Lee Shavel
FACTSET RESEARCH SYSTEMSAbout Lee Shavel
Lee Shavel (58) is an independent director of FactSet Research Systems (FDS) since 2020, serving on the Nominating & Corporate Governance Committee. He is President & Chief Executive Officer of Verisk Analytics and a director on Verisk’s board; previously EVP & CFO of Nasdaq (2011–2016) and a longtime investment banker at Bank of America Merrill Lynch (1993–2011). He holds a B.A. in English and a B.S. in Economics (Wharton) from the University of Pennsylvania, graduating with honors .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Nasdaq, Inc. | Executive Vice President & Chief Financial Officer | 2011–2016 | Finance leadership across treasury, FP&A, IR; strategic transactions |
| Bank of America Merrill Lynch | Managing Director; Americas Head of Financial Institutions Investment Banking | 1993–2011 | Led FI investment banking coverage; capital markets and M&A |
| Investment Technology Group (ITG) | Board Director; Audit Committee Chair | 2016–2019 | Audit Committee leadership experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Verisk Analytics, Inc. | President & Chief Executive Officer; Director | 2017–present (CFO then Group President before CEO) | Oversees global data analytics; sits on Verisk board |
Board Governance
- Committee assignments: Member, Nominating & Corporate Governance Committee (NCGC) .
- Independence: Board classifies Shavel as independent; all directors independent except the CEO .
- Attendance: Board met six times in fiscal 2025; Audit (7), Compensation & Talent (6), NCGC (5). No director attended fewer than 75% of aggregate Board and committee meetings in FY2025 .
- Engagement: Attended the 2024 Annual Meeting of Stockholders .
| Committee | Role | FY2025 Meetings |
|---|---|---|
| Nominating & Corporate Governance | Member | 5 |
| Audit | — | 7 |
| Compensation & Talent | — | 6 |
Fixed Compensation
| Component (FY2025) | Amount (USD) |
|---|---|
| Fees Earned or Paid in Cash | $0 |
| Stock Awards (RSUs) | $162,799 |
| Option Awards | $97,518 |
| Total | $260,316 |
| Program Element (2025) | Detail |
|---|---|
| Annual Director Retainer | $60,000 (cash or equivalent equity mix) |
| Chair Retainers | Board Chair $50,000; Audit Chair $25,000; Compensation Chair $25,000; NCGC Chair $15,000 (cash or equity) |
| Standard Annual Equity Grants (1/15/2025) | 518 stock options ($75,000 fair value) and 278 RSUs ($125,000 fair value) per director |
| Shavel’s Retainer Election (2025) | Opted for equity: 155 options and 83 RSUs in lieu of cash retainer |
Performance Compensation
FactSet does not use performance-based metrics for non-employee director equity; awards vest based on time. This reduces pay-for-performance leverage but strengthens long-term alignment through equity mix .
| Metric | Options | RSUs |
|---|---|---|
| Grant date | January 15, 2025 | January 15, 2025 |
| Quantity (Shavel, Annual + Retainer) | 518 + 155 = 673 | 278 + 83 = 361 |
| Exercise price | $453.98 per share | N/A |
| Grant-date fair value per unit | $144.90 per option | $449.72 per RSU |
| Vesting | 100% at 1-year anniversary | 100% at 1-year anniversary |
| Term | 7 years | N/A |
Other Directorships & Interlocks
| Company | Role | Dates | Committee Roles |
|---|---|---|---|
| Verisk Analytics, Inc. | Director | 2017–present | — |
| Investment Technology Group (ITG) | Director | 2016–2019 | Audit Committee Chair |
- Board service limits: FactSet guidelines cap senior public company executives at three public company boards; other directors at four, barring Board approval . Shavel’s Verisk CEO role plus FDS directorship remains within policy .
Expertise & Qualifications
- Financial leadership: Former CFO of Nasdaq; deep capital markets, accounting, treasury, FP&A, IR, M&A, tax, and strategy expertise .
- Industry domain: Financial information services and data analytics, including operating leadership at Verisk .
- Governance: Prior Audit Committee Chair at ITG; currently serves on FDS NCGC .
- Education: B.A. in English; B.S. in Economics (Wharton), University of Pennsylvania, with honors .
Equity Ownership
| Item | Value |
|---|---|
| Beneficial Ownership (Oct 1, 2025) | 5,204 shares; <1% of outstanding |
| Outstanding Options (not fully vested; Aug 31, 2025) | 5,223 options |
| Outstanding RSUs (not fully vested; Aug 31, 2025) | 362 RSUs |
| Director Stock Ownership Guideline | $400,000 minimum value; 5-year compliance window; retain 50% of net shares until met |
| Hedging/Pledging | Prohibited for directors (no margin accounts or pledging; bans hedging/derivatives) |
Governance Assessment
- Board effectiveness and independence: Shavel is independent and serves on NCGC; the Board maintains independent committee chairs and regular executive sessions—supportive of robust oversight .
- Attendance & engagement: No director fell below the 75% threshold in FY2025; Shavel attended the 2024 annual meeting—signals engagement .
- Alignment via equity: Opted to receive the annual retainer in equity (options/RSUs) and holds outstanding equity awards, consistent with ownership guidelines and anti-hedging/pledging rules—positive alignment signal .
- Conflicts and related-party transactions: The company reports no related-person transactions in FY2025; Audit Committee maintains a formal review policy—low conflict risk .
- Workload risk: As a sitting public-company CEO (Verisk), Shavel is subject to board service limits designed to mitigate overboarding; current roles appear within FactSet policy .
RED FLAGS
- None disclosed specific to Shavel: no related-party transactions, no hedging/pledging, no attendance issues in FY2025 .
Note: Director compensation is time-based equity and retainers; no disclosed director-specific performance metrics (e.g., TSR-linked PSUs) apply to Shavel’s board pay .