whose total pay package nearly doubled to $5.5 million in 2024.