Millers $13 million annual pay trails far behind the $18 million the Heat pays LeBron James, widely considered one of the best professional athletes playing today. The big difference: James fame and popularity allowed him to bring in an extra $40 million in endorsement revenue last year, according to Forbes
But the filings also help reveal South Floridas modest share of Corporate Americas big leagues. In terms of market capitalization, which is essentially the combined value of a companys stock on any given day, no South Florida firm falls on GGAs list of Americas 50 largest companies.
The closest is NextEra, with a market value of $29 billion enough to snag No. 109 on the list of the nations largest companies. Lennars Miller was paid slightly less than Goldman Sachs Lloyd Blankfein, whose $13.3 million compensation package gave him the 35th slot in terms of compensation on GGAs list of the 50 largest companies in America.
South Florida does score better on a more familiar ranking of corporate might: the annual Fortune 500 list, which ranks companies by revenue rather than stock value.
On that list, World Fuel Services finishes the highest at No. 74, bringing in $39 billion a year. Also big enough to land on the Fortune 500: AutoNation, NextEra, Office Depot and Ryder. (Carnival and Royal Caribbean would have made the list if they werent officially headquartered in foreign countries to reduce their U.S. tax bills.)
The relative paucity of Fortune 500 firms South Florida is the 11th largest regional economy in the country generally is seen as a negative by economic planners. The scattering of Fortune 500 firms robs South Florida of the stable source of well-paying jobs found in metropolitan areas with a higher share of the countrys largest companies.
Sports arenas find it harder to drive profits without the deep entertaining budgets of hometown national firms. Museums and concert halls cant rely on a deep bench of corporations to write big naming checks for new buildings.
If you look at communities around the country where major headquarters are located, those CEOs ensure a level of civic engagement and corporate responsibility, said Robin Reiter, a long-time foundation consultant now serving as interim president of the Beacon Council, Miami-Dades economic-development agency. From a historic perspective, if you have a CEO engaged in the community, the community has fared better.