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    Walter S. Berman

    Executive Vice President and Chief Financial Officer at Ameriprise Financial Inc
    Since September 2005
    Age
    82 years
    Tenure
    Joined AMP in September 2005 as the Executive Vice President and Chief Financial Officer, having previously served as Executive Vice President and CFO at American Express Financial Corporation and as Corporate Treasurer at American Express.

    Also at Ameriprise Financial Inc

    JMC
    James M. Cracchiolo
    Chairman and Chief Executive Officer
    WD
    William Davies
    EVP and Global Chief Investment Officer

    About

    Walter S. Berman is the Executive Vice President and Chief Financial Officer of Ameriprise Financial (AMP) and has held this position since September 2005. At 82 years old, he has built a substantial career within the financial services industry through significant leadership roles.

    Prior to joining AMP, he served as Executive Vice President and Chief Financial Officer at American Express Financial Corporation starting in January 2003, and he contributed to the financial operations of American Express as Corporate Treasurer from April 2001 to January 2004. These roles provided him with deep experience in financial management and corporate treasury operations.

    While the documents do not offer further details about his personal background or educational qualifications, his long-standing career in high-level financial roles underscores his expertise and leadership in the industry.

    Past Roles

    OrganizationRoleDate RangeDetails
    American Express Financial Corporation (AEFC) Executive Vice President and Chief Financial Officer January 2003 - September 2005 Served until AMP's spin-off from American Express
    American Express Corporate Treasurer April 2001 - January 2004 Held prior to his AMP role

    Fixed Compensation

    Data from  FY 2023
    Component NameAmountPayment ScheduleAdditional Details
    Base Salary$675,000 Annual (2023)Fixed base salary for 2023
    Deferred Compensation Plan$31,805,691 Accrued in 2023; payable upon terminationComprises executive contributions of $646,000 and company contributions of $161,500; aggregate earnings of $4,615,254 leading to the ending balance
    Retirement Plan$995,014 Payable upon terminationPresent value of accumulated benefits; 55 years of credited service; fully vested
    Supplemental Retirement Plan$8,314,058 Payable upon terminationPresent value of accumulated benefits; 55 years of credited service; fully vested
    Termination PaymentsVariable (e.g., Total Vested: $42,651,644 )Upon terminationVested balances: Retirement Plan ($995,014), 401(k) Plan ($1,314,564), Supplemental Retirement Plan ($8,536,375), Deferred Compensation Plan ($31,805,691). Other scenarios include: Voluntary ($3,230,000), Involuntary Not for Cause ($9,087,792), Involuntary/Good Reason ($29,241,204), Disability ($16,330,569), Death ($17,005,569)

    Performance Compensation

    Data from  FY 2023

    Annual Cash Incentive

    MetricValueDetails
    Amount Earned$3,230,000 Actual cash incentive earned in 2023
    ThresholdNot specified Specific performance threshold not provided
    Target$1,900,000 Target cash incentive
    Maximum$3,325,000 Cap on incentive payout
    Grant Date / Effective DateJanuary 24, 2023 / January 27, 2023 Awards approved on January 24, 2023 and effective January 27, 2023

    Long-Term Incentive Awards

    MetricValueDetails
    Evaluation Basis2022 performance Awards funded from 2022 total incentive pool
    Vesting ScheduleThree-year period (one-third per year) Equity awards vest over three years, with incremental vesting
    Performance MetricsEPS growth, Average ROE, TSR modifier TSR modifier adjustments up or down by 25 percentage points; minimum payout of 0% and maximum of 150% of target
    Non-Equity Award PayoutTarget: $1,900,000, Maximum: $3,325,000 Payout amounts for non-equity incentive awards
    Equity Award PayoutTarget: 6,532 shares, Maximum: 11,431 shares Share-based award details
    Grant DateJanuary 27, 2023 Award grant date
    Grant Date Fair Value$4,500,000 Fair value assigned on the grant date
    Stock Option Exercise Price$344.45 per share Exercise price applicable to stock options

    Performance Share Units (PSUs)

    MetricValueDetails
    Vesting ScheduleThree-year performance period PSU vesting at the end of the period
    Performance MetricsEPS growth, ROE, TSR modifier Payout based on achieving performance goals; adjustments possible up or down by 25 percentage points
    Minimum / Maximum PayoutMinimum: 0%, Maximum: 150% of target Percentage range applied to PSU awards
    Grant Date Fair Value$2,250,000 For PSUs granted on January 27, 2023
    Grant Date Stock Price$344.45 per share Stock price applicable on the grant date
    Award QuantityTarget: 6,532 units, Maximum: 11,431 units Number of PSUs awarded contingent on performance

    These components outline the performance compensation for 2023, detailing cash incentives and long-term awards tied to specific performance metrics and vesting conditions.