Jon Cheigh

About Jon Cheigh

Jon Cheigh, 52, is President and Chief Investment Officer of Cohen & Steers (CNS). He joined CNS in 2005 as a REIT analyst, became a portfolio manager in 2008, was appointed CIO in 2019, and was named President effective January 1, 2025. He holds a BA cum laude from Williams College and an MBA from the University of Chicago . Company performance under the current leadership included 2024 revenues of $517.4M (+5.7% YoY), operating margin of 33.4% (35.4% as adjusted), and diluted EPS of $2.97 ($2.93 as adjusted), alongside strong investment results (95% of portfolios beat benchmarks on 1-year; 96–99% over 3/5/10 years) and a 2024 TSR index value of 175.38 (base $100) .

Company performance snapshot

Past Roles

Fixed Compensation

Notes:

• CNS uses discretionary, holistic assessments rather than formulaic targets or weightings for annual incentives .
• Executives receive standard employee benefits (401k with match; ESPP) and are prohibited from hedging CNS stock .

Performance Compensation

Additional points:

• For 2024, the Committee increased Cheigh’s total compensation by 14.8% vs. 2023; 94.0% of his 2024 total comp was performance incentives, with 40% deferred in RSUs .
• CNS does not currently grant stock options or similar awards .

Equity Ownership & Alignment

• Beneficial ownership (as of March 6, 2025): 86,835 shares of common stock; RSUs held: 80,910; ownership <1% of outstanding .
• Unvested RSUs at FY-end (12/31/2024): 85,903 units (includes 7,675 unvested dividend equivalents), market value $7,932,283 at $92.34/share .
• Ownership guidelines: CNS does not maintain formal stock ownership guidelines for executives given significant insider ownership; hedging of CNS securities is prohibited .

Alignment and pledging:

• No disclosure of any pledged Cheigh shares; company policy prohibits hedging; insider trading governed by policy with preclearance/blackouts .

Employment Terms

• Agreements: No separate employment agreement for Cheigh disclosed; incentive awards governed by CNS Amended & Restated Stock Incentive Plan .
• Change-in-control (CIC): Double-trigger accelerated vesting of unvested RSUs if terminated without cause or resigns for good reason within 2 years post-CIC; also accelerates upon death or disability .
• Potential payout proxy values (as of 12/31/2024): Accelerated RSU vesting of $7,932,283 upon qualifying CIC termination or death/disability (based on $92.34/share) .

Key definitions: “Cause,” “Good Reason,” “Change in Control,” and “Disability” are defined in award agreements as summarized in the proxy .

Insider Trading and Vesting/Selling Pressure

Recent Form 4 activity indicates periodic sales around vesting cycles:

• 05/22/2024: Sold 7,159 shares at $72.57; proceeds ≈ $519,529 .
• 07/25/2024: Sold 12,500 shares at $84.08; proceeds ≈ $1,050,988 .
• 05/09/2025: Sold 25,500 shares at $80.01; proceeds ≈ $2,040,255 .

Additional RSU accruals:

• Dividend equivalent RSUs periodically accrue on unvested RSUs (e.g., 2025Q2 accruals reported for executives) and vest with the final tranche, supporting ongoing supply near vest dates .

Implication: Mandatory 4-year ratable vesting on late-January schedules (plus mid-year accruals) creates repeatable windows for potential insider liquidity; however, Cheigh retains a substantial position and continues to receive deferred equity, aligning longer-term incentives .

Performance & Track Record

• 2024 impact: Delivered strong investment performance relative to benchmarks; advanced listed and private real estate strategies; strengthened processes and succession planning; partnered on corporate strategy and growth initiatives .
• 2023 impact: Demonstrated leadership; improved select strategy performance; progressed succession and hiring plans; advanced listed/private real estate processes .
• Say-on-Pay support: 93.55% approval in most recent vote, signaling shareholder support for pay practices .
• Pay vs performance linkage: Company discloses “compensation actually paid” and TSR peers; 2024 TSR index at 175.38 vs peer group 257.30; Operating Income (as adjusted) used as company-selected measure .

Compensation Structure Analysis

• Mix and deferral: High proportion of at-risk, performance-linked compensation; significant mandatory equity deferral for senior executives enhances retention and alignment (Cheigh: 94% of 2024 comp was performance incentives; 40% deferred) .
• No options; time-vested RSUs: CNS does not grant options; RSUs vest over four years with dividend equivalents accruing; no PSU framework disclosed (reduces performance-risk asymmetry but strengthens retention) .
• Discretionary framework: No preset weightings/targets; Committee balances investment results, financial outcomes (including “as adjusted” metrics), strategic progress, talent and culture .

Multi-Year Compensation (Committee view; performance-year basis)

Note: SEC Summary Compensation Table differs in timing (reports grant-date FV when granted); the table above ties compensation to performance year, consistent with committee discussion .

Equity Grants and Outstanding Awards

Governance and Policies Relevant to Incentives

• Clawback: NYSE/Rule 10D-1 compliant recoupment policy; mandatory recovery of erroneously awarded incentive-based compensation after restatements on a no-fault basis .
• Hedging/short sales: Prohibited for directors and employees .
• Ownership guidelines: No formal guidelines; rationale is high insider ownership; founders control significant stakes (context for governance; not specific to Cheigh) .

Investment Implications

• Alignment: High share of at-risk pay and multi-year RSU vesting tie Cheigh’s outcomes to long-term investment and financial performance; no options or PSUs reduces performance-leverage but strengthens retention via time-based equity .
• Liquidity windows: Mandatory deferral and January vesting create recurring supply; observed 2024–2025 insider sales suggest potential near-term selling pressure around vesting, though Cheigh maintains sizable holdings and ongoing equity accruals .
• Retention and succession: 2024 Committee commentary highlights succession execution and talent pipeline; equity deferrals support retention in the investment franchise .
• CIC risk/reward: Double-trigger RSU acceleration yields meaningful value in a change-in-control termination, aligning incentives in strategic events while avoiding single-trigger windfalls .
• Shareholder posture: Strong Say-on-Pay support (93.55%) indicates investor acceptance of the discretionary, equity-heavy design, though absence of formal ownership guidelines is atypical among peers .