Here's Why Highest Paid CEO Chad Richison Is Giving Away Half Of His Fortune

KEY POINTS

Chad Richison was the highest-paid top executive last year
Richison has a net worth of $2.9 billion
He has donated $57 million so far

Chad Richison, founder and CEO of Paycom, was recently crowned as the highest-paid top executive among S&P 500 companies. Despite his affluence, Richison pledged to donate half of his fortune -- but why?

Richison, 50, earned a $211 million salary from Paycom last year, Fox Business reported. According to financial advisory firm Institutional Shareholder Services, his 2020 pay package included several company performance clauses that increased his total compensation to $702 million.

Due to the sizable compensation Richison received, he was named the highest-paid CEO in the S&P 500. As of late, Richison has a net worth of $2.9 billion, as per Forbes.

However, Richison is set to donate half of his wealth to The Giving Pledge, a philanthropic organization that encourages affluent personalities to donate their wealth to charitable causes.

According to Richison, he learned about the charity organization through Warren Buffett when they played poker about a decade ago. The Paycom CEO signed up for The Giving Pledge because he wanted to make a difference.

“I want to make a sustainable difference,” Richison told Forbes. “In a perfect world, I would identify those opportunities and give well before my dying days so I can see the good the gifts are doing.”

Besides joining The Giving Pledge, Richison has also donated sizable amounts to other causes. It’s estimated that he has donated about $57 million so far.

In 2020, Richison donated $5 million to the American Cancer Society. His charitable contribution will be used to build a housing center for cancer patients traveling from outside Oklahoma City to receive medical treatment.

Richison also donated a total of $14 million to his alma mater, the University of Central Oklahoma. His donation was used to fund and overhaul the university’s athletic program.

The Paycom CEO also provided financial aid amounting to $6 million to local food banks, schools and social services for the homeless.

“My hope is this commitment inspires others and demonstrates that what we can achieve in life is only limited to our imagination and when we do good deeds,” reads Richison’s profile on The Giving Project website.