Ropes & Gray Partners with The Conference Board for Report on C-Suite Evolution

Ropes & Gray teamed with The Conference Board on a new report “How the C-Suite Is Evolving: NEO Titles and Compensation at US Public Companies.”

The report examines how the composition, compensation, and sectorial profile of named executive officers (NEOs) at US public companies has evolved since 2021, drawing on disclosure data to illuminate shifting C-Suite priorities and pay dynamics.

“NEO pay growth in the S&P 500 was targeted, not broad. Large-cap companies focused increases on roles tied to enterprise-wide risk and control, especially Chief Human Resources Officers and Chief Legal Officers, rather than raising compensation across the board,” notes ERISA and benefits counsel Jonathan Reinstein in the report.

The report findings are based on proxy statements by Russell 3000 and S&P 500 companies filed through December 3, 2025.

Among the report key findings:

• Chief Technology Officers and Chief Human Resources Officers are appearing more frequently among NEOs—the five highest-paid executives at public companies. From 2021 to 2025, the number of CTOs named as NEOs in the Russell 3000 increased by 61%, while CHRO NEOs rose 55%.
• While more HR and IT leaders have moved into the top rung, there's been a decline in business unit leaders—positions such as top division executives or presidents of subsidiaries. Their representation declined by 15% from 2021 to 2025.
• While CEOs and Chief Financial Officers are mandatory NEOs, the remaining highest-paid positions are increasingly occupied by executives with enterprise-wide mandates spanning legal, technology, talent, and commercialization.
• Amid the AI boom, the share of NEO Chief Technology Officers increased by 61% in the Russell 3000.
• Legal roles—including Chief Legal Officers (CLOs), corporate secretaries, and general counsels—saw the largest increase of any non-mandatory NEO category, rising 21% over the same period, from 1,154 to 1,390 disclosures. The growth in legal NEO roles shows how regulatory, litigation, and enterprise risk are becoming central to executive decision-making.
•  From 2024 to 2025, median NEO compensation increased 8% in the Russell 3000, compared with 5% in the S&P 500
• Gender-based differences in executive pay vary by role and index.  At the CEO level, women earn more than men, with median total compensation 3% higher in the Russell 3000 and 11% higher in the S&P 500. This likely reflects structural and selection dynamics rather than a broad-based pay advantage, as women CEOs are more likely to lead larger, more complex, or higher-scrutiny companies where compensation levels are elevated overall. This pattern does not extend to NEOs as a whole. Across all NEO roles combined, men continue to earn more than women in both indices. In the S&P 500, median total compensation for male NEOs reached $5.2 million in 2025, compared with $4.8 million for female NEOs. A similar gap appears in the Russell 3000, where male NEOs earned a median of $2.6 million versus $2.3 million for females.