We in technology have gotten pretty good at assessing the financial value of projects, \n\nbut not so much at figuring out what a CIO is worth. Or, if not worth, at least what to \n\npay him. Or her.\nMore on CIO.com\nSLIDESHOW: Tech Execs Who Make Millions\n\nIT Leaders' Compensation Increases but Job Satisfaction Plummets\n\n\nAn IT Executive's Guide to Compensation and Termination\n\nCIOs Moving to Smaller Companies\n\nChart: The Top 47 highest paid CIOs of 2007 -PDF\nUnlike a CEO, whose compensation rides mainly on measures of the company's financial \n\nperformance, a typical CIO takes home a pay package less dependent on metrics such as \n\nshare price or return on equity. Generally, it's a mix of base salary and, for hitting \n\nsoft and hard goals, bonuses. Sometimes there are shares of stock.\n\nThat's most CIOs. Then there are the heavy hitters, the CIO elite who set corporate \n\nstrategy alongside the CEO, CFO and other top execs\u2014and get paid like them.\n\nHalf or more of the total pay for these CIOs is tied to long-term incentive plans, \n\ninvolving measures of the company's performance over time, says Vincent Milich, director \n\nof IT effectiveness at Hay Group, a consulting firm. "By hewing to performance measures \n\nthat are long-term and linked with business success, IT leaders align themselves with the \n\nCEO and the enterprise, and change the impression that they're a cost center and staff \n\njob," he says.\n\nWith so much at stake, these high-powered CIOs know that to be successful, they need \n\ntrustworthy people in key positions, says Victor Janulaitis, principal at the \n\ncompensation consulting firm Janco. CIOs at this level commonly bring an entourage of two \n\nor three managers with them who "understand what they say, how they say it and what they \n\nmean." (See "The CIO's Dream Team.")\n\nSo who are this year's top-tier technology leaders and what do they make? Every year, \n\npublic companies must file proxy statements with the Securities and Exchange Commission \n\n(SEC) to show what their top five highest-paid executives earn in salary, bonuses, perks \n\nand incentive pay such as stock and options awards. We studied the filings of the 1,000 \n\nbiggest U.S. companies to see what compensation looks like for CIOs ranked and rewarded \n\nhighly enough at their companies to be included.\nNot many make the cut. This year, 47 top technology executives were listed at the 1,000 \n\ncompanies. That's down slightly from last year's 52, but about the same overall count \n\nsince 2001.\n\nClearly, these companies\u2014especially in financial services, manufacturing and \n\nretail\u2014value their technology leaders. According to the latest SEC filings, which \n\nshow 2007 compensation, our 47 superstars together earned $112,651,463. That's down 18 \n\npercent from the $137 million earned for 2006. Still, at $435,200, the average salary \n\n(excluding bonuses and other compensation) for this group far outpaces average salaries \n\nfor CIOs generally. In our latest "State of the CIO" survey, CIOs at companies of $1 \n\nbillion or more in revenue reported an average salary of $344,400.\n\nDemand has declined for CIOs as their average tenure increases. And in this poor economy, \n\ncompanies are reluctant to assume the risk of replacing their top technology leaders, \n\nJanulaitis says. "Organizations are in a holding pattern in IT right now," he says.\n\nMost of the fat payouts in 2007\u201477 percent\u2014came not from salaries or bonuses \n\nbut from the innocuous sounding "Other" category.\n\nOther, indeed. That could include anything from company contributions to a CIO's 401(k) \n\nto thousands of dollars' worth of time on the corporate jet to millions in long-term \n\nincentive payouts. No. 1-ranked Barbara Desoer received $10.5 million in total \n\ncompensation as global technology and operations executive at Bank of America, with $9.7 \n\nmillion of it coming from such sources. The two biggest chunks: $4.7 million in stock and \n\n$2.2 million in options. Incidentals included $15,500 worth of corporate plane use and \n\n$16,700 for financial counseling on how to manage her millions.\n\nIn May, Desoer received more recognition: a promotion to president of consumer mortgage \n\noperations for the merged Bank of America and Countrywide Financial when that acquisition \n\ncloses later this year. She's moving from North Carolina to California. \nIn the Money\nWho Made What: Some of the Top-Paid Fortune 1000 CIOs of 2007\n\nTechnology Executive\nCompany \/ Industry\nTotal 2007 Compensation*\nSalary\n\n\n1. Barbara Desoer Global Technology & Operations Executive\nBank of AmericaFinancial Services\n$10,532,513\n$800,000\n\n\n2. Glen Salow EVP Technology & Operations\nAmeriprise FinancialFinancial Services\n$7,029,188\n$709,6780\n\n\n3. Robert Carter EVP, CIO\nFedExServices\n$5,461,269\n$510,000\n\n\n4. Tim Shack EVP, CIO\nPNC Financial Services GroupFinancial Services\n$4,896,181\n$475,000\n\n\n5. Mark Boxer President & CEO Operations, Technology, Government Services Business Unit, EVP\nWellpointHealth Care\n$4,878,008\n$693,654\n\n\n6. Bob Willett CEO Best Buy International, CIO\nBest BuyRetail\n$4,677,735\n$685,577\n\n\n7. Dave Kepler EVP, Chief Sustainability Officer, CIO & Corporate Director of Shared Services\nDow ChemicalManufacturing\n$4,672,827\n$562,310\n\n\n8. Randy Darcy EVP Worldwide Operations & Technology, CTO\nGeneral MillsManufacturing\n$4,449,958\n$500,000\n\n\n9. Bob DeRodes EVP, CIO\nHomeDepotRetail\n$4,296,143\n$774,788\n\n\n10. Larry Kittelberger SVP Technology & Operations\nHoneywell InternationalManufacturing\n$4,075,648\n$606,250\n\nSOURCE: Company proxy statements and 10-K filings. *Includes bonus, stock, options, incentive pay, pension contributions and other compensation \nYou Gotta Have Friends\n\nThe only other CIO to break the $10 million mark since 2000 was Randy Mott of \n\nHewlett-Packard in 2005. A stock award of $7.1 million that year, when he quit Dell for \n\nHP, drove his compensation up.\n\nTen million dollars is "rarefied air," says Chris Patrick, a partner in the global leader \n\nCIO practice at recruiting firm Egon Zehnder. So what does it take to operate in such an \n\natmosphere?\n\nJust ask Glen Salow. The executive vice president of service delivery and technology at \n\nAmeriprise didn't get to No. 2 on the list, with a $7 million pay package, without \n\nlearning along the way what makes a high-powered CIO. Mostly, he says, it's the people \n\naround the CIO.\n\nSalow surrounds himself with colleagues who voice diverse perspectives, and he holds on \n\nto those with whom he works well, including an intellectual property attorney and a \n\nnumber of communications professionals at both the corporate level and within the \n\ntechnology group.\n\nA Snapshot in Time\n\nCaveat: Those on our list are not necessarily the highest-paid CIOs in \n\nthe U.S. for the past year. There may be other CIOs who took home multiple millions. But \n\nwe don't know who they are because other officers at their company had bigger pay \n\npackages and the SEC requires that compensation be revealed for only the top five.\n\nRalph Szygenda, CIO at General Motors, for example, is someone recruiters regard as a top \n\nCIO, but he did not make our list; the lowest-paid of GM's top five officers last year \n\nwas Thomas Stephens, who, for leading global powertrain and quality, got $4.9 million. \n\nMaybe Szygenda made $4.8 million. GM declines to comment.\n\nAnd, of course, there may be CIOs raking it in at private companies, which keep their \n\nfinancial data, including compensation, secret.\n\nFor those reasons, we can't draw statistical comparisons year over year from this compensation data. Rather, \n\nthe list is a snapshot\u2014a revealing one, to be sure\u2014of one measure of the CIO.\n\nOur No. 1\n\nBank of America's Desoer typifies several aspects of the technology elite. Financial \n\nservices firms are built on IT and traditionally pay their IT leaders well. Hence, \n\nfinancial firms dominate the list, with 15 included. Also, like 20 others on the list, \n\nDesoer is more than a CIO. She manages the bank's several CIOs, oversees operations and \n\nsits on its management operating committee, among other duties. \n\nWearing two and three hats can be a fruitful, if exhausting, career path for CIOs. Desoer \n\nhas been at the bank for three decades and led marketing and then consumer products \n\nbefore taking on technology and operations in 2005. That's a diverse background for a \n\nCIO, but one that reflects a hunger for well-rounded technologists who understand how \n\ntheir companies make money and know what customers want, even before they want it.\n\nFor example, Desoer oversees Bank of America's bill payment program, which accounts for \n\n25 percent of all payment transactions in the U.S., the bank says. That's a heck of a lot \n\nmore strategic than managing an application rollout. Last year, the Haas School of \n\nBusiness at the University of California, Berkeley, named her "Business Leader of the \n\nYear."\n\nWho's Your Buddy?\n\nAny CIO expecting to rise high must find common ground with the CEO, says Egon Zehnder's \n\nPatrick. "Make his or her goals your goals," he says.\n\nAs Ameriprise's Salow puts it, "Any CIO who doesn't say the No. 1 person they need to \n\nhave a great relationship with is the CEO is kidding himself."\n\nCEOs think so, too, according to Bob Badavas, president and CEO of staffing firm TAC \n\nWorldwide, a private company. The best CIOs aren't assessed by how infrequently servers \n\nfail or whether employees can get e-mail on the road. Those IT operations items are \n\nassumed, just like similar basics by the CFO, Badavas said, speaking at the CIO \n\nLeadership conference in May.\n"CIOs must move beyond the plumbing," he said. "CIOs are paid to take a full seat at the \n\nstrategic planning table." \n\nSteve Morin, TAC's VP and CIO, declined to discuss what he gets paid. \n\nFemale Power\n\nIn addition to her accomplishments, Desoer at Bank of America is notable for her \n\nchromosomes. She's one of nine women on this year's list\u2014the highest number of \n\nfemale tech execs who've made it since we started doing this research.\nA woman topped the list once before. In 2000, Leslie Tortora of Goldman Sachs was No. 1, with $9.5 million. \n\nAlthough the number of females in IT leadership positions has declined from 15 percent in \n\n2004 to 12 percent last year, according to recruiting firm Sheila Greco Associates, the \n\nnumber of female CIOs is up from 7 percent in 2000 to 9 percent last year. \n\nThe nine in our ranking collectively pulled in more than $23 million in 2007 and come \n\nfrom a variety of industries: financial services, manufacturing, utilities and retail. \n\nThey are high earners, too. Average compensation for the women on the list is $2.6 \n\nmillion, compared with just under $2.4 million for all the men and women ranked. Anna Ewing at Nasdaq (No. 18, $2.2 million) has been at the stock exchange \n\nfor eight years and before that held executive IT positions at CIBC and Merrill \n\nLynch. Mahvash Yazdi (No. 27, $1.4 million) has been at Edison International \n\nfor 11 years and led the company's integration of Southern California Edison. She also \n\nsits on the board of directors of Apria HealthCare.\nWhat Glass Ceiling?\nWomen factored well among the highest paid Fortune 1000 CIOs in 2007\n\n\nTechnology Executive\nCompany \/ Industry\nTotal 2007 Compensation*\nRank\n\n\nBarbara Desoer Global Technology & Operations Executive\nBank of America Financial Services\n$10,532,513\n1\n\n\nLinda Goodspeed EVP of IT & Business Development\nLennox International Manufacturing\n$2,968,830\n13\n\n\nJana Schreuder President, Worldwide Operations & Technology\nNorthern Trust Financial Services\n$2,473,176\n16\n\n\nAnna Ewing EVP Global Software Development & CIO\nNasdaq OMX Group Financial Services\n$2,201,253\n18\n\n\n Mahvash Yazdi SVP, Business Integration & CIO\nEdison International Utilities\n$1,422,326\n27\n\n\nLisa Bachmann SVP Merchandise Planning\/Allocation, CIO\nBig Lots Retail\n$1,333,129\n32\n\n\nJeanne Moreno VP, CIO\nSnap-On Manufacturing\n$1,227,819\n35\n\n\nCara Kinzey SVP of IT\nRadioShack Retail\n$775,528\n41\n\n\nLaurie Douglas SVP, CIO\nPublix Super Markets Retail\n$555,793\n46\n\n\nSOURCE: Company proxy statements and 10-K filings. *Includes bonus, stock, options, incentive pay, pension contributions and other compensation. Ranking based on top 47 CIOs. Download a pdf of the full chart here. \nPerks\n\nSome nice perquisites were bestowed on this year's group. Robert Carter of FedEx (No. 3, \n\nwith $5.5 million in total compensation) got $103,069 worth of personal use of a company \n\nplane and financial planning services, among other items. Randy Darcy of General Mills \n\n(No. 8, $4.4 million) got $14,341 toward a car allowance and $9,457 to cover flights and \n\nfood for his spouse at business events. Dudley Sondeno of Southwest Gas (No. 38, \n\n$910,312) received $1,865 for club dues, $480 for cable Internet service and $240 for a \n\ncell phone. Honeywell's Larry Kittelberger (No. 10, $4.1 million), who has made this list \n\nfor several years, got $50,000 under the company's "cash flexible perquisite program."\n\nWhen you make the big bucks, you want to keep it safe. So home security services and \n\nequipment have become pretty common over the years. This year, Dave Kepler at Dow \n\nChemical (No. 7, $4.7 million) received such a benefit, as did Bill Chenevich of US \n\nBancorp (No. 12, $3.4 million), Desoer at Bank of America and Carter at FedEx, among \n\nothers.\n\nBonuses\n\nJust 12 of the 47 got cash bonuses, reflecting that penny-pinching (in this case, \n\nthousand-dollar-bill-pinching) is going on in corporate America. In past years, all but a \n\nhandful of CIOs on this list received bonuses. Still, the dozen tech execs who got \n\nbonuses together received $5.3 million and Joe Smialowski, who left mortgage company \n\nFreddie Mac last December, got the highest bonus: $1.4 million. He's No. 14 on the list, \n\nwith $2.8 million in total compensation. These bonuses are typically tied to short-term \n\ngoals, such as the company boosting product sales by a specific percentage, says Hay \n\nGroup's Milich.\n\nMissing\n\nSome stars fell off the list. A few CIOs didn't appear this year because other officers \n\nat their companies made more money than they did. At Sears, CIO Karen Austin, who made $1.6 million in 2006, is no longer \n\namong the retailer's five highest-paid officers. Her compensation was so large that year \n\nbecause of a long-term incentive payout of just under $1 million for hitting three years \n\nof goals. This time around, Austin wasn't eligible for such a payday and was edged \n\nout by a new head of customer strategy ($1.2 million) and a new CFO ($433,920). Longtime \n\ntop-paid CIO Harvey DeMovick Jr., who made $4.7 million in 2006, was reported in Coventry \n\nHealth Care's proxy statement to have been replaced by a new corporate general counsel \n\n($2.7 million). These kinds of shifts happen every year, and DeMovick and Austin could \n\neasily return on next year's list.\n\nRiding into the Sunset\n\nSeveral CIO stalwarts among the current group of high earners retired recently. Unless \n\nthey change their minds about hitting sandy beaches or the golf links, they likely won't \n\nappear on next year's list. High-profile retirees include Amazon's Rick Dalzell, \n\nNorthwest Airlines' Philip Haan, and J.W. Ripley at Corn Products International (No. 25, \n\n$1.7 million). Home Depot's Bob DeRodes (No. 9, $4.3 million) has announced he'll \n\nleave the retailer at the end of 2008, but has yet to reveal his plans.\nThe Financial Advantage\nThere were more CIOs from the Financial Services industry on our list than any other industry.\n\n\nTechnology Executive\nCompany\nTotal 2007 Compensation*\nRank\n\n\nBarbara Desoer Global Technology & Operations \n\nExecutive\nBank of America\n$10,532,513\n1\n\n\nGlen Salow EVP Technology & Operations\nAmeriprise Financial\n$7,029,188\n2\n\n\nTim Shack EVP, CIO\nPNC Financial Services Group\n$4,896,181\n4\n\n\nRobert Golden EVP Operations & Systems\nPrudential Financial\n$3,514,082\n11\n\n\nBill Chenevich Vice Chairman Technology & Operations \n\nServices\nUS Bancorp\n$3,446,061\n12\n\n\nJoseph Smialowski EVPof Operations & \n\nTechnology\nFreddie Mac\n$2,770,674\n14\n\n\nJana Schreuder President, Worldwide Operations & \n\nTechnology\nNorthern Trust\n$2,473,176\n16\n\n\nByron Vielehr CIO\nDun & Bradstreet\n$2,285,378\n17\n\n\nAnna Ewing EVP Global Software Development & \n\nCIO\nNasdaq OMX Group\n$2,201,253\n18\n\n\nThomas Frank EVP, CIO\nSLM\n$1,672,821\n24\n\n\nRob Autor EVP, CIO\nInteractive Brokers Group\n$1,358,179\n30\n\n\nGreg Tranter SVP, CIO\nHanover Insurance Group\n$1,228,235\n34\n\n\nRaymond Voekler CIO\nProgressive\n$1,028,360\n39\n\n\nDan Canzano VP IT\nPaychex\n$599,059\n45\n\nSOURCE: Company proxy statements and 10-K filings. *Includes bonus, stock, options, incentive pay, \n\npension contributions and other compensation. Ranking based on top 47 CIOs. Download a pdf of the full chart here.