Ameriprise CEO's Pay Rose 24% in 2023
A higher salary and more stock and option awards helped push James Cracchiolo's compensation higher.
Ameriprise Financial Chairman and CEO James Cracchiolo’s total compensation rose 24% to nearly $28.4 million last year, the company said in a recent preliminary proxy statement.
His compensation totaled more than $22.8 million in 2022 and $21.2 million in 2021.
Cracchiolo’s 2023 pay includes a $1.24 million salary, more than $12.6 million in stock awards, nearly $8.4 million in non-equity incentive compensation and $3.36 million in option awards, among other remuneration. It also includes over $1.9 million in indirect compensation, such as the change in pension value.
In 2022, by comparison, the CEO earned a $1.025 million salary, nearly $10.3 million in stock awards and $2.73 million in option awards.
“Led by Mr. Cracchiolo, our executive team delivered outstanding results while navigating a changing and uncertain environment throughout the year,” the company said in the filing. ”The annual cash and long-term awards provided to them reflect their consistency and ability to deliver exceptional performance for our stakeholders, including our shareholders.”
The annual and long-term awards provided to Cracchiolo and other top executives were calculated based on results achieved and according to pre-established metrics and performance target level for each financial and strategic business goal, Ameriprise said.
The Securities and Exchange Commission’s rule for when equity awards are reported in a company’s summary compensation table results in a one-year lag between the time the equity awards are granted and when they are reported, the filing noted.
As a result of the time lag, the equity awards granted in 2024 will not appear in the summary compensation table until the 2025 annual meeting proxy statement. Ameriprise included a supplemental compensation table that “more clearly reflects our pay-for-performance philosophy and the compensation decisions made by the Compensation and Benefits Committee” for the CEO and other officers.
That table calculated Cracchiolo’s total direct compensation at almost $25.63 million in 2023 versus $25.15 million in 2022 and $20.8 million in 2021.
Pictured: Ameriprise CEO James Cracchiolo. Credit: Ameriprise Financial