CIOs of leading US-listed firms are raking in big bucks, a trawl of filings with a US regulator has revealed.
Members of this elite are relatively few in number, with only 52 CIOs out of 1,000 firms being highly paid and important enough to have their pay documented by a filing with the Securities and Exhange Commission, but these IT leaders are all pulling in milliions of dollar a year.
Collectively, the 52 were paid about £68m in 2006, the latest year for which complete proxy data is available, with the top 10 between them making about £32m.
Many are more than just CIOs, however. Jeff Fox, number one on the list at £4.5m, leads operations and shared services at telecoms company Alltel. A former investment banker, Fox has a long tenure at Alltel, working there since 1996.
Five of the top 10 are in financial services, including the only woman in the group, the recently retired Jean Davis, senior executive vice president for e-commerce and operations at US bank Wachovia.
Eight of the top 10 are accountable for operations, customer service or other senior-level responsibilities. Bob Willett, CIO at Best Buy, for example, is also CEO of the retailer's international business, earning £4.3m a year.
Willett also won a CIO 100 award this year for a business intelligence project that analyses customer purchases. Joe Antonellis, who was CIO of State Street since 2002, is now vice chairman, earning more than £3m.
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