CIO salary survey: 13 millionaires; financial services take top spots

CIO salary survey: 13 millionaires; financial services take top spots

Summary: The top three highest paid chief information officers in 2006 work for financial services firms. Timothy Shack of PNC Financial Services had a total 2006 compensation of $5.94 million, followed by Gregor Bailar of Capital One at $4.5 million and Steven Sadoff of Knight Capital Group at $1.99 million.

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TOPICS: Banking
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The top three highest paid chief information officers in 2006 work for financial services firms.

Timothy Shack of PNC Financial Services had a total 2006 compensation of $5.94 million, followed by Gregor Bailar of Capital One at $4.5 million and Steven Sadoff of Knight Capital Group at $1.99 million.

In an examination of proxy statements with the Securities and Exchange Commission filed from Jan. 1 through April 5 there were 13 CIOs who made more than $1 million. Companies typically list their five highest paid executives in their proxy statements. CIOs often don't make the cut but are increasingly turning up. Another trend: CIOs and former CIOs seem to be appearing on company boards more often.   

A few notes about the table below: Total compensation includes equity incentive plans, stock options, bonuses and other items counted as pay such as transportation, expenses, insurance premiums and various benefits. The table also focuses on the two details that matter most: salary and total compensation.

This list is also meant to be periodically updated. I'll probably check the proxies every month or so. I also didn't limit the list by company size to find a broader cross-section of salaries. Given the time frame I searched, nearly all of the companies had fiscal years ending Dec. 31. Kim Nash, my former colleague at Baseline magazine, produces a definitive compensation survey in the summer. Her list from 2006 shows that Shack saw his total compensation fall from 2005.

Enough with the footnotes. Here's the list.  

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Topic: Banking

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9 comments
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  • Must be working for the wrong company ....

    'nuf said.
    jc williams
  • Top 5

    As you stated only the top 5 in compensation for a company get reported. I am sure you noticed that none of the companies mentioned are huge (ie GE, BoA, Phizer etc.). If the giants of corporate America also provided this info there would be many more than 13 millionaires.
    Apache19
    • very well said !

      amen to that ! 13 is a very low number !
      mixalis
  • CIO Compensation List Not Complete

    My understanding is that a CIO appears in your list if his compensation is amoung the top 5 in a corporation. There could be many who do not fall in top 5, but who still have compensation above $200, 000/year.

    This list is certainly not complete.
    f3meyer
    • Agreed

      The list isn't complete. It's an early look at proxy season. Overall though we won't know the salaries of many CIOs since they aren't in the top 5 in terms of compensation. That may be a statement worth delving into next go round. Should CIOs be in the top 5 more often?

      SEC statements for now are the only way to get these salaries and name names.
      Larry Dignan
  • This kind of explains...

    All the medical insurance cut-backs that the work force has to endure...
    BitTwiddler
  • CIO's should be paid as much as other corp. officers

    CIO's should be paid as much as other corporate officers with similar responsibilities and their effect on the bottom line.

    And most computer professionals should also be better paid.
    stan20
  • Off-shoring

    Remember Off-shoring starts with administrative then moves on take out the 'on-call' and everything else. Results are A. CEO's get rich B. Mass firings take place.

    Hence more money for the top people!
    Linux User 1
    • Keep your skills and certs updated

      For a soft landing. Keep yourself marketable. There are not many guarantees in life.
      jasonaaa1