For the fifth year in a row, Ameriprise Chief Executive James Cracchiolo made more than $50 million.
The head of the Minneapolis-based financial services company made $56.1 million in 2024 from a combination of salary, annual bonus and realized long-term equity awards — 7% more than he did the year before.
Since Ameriprise spun off from American Express in 2005, it has been the top-performing financial services company in the Standards & Poor 500 Financials Index. Its stock has had a total return of over 2,000%.
During that same period, the full S&P 500 index grew 600% and the S&P 500 Financials Index 200%.
Here’s the breakdown of pay for Cracciolo, who has been CEO since the spinoff and also serves as chair of Ameriprise:
- Total compensation for the year ended Dec. 31: $56,090,607
- Salary: $1,250,000
- Non-equity incentive pay: $8,500,000
- Other compensation: $729,446
- Exercised stock options: $18,846,607
- Value realized on vesting shares: $26,764,554
- New stock options: 29,766
- CEO pay ratio: 191 to 1
- Median employee pay: $147,252
- Total 2024 shareholder return: 42.1%
Over the past five years, Cracchiolo has averaged $58.3 million in realized compensation, much fueled by long-term equity awards that have appreciated in value.
In 2024, Ameriprise had adjusted earnings of $3.6 billion, or $35.07 a share. The record earnings per share increased 18.6% over the prior year.
Only 6% of Cracchiolo’s target pay is his annual salary. The rest is at-risk pay made up of annual incentives and long-term equity awards including stock options, restricted stock and performance-based restricted stock awards.
