Chief Financial Officers (CFOs) are pivotal to a company’s financial triumph, overseeing strategic and financial operations for long-term growth and stability. Notably, CFOs rank among the highest-paid executives globally. This blog delves into the top 10 highest-paid CFOs of 2023, shedding light on their responsibilities, accomplishments, and compensation.
What Defines a CFO?
A Chief Financial Officer (CFO) holds a critical position, steering a company’s financial and business operations, encompassing financial planning, analysis, accounting, tax, and risk management.
The CFO’s five major responsibilities include developing financial strategies, overseeing budgeting and forecasting, managing financial risks, fostering relationships with investors and stakeholders, and providing financial guidance to senior management.
In essence, the CFO is a cornerstone in the executive team, offering invaluable financial insight and guidance to support organisational success.
Top 10 Highest Paid CFOs in the World in 2023
1. Patrick Pichette
Renowned as the CFO of Alphabet Inc., Google’s parent company, Patrick Pichette brings over 30 years of technology industry experience. His responsibilities span overseeing Alphabet’s financial operations, developing growth-centric financial strategies, and providing crucial financial guidance. In 2023, Pichette’s total compensation reached $16.5 million.
2. Anthony Noto
Anthony Noto, CEO, and CFO of SoFi, boasts a stellar career in finance. His roles include overseeing financial operations, driving growth strategies, and leading fundraising efforts.
Noto played an instrumental role in taking SoFi public in 2021 through a SPAC merger with Social Capital Hedosophia Holdings Corp. V. He had successfully raised over $2 billion in funding for SoFi through multiple rounds of financing.
Noto’s 2023 compensation totaled $15.8 million.
3. Safra Ada Catz
Safra Ada Catz, CEO of Oracle Corporation, is a tech industry influencer. Responsibilities include overseeing key operations and driving growth through strategic planning. Catz’s 2023 compensation reached $12.7 million.
4. Joseph R. Ianniello
As the former CFO of CBS Corporation, Joseph R. Ianniello’s achievements include successfully merging CBS and Viacom. His 2023 compensation amounted to $13.4 million.
5. Harvey M. Schwartz
Harvey M. Schwartz, an American finance executive, served as CFO and co-president of Goldman Sachs.
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.
In 2023, his compensation totaled $24.5 million.
6. Michael J. Angelakis
As Vice Chairman of Comcast Corporation, Michael J. Angelakis led Comcast’s historic acquisition of NBCUniversal. His 2023 compensation stood at $14.3 million.
7. Howard Schiller
Well-known for his CFO roles in pharmaceutical companies, Howard Schiller’s 2023 compensation reached $8.5 million.
8. Jeffrey S. Bornstein
With over 20 years in the financial industry, Jeffrey S. Bornstein’s roles at GE included developing financial strategies and managing global financial operations. His 2023 compensation amounted to $16.3 million.
9. Warren C. Jenson
A veteran CFO with expertise in technology and finance, Warren C. Jenson led LiveRamp’s successful IPO.
He also played a key role in several major acquisitions– including a $5.9 billion deal that significantly expanded the company’s mobile gaming portfolio.
His 2023 compensation amounted to $4.7 million.
10. James A. Rasulo
Former CFO of The Walt Disney Company, James A. Rasulo played a key role in strategic acquisitions and restructuring.
He played a key role in the successful acquisition of Pixar Animation Studios, Marvel Entertainment, and Lucasfilm and led the restructuring of Disney’s Parks and Resorts division, resulting in significant cost savings and improved financial performance.
In 2023, his compensation amounted to $16.2 million.
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