While the media have been blasting companies for excessive executive compensation, results of a study in Michigan indicate that executive pay hasn't kept pace.

In fact, the study, commissioned by the Michigan Manufacturers Association, found that pay for senior talent is nowhere near the 20% to 30% increases that some new hires get.

These compensation packages, notes the report, "bear little resemblance to the seven- and eight-figure compensation packages popularly reported."

The study also observed that CEOs of average-size firms earn just over $140,000, while CEOs of small manufacturing firms in Michigan earn less than $90,000 per year.

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