Lisa Stevens
AonAbout Lisa Stevens
Lisa Stevens is Chief Administrative Officer at Aon, appointed July 2024, after serving as Chief People Officer since October 2019; she joined Aon in December 2018 following a 29-year career at Wells Fargo leading the Western Region of the Community Bank . She is 54 years old . Company performance context for 2024: revenue grew 17% to $15.7B, organic revenue +6%, adjusted operating margin 31.5%, adjusted diluted EPS $15.60, and free cash flow $2.8B, metrics that underpin executive pay design (OI and EPS-linked plans) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Aon | Chief Administrative Officer | Jul 2024–present | Expanded remit over marketing, communications and public affairs in addition to People function; accountable for People & Culture metrics tied to incentives . |
| Aon | Chief People Officer | Oct 2019–Jun 2024 | Drove inclusion, engagement, wellbeing, retention; contributed to firm-wide People & Culture outcomes used in annual incentives . |
| Aon | Global Executive Vice President | Dec 2018–Oct 2019 | Senior leadership integration into Aon United strategy . |
| Wells Fargo | Executive Vice President; Western Region Lead, Community Bank | ~1989–2018 | Led large multi-state retail banking operations; talent and client growth leadership . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Wells Fargo | Various executive roles over 29 years | ~1989–2018 | Regional growth, large team leadership; experience relevant to Aon’s human capital strategy . |
Fixed Compensation
| Metric ($) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary | 1,000,000 | 1,000,000 | 1,000,000 |
| Stock Awards (grant-date fair value) | 3,365,712 | 5,269,440 | 5,705,132 |
| Non-Equity Incentive Plan Awards (cash portion) | — | — | 1,040,000 |
| All Other Compensation | 33,147 | 36,446 | 40,774 |
| Total Compensation | 4,398,859 | 6,305,886 | 7,785,906 |
Perquisites and company contributions detail (FY 2024): Company contributions $28,625; perquisites $12,149 (incl. executive health screening $8,189; club dues reimbursement $3,960) .
Performance Compensation
| Component | Metric | Weighting | Target/Hurdle | Actual | Payout Factor |
|---|---|---|---|---|---|
| Annual Incentive (SEICP) | Adjusted Operating Income (YOY vs 2023 OI baseline $4,223M; 200 bps hurdle) | 80% | >200 bps increase | +17.0% YOY (2024 OI $4,939M) | 115% |
| Annual Incentive (SEICP) | People & Culture (wellbeing, inclusion, engagement, retention) | 20% | Pre-set quantitative goals | Majority of goals met; strong survey results, high retention | 125% |
| Annual Incentive Outcome (Lisa Stevens) | Individual award | — | Target $1,500,000 | — | 107% of target; $1,600,000 (65% cash, 35% RSUs) |
| Long-Term Incentive (LPP 17, 2022–2024) | Cumulative Adjusted Diluted EPS | 100% | Threshold $38.20; Target $39.72; Max $45.35 | Actual $42.12 | 163.1% of target PSUs |
2024 equity grants for Lisa Stevens:
- LPP 19 PSUs (3-year EPS cycle, 2024–2026), grant-date 03/21/2024: target 6,891 PSUs; max 27,564; grant-date fair value $4,409,964 .
- 3x3 Performance Plan PSUs (EPS + share price hurdle), grant-date 03/21/2024: threshold 4,857; target 9,714; max 19,428; grant-date fair value $1,295,168 .
Equity Ownership & Alignment
- Beneficial ownership: 17,022 Class A Ordinary Shares; no shares pledged as collateral (company-wide prohibition and table shows no pledges) .
- Stock ownership guidelines: Executives required to hold Aon shares equal to 3x base salary; NEOs were either in compliance or progressing toward requirements as of Dec 31, 2024 .
- Hedging/pledging: Executives prohibited from hedging or pledging Aon securities; no margin accounts allowed .
Outstanding equity and vesting detail (as of Dec 31, 2024):
| Grant Date | Award Type | Units Unvested / Unearned | Performance/Vesting End | Market/Payout Value ($) |
|---|---|---|---|---|
| 02/17/2022 | RSUs | 498 | Scheduled vesting 02/17/2025 | 178,862 |
| 02/16/2023 | RSUs | 2,901 | Scheduled vesting dates 02/16/2025–02/16/2026 (1,450; 1,451) | 1,041,923 |
| 03/23/2023 | LPP PSUs | 26,404 (max shown; tracking at/above target) | Performance period ends 12/31/2025 | 9,483,261 |
| 03/21/2024 | LPP PSUs | 27,564 (max shown; tracking at/above target) | Performance period ends 12/31/2026 | 9,899,886 |
| 03/21/2024 | 3x3PP PSUs | 4,857 (threshold shown; price hurdle not achieved) | Performance period ends 12/31/2026 | 1,744,440 |
Vesting activity in FY 2024:
| Metric | FY 2024 |
|---|---|
| Shares acquired on vesting | 19,094 |
| Value realized on vesting ($) | 5,999,571 |
| Shares withheld for taxes (aggregate) | 9,213 |
Insider selling pressure indicators:
- RSU scheduled vesting dates through 2026 (above) can create predictable liquidity needs (tax withholding) .
- LPP and 3x3PP settle after certification post-performance period; LPP 17 settled in early 2025 at 163.1% of target, indicating meaningful share delivery in that window .
Employment Terms
| Term | Detail |
|---|---|
| Employment letter | At-will; eligible for Combined Severance Plan; initial base salary later adjusted to $1,000,000; target annual bonus initially 100% then adjusted to 175% by Compensation Committee; initial target LTI 150% of salary; elevated to CAO effective July 1, 2024 . |
| Annual incentive target for 2024 | 150% of base salary per SEICP table for NEOs . |
| Notice periods | Company must provide at least 365 days’ prior notice for termination without cause; executive must provide at least 30 days for voluntary termination . |
| Non-compete / non-solicit | Two years post-termination applicable to NEOs irrespective of termination reason . |
| Clawback | Dodd-Frank compliant recoupment of excess incentive-based compensation for three years preceding a required restatement; forfeiture for material policy violations . |
| Hedging / pledging policy | Prohibits hedging, derivative transactions, pledging, margin accounts for executive officers . |
Change-in-control and termination economics (Lisa Stevens; scenario values as of Dec 31, 2024):
| Scenario | Total Cash Payment ($) | Accelerated Share Vesting ($) | Welfare/Other ($) | Total ($) |
|---|---|---|---|---|
| Involuntary – Good Reason | 1,000,000 | 9,919,344 | — | 10,919,344 |
| Involuntary – Without Cause | 1,000,000 | 9,919,344 | — | 10,919,344 |
| Death | — | 19,938,711 | — | 19,938,711 |
| Disability | — | 19,938,711 | — | 19,938,711 |
| Qualifying After Change in Control (double-trigger) | 2,260,000 | 19,938,711 | 110,342 | 22,309,053 |
Compensation Structure Analysis
- Pay mix is equity-heavy: in 2024, performance-based pay comprised the majority of NEO compensation, with Lisa’s stock awards at $5.7M and cash bonus $1.04M vs $1.0M base salary . Program emphasizes OI and EPS measures with company-wide People & Culture overlay .
- Shift to PSUs and RSUs: Long-term awards via LPP PSUs with EPS; annual incentives partly settled in RSUs for retention; CEO uses PSUs for annual incentive settlement; 3x3PP introduces share price hurdle, increasing at-risk nature .
- Governance response to Say‑on‑Pay: 2024 approval 68.8%; Committee committed to limit one-time awards and enhance transparency; no special one-time awards to NEOs in 2024; detailed disclosure added on metrics and outcomes .
Say‑on‑Pay & Peer Group
- Say‑on‑Pay approval: ~68.8% at 2024 AGM; enhanced 2025 disclosures and commitments in response .
- Compensation peer group (2024/2025): Accenture, ADP, AJG, BlackRock, BNY Mellon, Cognizant, Equifax, FIS, Fiserv, Marsh McLennan, Moody’s, Morgan Stanley, Northern Trust, S&P Global, State Street, Willis Towers Watson .
Investment Implications
- Strong alignment on performance: Lisa’s incentives directly tied to adjusted OI (80%) and People & Culture (20%), plus multi-year EPS via LPP; 2024 individual payout at 107% signals above-target internal performance contribution . This suggests her influence on retention, engagement and strategic workforce planning can drive pool funding outcomes.
- Near-term share supply from vesting: Predictable RSU vesting schedule through 2026 and post-2024 LPP settlements (e.g., LPP 17 paid at 163.1%) can create periodic liquidity/tax-driven selling; monitor vest windows around mid-February and mid-March certifications for potential pressure .
- Change-in-control protections are meaningful but double-trigger: Cash of $2.26M plus full acceleration near $19.9M indicates retention under M&A; non-compete of two years reduces transition risk to competitors .
- Risk safeguards: Prohibitions on hedging/pledging, clawback compliance, and ownership guidelines (3x salary) reduce misalignment; beneficial ownership 17,022 shares and no pledging remove collateral risk flags .
Note: Company context metrics for 2024 performance underpin incentive designs and pool funding but are not directly attributable to a single executive. Revenue +17%, adjusted operating margin 31.5%, adjusted diluted EPS $15.60, free cash flow $2.8B .