Exactly how much money do the 35 highest-paid US CIOs make? The answer is an average compensation package of $3.6 million, according to a recent report from Janco Associates, which examined public records data to determine the earnings of top tech leaders. The report took into account base salaries, bonuses, stock options, and other sources of revenue.
More than 60% of these professionals—all of whom are vice presidents with either CIO or CTO in their official titles—have worked in IT for most of their careers, and advanced to these positions.
"The CIOs who are paid the most are a group of individuals who are not pure technocrats," the report stated. "Rather they are individuals who understand how technology can be applied to the operational environment of the enterprise."
Their average base salary was $510,000. The average total compensation package of $3.6 million is made up primarily of performance bonuses and company stock, the report stated.
One-quarter of the 35 highest-paid CIOs in 2016 are women, up from less than 10% in 1999, the report stated. Just under one in five are minorities. At least two-thirds of Janco Associates' client companies doing CIO searches are requiring recruiters to include women and minorities in the candidate pool, said M. V. Janulaitis, CEO of Janco Associates, in the report.
Read on to learn the salaries of the top 10 highest-paid CIOs of 2016, as well as some of their job responsibilities.
1. Tim Theriault, Walgreens Boots Alliance
Title: Executive Vice President (EVP) CIO
Base salary: $525,000
Total salary: $13,578,312
Though Theriault stepped down from his position as CIO in June 2016, he still topped the list of highest paid CIO of the year. He served as CIO for the pharmacy retailer for six years, and continues to serve as a consultant and senior advisor to the CIO on cybersecurity and other IT issues.
2. Mike McNamara, Target
Title: EVP CIO
Base salary: $468,462
Total salary: $9,960,117
McNamara joined Target in 2015, and in September, took over the company's digital strategy and technology platforms in addition to his CIO role.
3. Philip Fasano, AIG
Title: EVP CIO
Base salary: $1,038,462
Total salary: $8,397,989
Fasano joined AIG from Kaiser Permanente in 2014. His responsibilities include guiding AIG's Big Data strategy, powered by the insurer's large amounts of customer data.
4. Adriana Karaboutis, Biogen
Base salary: $133,846
Total salary: $7,746,857
Karaboutis oversees information technology, digital health and data sciences, global public affairs, government affairs, public policy and patient advocacy for the biopharmaceutical company. She joined Biogen from Dell in 2014.
5. Tyler Best, Hertz Global Holding
Base salary: $553,846
Total salary: $6,556,121
Best joined Hertz Global Holding in 2015, and handles the rental car company's global IT functions. In his first year at Hertz, he developed an IT strategy, recruited new IT professionals, enhanced cybersecurity practices, and negotiated a deal with IBM reducing Hertz's spending on legacy systems.
6. Julie Bushman, 3M
Title: Senior Vice President (SVP) CIO
Base salary: $599,029
Total salary: $5,985,104
Bushman began her career at 3M in 1983, as a materials control analyst before becoming CIO in 2003. She helped roll out Six Sigma at the company, and is a member of the board of directors for Johnson Controls.
7. Neville Ray, T-Mobile
Title: EVP CTO
Base salary: $598,462
Total salary: $5,698,479
Ray came to T-Mobile in 2000, and took the role of CTO in 2010. Under his leadership, T-Mobile grew to about the same number of users as competitor Verizon, and currently offers the fastest LTE network data speed.
8. Martin Lippert, MetLife
Base salary: $681,250
Total salary: $5,351,067
Lippert, who became EVP and head of global technology and operations in 2011, oversees global customer call centers and support services, including global real estate, corporate security, and innovation. He is currently leading the company's firm-wide digital transformation effort.
9. Chris Hjelm, Kroger
Title: EVP CIO
Base salary: $653,368
Total salary: $4,828,016
Hjelm is responsible for managing Kroger's nationwide network of IT systems, including those used in retail stores, manufacturing plants, distribution centers, and offices. He also instituted a research and development function within Kroger IT, to investigate innovations such as locationing technology (to help ensure enough employees are working the cash registers before a rush of people arrive at check-out) and digital shelf signage.
10. Meg McCarthy, Aetna
Base salary: $627,960
Total salary: $4,264,565
As EVP, McCarthy is responsible for handling clinical innovation, technology, and service operations, as well as process and performance improvement, procurement, and real estate services for Aetna. She also represents the company on the Council on Affordable Quality Healthcare.
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Alison DeNisco Rayome has nothing to disclose. She does not hold investments in the technology companies she covers.
Alison DeNisco Rayome is a Senior Editor for TechRepublic. She covers CXO, cybersecurity, and the convergence of tech and the workplace.