Some CIOs are paid $1 million
It seems, in this world, there are two types of CIOs. The first does quite well financially depending on the size and nature of his or her enterprise, oftentimes, taking home a decent salary, and perhaps receiving a bonus or some shares of stock.
Then there are the CIOs who live the high life. They have a seat at the corporate table next to the CEO, the CFO and other top executives, and they take home very big bucks. CIO.com has complied a list of the top-tier technology leaders and what they made in 2007, based on public records filed with the Securities and Exchange Commission. At the top of the chart was Barbara Desoer, who received $10.5 million in total compensation as global technology and operations executive at Bank of America. Glen Salow, of Ameriprise Financial, ranked second, pulling down $7 million. Robert Carter of FedEx had $5.4 million in compensation, followed by Tim Shack of PNC Financial Services Group and Mark Boxer of Wellpoint with $4.8 million each. Not a bad year's work, if you can get it.
For more on the millionaire's club:
- see this CIO.com article
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Comments
By PSP | Posted 11:46am | July 7, 2008
OK, so what's wrong with the CIO--who has to understand and communicate with all the business execs; work closely with the CEO to ensure technology is advancing the mission of the organization; bridge the gap between the tech department and the execs; and lead the tech teams from support to strategic partners of the organization providing critical technology to keep the organization competitive--making equal salaries with other executives and sitting on the corporations top executive meetings? He or she is responsible for as much or more then other execs in the organization and the work of the IT team, even in non-IT related organiztions keeps them competitive. We are seeing higher salaries because organizations are placing them at a level they need to be at to do their jobs. IT is no longer just a support mechanism, so the CIO should not be treated or paid as such.