Michael Ritchie
COMERICAAbout Michael Ritchie
Michael T. Ritchie, age 56, is Executive Vice President, National & Specialty Businesses at Comerica Bank. He has served as EVP at Comerica Incorporated since February 2013 and at Comerica Bank since February 2010; he led the Michigan Market from May 2013 to July 2022 and has overseen National & Specialty Businesses since 2022, becoming Executive Director in July 2023 . Company-level performance context under his leadership tenure: FY2024 EPS $5.02, ROE 11.23%, ROA 0.87%, average loans $51.0B, and net charge-offs 0.10% ; FY2023 EPS $6.44 and ROE 16.50% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Comerica Bank | Michigan Market President | 2013–2022 | Led the bank’s #2 deposit market share in Michigan; “Michigan remains an important market… led by Mike Ritchie” |
| Comerica Bank | Head of National & Specialty Businesses | 2022–2023 | Oversaw specialty lines; elevated to Executive Director of National & Specialty Businesses in July 2023 |
| Comerica Incorporated / Comerica Bank | Executive Vice President | 2010–Present (Bank), 2013–Present (Inc.) | Senior leadership across commercial businesses |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | — | — | No external public-company board roles disclosed for Ritchie in executive officer bios . |
Fixed Compensation
- Specific base salary, target bonus, and actual bonus for Michael Ritchie are not disclosed in recent proxies; he is not listed as a Named Executive Officer (NEO) in 2024–2025 filings .
Performance Compensation
Comerica’s incentive architecture (applicable to senior leaders including EVPs):
- Annual Executive Incentive (AEI) measured on MIP EPS (65%), MIP Efficiency Ratio (15%), and Strategic Initiatives (20%) with a 1-year measurement period .
- Senior Executive Long-Term Performance Plan (SELTPP) uses a 3-year period with absolute ROCE target range and relative ROCE (KBW Bank Index) plus a ±15% TSR modifier; payouts capped at 150% .
2024 AEI metrics and results:
| Metric | Target | Threshold | Maximum | Actual | Notes |
|---|---|---|---|---|---|
| MIP EPS ($) | $5.18 | $3.89 | $6.48 | $5.63 | Non-GAAP; uses net charge-offs, 50% rate collar |
| MIP Efficiency Ratio (%) | 68% | 85% | 51% | 69% | Inverse payout relationship |
| Strategic Initiatives – Risk Mgmt | 100% | 75% | 125% | 97% | Excellence Program |
| Strategic Initiatives – Growth | 100% | 75% | 125% | 100% | Deposits & non-interest income |
| Strategic Initiatives – Human Capital | 100% | 75% | 125% | 106% | Division goals met/exceeded |
AEI corporate funding summary:
| Metric | FY2023 | FY2024 |
|---|---|---|
| Corporate AEI Funding (%) | 73.6% | 122.4% |
SELTPP outcomes (program-level):
| Performance Period | Absolute ROCE | Relative ROCE Quartile | TSR Modifier | Payout (% of target) |
|---|---|---|---|---|
| 2021–2023 | 16.0% | First | No modifier (3rd quartile TSR) | 150% |
| 2022–2024 | 16.0% | First | −15% (bottom quartile TSR) | 135% |
Vesting schedules and award forms (applies to EVPs):
- RSUs: 50% vest at year two, 25% at year three, 25% at year four; dividends accrue and pay only upon vesting .
- Stock options: 25% vest per year over four years; 10-year term; exercise price = closing price on grant date. Note: options were discontinued from annual grants beginning January 2025 (mix now 60% SELTPP, 40% RSUs) .
- SELTPP units: vest based on 3-year performance matrix with absolute and relative ROCE and TSR modifier; threshold required; capped at 150% .
Equity Ownership & Alignment
Stock ownership guidelines (updated for 2025):
- CEO: 6x salary; CFO: 3x; Sr. EVP/EVP Level II: 3x; EVP Level I: 2x. The five-year grace period was eliminated; officers must retain 50% of after-tax shares from vesting/exercise until guideline met .
| Internal Grade Level | Salary Multiple |
|---|---|
| CEO | 6x |
| CFO | 3x |
| Sr. EVP/EVP (Level II) | 3x |
| EVP (Level I) | 2x |
Alignment safeguards:
- Hedging and pledging of Comerica shares are prohibited for employees and directors .
- Two clawback frameworks: Dodd-Frank/NYSE-required Compensation Recovery Policy and broader discretionary Recoupment Policy (three-year lookback), plus equity plan forfeiture/cancellation provisions for misconduct or adverse risk outcomes .
Insider selling pressure:
- No Form 4 transaction details for Ritchie were disclosed in the proxies; review of Section 16 filings would be required to assess recent selling pressure. Not found in the documents cited above.
Employment Terms
- Employment agreements: Comerica does not use employment agreements for executives (company policy) .
- Severance: Company maintains a standard severance plan for salaried employees (base salary, COBRA, outplacement), with unvested equity forfeited and 90-day option exercise window upon involuntary termination not for cause; general description appears in NEO footnotes and indicates broad applicability of the plan structure .
- Change-of-control: COCA agreements are maintained for NEOs (30-month employment period; benefits include 3x salary+highest annual bonus, pension make-whole, 3 years of benefits, and outplacement; double-trigger vesting for post-2018 awards). Ritchie’s COCA status is not disclosed; these terms are specified for NEOs only .
Investment Implications
- Pay-for-performance linkage: Program-level AEI funding rebounded from 73.6% in 2023 to 122.4% in 2024, and SELTPP paid 135% for 2022–2024, indicating strong multi-year return metrics even with weaker TSR—suggesting equity awards remain a meaningful driver of senior executive compensation outcomes .
- Alignment and retention: 2025 ownership guideline changes eliminate the grace period and require continued post-vesting retention until guidelines are met, tightening alignment and potentially moderating near-term selling pressure by EVPs, including Ritchie . Discontinuation of options in 2025 lowers upside convexity but simplifies equity mix and aligns with regulatory expectations .
- Risk controls: Robust clawbacks, forfeiture provisions, and anti-hedging/pledging policies reduce misalignment and mitigate governance risk around executive incentives .
Data gaps: Ritchie is not a NEO in recent filings; specific salary, bonus, grant values, ownership amounts, and any Form 4 activity are not disclosed in proxies. Reviewing Section 16 (Form 4) filings and internal grade level designation would be necessary to quantify selling pressure and ownership compliance.