Hilda Harris Piell
Chief Human Resources Officer at CME
Executive
About Hilda Harris Piell
Hilda Harris Piell, 57, is Chief Human Resources Officer (CHRO) at CME Group, a role she has held since 2007. A 15-year practicing attorney prior to CHRO, she joined CME in 2000 in Legal & Market Regulation, rising to Managing Director and Senior Associate General Counsel; earlier roles include Associate Commercial Counsel at MCI and litigation associate at Jenner & Block, plus a federal district court clerkship in N.D. Illinois . Company performance context (FY2024): revenue $6.1B (+10% YoY), net income $3.5B, diluted EPS $9.67, record ADV 26.5M (+9%), with 2024 TSR +15% including dividends—key inputs into incentive design and payout calibration across the senior leadership team .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CME Group | Managing Director & Senior Associate General Counsel (prior to CHRO) | 2000–2007 | Built legal/regulatory capabilities underpinning HR oversight and governance |
| MCI Telecommunications | Associate Commercial Counsel | 1996–2000 | Commercial contracting and telecom regulatory exposure |
| Jenner & Block | Associate Litigation Attorney | 1992–1996 | Complex litigation foundations relevant to compliance and policy |
| U.S. District Court (N.D. Ill.) | Judicial Law Clerk | n/d | Federal judicial process experience; legal analysis rigor |
External Roles
None disclosed in company filings for public-company boards or comparable external directorships .
Company Performance (FY2024 context for incentive alignment)
| Metric | FY2024 |
|---|---|
| Revenue ($B) | $6.1 |
| Net Income ($B) | $3.5 |
| Diluted EPS | $9.67 |
| Adjusted Diluted EPS | $10.26 |
| ADV (contracts/day, M) | 26.5 (+9% YoY) |
| 2024 Return of Capital | $3.8B dividends (incl. $5.80 variable/share) |
| 2024 TSR | +15% (incl. dividends) |
Fixed Compensation
- CME discloses detailed pay elements for named executive officers (NEOs) but does not individually disclose Ms. Piell’s base salary or cash bonus (she is not a 2024 NEO) .
- Program-level structure: base salary plus annual cash bonus under an annual incentive plan; no guaranteed incentive compensation for executive officers .
Performance Compensation
- Long-term equity program design for senior leadership emphasizes performance shares (PSUs) and restricted stock; PSUs feature two equally weighted metrics over a 3-year period (2025–2027 awards): relative TSR vs. S&P 500 and absolute net income margin, each with 0–200% payout; negative absolute TSR caps PSU payout at 100% even if relative TSR outperforms .
| Metric | Weight | Performance Period | Targeting/Curve | Vesting/Settlement |
|---|---|---|---|---|
| Relative TSR vs S&P 500 | 50% | 3-year (2025–2027 for Sep-2024 grant) | 0% <25th; 50% at 25th; 100% at 50th; 200% at 75th; capped at 100% if absolute TSR negative | Shares settle post-period based on achieved performance |
| Absolute Net Income Margin | 50% | 3-year (2025–2027) | 0% below threshold; 50% threshold; 100% target; 200% max (goal disclosed after period ends) | Shares settle post-period based on achieved performance |
Additional plan features and governance:
- No dividends or dividend equivalents on unearned performance awards; use of an independent comp consultant; clawback policy compliant with SEC rules; no option repricing .
Equity Ownership & Alignment
- Stock ownership guidelines: CME maintains meaningful ownership requirements (e.g., CEO minimum $10M); indicates robust ownership posture across leadership (company-wide policy, specific thresholds for non-CEO not detailed in proxy) .
- Anti-hedging and anti-pledging: Directors and executive officers are prohibited from hedging or pledging CME Class A shares—mitigating misalignment and margin-call driven selling risk .
- Clawback: Policy to recoup unearned performance-based compensation post-restatement consistent with SEC rules; unvested equity can be recouped upon termination for cause .
- Retirement treatment: For senior leadership awards since Sep-2021, approved retirement vests 75% of unvested restricted stock at retirement and allows 25% of unvested PSUs to continue and pay based on actual results—important for modeling potential sellable supply at retirement .
Employment Terms
- Individual employment contracts: Only the CEO has a bespoke agreement; other senior leaders rely on plan documents and company policies .
- Severance plan (U.S. employees not under individual agreements; 2024 NEOs other than CEO were eligible):
- Cash severance: 2 weeks per year of service; minimum 4 weeks; max 38 weeks (performance terminations) or 52 weeks (position eliminations) .
- Benefits: Company may pay all/part of continued health coverage and outplacement; acceleration of unvested restricted stock that would have vested during the severance pay period; PSUs generally do not accelerate except as contractually specified .
- Change-in-control: Omnibus Stock Plan amended in 2024 to “double trigger” vesting (requires both CoC and qualifying termination) for future awards not already subject to an employment agreement—reduces windfall risk and retains retention utility .
- Annual bonus death/disability: Pro-rata bonus payable based on actual performance .
Risk Indicators, Governance Signals, and Shareholder Feedback
- No hedging/pledging; no excise tax gross-ups; no guaranteed bonuses; no stock option repricing—favorable governance profile .
- Say-on-Pay support recovered to 87% at the 2024 annual meeting after targeted shareholder engagement—reduces near-term compensation-related headline risk .
- Insider policy and governance framework emphasize majority independent board, robust committee structure, and compensation risk oversight by the Compensation Committee .
What’s Not Disclosed for Ms. Piell (Data gaps to avoid over-inference)
- Individual base salary, target/actual bonus, and equity grant sizes for Ms. Piell are not disclosed (not a 2024 NEO) .
- Individual beneficial ownership (shares/derivatives), pledged shares, exercisable options, and Form 4 trading history are not provided in the proxy/10-K excerpts; only aggregate or NEO-specific tables are available .
Investment Implications
- Alignment: The three-year PSU design (50% relative TSR, 50% absolute net income margin) with negative TSR cap tightens pay-for-performance linkage and should promote sustained profitability focus—supportive for margin/FCF durability and shareholder outcomes .
- Retention risk: Double-trigger CoC treatment and the retirement vesting policy (75% RSU immediate vest; 25% PSU continue) are strong retention levers; however, approved retirement could release a meaningful block of sellable shares—monitor potential supply overhang around executive retirements .
- Selling pressure: Anti-pledging/anti-hedging reduces risk of forced selling and misalignment, lowering idiosyncratic trading-signal noise from margin events .
- Governance overhang: Improved Say-on-Pay (87% in 2024) and compensation program enhancements reduce governance discount risk; continued disclosure on absolute net income margin targets post-performance period will aid investor scrutiny .