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Ongoing CFO turnover is fueling higher pay for finance chiefs

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Good morning. As the CFO role grows more complex, demand for top finance leaders is rising.

As such, CFO salary increases remain steady as public companies navigate economic uncertainty. New data released this morning by Compensation Advisory Partners (CAP), a consulting firm, examines 2024 compensation outcomes for CFOs relative to CEOs. The analysis covers 155 public companies with a median revenue of $12.6 billion and fiscal years ending between Aug. 31, 2024, and Jan. 1, 2025.

In 2024, the median base salary increase for CFOs was 4%, while CEOs saw no change—mirroring 2023. In 2022, median base salary increases were 3.8% for CFOs and 2.9% for CEOs.

Courtesy of Compensation Advisory Partners

“We were expecting salary increases to start shifting downward, given the labor market,” Kelly Malafis, founding partner at CAP told me. “But salary increases are likely to remain steady for CFOs.”

This stability is driven by high turnover due to retirements or departures and strong demand for finance chiefs. The CFO role remains a key leadership position and strategic partner, contributing to higher pay, according to CAP.

As companies face challenges such as cybersecurity and AI implementation, CFOs have become central to these strategies, Malafis said. Organizations are seeking finance chiefs with the skillsets to handle this, in addition to core finance expertise to prepare for the future, she said.

Looking back at 2024, some prominent CFO hires that come to mind include Alphabet’s recruitment of Anat Ashkenazi from her CFO role at Eli Lilly, bringing her on as the tech company’s finance chief. Sarah Friar, former CEO of Nextdoor and ex-CFO of Square, joined OpenAI. Karen Parkhill became CFO of HP, coming from Medtronic. These are just a few notable examples.

CAP’s analysis found that for executives in the data set who did receive a bump to their salary, the median increase was 5.7% for CFOs and 4.1% for CEOs. The previous year, CFOs’ median increase was 5%, and 5.1% the year before that. Likewise, CAP does not expect a significant decline in CFO salary increases next year, Malafis said. 

An LTI trend

Although CFOs are currently seeing greater salary increases than chief executives, CEOs still lead in total compensation, according to CAP data. Over the past decade, CFO total compensation has averaged about 33% of CEO compensation, the firm’s research shows. The median tenure for these positions is typically around seven years, said Roman Beleuta, principal at CAP. “Every time there’s a reset, you’re kind of resetting the bar again,” he explained. “That’s why that ratio stays at about a third.”

At public companies, long-term incentives (LTIs) for executives are usually delivered through time-vested restricted stock, performance-vested stock, or stock options. “One trend we’ve highlighted is the reduction in the number of companies using all three vehicles,” Beleuta said. Five years ago, 33% of companies surveyed used all three, compared to just 22% today.

Performance-based equity plans remain the largest component of LTIs for both CFOs and CEOs. LTI awards increased an average of 7% for CFOs and 5% for CEOs in 2024. Over the past decade, LTI awards have grown by an average of 6% annually for both roles.

Bonus payouts in 2024 rose 2.6% for CEOs and 5% for CFOs in 2024. Total direct compensation increased 3.5% for CEOs and 6% for CFOs, mainly due to higher long-term incentive awards.

With demand for skilled finance chiefs rising, CFO compensation is expected to remain strong.

Sheryl Estrada
sheryl.estrada@fortune.com

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Fortune 500 Power Moves

Jesus “Jay” Malave was appointed EVP and CFO of Boeing (No. 63), effective Aug. 15. Brian West, who served as Boeing CFO for the last four years, will become a senior advisor to Boeing President and CEO Kelly Ortberg. Malave was most recently CFO of Lockheed Martin and before that held the positions of SVP and CFO at L3Harris Technologies. He spent more than 20 years at United Technologies Corporation, including serving as vice president and CFO of Carrier Corporation when it was an operating unit of UTC, and vice president and CFO at UTC Aerospace Systems.

Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shiftssee the most recent edition.

More notable moves

Pierre Revol was appointed CFO of FrontView REIT, Inc. (NYSE: FVR), effective July 21. Revol brings more than 20 years of experience. Most recently, he served as SVP of Capital Markets at CyrusOne.  Before that, Revol served as SVP of corporate finance and investor relations at Spirit Realty Capital, Inc., formerly a publicly traded net-lease REIT.

Marc Grasso was appointed CFO of Kyverna Therapeutics, Inc. (Kyverna, Nasdaq: KYTX), a clinical-stage biopharmaceutical company, effective June 30. Grasso brings more than 25 years of experience to the company. He succeeds Ryan Jones, who will move to a strategic advisor role. Most recently, Grasso served as CFO of Alector, Inc. Before that, he held the position of CFO and chief business officer of Kura Oncology.

Big Deal

Thomson Reuters, a global content and technology company, has released its 2025 Future of Professionals report, revealing a significant gap between organizations with formal AI strategies and those without.

Drawing on insights from 2,275 professionals in legal, risk, compliance, tax, accounting, audit, and global trade, the report finds that organizations with a defined AI strategy are twice as likely to report revenue growth from AI and 3.5 times more likely to realize critical AI benefits, compared to those with no significant AI adoption plans.

Despite these advantages, only 22% of respondents say their organizations have a clear AI strategy. As a result, many businesses may risk falling behind in both returns and competitive growth, according to Thomson Reuters. 

Going deeper

“How Private Equity Firms Are Coping With Tariffs” is a report in Wharton’s business journal. Tariff disruptions offer private equity investors opportunities to acquire undervalued assets, but they also challenge their reliance on predictable earnings, according to Wharton’s Burcu Esmer. 

Overheard

“The future of collaboration is not man versus machine, but man with machine—in an open, visible process where every contributor can see, learn from, and be fairly assessed for their effort.”

—David Ferrucci, managing director of the nonprofit Institute for Advanced Enterprise AI at the Center for Global Enterprise, writes in a new Fortune opinion piece.



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Binance accepts BlackRock’s BUIDL as collateral

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Institutional trading of digital assets is already big business. Now, it’s set to get even bigger as Binance, the world’s largest cryptocurrency exchange, announced on Friday that it will now accept collateral in the form of a popular token issued by BlackRock. The token, known as BUIDL, trades at $1 and is backed by a reserve of Treasury bills and other safe, short-term assets.

The news of the Binance tie-up is significant because it will likely further increase the popularity of BUIDL, which the world’s largest asset manager launched last year. Since then, its market cap has grown to over $2.5 billion.

BUIDL operates much like a stablecoin, and is often used as collateral for trading crypto derivatives. It is available, though, only to large institutional investors, including private equity firms and hedge funds, that invest at least $5 million into the BlackRock USD Institutional Digital Liquidity Fund.

The token is especially attractive to big investors since, unlike stablecoins like Tether and USDC, it pays out the yield it collects from its reserves. The current yield is roughly around 4%, with BlackRock charging a management fee of 0.2% to 0.5%.

To create the token, BlackRock works with a firm called Securitize that specializes in issuing digital assets. In an interview with Fortune, Securitize CEO Carlos Domingo said BUIDL is attractive to institutional traders because of the yield it pays, but also because it is viewed by exchanges as high value collateral that can allow its holders to borrow more.

Domingo also said that tokenized assets are gaining popularity more broadly because they offer a quick and efficient way to settle trades.

“In capital markets, every transaction involves updating a ledger. Right now, the ledgers are built on software from the 1970s, and the process is siloed,” said Domingo. In contrast, he noted, blockchains are easy to access and can settle trades almost instantly.

As part of its latest push deeper into crypto, BlackRock will also issue a new class of shares of BUIDL on the BNB chain, a blockchain launched by Binance that is today largely decentralized.

Binance’s decision to add BUIDL comes at a time when the exchange giant is increasing ties to the traditional financial sector. In a statement, the company’s Head of VIP & Institutional, Catherine Chen, said adding BUIDL came partly in response to customer requests.

“Integrating BUIDL with our banking triparty partners and our crypto-native custody partner, Ceffu, meets their needs and enables our clients to confidently scale allocation while meeting compliance requirements,” said Chen.

Friday’s BUIDL news comes after other big crypto derivative platforms, including Coinbase-owned Deribit, did the same in recent months.



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Anthropic says its latest model scores a 94% political ‘even-handedness’ rating

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Anthropic highlighted its political neutrality as the Trump administration intensifies its campaign against so-called “woke AI,” placing itself at the center of an increasingly ideological fight over how large language models should talk about politics. 

In a blog post Thursday, Anthropic detailed its ongoing efforts to train its Claude chatbot to behave with what it calls “political even-handedness,” a framework meant to ensure the model treats competing viewpoints “with equal depth, engagement, and quality of analysis.”

 The company also released a new automated method for measuring political bias and published results suggesting its latest model, Claude Sonnet 4.5, outperforms or matches competitors on neutrality.

The announcement comes in the midst of unusually strong political pressure. In July, President Donald Trump signed an executive order barring federal agencies from procuring AI systems that “sacrifice truthfulness and accuracy to ideological agendas,” explicitly naming diversity, equity and inclusion initiatives as threats to “reliable AI.” 

And David Sacks, the White House’s AI czar, has publicly accused Anthropic of pushing liberal ideology and attempting “regulatory capture.”

To be sure, Anthropic notes in the blog post that it has been training Claude to have character traits of “even-handedness” since early 2024. In previous blog posts, including one from February 2024 on the elections, Anthropic mentions that they have been testing their model for how it holds up against “election misuses,” including “misinformation and bias.”

However, the San Francisco firm has now had to prove its political neutrality and defend itself against what Anthropic CEO Dario Amodei called “a recent uptick in inaccurate claims.”

In a statement to CNBC, he added: “I fully believe that Anthropic, the administration, and leaders across the political spectrum want the same thing: to ensure that powerful AI technology benefits the American people and that America advances and secures its lead in AI development.”

The company’s neutrality push indeed goes well beyond the typical marketing language. Anthropic says it has rewritten Claude’s system prompt—its always-on instructions—to include guidelines such as avoiding unsolicited political opinions, refraining from persuasive rhetoric, using neutral terminology, and being able to “pass the Ideological Turing Test” when asked to articulate opposing views. 

The firm has also trained Claude to avoid swaying users in “high-stakes political questions,”  implying one ideology is superior, and pushing users to “challenge their perspectives.”

Anthropic’s evaluation found Claude Sonnet 4.5 scored a 94% “even-handedness” rating, roughly on par with Google’s Gemini 2.5 Pro (97%) and Elon Musk’s Grok 4 (96%), and higher than OpenAI’s GPT-5 (89%) and Meta’s Llama 4 (66%). Claude also showed low refusal rates, meaning the model was typically willing to engage with both sides of political arguments rather than declining out of caution.

Companies across the AI sector—OpenAI, Google, Meta, xAI—are being forced to navigate the Trump administration’s new procurement rules and a political environment where “bias” complaints can become high-profile business risks. 

But Anthropic in particular has faced amplified attacks, due in part to its past warnings about AI safety, its Democratic-leaning investor base, and its decision to restrict some law-enforcement use cases.

“We are going to keep being honest and straightforward, and will stand up for the policies we believe are right,” Amodei wrote in a blog post. “The stakes of this technology are too great for us to do otherwise.”

Correction, Nov. 14, 2025: A previous version of this article mischaracterized Anthropic’s timeline and impetus for political bias training in its AI model. Training began in early 2024.



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Trump responds to appearance in new Epstein emails by pushing DOJ probe of Clinton, Larry Summers, Reid Hoffman

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President Donald Trump moved aggressively to deflect scrutiny on Friday after a new batch of Jeffrey Epstein’s private emails — released this week by the House Oversight Committee — resurfaced his own long-scrutinized relationship with the disgraced financier.

Hours after the documents circulated widely online, Trump took to Truth Social with a sweeping demand: he said he will ask Attorney General Pam Bondi, the Department of Justice, and the FBI to investigate Epstein’s ties to “Bill Clinton, Larry Summers, Reid Hoffman, J.P. Morgan, Chase, and many other people and institutions,” claiming that “all arrows point to the Democrats.”

Bondi quickly agreed, posting on X Friday afternoon that she had assigned Attorney Jay Clayton to the case. Clayton is a high-profile figure among Republicans, having chaired the SEC during Trump’s first term and now acting U.S. attorney for the Southern District of New York. 

Clinton has strongly denied that he had knowledge of Epstein’s crimes. In the emails, Epstein mentioned several times that Clinton was “never on the island.” However, the two knew each other in the early 2000s. Clinton did not immediately respond to a request for comment. 

On the other hand, Summers had a seemingly close and unusually personal relationship with the disgraced financier who at times acted as his informal relationship coach. Newly released emails from 2017 to 2019 show the former Treasury secretary corresponding with Epstein regularly, sometimes multiple times a day, seeking advice about his interactions with a woman in London.

In one exchange, Summers lamented that the woman had grown distant: “I said what are you up to. She said ‘I’m busy.’ I said awfully coy u are,” he wrote. Epstein replied within minutes, offering reassurance and strategy: “she’s smart. making you pay for past errors. ignore the daddy im going to go out with the motorcycle guy … annoyed shows caring, no whining showed strength.”

Other emails show Summers forwarding Epstein notes from the woman and asking whether he should respond. “Think no response for a while probably appropriate,” Summers wrote in one case. Epstein encouraged the silence, replying, “She’s already begining to sound needy 🙂 nice.”

Summers has previously said he regrets his past ties to Epstein. Summers did not immediately respond to a request for comment. 

Hoffman, the LinkedIn co-founder, billionaire investor and major Democratic donor, had an established relationship with Epstein, according to documents reviewed by the Wall Street Journal. Schedules show Epstein planned multiple trips with him—including two visits to Epstein’s island, Little St. James in 2014—and arranged for Hoffman to stay overnight at his Manhattan townhouse before attending a “breakfast party” with Bill Gates and others the next morning.

Hoffman now says he deeply regrets the interactions. “It gnaws at me that, by lending my association, I helped his reputation, and thus delayed justice for his survivors,” he told the Journal. “Ultimately I made the mistake, and I am sorry for my personal misjudgment.”

Hoffman could not be reached for comment.

Trump’s inclusion of JPMorgan comes after the bank paid out more than $450 million in 2023 across multiple settlements related to its historic relationship with Epstein — including a $290 million agreement with a class of victims and a $75 million deal with the U.S. Virgin Islands. The bank has repeatedly said it “deeply regrets any association” with Epstein and would not have kept him as a client had it known of his crimes.

JPMorgan did not immediately respond to a request for comment. 

Epstein repeatedly described Trump in blunt, often hostile terms

The release of the files — which Trump framed as an effort to expose an “Epstein Hoax” that he claims Democrats are weaponizing to distract from the shutdown– show Epstein repeatedly discussing Trump. They contradict Trump’s own account of their split, and Epstein offers his private, often caustic assessments of the man who would become president.

Across messages with lawyers, acquaintances, reporters, academics, and political figures, Epstein invoked Trump constantly, often bragging that he possessed insider insight into Trump’s private world. In one 2017 exchange, Epstein dismissed him sharply: “your world does not understand how dumb he really is. he will blame everyone around him.” A year later, he described Trump as “evil beyond belief, mad… nuts!!!” 

The emails also directly challenge one of Trump’s most frequently repeated claims: that he expelled Epstein from Mar-a-Lago for inappropriate behavior. 

In a 2019 message to author Michael Wolff, Epstein flatly rejected the story: “Trump said he asked me to resign, never a member ever.”In another email, Epstein claimed a woman who worked at the club had been involved with him and wrote, “Trump knew of it, and came to my house many times during that period.” The documents do not substantiate these assertions, and the White House has denied them.

One of the most explosive lines appears in a 2011 note to Ghislaine Maxwell: “that dog that hasn’t barked is trump.. [Victim] spent hours at my house with him ,, he has never once been mentioned.” During a press conference, the White House pointed to the testimony of Virginia Giuffre, a prominent Epstein accuser who committed suicide earlier this year and said Trump did not participate “in anything.”

Epstein also imagined himself as holding leverage over Trump. In a December 2018 exchange, after someone suggested Trump’s critics were simply trying to “take down” the president, Epstein replied: “yes thx. its wild. because i am the one able to take him down.” 

The White House did not immediately respond to a request for comment. 



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