Chief financial officers in North America earn less money on average than their CEO counterparts, but that gap is quickly closing.
A recent study published by The Wall Street Journal found that CFOs are receiving bigger pay hikes year-over-year than CEOs.
The study, conducted by S&P Capital IQ, found that CFOs received a median pay increase of 13.9% with an average pay of $US3.8 million. In comparison, large-company CEOs received a bump of 13.5% for an average pay of $US13.6 million.
We wanted to take a closer look at CFO pay packages and compiled a list of the highest-paid CFOs using data compiled by FindTheCompany. Our numbers are based on the publicly disclosed total compensation packages for the full year ending December 31, 2014.
Some of the CFOs on this list have retired or moved on to other ventures, but none-the-less their compensation packages in 2014 reveal a good amount of information about CFO pay and its sudden race towards the top of the corporate pay structure. Notably, Ruth Porat, Google’s new $US70 million CFO is on our list, but not for her work with the Mountain View, California, company.
In 2014, Twitter CFO Anthony Noto was the highest-paid CFO with a total compensation package worth $US72.8 million.
While the top 25 CEOs of 2014 earned between $US34.6 million and $US156 million, our list of CFOs took home slightly more modest compensation packages valued between $US12.3 million and $US72.7 million.
Scroll down to see the top 25 CFOs.
Annual Compensation: $US12,394,571
Tanner is executive vice president and chief financial officer for Lockheed Martin Corporation, a role he has commanded since September 2007. Prior to the CFO role he served as vice president of finance and business operations for Lockheed Martin Aeronautics Company. He began his career in the aeronautics business area in January 1982.
Tanner was awarded a salary of $US884,311 with restricted stock awards of $US3,240,119 and non-equity incentive plan compensation valued at $US4,350,640. His 'other' compensation was $US3,919,501.
Annual Compensation: $US12,447,308
Martin accepted the CFO role at HCP in October 2013. She formerly worked as the CFO, Americas for Jones Lang LaSalle Incorporated. Martin joined Jones Lang LaSalle after 15 years with Heller Financial, where she held the titles of executive vice president, chief financial officer, and president of the real estate division.
Her 2014 compensation included an $US800,000 salary and $US8,539,471 in restricted stock awards. She was also given $US675,005 in option awards and $US2.4 million in non-equity incentive plan compensation. Her 'other' compensation was listed at $US32,832.
Annual Compensation: $US12,610,800
Cash is a long-time employee of Community Health Systems. He joined the company as its executive vice president and chief financial officer in 1997. Before his time at Community Health Systems, he served as vice president and group chief financial officer of Columbia/HCA Healthcare Corporation and before that he spent 23 years in various senior management roles at Humana Inc.
His compensation includes a salary of $US800,000 per year and restricted stock awards totaling $US9,339,750. He also received $US1,464,000 in non-equity incentive plan compensation and 'other' compensation of $US1,007,050.
Annual Compensation: $US13,067,167
American Express named Campbell as the company's new CFO in June 2013. Campbell previously served as executive vice president and chief financial officer of McKesson Corporation where he worked for nine years. He was also CFO at AMR Corporation and its subsidiary American Airlines. He joined AMR in 1990 and quickly moved through the ranks of senior management.
Campbell's full compensation package includes a $US1 million per year salary alongside a bonus of $US6,150,000 and restricted stock awards of $US1,820,133. He also received option awards totaling $US679,819 and $US3,177,000 in non-equity incentive plan compensation. His 'other' compensation was $US240,215 for 2014.
Annual Compensation: $US14,002,801
Maestri is the senior vice president and chief financial officer at Apple. Previously, Maestri was the company's vice president and corporate controller. Prior to Apple, he was executive vice president and CFO of Xerox Corporation and the CFO at Nokia Siemens Networks. He worked at General Motors for 2o years where he served as CFO of GM Europe and GM Brazil.
In 2014 his base salary was $US717,211. He also received $US11,335,043 in restricted stock awards and $US1,608,255 in non-equity incentive plan compensation. His 'other' compensation was listed by the company to be worth $US342,292.
Annual Compensation: $US14,836,715
Lowe has served as the chief financial officer of Altisource Asset Management since October 2014 and also served as the chief financial officer of Residential since October 2014. Previously he was the chief financial officer of CitiMortgage Inc. and served as chief financial officer of Citibank Korea. He was also the chief financial officer of Citibank's South East Asia Pacific region.
Lowe received a 2014 salary of just $US95,192. His big payday arrived in the form of restricted stock worth $US14,399,269 and non-equity incentive plan compensation valued at $US284,562. His 'other' compensation was listed by the company at $US58,692.
Annual Compensation: $US15,010,000
In 2010, Kane founded Cannabis Consulting Inc. In 2012, he handled investor relations for Cannabis Science. He eventually sold his company to Cannabis Science and was appointed as the company's new CFO and director. He also serves as the chief financial officer and director for Endocan Corporation.
Unlike the complex salary, bonus, and stock structures of many other CFOs on our list, Kane received just two awards. His first was a simple salary of $US10,000 and the second was access to $US15,000,000 in restricted stock.
Annual Compensation: $US15,303,863
Smith joined Vertex in 2001 and has served as the executive vice president and chief financial officer of Vertex Pharmaceuticals since 2006. He is responsible for core functions at Vertex, including Finance and Accounting, Investor Relations, Business Development, Information Systems and Worldwide Operations. Prior to Vertex he was a partner in the Life Science and Technology Practice Group of Ernst & Young LLP. Smith serves on the boards of directors for Acorda Therapeutics, Inc., a drug development company, and Infinity Pharmaceuticals, Inc., a drug development company.
Smith earned a salary of $US650,000 in 2014, restricted stock awards of $US9,865,110, and option awards of $US4,044,646. He also received $US731,250 in non-equity incentive plan compensation and 'other' compensation of $US12,857.
Annual Compensation: $US16,250,709
Bornstein is the senior vice president and chief financial officer for GE Company. Prior to his current c-suite role he was the chief financial officer of GE Capital and senior vice president of GE Company. Bornstein is a long-time employee of GE, joining the company in 1989 as part of GE Power Systems' Financial Management Program.
Bornstein's compensation in 2014 included $US1,450,000 in salary and a bonus of $US2,400,000. He was also awarded $US2,585,000 in restricted stock and $US2,893,000 in option awards. His non-equity incentive plan compensation totaled $US1,080,000 while his 'other' compensation reached $US180,850. A change in his pension value added to the remaining compensation number for 2014.
Annual Compensation: $US16,863,687
Shiels has served as chief financial officer since January 2010. Before joining Williams Partners as the company's CFO he spent 13 years in various regional chief financial officer roles with subsidiaries of General Electric. He most recently served as the chief financial officer of GE Security Americas. Before General Electric he spent nine years with Conoco, Inc. in various finance and operational roles.
Shiels was awarded a salary of $US431,776 in 2014. He was also given a bonus of $US608,550 and restricted stock awards of $US600,055. Shiels was also awarded $US15,012,398 in non-equity incentive plan compensation and given 'other' compensation totaling $US210,908.
Annual Compensation: $US18,262,368
Warren Jr. has served as president, chief financial officer, and secretary and as a director of Midstream Management since February 2014. He has also served as the chief financial officer and secretary and as a director of Antero. Previously he was the EVP, CFO, and Director of Pennaco Energy and a natural resources investment banker focused on equity and debt financing and M&A advisory with Lehman Brothers, Dillons Read & Co. Inc. and Kidder, Peabody & Co.
A large majority of Warren Jr.'s salary was made up of restricted stock awards, which totaled $US17,051,968. He was also awarded a base salary of $US600,000, a bonus of $US600,000, and 'other' compensation worth $US10,400.
Annual Compensation: $US20,177,797
Schwartz took over the post of chief financial officer at Goldman Sachs on January 31, 2013. At that time he was also appointed as the company's executive vice president. His long tenure at Goldman Sachs spans 18 years. He joined the firm as a vice president and quickly moved up the ranks to managing director in 1999 and partner in 2002.
Much like the other CFOs on our list, Schwartz received a compensation package in 2014 that was heavily based around restricted stocks and bonuses. Schwartz was paid $US1,850,000 in salary along with a bonus of $US6,716,667. He was also awarded $US11,394,315 in restricted stock and given 'other' compensation of $US216,816.
Annual Compensation: $US28,872,714
Lisenby is the 29-year-old senior vice president and chief financial officer for Rice Energy. He took over the senior vice president role in 2015 and has held the CFO role since October 2013. Prior to Rice Energy he was an investment professional at Natural Gas Partners where he was directly involved in Natural Gas Partners' original $US100 million investment into Rice Energy. He was formerly an investment banker for Barclays Capital Inc.'s energy group in Houston, Texas.
His compensation package includes an annual salary of $US350,462 along with just over $US28 million in restricted stock awards. Mr. Lisenby has also received $US493,120 in non-equity incentive plan compensation.
Annual Compensation: $US37,666,750
Catz serves as the president and CFO of Oracle. She started as the company's president in January 2004 and took over the CFO role in April 2011. Catz held Oracle's interim CFO position from November 2005 until September 2008 and from April 2005 until July 2005. Catz has a long history with Oracle, joining the tech giant in 1999.
Oracle's CFO earned $US950,000 in salary for 2014. She was also given just over $US36 million in option awards and $US456,236 in non-equity incentive plan compensation. Her 'other' compensation totaled more than $US20,014.
Annual Compensation: $US43,757,484
Pichette served as the senior vice president and chief financial officer for Google from August 2008 through May 2015, at which time he retired and was replaced by Morgan Stanley banker Ruth Porat. Prior to joining Google he served as an executive officer for Bell Canada Enterprises.
While his annual salary was just $US650,000, Pichette was awarded a $US3 million bonus and just over $US40 million in restricted stock. He also received 'other' compensation from Google during his tenure totaling $US72.7 million.
Annual Compensation: $US72,768,098
Noto has served as the chief financial officer of Twitter since August 2014. He also served as the social network's managing director. Before Twitter he was the managing director in the technology, media, and telecom investment banking group at Goldman Sachs & Co. Noto also acted as the CFO of the National Football League.
Noto's massive compensation package makes him the highest-paid CFO on our list. While he collected a salary of just $US124,038, he also received restricted stock awards of $US63,075,000 and option awards of $US9,545,000. His 'other' compensation was listed at just $US25,060.
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