CIO Millionaire Club -- Top 40 Highest Paid CIOs
To make this list CIOs had to get over $1,000,000 in annual compensation
The first CIO to make over a $1,000,000 a year was Duwane Peterson in 1987 at Merrill Lynch. Today there are at least 40 of these individuals who are in that club. In 1987 few knew what IT was and what the role of the CIO and CTO were. Today, there is even a TV series on cable with a CTO and those contending for that job embroiled with career progress and data security management - Mr. Robot on the USA network.
The role of Million Dollar CIOs and CTOs
The chief information officer's (CIO) role, responsibilities and influence is growing in today's boardroom. And the CIOs job itself is expanding as well. The CIOs of the next decade face many challenges. The CIOs who will succeed will have a common set of skills.
- CIOs both visionary and pragmatic - It is not enough to plan for innovation, the CIO needs to be perceptive and realistic. As an insightful manager, a CIO promotes broad technology agenda to help the business profit from leading-edge initiatives. At the same time as a pragmatist, a CIO deals with the realities of the business. The pragmatist also facilitates the productivity of current IT solutions. The CIO focuses on minimizing cost and maximizing results, in addition the CIO helps to increase the customer and product/service base of the enterprise.
- CIOs focus on ROI improvement of IT - CIOs will find new ways to help customers and the organization profit from how data is used while focusing on managing budgets and processes to eliminate or reduce costs.
- CIOs inspire the enterprise and expand the business impact of IT – CIOs will have proven expertise in both business and technical facets of their role. CIOs will interact with the enterprise and its executive team as enterprise leaders and drive new business initiatives and shifts jointly the other members of the executive team.
Role of the million dollar CIO is to be part of the overall enterprise executive management team. Responsibilities include:
- Aligning the IT objectives to meet the enterprise strategy and objectives
- Manage the overall technology budget
- Maximize ROI of technology
- Establish metrics that are based on the overall business objectives
- Report on performance of IT