In this article, we will look at the 12 highest-paid women CEOs. We have also discussed the struggles and achievements of women CEOs. If you want to skip our detailed analysis, head straight to the 5 Highest-Paid Women CEOs. 

Chief Executive Officers play a pertinent role in shaping organizational strategies, fostering innovation, and driving overall success. Owing to their critical role, they are known to have one of the highest-paying jobs in the world. It is also one of the most profitable professions in the world. 

Women CEOs, breaking traditional barriers, bring unique perspectives to boardrooms that eventually foster diversity, and enhance corporate resilience. Their leadership is essential for dismantling gender stereotypes, promoting inclusivity, and inspiring future generations. Women CEOs contribute not only to the bottom line but also to a more equitable and sustainable business environment. It is worth mentioning that Rosalind G. Brewer was the highest paid women CEO in 2021. Moreover, women are increasingly taking the lead in different domains, including sports and athletics. To read more about female athletes, see the highest paid female athletes in the world. 

In 2023, Fortune’s Global 500 list revealed a major rise in female CEOs, reaching a record-high 5.8% of the listed companies. This was a 20% increase from the previous year, with 29 women now leading major international businesses. Notably, the Fortune 500 still outpaces the Global 500 in gender diversity, with women heading 10.4% of US companies. For example, Karen Lynch from CVS Health Corp (NYSE:CVS) is the largest woman-led Global 500 company.

During the COVID-19 pandemic, Karen Lynch assumed the role of President and CEO of CVS Health Corp (NYSE:CVS) on February 1, 2021, becoming the highest-ranking female CEO on the Fortune 500 list. Under her leadership, CVS Health Corp (NYSE:CVS) played an important role in administering the COVID-19 vaccine across long-term care facilities and CVS Pharmacy locations nationwide. Lynch successfully revamped the drug pricing business model at CVS Health Corp (NYSE:CVS), introducing CVS CostVantage, a transparent cost-plus approach that reduced consumer costs. 

The latest study by Germany’s DIW Economic Institute reveals a concerning trend in gender representation at the top echelons of the country’s corporate landscape. In 2023, the number of female CEOs at Germany’s 200 largest firms dropped to nine, down from 10 in 2022 and 14 in 2021. This decline highlights the persistent gender disparity in leadership roles, with the CEO position remaining a stronghold for men. 

Interestingly, the study also notes a contrasting increase in female representation at the management board level. In 2023, 17.5% of management board positions were held by women, compared to 15.6% in 2022. However, the majority of firms (44%) still have no women on their management boards, indicating that women remain underrepresented in key decision-making roles. 

However, it is also worth noting that women’s leadership in businesses does not come without challenges. Mary Barra, CEO of General Motors Co (NYSE:GM), has completed a decade with her role and is currently facing critical challenges in 2024 that will shape her legacy. Despite guiding General Motors Co (NYSE:GM) through crises and achieving record profits, Barra’s recent initiatives, particularly in electric vehicles (EVs) and autonomous vehicles (AVs), have faced setbacks. General Motors Co (NYSE:GM)’s stock has dropped 10.5% under her tenure.

General Motors Co (NYSE:GM)’s EV plans which include a shift to exclusive EV production by 2035, have been hampered by slow rollout and production issues, with the Chevy Blazer EV sales paused due to software problems. General Motors Co (NYSE:GM)’s EV sales in 2023 were 2.9% of total sales, trailing Tesla Inc (NASDAQ:TSLA) and Hyundai Motor Co.

Methodology

To list the 12 highest-paid women CEOs, we are using Equilar’s CEO Pay at the Largest Companies by Revenue to determine the total compensation for the 10 CEOs. For the remaining two CEOs, as there are only 10 women in the initial list, we are relying on Equilar’s Associated Press CEO Pay Study 2023 to obtain their total compensation. 

Here is a list of the highest-paid women CEOs

12. Vicki Hollub

Total Compensation: $14,872,965

Vicki Hollub is an American businesswoman and mineral engineer, serving as president and CEO of Occidental Petroleum since April 2016. Notably, she became the first woman to lead a major American oil company. Despite challenges in the industry, Hollub implemented cost-cutting measures without layoffs, focusing on core operations in the Middle East, the United States, and Colombia. She focused on development in the Permian Basin to boost profitability. By 2017, half of Occidental’s output originated from the Permian Basin and thus, positioned the company for sustained profitability, according to Forbes. 

Vicki Hollub also serves as the U.S. chair for the US-Colombia Business Council. Additionally, she holds positions on the boards of Khalifa University for Science and Technology in Abu Dhabi and the American Petroleum Institute. Hollub’s engagement extends to the Society of Petroleum Engineers (SPE) as a member. With her multifaceted roles, she brings extensive expertise to the energy sector, embodying leadership and collaboration across international platforms, shaping strategic partnerships and contributing largely to advancements in petroleum engineering and global business relations.

11. Reshma Kewalramani

Total Compensation: $15,864,497

Reshma Kewalramani assumed the role of President and CEO of Vertex Pharmaceuticals, a biotech firm headquartered in Boston, Massachusetts, starting from April 1, 2020. She became the first woman to hold the position of CEO in a major US biotechnology company. Prior to her tenure as CEO, Kewalramani served as the Chief Medical Officer and Vice President of Global Medicines Development and Medical Affairs at Vertex.

10. Carol B Tome

Total Compensation: $18,965,201

Carol B. Tomé is an influential American business executive currently serving as the Chief Executive Officer of United Parcel Service, Inc (NYSE:UPS). With a tenure at Home Depot Inc (NYSE:HD) from 1995 to 2019, she held positions like Vice President and Treasurer, later being promoted to Executive Vice President and Chief Financial Officer. Tomé, a United Parcel Service, Inc (NYSE:UPS) board member since 2003, has earned recognition for her achievements, securing spots on Forbes’ list of The World’s 100 Most Powerful Women and The Wall Street Journal’s ranking of best chief financial officers. In 2021, she was featured in Forbes’ 50 Over 50.

9. Kathy J. Warden

Total Compensation: $20,672,072

Kathy Warden is an American business executive who assumed the roles of CEO and president of Northrop Grumman in 2019. Recognized for her influential leadership, she secured positions on Washingtonian’s 2017 “most powerful women” list and the 2018 “Washington’s Top Tech Leaders” list. She is one of the top 10 highest paid women CEOs in the world.

Warden is a cybersecurity and IT expert and has a rich career history, including executive roles at General Electric, Veridian Corporation, and General Dynamics. Notably, she contributed largely to Northrop Grumman’s cybersecurity division, eventually becoming president and COO in 2017 and CEO in 2019. Her accomplishments include enhancing Northrop Grumman’s involvement in CyberPatriot and establishing the Advanced Cyber Technology Center. She led the integration of Orbital ATK and sits on the company’s board of directors. Warden’s expertise and leadership have been instrumental in shaping Northrop Grumman’s trajectory in the cybersecurity and aerospace industries.

8. Gail Boudreaux

Total Compensation: $20,931,081

Gail Boudreaux is an accomplished American businesswoman and former basketball player. She currently serves as the CEO of Elevance Health, Inc (NYSE:ELV).

Elevance Health, Inc (NYSE:ELV) is an important American health insurance provider. As of 2022, Elevance Health, Inc (NYSE:ELV) had 46.8 million members across its affiliated companies’ health plans and ranked 20th on the 2022 Fortune 500 based on its 2021 revenues.

7. Lynn J. Good

Total Compensation: $21,008,835

Lynn J. Good is the chair, president and chief executive officer of Duke Energy Corp (NYSE:DUK). Duke Energy (NYSE:DUK) serves 8.2 million electric customers across six states and employs 27,600 people. She is known to be one of the best women CEOs in the world. Good served on the board of the Cincinnati Ballet for approximately eight years starting in the 1990s. Additionally, since 2015, Good has been a member of the board of directors at Boeing.

Lynn Good, who has led the company since 2013, has consistently focused on the major shift in the energy sector towards addressing climate change during her tenure. Today, Duke Energy (NYSE:DUK) aims to achieve 27% power generation from renewables by 2030, with coal phased out by 2035. 

6. Phebe Novakovic

Total Compensation: $21,478,167

Phebe Novakovic is an American businesswoman and former intelligence officer and now holds the positions of Chairwoman and CEO at General Dynamics Corp (NYSE:GD). Forbes recognized her as the 25th most powerful woman in business globally in 2018.

Phebe Novakovic has steered the aerospace and defence giant to remarkable success over her decade-long tenure. Under her leadership, the company secured over $1 billion in defence contracts from the US Army and Navy in the past year alone. General Dynamics Corp (NYSE:GD)’s revenue has seen growth across all segments, and it recently reported a record backlog of $91.4 billion, ensuring a steady stream of future work.

Since 2010, she has served on the Board of Directors of Abbott Laboratories (NYSE:ABT). In 2020, she assumed the role of director at J.P Morgan Chase & Co (NYSE:JPM)

Click here to see the 5 Highest-Paid Women CEOs.

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Disclosure: None. 12 Highest-Paid Women CEOs is originally published on Insider Monkey.