Joan Lamm-Tennant
Equitable HoldingsAbout Joan Lamm-Tennant
Independent Chair of Equitable Holdings’ Board since October 2021; director since January 2020. Age 72. Former founder/CEO of Blue Marble Microinsurance, with prior senior insurance risk roles at Marsh & McLennan, Guy Carpenter, and General Re, and academic appointments at Wharton (Adjunct Professor, International Business) and Villanova (Professor of Finance). Designated audit committee financial expert; also serves on subsidiary boards (Equitable Financial, Equitable America, AllianceBernstein Corporation) and two external public boards (Ambac Financial Group; Element Fleet Management) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Blue Marble Microinsurance | Founder & CEO | 2015–2020 | Built microinsurance platform; global market expertise |
| Marsh & McLennan | Head of Enterprise Risk Management; Advisor to CRO | Not specified | Enterprise risk leadership |
| Guy Carpenter | Global Chief Economist & Risk Strategist | Not specified | Insurance economics and risk strategy |
| General Reinsurance | President, Risk & Capital Advisory | Not specified | Advisory to global clients on risk/capital |
| Wharton School | Adjunct Professor, International Business | 2006–2015 | Academic thought leadership |
| Villanova University | Professor of Finance | 1989–2000 | Academic leadership in finance |
External Roles
| Company | Exchange/Ticker | Role | Committee Roles |
|---|---|---|---|
| Ambac Financial Group, Inc. | NYSE: AMBC | Director | Not disclosed |
| Element Fleet Management Corp | TSX: EFN | Director | Not disclosed |
Board Governance
- Committee assignments: Independent Chair of the Board; Chair of Executive Committee; member of subsidiary boards (Equitable Financial; Equitable America; AllianceBernstein Corporation) .
- Independence: Board affirmatively determined Lamm-Tennant is independent under NYSE/SEC rules; affiliate/subsidiary board service deemed immaterial to independence .
- Tenure and retirement: Director since 2020; mandatory retirement age is 75 (policy), average board age ~66 .
- Executive sessions: Non-management directors meet in executive session during each regular board meeting; independent directors hold at least one private session annually; Independent Chair presides .
- Annual meeting attendance: All directors attended the 2024 annual meeting .
2024 Board and Committee Meetings (context for engagement)
| Committee | 2024 Meetings | Notes |
|---|---|---|
| Audit | 9 | All members independent; all designated “audit committee financial experts” |
| Compensation & Talent | 5 | All members independent; oversees executive and director pay |
| Finance & Risk | 5 | All members independent; liquidity, capital, ERM oversight |
| Executive | 0 | Lamm-Tennant serves as Chair |
Fixed Compensation
2024 non-employee director compensation (actual amounts paid/granted)
| Component | Amount (USD) | Detail |
|---|---|---|
| Fees Earned or Paid in Cash | $368,875 | Includes EQH director cash (annual retainer and Independent Chair retainer) and AB board cash compensation |
| Stock Awards (Total) | $450,038 | EQH common stock $280,038; Restricted AB Holding Units $170,000 |
| Total | $818,913 | Sum of cash and stock awards |
Program structure (reference amounts)
- EQH cash: Non-employee directors $125,000 annual cash retainer; Independent Chair additional $100,000; committee chair cash retainers (Audit $35k; Compensation & Talent $25k; Nominating & Corporate Governance $20k; Finance & Risk $20k) .
- EQH equity: Annual equity retainer $175,000 in EQH stock; Independent Chair additional $105,000 equity retainer (increase approved for 2024) .
- AB board cash/equity: Annual cash retainer $97,750; annual equity retainer $170,000 in restricted AB Holding Units; additional AB committee chair/member cash retainers per role .
Performance Compensation
- Non-employee directors do not receive performance-based equity; EQH director equity is time-based common stock; AB director equity is time-based restricted AB Holding Units vesting ratably over three years .
Other Directorships & Interlocks
| Entity | Relationship | Notes |
|---|---|---|
| AllianceBernstein (AB) | EQH-controlled affiliate; Lamm-Tennant served on AB Board in 2024 | AB governance is managed by a General Partner that is an indirect, wholly-owned EQH subsidiary; affiliate board service is immaterial to independence; AB board compensation paid separately |
| EQH Subsidiaries | Equitable Financial; Equitable America; AllianceBernstein Corporation | Franchise directorships |
Potential interlocks/conflicts
- Overboarding policy caps public boards at four (including EQH; controlled subsidiaries not counted separately); Board confirms all directors were in compliance throughout 2024 .
- Related party transactions governed by EQH policy; transactions involving AB follow AB’s separate policies; ordinary-course transactions with >5% holders (e.g., BlackRock LifePath Paycheck) at arm’s-length .
Expertise & Qualifications
- Insurance industry and enterprise risk management expertise; senior leadership in risk, capital, and strategy across major insurance intermediaries .
- Academic credentials via faculty roles at Wharton and Villanova; designated audit committee financial expert; fintech and finance experience .
Equity Ownership
| Security | Quantity | % of Class | Notes |
|---|---|---|---|
| EQH Common Stock | 42,463 shares | <1% | Beneficial ownership as of March 24, 2025 |
| AB Holding Units | 16,225 units | <1% of AB Holding LP | As of March 24, 2025; directors’ AB units outstanding |
Ownership alignment policies
- Director stock ownership guideline: hold five times the annual cash retainer (excluding committee retainers); must retain 50% of EQH stock received as compensation until the requirement is met .
- Hedging/pledging prohibition: employees and directors are prohibited from hedging or pledging Company securities .
Governance Assessment
- Independent leadership: Lamm-Tennant serves as Independent Chair with broad insurance and risk expertise; Board affirms independence, with affiliate board service immaterial to independence determinations .
- Engagement signals: Board and committees met regularly in 2024 (Audit 9; Compensation 5; Finance & Risk 5); all directors attended the 2024 annual meeting; Executive Committee (which she chairs) did not meet in 2024, consistent with its role to act between regular meetings if needed .
- Director pay structure: Mix of cash retainer plus time-based equity at both EQH and AB supports alignment without short-term performance gaming; 2024 director pay (cash $368,875; stock $450,038; total $818,913) reflects dual board service load .
- Shareholder alignment: Say-on-pay received 96.1% support in 2024; Board maintains majority voting with resignation policy, annual elections, and no poison pill—positive governance posture .
- Potential watch items: 2025 proposed A&R Plan raises non-employee director annual award and cash caps (Chair up to $1.5M; others up to $1.0M), increasing flexibility but merits monitoring for pay inflation risk over time; hedging/pledging prohibitions and ownership guidelines mitigate alignment concerns .
- Transition planning: Mandatory retirement at 75 suggests the Board (and Chair) should continue proactive succession planning given her age 72 .