20 Jul

Highest Paid CFOs in America

Highest paid CFOs in America

In many companies the CFO is rarely seen. Many people don’t realize that CFOs are responsible for the financial success of great companies. The CFO assists the CEO in making accurate financial forecasts, doing cost-benefit analysis for various plans, and obtaining funding for the company’s activities.

The CFO is required by law to provide accurate company information under the Generally Accepted Accounting Practices (GAAP) as outlined by the Securities Exchanges Commission (SEC). The CFO is mandated to prevent loss of fund by the company through fraud by observing regulations such as the Sarbanes-Oxley act on financial disclosure.

The roles of a CFO are very demanding and attract good remuneration in many companies. According to Investopedia, starting salaries for CFOs in 2014 were $ 177,928, while median salaries were $315,947 and the highest salaries going up to $ 474,515 per year. The highest paid CFO in America in 2014 was Twitter CFO Anthony Noto earning $72.8 million per year.

Job description

The role of a finance head in a company encompasses a wide range of roles and responsibilities;

Financial planning

  • Head in coming up with the company’s financial plan.
  • Formulate, implement and monitor performance on  strategic business plans
  • Come up with tax strategies
  • Control  capital request and budgeting processes
  • Formulate performance assessment tools

Operations

  • Participate in executive management decision making
  • Keep close liaison with other senior management team members.
  • Manage departments touching on finance, i.e.  accounting, human resources, legal, tax, and treasury departments
  • Supervise financial operations of subsidiary and foreign companies
  • Setup and supervise  transaction processing systems
  • Implement operational financial and accounting  best practices
  • Manage and employee benefit plans with the best cost-benefit analysis packages in mind.

Financial Information

  • Control release of financial information
  • Oversee filings with the Securities and Exchange Commission after reviewing  and approving all Form 8-K, 10-K, and 10-Q
  • Release financial results to the company’s board of directors

Risk Management

  • Manage  key elements of the company’s financial  risk profile
  • Monitor legal issues that  pose a financial risk to the company
  • Negotiate and setup adequate  insurance cover
  • Ensure compliance with industry and legal requirements
  • Ensure compliance in record keeping outlined by internal or external auditors, and government agencies
  • Raise all  risk issues to the audit committee of the board of directors
  • Keep contact with external auditors, respond to audit queries and implement their findings and recommendations

Funding

  • Ensure healthy cash balances and make cash forecasts
  • Set up  debt and equity financing arrangements
  • Invest company funds
  • Invest staff pension funds

Here are the Highest Paid CFOs in America:

Anthony Noto
Twitter
Anthony Noto

Ruth Porat
Alphabet Inc.
Ruth Porat

Grayson Lisenby
Rice Energy
Grayson Lisenby

Warren Jenson
Acxiom Corporation
Warren Jenson

Harvey Schwartz
The Goldman Sachs Group Inc.
Harvey Schwartz

Michael Angelakis
Atairos Management LP
Michael Angelakis

Glen Warren
Antero Midstream Partners
no image

Jeffrey Bornstein
General Electric
Jeffrey Bornstein

Ian Smith
Vertex Pharmaceuticals
Ian Smith

Robert Kane
Crown Baus Capital
no image

Laurence Tosi
Airbnb Inc.
Laurence Tosi

Robin Lowe
Altisource Asset Management
no image

David Denton
CVS Health
David Denton

Luca Maestri
Apple Inc.
Luca Maestri

Jeffrey Campbell
The American Express Company
no image

Kenneth Goldman
Yahoo Inc.
Kenneth Goldman

Robert Davis
Merck & Co. Inc.
Robert Davis

Larry Cash
Community Health Systems
Larry Cash

Bruce Tanner
Lockheed Martin
Bruce Tanner

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