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Businesses were less likely to increase CFO pay in fiscal 2020, in part because of the economic fallout from the pandemic.

Companies’ financial performance in 2020 fell compared with previous years. Median revenue declined 1 percent, and operating income increased 1 percent—well below 2019 increases of 3 percent and 5 percent, respectively. In a typical year, performance at these levels likely would have resulted in more meaningful compensation decreases for executives.

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