Chief Financial Officers (CFOs) play a critical role in a company’s financial success. They oversee the company’s strategic and financial operations and accordingly devise strategies to ensure its long-term growth and stability. At the same time, given their importance, CFOs are also some of the highest-paid executives in the business world.
In this blog post, we will discuss the top 10 highest-paid CFOs in the world in 2023– highlighting their responsibilities and contributions. Also, to satisfy your curiosity about how much a CFO makes, we will discuss their pay and other compensation benefits. But first, let’s take a brief look at a CFO definition.
What is CFO?
The Chief Financial Officer (CFO) is one of the most important roles in any organization. They are responsible for managing a company’s financial and business operations, entailing financial planning and analysis, accounting, tax, risk management, etc. Below listed are 5 major responsibilities of a Chief Financial Officer (CFO):
- Developing and implementing financial strategies.
- Overseeing budgeting, forecasting, and financial reporting.
- Managing financial risks and ensuring compliance with regulations.
- Building and maintaining relationships with investors & stakeholders.
- Providing financial guidance to the company’s senior management.
In other words, the CFO is one of the key members of the executive team, offering critical financial insight and guidance to the managing director, senior executive, and vice president to support the organization’s success.
Now, let’s move to the next section to learn about the top 10 highest paid CFOs in the world in 2023, along with their responsibilities, accomplishments, and compensation.
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List of The 10 Highest Paid CFO In The World
Below listed are the top 10 highest-paid CFOs in the world in 2023, along with their key responsibilities, notable achievements, and CFO compensation.
1. Patrick Pichette
Patrick Pichette is a renowned business leader who is currently serving as the Chief Financial Officer (CFO) of Google’s parent company– Alphabet Inc. With over 30 years of experience in the technology industry, Pichette has made significant contributions to some of the world’s leading companies as principal accounting officer.
Key Responsibilities:
- Overseeing Alphabet’s financial operations, including financial reporting, budgeting, and forecasting.
- Developing and implementing financial strategies to support Alphabet’s growth.
- Providing financial guidance to the company’s top management to support decision-making.
Notable achievements:
- Pichette played a crucial role in Alphabet’s transition from Google’s. He has helped streamline the company’s operations and improve financial performance.
- He has also been recognized for his leadership in sustainability. Under his leadership, Alphabet received significant success in its environmental and social initiatives.
Pay & Benefits:
As the CFO of Google, Pichette received a total compensation package of $16.5 million in 2023. This includes a base salary of $2.7 million and stock awards worth $11.2 million.
2. Anthony Noto
Anthony Noto is a well-known financial executive and former NFL executive who currently serves as chief executive officer and the CFO of SoFi (a financial technology company). He has a remarkable career in finance, having worked for some of the world’s largest corporations.
Key Responsibilities:
- Overseeing all financial operations, including financial planning and analysis, accounting, treasury, and investor relations.
- Developing and implementing financial strategies that support SoFi’s growth and expansion.
- Leading fundraising efforts to secure funding for SoFi’s ambitious plans.
Notable achievements:
- Noto played an instrumental role in taking SoFi public in 2021 through a SPAC merger with Social Capital Hedosophia Holdings Corp. V.
- He has successfully raised over $2 billion in funding for SoFi through multiple rounds of financing.
Pay & Benefits:
Noto earned a total compensation package of $15.8 million in 2023. This includes a base salary of $500,000, stock awards worth $9.2 million, and a cash bonus of $6 million.
3. Safra Ada Catz
Safra Ada Catz is an Israeli-American business executive who currently serves as the CEO of Oracle Corporation. With a long and successful career in the tech industry, Catz has established herself as one of the world’s most influential and highest-paid CFOs. Here’s a closer look at her key responsibilities and achievements:
Key Responsibilities:
- Overseeing the company’s key operations, including sales, marketing, finance, and legal departments.
- Driving growth through strategic planning and business development.
- Managing the company’s relationships with customers, partners, and investors.
Notable achievements:
- Cartz has spearheaded Oracle’s transition to cloud computing. This particular move has helped the company position itself as a leader in the industry.
- She has successfully navigated the company through a period of economic uncertainty.
Pay & Benefits:
In 2023, Catz received a total compensation package of $12.7 million. This includes– a base salary of $950,000, stock awards worth $9.4 million, and a cash bonus of $2.3 million.
4. Joseph R. Ianniello
Joseph R. Ianniello is a prominent figure and a famous CFO in the world of finance. He has served as the Chief Financial Officer (CFO) of CBS Corporation– a leading media organization, for several years. With over 2 decades of experience in the media and entertainment industry, Ianniello has played a key role in the financial management of one of the largest media companies in the world.
Key Responsibilities:
- Overseeing financial operations, including accounting, financial planning, and analysis.
- Developing and implementing financial strategies to support business objectives.
- Managing relationships with investors and financial institutions.
Notable achievements:
- Played a critical role in the successful merger of CBS Corporation and Viacom, Inc. in 2019.
- Led the company through a challenging period of legal disputes, which included a high-profile lawsuit with National Amusements Inc.
Pay & Benefits:
As the former executive officer, vice president, and CFO of CBS Corporation, Ianniello earned a total compensation package of $13.4 million in 2023, including a base salary of $3 million and stock awards worth $9 million.
5. Harvey M. Schwartz
Harvey M. Schwartz is an American businessman, investment professional, and financial executive who has held several senior positions throughout his career. Here is a brief overview of his key responsibilities and notable contributions to the companies he has worked for so far.
Key Responsibilities:
- As the CFO and co-president of Goldman Sachs, Schwartz was responsible for overseeing the firm’s financial operations.
- He also played a critical role in developing and executing the firm’s strategic activities– including its expansion into new markets and business lines.
- As the Chief Financial Officer (CFO) of The Bear Stearns Companies Inc., Schwartz was responsible for managing the firm’s financial operations.
Notable achievements:
- During his tenure at Goldman Sachs, Schwartz helped lead the firm through a period of significant growth and expansion.
- He also played an instrumental role in implementing cost-saving measures and streamlining the firm’s operations.
Pay & Benefits:
Schwartz received a total compensation package of $24.5 million in 2023, including a base salary of $2.7 million and stock awards worth $21.2 million.
6. Michael J. Angelakis
Michael J. Angelakis is an American businessman and investor who currently serves as the Vice Chairman of Comcast Corporation– a leading multinational media conglomerate. Angelakis holds a wealth of experience in the media and telecommunications industries, making him one of the best CFO in the world of media at the present time.
Key Responsibilities:
- Overseeing Comcast’s financial operations, including capital planning, financial reporting, and risk management.
- Developing and executing strategic initiatives to drive growth and increase shareholder value.
- Managing relationships with investors, financial institutions, and other stakeholders.
Notable achievements:
- Angelakis has successfully led Comcast’s acquisition of NBCUniversal. It is considered one of the largest media mergers in history.
- He has also spearheaded the development of Comcast’s high-speed internet and video services.
Pay & Benefits:
Being one of the highest-paid CFOs in the world, Angelakis earned a total compensation package of $14.3 million in 2023, including a base salary of $1.8 million and stock awards worth $10.3 million.
7. Howard Schiller
Howard Schiller is a well-known name in the world of finance, having served as the CFO of various pharmaceutical companies. He is a seasoned professional with decades of experience in– financial planning and analysis, accounting, and strategic management.
Key responsibilities:
- Developing and implementing financial strategies that support the company’s objectives.
- Overseeing budgeting, forecasting, and financial reporting.
- Managing financial risks and ensuring compliance with regulations.
Notable achievements:
- Schiller played a crucial role in the launch of multiple drugs, driving significant revenue growth for the companies he worked for.
- He also successfully navigated companies through significant financial challenges while maintaining financial stability and growth.
Pay & Benefits:
Schiller received a total compensation package of $8.5 million in 2023. This total pay includes a base salary of $1.5 million and stock awards worth $5.9 million restricted stock awards.
8. Jeffrey S. Bornstein
Jeffrey S. Bornstein is a highly accomplished and one of the highest-paid CFO in the world who has worked in the financial industry for over 20 years. He has held various senior leadership positions and is known for his financial expertise and ability to drive sustainable business growth.
Key Responsibilities:
- Developing and implementing financial strategies to support GE’s business objectives.
- Managing GE’s global financial operations, including financial planning and analysis.
- Building and maintaining relationships with investors, analysts, and financial institutions
Notable Achievements:
- He successfully led GE’s transition to a more focused portfolio of businesses.
- Bornstein also implemented a new financial reporting framework that increased GE’s financial reporting process accuracy.
Pay & Benefits:
In 2023, Bornstein earned a total compensation package of $16.3 million. This includes– a base salary of $1.5 million and stock awards worth $13.7 million.
9. Warren C. Jenson
Warren C. Jenson is among the best CFO in the world, with over 3 decades of experience in the technology and finance sectors. His expertise in financial planning and analysis, business strategy, and mergers and acquisitions has earned him a reputation as one of the most influential as well as the highest-paid CFO in the industry.
Key Responsibilities:
- Overseeing financial planning and analysis, including budgeting, forecasting, and financial reporting.
- Developing and implementing strategic initiatives to support business growth and profitability.
- Managing mergers and acquisitions, including due diligence, negotiations, and integration.
Notable Achievements:
- Successfully led the IPO of his current company– LiveRamp, which raised over $2 billion.
- Played a key role in several major acquisitions– including a $5.9 billion deal that significantly expanded the company’s mobile gaming portfolio.
Pay & Benefits:
Jenson received a total compensation package of $4.7 million in 2023, including his compensation valued at a base salary of $800,000 and stock awards worth $3.9 million.
10. James A. Rasulo
James A. Rasulo is a renowned American businessman and former Chief Financial Officer (CFO) of The Walt Disney Company. He joined Disney in 1986 and held various executive positions before being appointed as CFO in 2010. During his tenure as a chief financial officer, Rasulo played a pivotal role in driving Disney’s financial performance and growth.
Key Responsibilities:
- Overseeing the company’s financial operations, including– financial planning, analysis, and reporting.
- Developing and implementing financial strategies to support Disney’s business objectives.
- Managing relationships with investors, analysts, and financial institutions.
Notable Achievements:
- Played a key role in the successful acquisition of Pixar Animation Studios, Marvel Entertainment, and Lucasfilm.
- Led the restructuring of Disney’s Parks and Resorts division, resulting in significant cost savings and improved financial performance.
Pay & Benefits:
Rasulo received a total compensation package of $16.2 million in 2023, including a base salary of $1.5 million and stocks worth $12.8 million.
The Bottom Line: To sum up, the top 10 highest-paid CFOs in 2023 listed above are all accomplished business leaders who play a crucial role in their company’s financial success as well as have made significant contributions to their companies. In return for their efforts, they have received impressive compensation packages consisting of base salaries, stock awards, and cash bonuses.