The Highest-Paid Chief Marketing Officers (CMOs)

February 6, 2024

Joyce Chen

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In the modern corporate world, building and maintaining a strong and up-to-date marketing presence is a critical aspect of a company’s strategy. Public companies are well aware that chief marketing officers (CMOs)—the leaders behind their companies’ marketing strategies—are high in demand. According to an Equilar study, the prevalence of marketing executives publicly disclosed among the top five highest-paid named executive officers (NEOs) at their respective companies increased by more than two-and-a-half times from 2018 to 2022. In fact, in 2022 alone, the count of the top five marketing executives increased by nearly 55%—the largest spike in the study period.

Below is a list of the top 10 highest-paid marketing officers across the Equilar 500—the 500 largest U.S. public companies—disclosed in public filings for 2022. The analysis portion of the study encompasses U.S.-based or listed public companies with revenues exceeding $500 million from fiscal years 2018 to 2022, as examined by Equilar for the study.

Top 10 Highest Paid Marketing Officers (Equilar 500)

Comparing executive compensation across the C-suite is a common practice, and one specific ratio that fluctuates is the CEO-to-CMO pay ratio. The following is a list of the CEO-to-CMO pay ratios for the top 10 highest-paid marketing executives.

CEO/CMO Ratios for Top 10 Marketing Officer Companies

Within this list, CEOs generally received three times the compensation of their CMO counterparts, although there were a few exceptions to this trend. In 2022, the marketing executive with the highest earnings was Lori Lee at AT&T, Inc., holding a total compensation of $9,746,405. In comparison, John Stankey, the CEO of AT&T, Inc., amassed a total compensation of $22,915,526 in 2021. This resulted in a CEO-to-CMO ratio of 2.4.

Philip Daniele*, the Executive Vice President, Merchandising, Supply Chain and Marketing at AutoZone, Inc., rounded off the top 10 highest-paid CMOs with a total compensation of $4,038,827. The CEO of AutoZone, Inc. William Rhodes earned a total compensation of $14,330,010. This signifies the second highest CEO-to-CMO ratio within the list at 3.5. Hilton Worldwide Holdings Inc. had the highest ratio at 5.0.

Marketing Executives and Their Pay Packages on the Rise

In 2022, 122 marketing executives, including CMOs, ranked among the top five highest-paid employees, as per proxy statements. Notably, there was a 54.4% surge from 2021, marking the largest increase in this study, and a 154.2% overall rise from 2018 to 2022. This data signifies a significant shift in the recognition and compensation of marketing leadership within organizations during this period.

	Marketing Executives
2018	48.0
2019	53.0
2020	73.0
2021	79.0
2022	122.0

The median total compensation for individuals designated as NEOs in proxy statements experienced a modest decline in 2022. This occurred despite the overall upward trend observed from 2018 to 2021, which experienced a 60.7% increase, reaching a peak of nearly $2.3 million in 2021. However, there was a 9.6% decrease between 2021 and 2022, lowering the median compensation value to approximately $2 million.

	Median Compensation
2018	1.410441
2019	1.797407
2020	1.913026
2021	2.267
2022	2.049466

Gender Parity Continues to be a Work in Progress

As the total count of marketing executives has risen in the last five years, men continue to hold a predominant presence in the field. Male CMOs have grown in prevalence by 145.7%, climbing from 35 in 2018 to 86 in 2022. Notably, the number of women in marketing executive roles has also seen growth, rising from 13 in 2018 to 36 in 2022, reflecting a more substantial increase of 176.9% compared to their male counterparts. Although progress toward gender parity is gradual, there is evident movement in that direction.

	Men	Women
2018	35	13
2019	41	12
2020	50	23
2021	58	21
2022	86	36

The median compensation for male and female marketing executives has fluctuated over the past five years, with men and women both overtaking each other in pay multiple times during the study period. In 2018, the median total compensation for female CMOs reached its lowest point in this study at $1,331,733. Subsequently, female compensation has experienced an upward trajectory with intermittent fluctuations. By 2022, female CMOs had a median compensation of $1,858,923, 13.4% less compared to their male counterparts, who earned a median compensation of $2,146,816.

	Male Compensation	Female Compensation
2018	1.553102	1.331733
2019	1.479063	1.980467
2020	1.992905	1.888579
2021	2.134355	2.290334
2022	2.146816	1.858923

As the importance of marketing leadership continues to expand, it is increasingly evident that marketing executives will consistently secure positions among the top earners within their respective companies. The escalating prevalence of marketing leaders among the highest-paid executives underscores the undeniable impact and value they bring to their organizations.

*Philip Daniele assumed the role of Chief Executive Officer of AutoZone, Inc. on January 2024.

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