C-Suite Executive Compensation in 2023
C-Suite executives no doubt notice the changes happening in the 2023 marketplace involving salary data. Pay equity and transparency continue to increase in importance and many executives have personally authorized the increase in their company’s salary budget. But how are C-Suite role compensation packages changing?
Our C-Suite executive recruiters are connecting visionary leaders with small and mid-sized food and beverage companies throughout North America and around the globe. During those interview conversations and from data submitted personally by C-Suite executives, we share our 2023 Food & Beverage Salary C-Suite Executive compensation summary below.
Understanding C-Suite Executive pay needs and your company’s financial environment.
For C-Suite Executives, some will say that what they do is more important than how much money they make, but where is that line? There is a minimum amount it will take to entice an executive to your company and cover their standard of living needs.
- Kinsa’s Salary Guide cites that CEO’s report a low base salary end of $150,000 to a high end of $550,000, and this does not include your Fortune 50 executives. The median base pay for mid-sized and small food and beverage company CEO’s was $275,000, plus incentives.
- Chief Operating Officer executives shared a similar median base salary at $270,000, but a smaller range from $150,000 to $350,000.
- Those who held the title of President had a lower median base pay at $240,000, while those acting as Board Chairman cited a median of $260,000, though both reported the similar high end as COO at $350,000.
- General Manager roles reported a $220,000 median base salary, with again a similar range from $150,000 to $350,000.
Do you need to pay something different for a turn-around situation vs. a stay-and-grow with us environment? Kinsa’s recruiters would tell you – Yes! If your environment has difficulties ahead or the future seems stormy or unclear, you will need to increase base compensation to attract good talented executives because the incentives are not as reliable.
Surround your C-Suite Executive Leader with a strong Executive Suite team.
Have you been asking your Co-Founder to handle sales and marketing while you handle the operations? At some point, you will need to add key industry executives to your leadership team in order to grow beyond a start-up to a legitimate player in the food and beverage industry.
- Kinsa’s Salary Guide shares the base salary range for a Chief Commercial Sales Officer is $175,000 to $350,000, with the median at $280,000. A Chief Marketing Officer has a lower median at $200,000. You may be able to attract a strong VP of Sales below that range at a median of $190,000, but a VP of Marketing remains at a median of $200,000.
- If your next key hire is that COO, be prepared to offer a range of $150,000 to $350,000, with the median at $270,000. Take it a step down to VP of Operations if you’d rather target $200,000 as the median, or even Director of Operations with the median of $160,000.
Administrative roles like Chief Finance and Chief People Officers can’t be overlooked.
Rounding out the C-Suite compensation ranges that Kinsa Group’s 2023 Salary Guide covers are the CFO and Chief HRO.
- We have seen an increase in median CFO pay to $240,000 in 2023. That’s a 4.5% increase over 2022, the average increase that was expected for most positions in 2023. A VP of Finance is slightly lower at a median of $190,000 among the food and beverage professionals Kinsa interviewed.
- The Chief HR Officer range is quite wide from $160,000 to $300,000, with a median of $220,000. A step down to VP of Human Resources is a base salary median of $195,000.
Looking for more food and beverage salary insights? Download the full salary guide now for free and get access to salary ranges and median base salary compensation for over 150 job titles in the food and beverage industryDOWNLOAD NOW
Food and Beverage Industry Executive Recruiters
Kinsa Group’s recruiters can help you identify and attract C-Suite Food and Beverage Executives who will make a significant impact on your organization. Whether you are a professional seeking a new executive food & beverage position, or an industry employer ready to make a key hire, we have the insights and recruiting capability you need. Contact us today.Contact Us