Wendy J.B. Young
About Wendy J.B. Young
Executive Vice President, Chief Liability Officer at F&G since April 2025; previously Chief Financial Officer from February 2022 to April 2025. She has 35+ years of insurance experience and 25+ years at F&G across actuarial, finance, and reinsurance; as CLO she oversees corporate actuarial, ALM, reinsurance and offshore entity activities. Age 61 per the 2025 proxy’s executive officer table. Key incentive metrics for executives include Adjusted Net Earnings (ANE), Sales, and AUM, with pay-versus-performance disclosure showing strong TSR and alignment to ANE.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| F&G Annuities & Life | Executive Vice President, Chief Liability Officer | Apr 2025–present | Leads corporate actuarial, ALM, reinsurance and offshore entities oversight |
| F&G Annuities & Life | Chief Financial Officer | Feb 2022–Apr 2025 | Led finance during public company transition and pay-for-performance alignment |
| F&G Annuities & Life | Chief Risk Officer; CEO of F&G’s Bermuda reinsurance entities | Feb 2014–Feb 2022 | Built and managed Bermuda reinsurance platform; enterprise risk oversight |
External Roles
No public company directorships or external board roles disclosed in the 2025 proxy’s executive officer bios.
Fixed Compensation
Multi-year cash and reported compensation (as disclosed):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary (earned, $) | 462,981 | 500,000 | 540,385 |
| Annualized Base Salary (policy rate, $) | — | 500,000 | 550,000 |
| EIP Target Bonus (% of base) | — | — | 100% |
| Non-Equity Incentive (bonus paid, $) | 955,000 | 875,000 | 1,026,731 |
| Stock Awards ($) | 877,521 | 1,150,035 | 1,265,040 |
| All Other Compensation ($) | 49,314 | 36,535 | 44,654 |
| Total ($) | 2,344,816 | 2,561,570 | 2,876,810 |
Additional FY 2024 “All Other Compensation” detail for Ms. Young: 401(k) match $17,250; profit sharing $6,900; life insurance premium $1,408; long-term insurance premium $945; ESPP match $12,500; other $5,651.
Performance Compensation
Annual EIP (Short-Term Incentive)
| Component | Weighting | Target | Actual | Payout |
|---|---|---|---|---|
| Financial plan (Sales; Adjusted Net Earnings excluding SIE) | 80% | Company plan targets (non-GAAP; reconciled in 10-K) | Exceeded; bonus pool set at 190% of target | 190% of target |
| Corporate initiatives (Grow reach; Engage; Modernize) | 20% | Strategic initiatives | Achieved | Included in 190% pool |
| Ms. Young EIP payout ($) | — | Target $540,385 (100% of base) | $1,026,731 | 190% of target |
Clawback policy: incentive-based compensation recoverable for 3 years upon material accounting restatement; no clawbacks in 2024. Hedging and pledging prohibited without approval.
Long-Term Incentives (Performance RSUs)
| Grant date | Shares | Grant-date fair value ($) | Performance metric | Vesting schedule |
|---|---|---|---|---|
| Nov 8, 2024 | 27,471 | 1,265,040 | FY 2025 Adjusted Net Earnings | Three equal annual installments on Nov 8, 2025/2026/2027, subject to FY 2025 ANE achievement |
Outstanding and unvested equity awards at FY-end 2024 (market values assume $41.44 closing price on Dec 31, 2024):
| Award | Unvested shares | Market value ($) | Vesting dates |
|---|---|---|---|
| PRSUs (c) | 12,997 | 538,596 | Dec 1, 2025 |
| PRSUs (d) | 18,880 | 782,387 | Nov 15, 2025 and Nov 15, 2026 |
| PRSUs (e) | 27,471 | 1,138,398 | Nov 8, 2025; Nov 8, 2026; Nov 8, 2027 |
Company currently does not grant stock options or SARs; committee does not intend to introduce them.
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial ownership (shares) | 80,525 |
| Ownership as % of shares outstanding | <1% of 134,820,676 shares |
| Unvested PRSUs outstanding | 59,348 total (12,997; 18,880; 27,471) |
| Stock ownership guideline | NEOs: 2× base salary; achieve within 4 years |
| Compliance status | All NEOs and directors exceeded guidelines as of Dec 31, 2024 |
| Hedging/pledging | Prohibited without company approval |
Employment Terms
Employment agreement effective Nov 14, 2013; severance without cause based on tenure (39–52 weeks base salary) and post-employment restrictive covenants. Under the 2015 Severance Plan, upon termination without cause within 12 months following a change in control, Ms. Young is entitled to 52 weeks base salary, target annual bonus, pro-rated annual bonus, and 12 months subsidized COBRA.
Estimated payments (as of Dec 31, 2024):
| Trigger | Severance (Salary, $) | Severance (Bonus, $) | Equity Vesting ($) | Benefits ($) | Total ($) |
|---|---|---|---|---|---|
| Involuntary termination without cause | 507,692 | — | — | 28,409 | 4,846,357 |
| Voluntary termination | — | — | — | 11,635 | 4,321,891 |
| Death | — | 550,000 | — | — | 4,860,256 |
| Disability | — | 550,000 | — | 11,635 | 4,871,891 |
| Change in control | 550,000 | 1,100,000 | 2,459,381 | 28,409 | 4,137,790 |
Note: “Compensation ($)” column in proxy table reflects additional amounts per plan terms; totals above follow proxy’s summarized rows.
Performance & Track Record
Company financials during her CFO/CLO tenure
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 3,249,000,000* | 4,395,000,000* | 5,256,000,000* |
| EBITDA ($) | 853,000,000* | 97,000,000* | 984,000,000* |
Values retrieved from S&P Global.*
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Revenues ($) | 1,767,000,000* | 1,101,000,000* | 1,230,000,000* | 1,368,000,000* |
| EBITDA ($) | 469,000,000* | 33,000,000* | 116,000,000* | 203,000,000* |
Values retrieved from S&P Global.*
Pay versus performance reference
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Company cumulative TSR (Value of $100) | 104.60 | 247.92 | 228.18 |
| Peer group cumulative TSR (Value of $100) | 94.94 | 99.35 | 119.52 |
| Net Income ($M) | 635 | (58) | 642 |
| Adjusted Net Earnings ($M) | 353 | 335 | 546 |
Compensation plan emphasizes ANE, Sales, and AUM as the most important metrics linking compensation and performance.
Say-on-Pay & Shareholder Feedback
| Proposal (2025 Annual Meeting) | For | Against | Abstain | Broker non-votes |
|---|---|---|---|---|
| Advisory vote on NEO compensation | 126,605,569 | 1,754,269 | 34,858 | 2,593,318 |
Independent consultant Strategic Compensation Group reviewed programs in 2024 and found total direct compensation near the 50th percentile, with base salaries slightly below, consistent with emphasis on variable, performance-based pay.
Investment Implications
- Pay-for-performance alignment: Annual incentives driven 80% by financial plan (Sales/ANE) and 20% by corporate initiatives, with 2024 payouts at 190% of target; LTI awards hinge on FY 2025 ANE and vest over three years, aligning Ms. Young’s incentives with profitability and growth (ANE, Sales, AUM).
- Upcoming vesting and potential supply: Significant tranches vest in late 2025, 2026, and 2027; while executives often sell to cover taxes, hedging/pledging is restricted, reducing leverage-related selling risk. Monitor vest dates (Dec 1, 2025; Nov 15, 2025/2026; Nov 8, 2025/2026/2027) for possible insider flow.
- Retention and change-in-control economics: Severance terms scale with tenure and provide full 1-year salary under CIC plus bonus components and COBRA, with equity acceleration amounts disclosed—supportive of retention but not excessive next to peers; no option grants reduce repricing risk.
- Ownership alignment: 80,525 shares beneficially owned and unvested PRSUs outstanding; F&G’s 2× salary ownership guideline met/exceeded by all NEOs, bolstering alignment.
- Signals: Strong say-on-pay support and reliance on ANE/Sales/AUM suggest investors accept the framework; watch FY 2025 ANE performance versus target for the 2024 PRSU vesting, and any 8-K 5.02 changes impacting role scope or severance design.