Ryan Greenier
HORACE MANN EDUCATORS CORP /DE/About Ryan Greenier
Executive Vice President and Chief Financial Officer of Horace Mann Educators Corporation (HMN) since October 1, 2024; age 43; joined HMN in 2012 after roles at The Hartford and Deloitte; CPA with a BBA in Accounting (Pace University) and MBA in Finance (University of Connecticut) . Company performance context during his recent tenure: in 2024 HMN delivered net income of $102.8M, core earnings of $132.1M, total revenue up 7%, and TSR of 24.1%, driving a 160.2% AIP payout for NEOs, including the CFO .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Horace Mann (HMN) | Executive Vice President & CFO | 2024–present | Appointed effective Oct 1, 2024; Tier II participant in Severance and CIC plans . |
| Horace Mann (HMN) | Deputy CFO | 2023–2024 | Progression toward CFO role (internal succession) . |
| Horace Mann (HMN) | Chief Investment Officer; SVP Finance | 2021–2023 | Optimized investment portfolio and balance sheet; led key transformational transactions per CEO . |
| Horace Mann (HMN) | VP Corporate Finance; VP Investor Relations; SVP (promotion) | 2012–2021 | Corporate finance leadership and investor relations . |
| The Hartford | Investor Relations and Investments leadership | 2008–2012 | Insurance investments and IR experience . |
| Deloitte & Touche | Public accounting (started career) | Pre-2008 | CPA foundation in audit/accounting . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary (earned) | $275,000 | $325,000 | $345,833 |
| Base Salary (annualized rate) | — | — | $350,000 (as of appointment 9/17/2024) |
| Target Bonus % (AIP) | 50% | 50% | 50% |
| Non-Equity Incentive (AIP paid) | $71,500 | $93,054 | $277,064 |
| Stock Awards (RSUs fair value) | $275,000 | $225,000 | $275,000 |
| Option Awards (fair value) | $0 | $0 | $0 |
| All Other Compensation | $21,365 | $25,282 | $27,204 |
| Total Compensation | $642,865 | $668,336 | $925,101 |
Notes:
- AIP target for Greenier is 50% of eligible earnings; 2024 AIP payout equaled $277,064 (79.2% of base salary) . No 2024 option grant for Greenier .
Performance Compensation
Annual Incentive Plan (AIP) – 2024 Payout Mechanics
| AIP Metric | Threshold | Target | Maximum | Actual | Result | Weight | Payout Contribution |
|---|---|---|---|---|---|---|---|
| AIP Adjusted Core Earnings ($M) | 114 | 129 | 144 | 141 | 182.4% | 50% | 91.2% |
| AIP Adjusted ROE (%) | 7.5 | 8.5 | 9.5 | 9.3 | 182.0% | 25% | 45.5% |
| Premiums & Contract Charges Earned ($M) | 1,131 | 1,148 | 1,171 | 1,144 | 94.1% | 25% | 23.5% |
| Total Payout vs Target | 100% | 160.2% |
- Greenier’s 2024 AIP payout: $277,064; AIP target 50% of salary .
Long-Term Incentive Plan (LTIP) Design (2024 grants)
| Vehicle | 2024 Weight | Vesting | Performance Basis | Key Details |
|---|---|---|---|---|
| Performance-based RSUs (PBRSUs) | 50% | Cliff vest after 3 years | 50% relative TSR; 50% relative 3-year Core ROE vs Russell 2000 insurance peers | Threshold 25th pct=50% payout; Target 50th pct=100%; Max 90th pct=200%; ±10% CSR scorecard modifier . |
| Service-based RSUs | 20% | 33%/33%/34% over 3 years | Service | Accrue dividend equivalents; vest with underlying RSUs . |
| Stock Options (NQSOs) | 30% (reduced to 20% in 2025) | 25% per year over 4 years; 10-year term | Price appreciation | Exercise price = grant-date close; 12-month post-exercise holding requirement . |
PBRSU Outcomes:
- 2022–2024 PBRSUs vested Jan 1, 2025 at 70.2% of target (33.0% TSR component; 37.2% Core ROE), then +7% CSR modifier → final 77.2% .
2025 Program Changes (Shareholder feedback):
- PBRSU weight increased to 60%; Options reduced to 20%; CEO ownership guideline raised; no CEO target increase .
Equity Ownership & Alignment
Beneficial Ownership and Guideline Status
| Item | Value |
|---|---|
| Beneficial shares owned (as of Mar 15, 2025) | 21,720 |
| Ownership as % of shares outstanding (~40,954,233) | ~0.05% (computed from 21,720 / 40,954,233) |
| Vested stock options included in beneficial ownership | 15,287 |
| Unvested service RSUs (12/31/2024) | 11,054 ($433,648 MV at $39.23) |
| Unearned PBRSUs outstanding (12/31/2024) | 9,115 ($357,581 MV at $39.23) |
| Stock ownership guideline (EVP) | 350% of salary |
| Actual ownership vs guideline (12/31/2024) | 232% (22,558 shares; $810,285 MV) – on track to meet within 5 years |
| Hedging & pledging | Prohibited for Directors and Executive Officers |
| 10b5-1 plans | Permitted with pre-clearance and cooling-off compliance |
Insider selling/vesting indicators (2024):
- Options exercised: 0; Shares vested from stock awards: 3,463 ($122,108 value) .
Option Grants Outstanding (selected tranches at 12/31/2024)
| Exercise Price | Grant Date | Expiration | Exercisable | Unexercisable |
|---|---|---|---|---|
| $31.01 | 03/09/2016 | 03/09/2026 | 1,499 | 0 |
| $41.95 | 03/07/2017 | 03/07/2027 | 4,772 | 0 |
| $42.95 | 03/06/2018 | 03/06/2028 | 4,208 | 0 |
| $38.99 | 03/05/2019 | 03/05/2029 | 4,808 | 0 |
Employment Terms
| Term | Detail |
|---|---|
| Severance Plan (non-CIC) | 1.5× (salary + target AIP), salary continuation |
| Change-in-Control Plan | 2.0× (salary + target AIP), lump sum; double-trigger; no tax gross-ups |
| Estimated payouts (as of 12/31/2024) | Involuntary w/o cause: $962,500; CIC: $1,769,054 (incl. $735,740 RSU acceleration; includes modified cap adjustment) |
| Clawback | Dodd-Frank/NYSE 10D-1 compliant policy; applies to cash and equity; additional misconduct clawback under CECP |
| Stock Ownership & Holding | EVP guideline 350% of salary; 12-month post-exercise holding requirement for options |
| Hedging/Pledging | Prohibited |
| Contract/Non-compete | No individual employment agreement disclosed; standard plans govern; non-compete terms not disclosed |
Performance & Track Record
| Company metric (2024) | Result | Notes |
|---|---|---|
| Net income | $102.8M | Recovery in P&C and stable other segments |
| Core earnings | $132.1M | Committee-adjusted AIP basis: $141.4M |
| Total revenue growth | +7% YoY | Net premiums & contract charges up 8% |
| TSR (calendar 2024) | 24.1% | Improvement with P&C profitability restoration |
| AIP payout (NEOs) | 160.2% of target | Based on metrics in AIP table above |
Qualitative: CEO cited Greenier’s role in optimizing the investment portfolio/balance sheet and key transactions; appointment as CFO effective Oct 1, 2024 .
Compensation Committee, Peer Group, and Say-on-Pay
Peer Group (for benchmarking)
| Peers used in 2024 |
|---|
| Ambac Financial Group; American Equity Investment Life; Argo Group; CNO Financial; Employers Holdings; Kemper; National Western Life; Primerica; ProAssurance; RLI; Selective Insurance; The Hanover Insurance Group; United Fire Group; White Mountains Insurance Group |
- Policy: pay targeted around market median with adjustments for role complexity, performance, and tenure .
Say-on-Pay & Shareholder Feedback
| Item | Outcome/Response |
|---|---|
| 2024 Say-on-Pay approval | 60.4% approval (below historical >90%) |
| Engagement | Outreach to top holders; Committee Chair participated; feedback on CEO pay levels, goal setting, and options usage |
| 2025 program changes | PBRSU weight to 60%; options down to 20%; CEO ownership guideline to 600%; no increase to CEO target pay |
Equity Ownership & Alignment Details
| Guideline | Status |
|---|---|
| Ownership requirement | Must be met within 5 years; Greenier at 232% vs 350% target as of 12/31/2024; on track |
| Prohibitions | Hedging and pledging prohibited for all Directors/Executive Officers |
| Insider trading controls | Blackouts, pre-clearance, 10b5-1 plan pre-approval and cooling-off periods |
Employment & Contracts Snapshot
| Start at HMN | CFO Effective | Plan Tier | Notable terms |
|---|---|---|---|
| 2012 | Oct 1, 2024 | Tier II in Severance and CIC plans | Double-trigger CIC; no tax gross-ups; clawbacks; standard practice minimizes individual employment agreements . |
Investment Implications
- Alignment improving: Majority of variable pay is performance-linked; PBRSU weighting increased for 2025; hedging/pledging prohibited; robust clawbacks—favorable for long-term alignment .
- Execution incentives: 2024 AIP paid 160.2% on strong P&C recovery and ROE; 2022–2024 PBRSUs paid 77.2% after CSR modifier, reflecting rigorous relative hurdles—balanced pay-for-performance signal .
- Retention risk moderate: Severance (1.5×) and CIC (2.0× double-trigger) are market-aligned; Greenier below ownership guideline but on track within the 5-year window; no options exercised in 2024 reduces near-term selling pressure .
- Watch items: 2024 Say-on-Pay at 60.4% indicates investor scrutiny of pay design; Committee has already adjusted 2025 program—monitor future Say-on-Pay outcomes and continued progress toward ownership guideline .