Terri Fiedler
About Terri Fiedler
Executive Vice President and President of Retirement Services at Corebridge Financial (CRBG) since October 2022, after leading AIG Financial Distributors as President (2019–2022) and previously serving as EVP, Strategic Accounts (2012–2019) . Age 59 as of December 31, 2022; tenure in current role since Oct 2022 . Company performance tied to her incentive metrics improved in 2024: GAAP EPS $3.72, Operating EPS $4.83, Adjusted ROAE 12.8% and net income $2.2B; CRBG TSR cumulatively rose to 176.4 (from $100 at IPO to end-2024) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Corebridge Financial | President, Retirement Services | Oct 2022–present | Leads Retirement Services growth, cost discipline, and digital/customer enhancements |
| AIG Financial Distributors | President | May 2019–Oct 2022 | Led distribution strategy across channels |
| AIG Financial Distributors | EVP, Strategic Accounts | May 2012–Apr 2019 | Managed largest client relationships, aligning product/services to key partners |
| Invesco U.S. | Senior Director, National Account Management | Sep 2007–May 2012 | National partner coverage; platform relationships |
| AIM Distributors | Various roles | 12 years (prior to 2007) | Long-tenured distribution and account leadership |
External Roles
| Organization | Role | Years |
|---|---|---|
| Archer Holdco, LLC | Director | Current |
| Insured Retirement Institute | Chair / Immediate Past Chair | Current |
| Foundation for Financial Planning | Board Director/Trustee | Current |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 582,770 | 650,000 | 650,000 |
| Target STI Award ($) | — | 820,000 | 820,000 |
| Actual STI Award ($) | 779,000 | 1,140,000 | 985,000 |
| Stock Awards – Grant Date FV ($) | 1,549,216 | 701,791 | 760,808 |
| Option Awards – Grant Date FV ($) | — | 244,998 | 244,998 |
| Total Compensation ($) | 3,163,709 | 2,780,776 | 2,675,668 |
Performance Compensation
| Element | Metric | Weight | Target | Actual | Payout basis |
|---|---|---|---|---|---|
| STI (2024) | Normalized ROAE | 35% | 13% | 13.2% | 106% of metric weighting |
| STI (2024) | Normalized GOE | 30% | $1.54B | $1.52B | 109% of metric weighting |
| STI (2024) | Normalized Operating EPS | 35% | $4.85 | $4.99 | 114% of metric weighting |
| STI (2024) | Business Performance Score | — | — | 109% | Multiplies target award |
| STI (2024) | Individual Performance Score (Fiedler) | — | — | 110% | Multiplies Business Score |
| STI (2024) | Actual Payout ($) | — | — | 985,000 | Target ($820k) × 1.09 × 1.10 |
| LTI (2024) | RSUs | — | — | 30,024 units (granted 2/20/2024) | Vest in 3 equal annual tranches |
| LTI (2024) | Options | — | — | 52,462 options @ $25.34 (10-year term) | Vest in 3 equal annual tranches |
| LTI (2023) | RSUs | — | — | 23,048 units (granted 2/21/2023) | Vest in 3 equal annual tranches |
| LTI (2023) | Options | — | — | 26,472 options @ $20.30 | Vest in 3 equal annual tranches |
| LTI (2022) | RSUs | — | — | 21,295 units (granted 9/14/2022) | Vest in 3 equal annual tranches |
| LTI (2025 Program) | PSUs (Adjusted ROAE, Relative TSR) | 50% / 50% | Pre-set annual goals (ROAE); 3-yr peer-relative TSR | Performance period 2025–2027 | Cliff vest at 3 years |
| 2024 Vesting/Realization | Stock awards vested (shares) | — | — | 65,763 | Value realized $1,588,077 |
| 2024 Vesting/Realization | Options exercised | — | — | 0 | — |
Equity Ownership & Alignment
| Metric | 2024 | 2025 |
|---|---|---|
| Beneficial Ownership (shares) | 110,336 (as of Mar 11, 2024) | 167,032 (as of Mar 17, 2025) |
| % of Shares Outstanding | 110,336 / 620,361,660 = 0.018% | 167,032 / 554,213,947 = 0.030% |
| Unvested RSUs (CRBG) | 21,295 (2022 grant), 23,048 (2023), 30,024 (2024) | — |
| Options – Unexercisable (CRBG) | 26,472 (2023), 52,462 (2024) | — |
| Options – Exercisable (AIG legacy) | 15,384 (2011 grant @ $44.10); 21,052 (2020 @ $32.43); 10,265 (2019 @ $46.96) | — |
| Option Terms (CRBG) | $20.30 (2/21/2023 grant), $25.34 (2/20/2024 grant), 10-year term | — |
| Hedging/Pledging | Prohibited for directors/officers/employees | — |
| Ownership Guidelines | 3× base salary for executives; retain 50% net shares until met | — |
| Compliance Status | CEO and all executive officers in compliance | — |
Employment Terms
| Provision | Details |
|---|---|
| Severance (non-CIC) | Lump sum = 1.0× (salary + 3-yr average STI); pro-rata STI if after March 31; $40,000 lump sum for health/life; release with restrictive covenants required |
| Change-in-Control (CIC) | Lump sum = 1.5× (salary + greater of 3-yr avg STI or target STI); pro-rata STI based on greater of target or target adjusted for actual performance; plus $40,000 lump sum |
| Triggers | “Double-trigger” required for CIC benefits (termination within 24 months of CIC) |
| Non-compete | 6 months post-termination |
| Non-solicit | 12 months post-termination |
| Good Reason | >20% reduction in annual target direct compensation; plus added protections post-CIC (material diminution; relocation increasing one-way commute by >50 miles) |
| RSU Treatment | For hires prior to Apr 1, 2022, RSUs vest upon retirement, disability, death, involuntary w/o cause or Good Reason within 24 months of CIC (with delivery timing provisions) |
| Option Treatment | For hires prior to Apr 1, 2022, options vest upon retirement, disability, death, involuntary w/o cause or Good Reason within 24 months of CIC; extended exercise windows |
Potential Payments (as of 12/31/2024)
| Scenario | STI ($) | Severance ($) | Health/Life ($) | Unvested Options ($) | Unvested Stock Awards ($) | Total ($) |
|---|---|---|---|---|---|---|
| Involuntary w/o Cause | 893,800 | 1,514,667 | 40,000 | 495,726 | 2,427,652 | 5,371,845 |
| Good Reason | 893,800 | 1,514,667 | 40,000 | — | — | 2,448,467 |
| Qualifying CIC Termination | 893,800 | 2,272,000 | 40,000 | 495,726 | 2,427,652 | 6,129,178 |
| Death | 820,000 | — | — | 495,726 | 2,427,652 | 3,743,378 |
| Disability | 893,800 | — | — | 495,726 | 2,427,652 | 3,817,178 |
| Retirement | 893,800 | — | — | 495,726 | 2,427,652 | 3,817,178 |
Compensation Structure Analysis
- Mix and momentum: Cash STI fell from $1.14M (2023) to $0.985M (2024) as the Business Performance Score normalized (139% in 2023 vs 109% in 2024), while equity grant values remained consistent (options ~$245k; RSUs ~$761k in 2024) .
- Performance linkage: 2024 STI tied to Normalized ROAE (35%), Normalized GOE (30%), and Normalized Operating EPS (35%), yielding a 109% Business Performance Score; Fiedler’s Individual Performance Score was 110% based on distribution restructuring and customer experience improvements .
- Program evolution: 2025 introduces PSUs (50% of LTI) on Adjusted ROAE and relative TSR, increasing at-risk pay tied to multi-year outcomes .
- Governance/safeguards: Robust clawback policies (discretionary and SEC/NYSE-compliant restatement recovery), prohibition on hedging/pledging, and 3× salary ownership guidelines with executive compliance .
Vesting Schedules and Insider Selling Pressure
- Upcoming RSU vest dates: Feb 20, 2025/2026/2027 for 2024 grant (30,024 units) ; Feb 21, 2025/2026 for remaining 2023 grant (23,048 units at grant) .
- Options: CRBG options vest annually over three years (2023 grant @ $20.30; 2024 grant @ $25.34) and expire in 2033/2034; no option exercises in 2024; 65,763 shares vested in 2024 (value realized $1,588,077) .
- Supply signals: Significant RSU tranches and option vestings cluster around late-February each year, implying potential withholding/sale events for tax settlement; hedging/pledging banned, reducing forced-sell risk .
Equity Ownership & Alignment
- Ownership rose from 110,336 (Mar 2024) to 167,032 shares (Mar 2025), ~0.018% and ~0.030% of shares outstanding, respectively; ongoing vesting and guideline compliance indicate increasing “skin-in-the-game” .
- No pledging/hedging permitted; meaningful unvested RSUs and options (2022–2024 grants) align value with stock performance and retention .
Employment Terms
- ESP provides double-trigger CIC protection and pro-rata STI, but limits include a 6-month non-compete and 12-month non-solicit, supporting retention while guarding enterprise risk .
- Clear RSU/option treatment across retirement, disability, death, and CIC enhances predictability of post-termination equity outcomes .
Say-on-Pay & Benchmarking
- Shareholder support: 99% approval in 2024 “Say on Pay” vote; Board cites strong alignment and feedback incorporation .
- Compensation peer group (2024/2025): Aflac, Ameriprise, Equitable, Lincoln, MetLife, Manulife, Northern Trust, Principal, Prudential, Sun Life, Hartford, Unum, Voya, etc.; CRBG targeted mid-range positioning on revenue/market cap/AUMA comparables .
Investment Implications
- Alignment: Large unvested RSU/option overhang, guideline compliance, and PSU introduction increase long-term alignment and reduce short-termism risk .
- Retention: Three-year vesting cadence and ESP double-trigger CIC package suggest moderate retention lock-in; non-compete/non-solicit covenants further reduce transition risk .
- Trading signals: Annual late-February vesting cycles may create episodic supply from tax withholding/settlements; no pledging, and 2024 showed zero option exercises by Fiedler, tempering forced-sell concerns .
- Pay-for-performance: STI and new PSUs explicitly tie pay to ROAE, GOE discipline, Operating EPS and multi-year TSR/ROAE, consistent with sustained value creation for CRBG shareholders .