Tim LaLonde
EvercoreAbout Tim LaLonde
Timothy LaLonde (age 63) is Evercore’s Chief Financial Officer, overseeing finance, tax, internal audit, corporate strategy with the CEO and business leaders, IT, investor relations, real estate, and facilities; he has over three decades of investment banking experience, previously serving as Evercore’s COO of Global Investment Banking and co‑head of the U.S. Investment Banking business, and earlier held roles at UBS and Dillon Read . He holds a B.S.B. with high distinction from the University of Minnesota, an M.Sc. from the London School of Economics, and an MBA with high distinction from Dartmouth’s Tuck School; he serves on the Board of Advisors at the University of Minnesota’s Carlson School of Management . Evercore’s 2024 performance (context for CFO-linked pay-for-performance) included GAAP Net Revenues $2.98B, Adjusted Net Revenues ~$3.00B, GAAP Net Income $378.3M, Adjusted Net Income ~$415.8M, GAAP EPS $9.08, Adjusted EPS ~$9.42, and GAAP Operating Margin 17.7% (Adjusted 18.6%) . The company returned $590.6M to shareholders via dividends and repurchases in 2024, and emphasized multi‑year TSR outperformance versus peers on an equal‑weighted basis .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Evercore | COO of Global Investment Banking; Co‑Head U.S. Investment Banking | Not disclosed | Led operations and U.S. IB franchise; foundation for CFO oversight |
| UBS | Executive Director | Not disclosed | Built execution experience in investment banking; leadership track |
| Dillon Read (predecessor to UBS) | Vice President | Not disclosed | Early IB role; contributed to three decades of banking experience |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| University of Minnesota Carlson School of Management | Board of Advisors member | Not disclosed | Academic/industry linkage; talent and thought leadership connectivity |
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Base salary ($) | 500,000 | 500,000 |
| Cash incentive ($) | 3,000,000 (annual view used by Committee) | 3,325,000 (annual view used by Committee) |
| RSU grant value ($) | 3,000,000 (annual view used by Committee) | 3,325,000 (annual view used by Committee) |
Notes:
- Evercore does not disclose formulaic “target bonus %” for NEOs; incentive awards are discretionary and tied to company and individual performance with a 50/50 cash/RSU mix; base salaries have not been increased since becoming executive officers .
Performance Compensation
| Metric | Weighting | Target | Actual (FY2024) | Payout (FY2024) | Vesting |
|---|---|---|---|---|---|
| Company Adjusted Net Revenues | Discretionary (qualitative) | Not disclosed | ~$3.00B | Informs cash and RSU incentive mix (50/50) | RSUs deliver over 4 years |
| Company Adjusted EPS | Discretionary (qualitative) | Not disclosed | ~$9.42 | Informs cash and RSU incentive mix | RSUs deliver over 4 years |
| Company Adjusted Net Income | Discretionary (qualitative) | Not disclosed | ~$415.8M | Informs cash and RSU incentive mix | RSUs deliver over 4 years |
| Operating Margin (GAAP/Adjusted) | Discretionary (qualitative) | Not disclosed | 17.7% GAAP; 18.6% Adjusted | Informs incentive decisions | RSUs deliver over 4 years |
| Investment Banking cumulative net revenue (Class K‑P units, 2021–2025) | Long‑term performance award | Not disclosed | Ongoing; severance table uses target value | Converts to Class K units at period end; accelerates on CoC/qualifying termination | Vests at end of performance period; subject to continued employment |
Additional details:
- 2024 incentive awards for Tim LaLonde: $3,325,000 cash and $3,325,000 RSUs (granted Feb 2025; RSU count determined by $270.51 10‑day average price basis) .
- RSUs vest in equal installments over four years, subject to early vesting for qualifying events .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Unvested RSUs at 12/31/2024 | 139,813 units; market value $38,754,765 (at $277.19) |
| RSU vesting schedule (next tranches) | 14,642 vested 2/4/2025; 12,054 vest 2/4/2026; 8,861 vest 2/4/2027; 4,256 vest 2/4/2027 (as disclosed) |
| Long-term performance award | 100,000 Class K‑P units (granted Dec 2021); convert to Class K units based on 2021–2025 cumulative net revenue for IB; subject to continued employment |
| Estimated Class K‑P value at target (for severance Table) | $27,719,000 (based on $277.19 as of 12/29/2024) |
| Deferred cash unvested value | $1,604,000 (12/31/2023 basis shown in severance table) |
| Ownership guidelines (SMDs) | Lesser of 40,000 shares/equivalents or 50% of RSUs granted in last 4 years; counts Class A, LP units, vested/unvested RSUs |
| Compliance status | Each NEO met equity ownership guidelines for 2024 |
| Hedging/Pledging | Hedging prohibited; pledging prohibited without Compensation Committee approval |
| Clawback | NYSE‑compliant clawback effective Dec 1, 2023; recovers incentive‑based comp after required restatement; additional misconduct restatement recapture policy for SMDs |
Related-party/other payments:
- Tax Receivable Agreement: LaLonde received $176,952 in 2024 payments under the TRA related to IPO‑era LP unit exchanges and associated tax basis increases; payments vary with realized tax savings .
Employment Terms
| Scenario | Cash Severance | Medical Continuation | Equity Acceleration | Cash Award Acceleration | Other |
|---|---|---|---|---|---|
| Change in control; termination due to death/disability; termination by company without cause | — | — | RSUs and Class K‑P accelerate; RSUs value $38,755,000; Class K‑P $27,719,000 (at target) | $1,604,000 (deferred cash, as disclosed) | — |
| Qualifying retirement | Continued vesting rights exist for RSUs/deferred cash upon qualifying retirement; as of 12/31/2024 NEOs had not satisfied advance notice so not applicable |
Additional terms:
- Restrictive covenants: NEOs and SMDs have restrictive covenant agreements; departures can risk client relationships; specific non‑compete/non‑solicit durations and scopes not disclosed .
- No stock options: Company has authority but has not granted stock options; uses RSUs for deferred equity .
Investment Implications
- Alignment: LaLonde’s pay is heavily at‑risk and equity‑linked (50% RSUs with 4‑year delivery) and subject to robust clawback, anti‑hedging/pledging, and ownership guidelines met by NEOs, which supports long‑term shareholder alignment .
- Performance linkage: While annual incentives are discretionary, they are explicitly tied to core firm metrics (Adjusted Net Revenues/EPS/Net Income/Operating Margin) and strategic execution, which in 2024 were strong; CFO’s cash+RSU awards rose accordingly .
- Vesting and selling pressure: Significant unvested RSUs (139,813; ~$38.8M) will deliver over 2025–2028, implying periodic share delivery that may create ongoing tax‑related selling; however, Evercore actively offsets dilution via repurchases ($590.6M returned in 2024) .
- Change‑of‑control economics: LaLonde’s equity accelerates under CoC or no‑cause termination, including a large long‑term Class K‑P award tied to IB revenue targets; absence of disclosed cash severance reduces cash outlay risk but equity acceleration could create supply if converted/exchanged .
- Governance signals: Strong say‑on‑pay support (~93%) and independent Compensation Committee using a clear peer set suggest low governance risk; presence of TRA payments is known and disclosed .