Some C-suite jobs also command higher pay because the job has changed. “If you were the CFO 20 years ago, you were the chief accountant,” says Alan Johnson, a New York–based compensation consultant who focuses on financial executives. “Now your job is bigger and may have operations reporting to it.” For example, a Deloitte survey last year found that 28% of CFOs say their direct reports include their company’s chief information officer or other IT head.

One other factor may contribute to rising pay just below the CEO: Those positions largely escape public scrutiny. “Certainly there are outlandish pay packages,” says Johnson. “But when you’re getting beat on, the focus is almost always on the CEO. No one asks about the No. 2, 3, or 4 job.” In addition, pay for C-suite members other than the CEO and CFO aren’t always reported.

Fortune / August 2, 2023