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Major-League CIOs

Proxy reports show that these IT execs have made it big, with salaries and bonuses that put them in the corporate elite.

By Kim S. Nash
May 14, 2001 12:00 PM ET

Computerworld - Click here to view CIO Compensation Chart

A young field compared with finance and operations, IT has climbed the corporate respectability scale in recent years. But not everywhere.

Just 46 of the Fortune 1,000 companies rank and pay their CIOs on par with the very top corporate officers, according to an exclusive Computerworld study.
This despite the corporate rhetoric that a business is only as good as its IT.
The Securities and Exchange Commission (SEC) requires companies to report in annual proxy statements the compensation of their CEOs and the next four or five most highly paid officers. Computerworld ranked the CIOs included in the latest proxies for the 1,000 biggest companies in the U.S.
Star treatment for the 46 elite CIOs includes fat retention bonuses, car allowances, low- or no-interest loans and lucrative stock


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packages. There are several millionaires in the group. And at least 16 CIO heroes made more than the chief financial officers at their companies last year, signaling that IT at those companies has lost its cost-center stigma.
Still, the fact that less than 5% of Fortune 1,000 CIOs made the proxy statement "means the CIO isn't of the stature everyone thinks he is," says Victor Janulaitis, CEO of Janco Associates Inc., a management consulting firm in Park City, Utah.
Even among the big-league CIOs in the Computerworld ranking, 29 - more than half - made less last year than the CFOs at their companies.

More companies than ever demand that CIOs help set strategy and make business goals come true. But that authority isn't always reflected in the executive order, says Wayne Sadin, CIO at Bank United Corp. in Houston.
"There are barnacles encrusted around the thought processes at companies," says

Chief Internet Officers: A Fad About to Fade

At a few companies, the CIO is outranked and outearned by an Internet executive.
For example, AdvancePCS, a managed-care company in Irving, Texas, didn't include a CIO in its latest proxy statement. But the "vice chairman of e-business and technology" did show up.
First Union Corp., a bank based in Charlotte, N.C., actually eliminated its corporate CIO position last October. It then appointed David Carroll, a former regional bank president, to chief e-commerce and technology officer. Carroll made the latest proxy.
Though there were fewer instances last year than in 1999, various versions of the Internet officer position live on. But for how long?
"Pardon my French, but that [title] is a bunch of B.S.," says Victor Janulaitis, CEO of management consulting firm Janco Associates.
The positions are a fad destined to fade, Janulaitis says. "There will be a new 'chief something' in two years, and the chief e-commerce officer will get absorbed."
That's already begun. For example, Maryann Timon was senior vice president of Internet strategies at Genesis Health Ventures Inc. in Kennett Square, Pa. But the elder-care company didn't directly replace Timon after she retired in March 2000. Instead, it distributed her duties among other managers.
At least one e-commerce executive has moved up to a bigger, better spot.
Steven Mnuchin was global head of e-commerce at Goldman Sachs until February, when "co-CIO" was quietly added to his title.
At the same time, the company's existing CIO, Leslie Tortora, gained Mnuchin's e-commerce title in addition to her own.
They now have the same titles, but Goldman Sachs declined to comment on whether Mnuchin's compensation will match Tortora's, who holds the No. 1 ranking on the Computerworld list.

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