• Friday, May 24, 2024
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Meet the world’s highest-earning CFOs

Meet the world’s highest-earning CFOs

In the world of corporate finance, the earnings of the top five chief financial officers (CFOs) in the world cumulatively amounted to $185.9 million in 2024.

Details in a recent report of the 100 paid CFOs in the world disclosed that Joe Berchtold of entertainment group LiveNation earns $52.3 million, making him the highest-paid CFO.

A CFO is a senior executive responsible for managing a company’s financial actions, including tracking cash flow, financial planning, analysing the company’s financial strengths and weaknesses, and proposing corrective actions.

According to a report from McKinsey, CFOs now serve as advisers to CEOs on organisational priorities and strategy, performance challengers, innovation champions, leaders of major investments and transactions, and convenors of cross-enterprise initiatives.

“In today’s volatile business environment, CFOs must evaluate the potential impact of climate risks, geopolitical tensions, macroeconomic disruptions, and technological advances,” the report said.

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Here are the highest-earning CFOs:

Joe Berchtold – $52.4 million

Joe Berchtold, President and CFO of Live Nation Entertainment, is known as the highest-paid CFO in the United States with an impressive $52.4 million compensation.

He has been the CFO of the entertainment industry since July 2021. In this role, he manages the company’s financial strategy, performance, and operational objectives.

Berchtold also continues to lead the company in pursuing strategic initiatives and acquisitions that drive growth in global businesses across concerts, venues, sponsorships, and ticketing. Prior to Live Nation, he was a Partner at McKinsey & Company & Company.

Michael J. Cavanagh – $40.4 million

Michael J. Cavanagh currently holds the positions of CFO and President at Comcast Corporation, a Fortune 30 global media and technology giant connecting millions of customers worldwide through its platforms and content.

With a wide array of duties, Cavanagh collaborates with the Chairman and CEO to oversee all facets of the company. Comcast, boasting around 186,000 employees globally, a yearly revenue of $122 billion, and ranking among the top 25 profitable U.S. companies, welcomed him as CFO in 2015. Before joining Comcast, he spent over two decades in the financial services sector, including roles as co-CEO of JPMorgan Chase’s Corporate & Investment Bank and CFO at JPMorgan Chase.

Before his tenure at JPMorgan Chase, he held roles essential to the firm’s prosperity, such as CEO of the Treasury & Securities Services division, Head of Strategy and Planning, and COO of Middle Market Banking. Additionally, he briefly served as co-President and co-Chief Operating Officer at The Carlyle Group.

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John David Rainey – $39.7 million

John David Rainey holds the position of Executive Vice President and Chief Financial Officer at Walmart. He oversees the financial operations, corporate strategy, global procurement, and investor relations, driving Walmart’s mission to empower customers worldwide with savings and a better quality of life.

Before his tenure at Walmart in May 2022, Rainey served as PayPal’s CFO and Executive Vice President for Global Customer Operations. There, he steered the financial and customer operations, leaving a significant impact on PayPal’s global operations.

He also served as the CFO at United Airlines, a major global airline, and accumulated 18 years of experience across United and Continental Airlines. He kickstarted his career journey at Ernst & Young LLP.

Luca Maestri – $27.1 million

Luca Maestri, Apple’s Senior Vice President and Chief Financial Officer (CFO), received a total compensation package valued at $27.2 million.

Maestri, who has been serving as CFO since 2014 and reports directly to CEO Tim Cook, oversees critical financial functions at Apple, including accounting, financial planning and analysis, investor relations, and more.

With a rich background spanning over 25 years, Maestri has a proven track record of building and leading finance teams in global companies with extensive operational scope and complexity. Before his tenure at Apple, he held the CFO position at Xerox and Nokia Siemens Networks.

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Amy Hood – $26.3 million

Amy Hood serves as the Executive Vice President and Chief Financial Officer at Microsoft, overseeing the company’s global finance organisation, which includes accounting, acquisitions, business operations, real estate, internal audit, investor relations, tax planning, and treasury functions.

Joining Microsoft in 2002, Hood assumed the role of EVP and CFO in 2013. She has been instrumental in driving global growth in cloud services and technological advancements. Her involvement spans operational oversight, strategic planning, and successful execution of key acquisitions such as Activision Blizzard, LinkedIn, and GitHub.