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Fortune’s Most Powerful Women 2012: 25 highest-paid women

1 Safra A. Catz, Oracle

Safra A. Catz

Catz is one of Oracle's MVPs, having overseen a software industry consolidation. But CEO Larry Ellison is now 69, and the question is whether Catz is a CEO-in-waiting or a deputy forever. Regardless, she's well paid: Her fiscal 2012 total pay was $43.6 million, according to Equilar.

Safra A. Catz

Catz is one of Oracle's MVPs, having overseen a software industry consolidation. But CEO Larry Ellison is now 69, and the question is whether Catz is a CEO-in-waiting or a deputy forever. Regardless, she's well paid: Her fiscal 2012 total pay was $43.6 million, according to Equilar.

Photo courtesy: Oracle

2 Wellington J. Denahan, Annaly Capital Management

* As of November 2012, Ms. Denahan is Chairman and CEO of Annaly Capital Management

3 Sheryl K. Sandberg, Facebook

Sheryl K. Sandberg

Sheryl K. Sandberg

Photo courtesy: Facebook

4 Debra Cafaro, Ventas

Debra Cafaro

Debra Cafaro

Photo: Tim Boyle/Bloomberg—Getty Images

5 Margaret C. Whitman, HP

Margaret C. Whitman

Photo: Tony Avelar/Bloomberg—Getty Images

6 Carol Bartz

Carol Bartz

* Ms. Bartz is former President and CEO of Yahoo.

Photo: Jemal Countess—Getty Images

7 Irene B. Rosenfeld

Irene B. Rosenfeld *Ms. Rosenfeld is now Chairman and CEO of Mondelez International.

*Ms. Rosenfeld is now Chairman and CEO of Mondelez International

Photo: Tim Boyle/Bloomberg—Getty Images

8 Mary C. Erdoes, JP Morgan Chase

Mary C. Erdoes

9 Ina R. Drew, JP Morgan Chase*

Ina R. Drew

*Ms. Drew left JPMorgan Chase in May 2012.

*Ms. Drew left JP Morgan Chase in May 2012.

Photo courtesy: JP Morgan

10 Indra Nooyi, Pepsi Co.

Indra Nooyi

Indra Nooyi

Photo courtesy: Pepsi Co.

11 Kathryn F. Fagan, Annaly Capital Management

12 Angela F. Braly, WellPoint

Angela F. Braly

Photo: Daniel Acker/Bloomberg—Getty Images

Photo: Daniel Acker/Bloomberg—Getty Images

13 Ellen J. Kullman, DuPont

Ellen J. Kullman

Courtesy: DuPont

14 Jackwyn L. Nemerov, Polo Ralph Laurent

15 Ruth Porat, Morgan Stanley

Ruth Porat

Photo courtesy: Morgan Stanley

16 Jane Elfers, Children's Place Retail Stores

Jane Elfers

Photo: Bryan Bedder—Getty Images

17 Gail K. Boudreaux, UnitedHealthcare

Gail K. Boudreaux

18 Catherine A. Lesjak, HP

Catherine A. Lesjak

19 Kay Krill, Ann Inc.

Kay Krill

Photo courtesy: Ann Inc.

20 Janet L. Robinson

Janet L. Robinson

* Ms. Robinson is former President and CEO of the New York Times.

Photo: Lisa Hancock—Getty Images

21 Ursula M. Burns, Xerox

Ursula M. Burns

22 Sharen J. Turney, Limited Brands

23 Laura J. Alber, Williams Sonoma

Laura J. Alber

Laura J. Alber

Photo: David Paul Morris/Bloomberg—Getty Images

24 Heather Bresch, Mylan

Heather Bresch

*Ms. Bresch is now CEO of Mylan

Photo courtesy: Mylan

25 Patricia A. Woertz, ADM

Patricia Woertz

Amid a historic U.S. drought, agri-giant ADM's stock soared 45% in the 12 months ended Aug. 1. The CEO freed up $2 billion in cash by reducing inventory and selling noncore assets. Woertz is also making way for a $3.2 billion takeover of Australia's GrainCorp.

Photo courtesy: Archer Daniels Midland