Compensation for the chief executives of the biggest U.S. companies fell more sharply last year than any year since the financial crisis, as weaker corporate performance slowed cash bonuses and accounting rules pared back pension growth.

Median pay for the CEOs of nearly 300 large publicly traded companies slipped 3.8% to $10.8 million last year from $11.2 million in 2014, a Wall Street Journal analysis of compensation data from MyLogIQ found. Half of those CEOs saw total pay either decline or rise by less than 1%—also the...