Rachel Lord
BlackRockAbout Rachel Lord
Rachel Lord, age 59, is Senior Managing Director and Head of International at BlackRock, a role she has held since January 2024 after serving as Head of Asia Pacific (May 2021–Jan 2024) and Head of EMEA (2017–May 2021); she joined BlackRock in November 2013 from Citigroup, where she was Global Head of Corporate Equity Derivatives . During her current tenure, BlackRock delivered strong firmwide performance in 2024: 1-year TSR of ~29%, 3-year TSR ~21%, 5-year TSR ~131%; diluted EPS (as adjusted) $43.61 (+15% YoY), and adjusted operating income $8.1B (+23% YoY), alongside $641B net inflows and year-end AUM of $11.6T .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| BlackRock | Head of International, Senior Managing Director | Jan 2024–present | Leads international franchise; part of GEC . |
| BlackRock | Head of Asia Pacific, Senior Managing Director | May 2021–Jan 2024 | Oversaw APAC growth and client franchise . |
| BlackRock | Head of EMEA, Senior Managing Director | 2017–May 2021 | Led EMEA region; integrated iShares/Index investments client strategy . |
| BlackRock | EMEA Head of iShares and Head of Global Clients, ETF and Index Investments | 2013–2017 | Scaled EMEA ETFs and global index client platform . |
| Citigroup | Global Head of Corporate Equity Derivatives | Through Nov 2013 | Global leadership across equity derivative products . |
External Roles
No external public company directorships disclosed for Ms. Lord in BlackRock’s 2025 proxy (executive officer biography only) .
Fixed Compensation
- BlackRock discloses detailed pay for Named Executive Officers (NEOs) only; Ms. Lord is not an NEO in the 2025 proxy, so her base salary, target bonus, and actual cash bonus are not itemized in the Summary Compensation Table .
- Framework: base salary is a small portion of senior executive pay; annual cash bonus and long-term incentives are determined within BlackRock’s “Total Incentive Awards” structure .
Performance Compensation
BlackRock’s incentive architecture for senior executives (and NEOs) emphasizes multi-year, equity-heavy pay with structured discretion tied to firm priorities.
- Performance categories and weighting used to determine Total Incentive Awards: Financial Performance 50%, Business Strength 25%, Organizational Strength 25% .
- Long-term incentives:
- Deferred Equity Bonus: time-vested RSUs, generally vesting in equal installments over 3 years .
- BPIP: performance-based RSUs with 3-year targets in Organic Revenue Growth and Operating Margin (as adjusted); payout range 0%–165% of target .
Detailed incentive scorecard and metrics:
| Metric category | Weighting | Representative metrics and approach | Payout framework |
|---|---|---|---|
| Financial Performance | 50% | NTM P/E, TSR (1-, 3-, 5-yr), Diluted EPS (as adjusted), Operating Income (as adjusted), Net New Business, Organic Revenue Growth, Operating Margin (as adjusted), Organic Revenue less Controllable Expense Growth . | MDCC uses structured discretion; outcomes build from prior year awards; guidance 0–135%+ ranges illustrated in proxy . |
| Business Strength | 25% | Client delivery, investment performance, client protections, platform evolution . | Discretionary assessment within scorecard . |
| Organizational Strength | 25% | Talent/succession, operating platform strength, culture and corporate sustainability . | Discretionary assessment within scorecard . |
Individual award disclosure (Form 4):
- On Jan 16, 2025, Ms. Lord received 1,594 RSUs (award value $1,593,418 ÷ $999.36 reference price); vests in equal installments on 1/31/2026, 1/31/2027, and 1/31/2028 .
Equity Ownership & Alignment
Stock ownership and transactions:
| Date | Transaction | Shares | Price | Beneficial ownership after | Notes |
|---|---|---|---|---|---|
| 2025-01-16 | RSU grant (A) | 1,594 | $0 (grant) | 18,598 | RSUs vest 1/31/26, 1/31/27, 1/31/28; award value converted using $999.36 . |
| 2025-10-20 | Multiple open-market sales (S) | Aggregate ~10,970 | ~$1,160–$1,170 | 7,205 | Reported via Form 4; examples include weighted-average sale prices ~$1,160–$1,170; holdings after 7,205 . |
Ownership as percent of outstanding:
- Shares outstanding as of Mar 28, 2025: 155,022,282 .
- Approximate %: 18,598 shares ≈ 0.012% (Jan 2025) and 7,205 shares ≈ 0.005% (Oct 2025), using 155.0M shares as reference .
Alignment policies:
- Stock ownership and retention: GEC members must hold a target number of shares; until met, must retain 50% of net-after-tax shares from vested awards .
- Pledging/hedging: prohibited for all employees (including executives) .
- Clawbacks and forfeitures: Dodd-Frank-compliant clawback for restatements plus standing clawback for fraud/restatement; award forfeiture for restrictive covenant breaches; options forfeited on cause; competitive activity can trigger forfeiture .
Employment Terms
- Status and oversight: All executive officers serve at the discretion of the Board and CEO .
- Severance (standard U.S. plan): In involuntary termination without cause in RIF/position elimination, lump-sum cash equal to 2 weeks of salary per year of service (min 12 weeks, max 54 weeks) for eligible employees .
- Equity on separation (general award terms):
- RSU deferred equity bonuses: continue vesting; any unvested remainder vests at 1-year anniversary of termination; subject to non-compete; change-in-control termination within 12 months → vest at termination .
- BPIP performance RSUs: eligible to vest at end of performance period based on results; change-in-control termination within 12 months → vest at target .
- Options (where applicable to recipients): forfeiture rules and pro-rata/90-day exercise windows vary by award year; competitive activity restrictions apply .
- Post-termination covenants: Release of claims and 1-year non-solicit of clients/employees required for certain severance/equity treatments .
Company Performance Context (most recent fiscal year)
| Measure | 2024 outcome |
|---|---|
| Total Shareholder Return (1-yr) | 29.3% |
| Total Shareholder Return (3-yr) | 21.3% |
| Total Shareholder Return (5-yr) | 131.1% |
| Diluted EPS (as adjusted) | $43.61; +15% YoY |
| Operating Income (as adjusted) | $8.1B; +23% YoY |
| Net new business | $641B; organic asset growth 6% |
| AUM (year-end) | $11.6T |
Governance, Pay Practices, and Shareholder Feedback
- Pay practices: No ongoing employment agreements or guaranteed compensation arrangements for NEOs; no single-trigger vesting upon change-in-control; no option repricing/cash buyouts; no tax gross-ups; one-year minimum vesting for stock awards .
- Clawbacks/forfeitures: Robust policies as noted above .
- Say-on-Pay: 2024 support was 59%, prompting expanded outreach and enhanced disclosure of MDCC discretion and performance assessment; Board recommends “FOR” on 2025 say-on-pay .
Investment Implications
- Incentive alignment: Ms. Lord’s pay mix is equity-heavy with multi-year RSU vesting and performance-based structures tied to Organic Revenue Growth, Operating Margin (as adjusted), TSR and other firm metrics—aligning her outcomes with long-term shareholder value creation . Robust clawbacks, non-compete/non-solicit conditions, and prohibitions on pledging/hedging further reduce misalignment risks .
- Retention risk vs. supply overhang: The January 2025 RSU grant vests annually through 2028, supporting retention; near-term selling pressure from October 2025 open-market sales reduced direct holdings to ~7.2k shares, but the absolute size is immaterial relative to BLK’s float (<0.01%) .
- Program scrutiny: 2024’s 59% say-on-pay highlights investor focus on discretion and one-time awards; MDCC responses (greater transparency, no one-time 2024 awards) should temper governance concerns, but sustained monitoring is warranted .
- Execution backdrop: Ms. Lord’s leadership across EMEA, APAC, and International coincides with strong 2024 firm performance (TSR, EPS as adjusted, operating income as adjusted), suggesting favorable context for incentive realization tied to firm-level metrics .
Note: Specific dollar amounts for Ms. Lord’s base salary/bonus and aggregate PSU/option values are not disclosed in the 2025 proxy because she is not an NEO; conclusions rely on company-wide policies and her reported RSU grant and insider transactions .
Citations
- BLK 2025 Proxy (DEF 14A): .
- Form 4 (RSU grant, 2025-01-16): .
- Form 4 (sales, 2025-10-20) filing index: .
- Third-party Form 4 summary (sales and holdings after): .