Russell Page
About Russell Page
Russell Page, age 54, is Hagerty’s Chief Information Officer (CIO) and has served in this role since 2022; he leads IT strategy across analytics/data science, cybersecurity, corporate systems, and infrastructure. He holds a BS in Business from Eureka College and an MBA from the University of Idaho . Hagerty’s recent operating performance provides context for incentive alignment under which Page is compensated: for the nine months ended September 30, 2025, total revenue grew 17.6% YoY, net income rose 72.7% YoY, and Adjusted EBITDA increased 46.3% YoY .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| General Motors Financial (OnStar Insurance) | Head of Strategy & Growth | Aug 2021–Jul 2022 | Led strategy and growth initiatives for the OnStar Insurance business |
| DaRK Capital (technology holding company) | CEO & President | Jan 2014–Oct 2018 | Led a privately held technology holding company and operating subsidiaries |
Fixed Compensation
| Year | Base Salary ($) | Target Annual Incentive (% of Salary) | Equity Target (% of Salary) | All Other Compensation ($) |
|---|---|---|---|---|
| 2024 | 650,000 | 75% (payout range 0–200%) | 75% | 37,721 (401k match and employer insurance contributions) |
Note: Page’s compensation is approved annually by the Board; he does not have an employment agreement .
Performance Compensation
Annual Incentive Plan (2024)
| Metric | Weighting | Target | Actual | Payout |
|---|---|---|---|---|
| Adjusted EBITDA | 37.5% | Not disclosed | Not disclosed | See total payout below |
| Operating Income | 37.5% | Not disclosed | Not disclosed | See total payout below |
| Total Revenue Growth | 25% | Not disclosed | Not disclosed | See total payout below |
| Company-level achievement | — | — | — | 72.6% of target achieved |
| Board discretion (individual performance) | — | — | — | 125% multiplier applied to 72.6% for Page |
| Final payout (cash) | — | — | — | $442,406 |
Long-Term Incentives and Vesting
| Award Type | Grant Date | Target / Unvested Units | Vesting Schedule / Terms | Performance Metric | Payout Range | Market/Payout Value as of 12/31/2024 ($) |
|---|---|---|---|---|---|---|
| RSUs | Various | 71,241 unvested | 27,472 on 4/1/2025; 7,416 on 10/1/2025; 27,473 on 4/1/2026; 8,880 on 4/1/2027 | Time-based vesting | N/A | 687,476 (at $9.65 close) |
| PRSUs (2024 grant) | 4/1/2024 | 26,639 unearned | Earned based on 2024–2026 Adjusted Operating Income; vesting contingent on service through determination (generally Q1 following period) | Aggregate Adjusted Operating Income over 2024–2026 | 35%–200% of target | 257,066 (at $9.65 close) |
Change-in-control treatment (2024 PRSUs): Committee may determine “Earned PRSUs” immediately prior to change-in-control; Earned PRSUs eligible to vest subject to continued employment through January 1, 2027 .
Equity Ownership & Alignment
| Holder | Shares Beneficially Owned (#) | % of Outstanding | As-of Date |
|---|---|---|---|
| Russell Page | 43,412 | <1% | April 4, 2025 |
- Unvested equity exposure: 71,241 RSUs and 26,639 PRSUs outstanding as of 12/31/2024, creating multi-year alignment and potential future supply around scheduled vest dates .
- Anti-hedging/anti-pledging: Hedging and pledging of Hagerty securities by officers is prohibited without written approval from the Board and Chief Legal Officer; no pledging is disclosed for Page in the proxy .
- Ownership guidelines: Proxy specifies CEO and director stock ownership guidelines (CEO: 6x salary; directors: 5x annual retainer); executive officer guidelines beyond CEO are not disclosed .
Employment Terms
- Contract status: Hagerty does not have an employment agreement with Russell Page; compensation is approved annually by the Board .
- Incentive targets: Annual Incentive Plan target = 75% of base salary (0–200% payout range); Equity Incentive Plan target = 75% of base salary .
- Severance / change-of-control: Individual severance or change-of-control cash provisions for Page are not disclosed; 2024 PRSUs include change-in-control mechanics described above .
- Clawback: Hagerty maintains a clawback policy compliant with NYSE and Exchange Act Section 10D, covering compensation awarded/earned based on financial reporting measures for the prior three fiscal years in the event of a restatement .
Performance & Track Record
| Period | Total Revenue ($000s) | Operating Income ($000s) | Net Income ($000s) | Adjusted EBITDA ($000s) |
|---|---|---|---|---|
| 9M 2025 | 1,068,286 | 107,744 | 120,666 | 153,066 |
| 9M 2024 | 908,307 | 60,380 | 69,863 | 104,605 |
- YoY change (9M 2025 vs 9M 2024): Revenue +17.6%, Operating Income +78.4%, Net Income +72.7%, Adjusted EBITDA +46.3% .
Compensation Committee and Governance Notes
- Independent consultant: Mercer serves as independent executive compensation consultant; independence assessed under NYSE rules with no conflicts found .
- Controlled company status: Hagerty is a controlled company under NYSE rules (Hagerty Holding Corp. holds >50% voting power), utilizing limited exemptions (Nominating/Governance Committee includes one management director) .
Investment Implications
- Strong pay-for-performance linkage: Annual bonus tied to Adjusted EBITDA, operating income, and revenue growth, with realized payout adjusted for individual performance; Page’s 2024 payout of $442,406 indicates recognition of performance while remaining formula-driven .
- Multi-year equity alignment: Significant unvested RSUs and PRSUs with performance multipliers (35–200%) and service conditions through early 2027 support retention and alignment but create potential selling pressure around vest dates (4/1/2025, 10/1/2025, 4/1/2026, 4/1/2027) .
- Risk controls: Anti-hedging/pledging and clawback policies reduce misalignment risk; absence of a personal employment agreement suggests limited guaranteed severance economics, placing more emphasis on at-risk pay and equity outcomes .
- Execution backdrop: Company-level profitability and EBITDA momentum through 2025 strengthen the framework for incentive achievement under Page’s compensation structure, potentially supporting continued alignment if performance sustains .