Larry De Shon
HARTFORD INSURANCE GROUPAbout Larry D. De Shon
Independent director of The Hartford (HIG) since 2020; age 65. Former President, CEO and COO of Avis Budget Group and long-tenured United Airlines executive, with deep operating, digital transformation and global leadership experience. Current HIG committee roles: Audit (member), Finance, Investment and Risk Management Committee (FIRMCo) Chair (since 2023), and Nominating & Corporate Governance (member) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Avis Budget Group, Inc. | President (2017–2019); CEO & COO (2016–2019); President & COO (Oct 2015–Dec 2015); President, International (2011–Oct 2015); EVP, Operations (2006–2011) | 2006–2019 | Led end-to-end digital rental experience, cloud migration, built connected car fleet; global oversight across EMEA, Asia, Australia/NZ . |
| UAL Corporation (United Airlines) | Senior VP roles in marketing, on-board service, global airport operations (positions of increasing responsibility) | 1978–2006 | Led 23,000 employees in 29 countries; extensive international and operational leadership . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| United Rentals, Inc. | Director | 2021–present | Current public company directorship . |
| Air New Zealand | Director | 2020–present | Current public company directorship . |
Board Governance
| Committee | Role | Meetings in 2024 | Scope |
|---|---|---|---|
| Audit | Member | 9 | Financial reporting integrity; internal control; external auditor; operational risk & cybersecurity; compliance. All members deemed “financially literate” and “audit committee financial experts” . |
| FIRMCo (Finance, Investment & Risk Management) | Chair | 5 | Enterprise risk appetite; insurance, market, liquidity & capital risks; financial/investment guidelines; macro outlook; cyber-related emerging risks . |
| Nominating & Corporate Governance | Member | 5 | Board composition and refreshment; governance policies; sustainability governance; political engagement oversight . |
- Independence: Board determined all directors other than the CEO are independent; De Shon is independent .
- Attendance: Board met 6 times; each director attended ≥75% of aggregate board and committee meetings; all directors attended the May 15, 2024 annual meeting .
- Executive sessions: Non-management directors held six executive sessions in 2024 without the CEO/Chairman present .
Fixed Compensation
| Component | Amount | Period/Detail |
|---|---|---|
| Annual Cash Retainer | $115,000 | 2024–2025 Board service year (May 15, 2024 to May 21, 2025); increased from $110,000 effective for this year . |
| FIRMCo Chair Retainer | $35,000 | Committee chair fees . |
| Fees Earned in Cash (2024) | $150,000 | Matches retainer + chair fee . |
| All Other Compensation (2024) | $2,159 | Includes director insurance benefits ($100,000 life; $750,000 AD&D/total disability) and reimbursements . |
| Total Director Compensation (2024) | $342,159 | Cash + equity + other . |
Performance Compensation
| Equity Element | Key Terms | 2024 Grant Details |
|---|---|---|
| Restricted Stock Units (RSUs) | Annual grant; non-transferable; dividend equivalents credited; vest and distribute at end of Board service year unless deferred; automatic vesting on retirement per guidelines, death, total disability, certain consented resignations, or change of control . | Grant value: $190,000; grant date: July 29, 2024; units: 1,733; scheduled vest/distribution: May 21, 2025 (unless deferred) . |
- Trading/hedging restrictions: Insider trading policy prohibits hedging, monetization, derivative and similar transactions, margin accounts or pledging by directors; trades only in approved windows or via Rule 10b5-1 plans .
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Conflict Notes |
|---|---|---|
| United Rentals, Inc. | Director | No related-party transactions reported by HIG in 2024; Board pre-approval required for directors joining for-profit boards . |
| Air New Zealand | Director | No related-party transactions reported by HIG in 2024 . |
- Overboarding policy: HIG lowered the non-CEO director threshold from four boards (in addition to HIG) to three; historical guideline limited total to four including HIG for non-CEOs. De Shon sits on three (HIG, UR, ANZ), within policy .
Expertise & Qualifications
- Digital/Technology transformation: Led end-to-end digital rental experience, cloud migration, connected fleet at Avis; brings relevant digital and data/AI perspective to HIG’s innovation agenda .
- Global operations and human capital leadership: Managed large-scale, international organizations (23,000 employees in 29 countries) .
- Risk oversight: As FIRMCo Chair, oversees enterprise risk appetite, cyber insurance trends, investment portfolio exposures (e.g., private credit, CRE), underwriting practices and AI-related risks .
- Audit literacy: Audit Committee member deemed “audit committee financial expert,” supporting financial reporting oversight .
Equity Ownership
| Unvested RSUs (as of 12/31/2024) | Market Value Basis | Market Value |
|---|---|---|
| 1,733 units (7/29/2024 grant) | $109.40 NYSE close on 12/31/2024 | $189,590 . |
- Director ownership guideline: 5x total annual cash retainer (including chair/lead fees) within 3 years; all directors with ≥3 years of service met guidelines as of 12/31/2024 .
Governance Assessment
- Board effectiveness: Active chairing of FIRMCo with substantive oversight of macro/investment risks, cyber threats, underwriting and AI adoption; strengthens enterprise risk governance, a key investor confidence driver .
- Independence & engagement: Independent director; ≥75% attendance; participation in six executive sessions; attended 2024 annual meeting—signals robust engagement .
- Pay structure alignment: Balanced cash ($115k retainer + $35k chair fee) and time-based RSUs ($190k); strong ownership and anti-hedging/pledging policies; annual grant timing aligned to public filings to mitigate timing risk .
- Conflicts/related parties: No related-party transactions in 2024; pre-approval governance for outside for-profit boards; overboarding compliant (three boards) .
- Market signals: 2024 Say-on-Pay support ~91% and recent governance enhancements (special meeting right at 25%, stricter overboarding, enhanced ownership disclosure) reflect constructive shareholder alignment and governance maturity .
RED FLAGS: None identified—no related-party transactions, strong attendance, compliant board service count, robust trading/pledging prohibitions, and clear ownership alignment policies .