Jill M. Griebenow
Chief Financial Officer at CBOE
Executive
About Jill M. Griebenow
Executive Vice President and Chief Financial Officer of Cboe Global Markets, appointed effective July 10, 2023 after serving as Chief Accounting Officer since August 2018; previously CFO, Europe at Bats/Cboe and audit/assurance roles at Ernst & Young. She is a certified public accountant with a bachelor’s degree in accounting from the University of Northern Iowa . 2024 corporate performance used in incentive pay included net revenues of $2,071 million (102.6% of target) and adjusted EBITDA of $1,363 million (104.2% of target) . Long-term performance references include relative TSR at the 83rd percentile and 3-year cumulative adjusted diluted EPS of $23.34 for the 2022–2024 PSU cycle; note she did not receive 2022 PSUs .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Cboe Global Markets | Chief Financial Officer (EVP, Treasurer, CAO) | Jul 2023–Present | Executive finance leadership across global exchange network |
| Cboe Global Markets | Chief Accounting Officer (SVP) | Aug 2018–Jul 2023 | Led corporate accounting and reporting; continuity through executive transition |
| Cboe Europe Limited (subsidiary) | CFO, Europe | Appointed upon acquisition of Bats | Managed European finance post-acquisition integration |
| Bats Europe Limited | CFO, Europe | Feb 2014–2018 | Oversaw finance, HR, admin for European operations |
| Bats Global Markets | Finance roles | 2011–2014 | Built foundational finance capabilities pre-acquisition |
| Ernst & Young LLP | Various positions | 2001–2011 | Public accounting and assurance (CPA credential) |
External Roles
No public company directorships or external board roles disclosed for Ms. Griebenow .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $430,522 | $500,000 |
| Target Annual Incentive (% of base) | Increased upon promotion to CFO | 120% (Jan 1–Feb 29), 130% (Mar 1–Dec 31) |
| Actual Annual Incentive Paid ($) | $454,911 | $800,650 |
| One-time Bonus ($) | $150,000 retention bonus | — |
| All Other Compensation ($) | $78,503 | $77,673 |
| 2024 Payout vs Target | — | 125% of target incentive opportunity |
2024 All Other Compensation breakdown for Ms. Griebenow: Qualified 401(k) match $27,600; SERP contributions $48,793; Insurance $630; Other $650 .
Performance Compensation
| Component | Metric | Weighting | Target | Actual/Outcome | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Incentive | Corporate financial metrics | 70% | Net revenues & adjusted EBITDA goals | Net revenues 102.6% of target; adjusted EBITDA 104.2% of target | Included in 125% total payout | Cash paid early 2025 per plan |
| Annual Incentive | Individual | 20% | Pre-set individual goals | Assessed by Comp Committee (CEO input) | Contributed to total payout | Cash |
| Annual Incentive | DEI | 10% | Qualitative DEI goals | DEI payouts ranged 105%–138% of target across NEOs | Contributed to total payout | Cash |
| LTI – RSUs (Regular 2024) | Service-based | — | Target value $925,000 | Granted 4,955 RSUs (Feb 19, 2024) | N/A | 3-year graded, 1/3 annually on grant anniversary |
| LTI – PSUs (Regular 2024) | Relative TSR vs S&P 500 | 25% of total PSUs | Threshold 25th pct; Target 50th; Max 75th | Target grant 2,478 PSUs (TSR) | 0%–200% of target | Cliff vest at end of performance period (2024–2026) |
| LTI – PSUs (Regular 2024) | Cumulative Adjusted Diluted EPS | 25% of total PSUs | Threshold $25.82; Target $28.40; Max $31.15 | Target grant 2,478 PSUs (EPS) | 0%–200% of target | Cliff vest at end of performance period (2024–2026) |
| LTI – RSUs (Special 2024 one-time) | Service-based | — | Target value $125,000 | Granted 670 RSUs (Feb 19, 2024) | N/A | Cliff vest Feb 19, 2027 (retention-focused) |
| LTI – PSUs (Special 2024 one-time) | Relative TSR vs S&P 500 | 25% of total special award | Threshold 168; Target 335; Max 670 PSUs; Target value $62,500 | Granted per table | 0%–200% of target | Vest at conclusion of 2024–2026 period; ineligible for continued vesting upon qualified retirement |
| LTI – PSUs (Special 2024 one-time) | Cumulative Adjusted Diluted EPS | 25% of total special award | Threshold 168; Target 335; Max 670 PSUs; Target value $62,500 | Granted per table | 0%–200% of target | Vest at conclusion of 2024–2026 period; ineligible for continued vesting upon qualified retirement |
No stock options featured in the 2024 long-term incentive program .
Equity Ownership & Alignment
- Beneficial ownership: 10,798 shares; less than 1% of voting common stock outstanding .
- 2024 stock vested: 2,933 shares; value realized $547,562 .
- Stock ownership guidelines: Required minimum of 4x base salary; each NEO met applicable holding requirements as of Dec 31, 2024. Pledging and hedging are prohibited under the Insider Trading Policy .
- RSU/PSU vesting structure: RSUs generally vest 1/3 annually over 3 years; PSUs cliff-vest after 3-year performance period. Accelerated vesting upon death/disability, and double-trigger change-in-control; retirement treatment updated beginning in 2024 with pro-rata PSUs continuing subject to full-period goal attainment (eligible at age 55 and 10 years of service with notice/transition plan) .
Outstanding Equity Awards (as of Dec 31, 2024)
| Award Type | Units Unvested | Market/Payout Value |
|---|---|---|
| RSUs (footnote 2) | 826 | $161,400 |
| RSUs (footnote 3) | 863 | $168,630 |
| RSUs (footnote 4) | 1,306 | $255,192 |
| RSUs (Regular 2024 grant, footnote 5) | 4,955 | $968,207 |
| RSUs (Special 2024 one-time, footnote 6) | 670 | $130,918 |
| PSUs (footnote 7) | 1,294 | $252,848 |
| PSUs (footnote 8) | 1,294 | $252,848 |
| PSUs (footnote 9) | 1,960 | $382,984 |
| PSUs (footnote 10) | 1,960 | $382,984 |
| PSUs (Regular 2024 TSR, footnote 11) | 2,478 | $484,201 |
| PSUs (Regular 2024 EPS, footnote 12) | 2,478 | $484,201 |
| PSUs (Special 2024 TSR, footnote 13) | 335 | $65,459 |
| PSUs (Special 2024 EPS, footnote 14) | 335 | $65,459 |
Deferred Compensation (SERP)
| Plan | Executive Contributions (2024) | Company Contributions (2024) | Aggregate Earnings (2024) | Aggregate Balance (FYE) |
|---|---|---|---|---|
| SERP | $24,397 | $48,793 | $44,876 | $336,278 |
Employment Terms
- Employment agreement: None; covered by Executive Severance Plan .
- Executive Severance Plan (EVP-level):
- Termination without cause / good reason: Accrued salary/benefits; prorated bonus at target; severance equal to base salary + target bonus; COBRA premiums for 18 months .
- Change-in-control (double-trigger within 6 months before to 2 years after): Accrued items; prorated bonus at target; severance equal to 2x (EVP) base salary + target bonus; COBRA premiums for 24 months .
- Award agreements include non-compete, non-solicit, and confidentiality covenants; double-trigger vesting acceleration on change-in-control; retirement treatment updated for awards beginning in 2024 as described above .
Potential Payments (as of Dec 31, 2024) — Jill M. Griebenow
| Scenario | Salary | Cash Incentive | Unvested Equity | Other | Total |
|---|---|---|---|---|---|
| Termination without cause / good reason | $500,000 | $1,291,803 | — | $31,270 | $1,823,073 |
| Termination following change-in-control (double-trigger) | $1,000,000 | $1,941,803 | $4,055,332 | $41,694 | $7,038,829 |
| Death or disability | — | — | $3,419,500 | — | $3,419,500 |
- Clawbacks: Executive awards subject to mandatory and supplemental clawback policies; no tax gross-ups upon change-in-control .
- Hedging/Pledging: Prohibited for executive officers .
Investment Implications
- Pay-for-performance alignment: High proportion of at-risk pay tied to clear metrics (net revenues, adjusted EBITDA, TSR percentile, and cumulative adjusted EPS) with formulaic payouts; options are not used, focusing on RSUs/PSUs that directly link outcomes to shareholder returns .
- Near-term selling pressure: 2024 special RSUs cliff-vest on Feb 19, 2027, while regular RSUs vest annually; significant unvested PSU tranches through 2026 could add supply upon vesting, contingent on performance achievement .
- Retention and CoC protections: Executive Severance Plan with double-trigger CoC multiples (2x base + target bonus for EVPs) and health continuation suggests moderate retention protections without gross-ups; equity accelerates on CoC and death/disability, which can influence executive risk posture during strategic events .
- Ownership alignment: Beneficial ownership of 10,798 shares and compliance with 4x salary holding guidelines, alongside bans on pledging/hedging, reduce misalignment risk; 2024 vested value of $547,562 underscores realized equity linkage .
- Execution risk: Track record spans operational finance leadership across Bats/Cboe and corporate accounting; 2024 corporate outcomes exceeded targets, supporting incentive payouts, while PSU criteria set challenging multi-year hurdles that should align behavior to long-term value creation .