L. Allison Dukes
InvescoAbout L. Allison Dukes
Senior Managing Director and Chief Financial Officer of Invesco Ltd. since 2020; Age 50; Tenure 5 years. She leads global corporate finance, including strategic and financial planning, investor relations, corporate development, accounting, tax, treasury, procurement, corporate services, and public policy; previously CFO of SunTrust Banks (now Truist) and held multiple leadership roles over 20 years at SunTrust. Education: B.S. Mathematics (Vanderbilt University) and MBA (Emory Goizueta). In 2024, Invesco delivered net revenues of $4,400 million (+2% YoY), adjusted operating income of $1,371 million, adjusted operating margin of 31.1%, adjusted diluted EPS of $1.71, and 5% organic net long-term flow growth ($65.1 billion), which informed scorecard-driven executive incentive outcomes; the value of a $100 investment (TSR) was $122 for 2024.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SunTrust Banks (Truist) | Chief Financial Officer | 2018–2019 | Oversaw finance during transition period; preceded by 20 years of leadership roles across Commercial & Business Banking, Atlanta Division CEO, Private Wealth Co-Head, and Syndicated Finance Originations. |
| SunTrust Banks (Truist) | Head of Commercial & Business Banking | Not disclosed (part of 20-year tenure) | Led delivery of investment banking and capital markets capabilities. |
| SunTrust Banks (Truist) | President & CEO, Atlanta Division | Not disclosed (part of 20-year tenure) | Regional P&L leadership and growth. |
| SunTrust Banks (Truist) | Co-Head, Private Wealth Management | Not disclosed (part of 20-year tenure) | Drove high-net-worth client strategy and growth. |
| SunTrust Robinson Humphrey | Head of Syndicated Finance Originations | Not disclosed (part of 20-year tenure) | Led capital markets origination. |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Haverty Furniture Companies, Inc. | Director; Chair, Nominating, Compensation & Governance Committee | Current | Public company director role. |
| Children’s Healthcare of Atlanta | Board of Trustees | Current | Non-profit governance. |
| Emory University | Board of Trustees | Current | Academic governance. |
| Junior Achievement of Georgia | Past Board Chair | Past | Community leadership. |
Fixed Compensation
| Component | 2024 | Notes |
|---|---|---|
| Base Salary ($) | $500,000 | Eligible for deferral under retirement plan; in 2024 Summary Comp Table salary $500,000. |
| Salary Continuation | 6–12 months | Upon involuntary termination (other than cause/unsatisfactory performance), with continued vesting through notice period. |
Performance Compensation
| Metric | Target | Actual | Outcome (%) | Weighting | Source |
|---|---|---|---|---|---|
| Company Scorecard – Financial Performance (overall) | — | — | 110% | 66.7% of total | |
| Net Long-Term Flows ($B) | $33.5 | $65.2 | 130% | Equal within Financial | |
| Net Revenues ($MM) | $4,368 | $4,400 | 104% | Equal within Financial | |
| Adjusted Operating Income ($MM) | $1,350 | $1,371 | 106% | Equal within Financial | |
| Adjusted Operating Margin (%) | 30.9% | 31.1% | 104% | Equal within Financial | |
| Adjusted Diluted EPS ($) | $1.61 | $1.71 | 108% | Equal within Financial | |
| Company Scorecard – Organizational Health (overall) | — | — | 102% | 33.3% of total | |
| Ms. Dukes’ 2024 Incentive Target ($) | $4.75M | — | — | — | |
| Ms. Dukes’ Total Incentive Award ($) | — | $5.558M | 117% of target | Mix of cash + equity | |
| CEO/NEO Equity Vesting Matrix (for PSUs granted in Feb 2025) | — | — | Vest 0–150% based on 3-yr avg AOM and relative TSR; absolute TSR negative caps at 100% | 60% of equity perf-based (50% in certain jurisdictions) |
2024 Incentive Mix (Ms. Dukes)
| Component | Amount ($) | Vesting | Notes |
|---|---|---|---|
| Cash Bonus | $2,223,000 | Paid in 2025 | Cap structure applies to NEO cash (≤50% of total pay). |
| Time-Based Equity (RSUs) | $1,333,800 | 25% annually over 4 years | Annual grant; dividends paid current (US). |
| Performance-Based Equity (PSUs) | $2,000,700 | 3-year performance period; cliff vest 2/28/2027 | Metrics: 3-year AOM and relative TSR. |
| Supplemental Award (Interim CAO service) | $500,000 cash; $500,000 RSUs | RSUs 4-year ratable vesting | Recognition for interim CAO duties (Mar–Sep 2024). |
Equity Ownership & Alignment
| Metric | Value | Notes |
|---|---|---|
| Common Shares Beneficially Owned | 325,080 | As of Feb 18, 2025. |
| Deferred Share Awards | 316,998 | As of Feb 18, 2025. |
| Total (Beneficial + Deferred) | 642,078 | As of Feb 18, 2025. |
| Ownership as % of Shares Outstanding | ~0.073% | 325,080 ÷ 447,413,586 outstanding (Feb 18, 2025). |
| Stock Ownership Guidelines | 5× base salary for executives; all NEOs exceeded as of Dec 31, 2024 | Compliance confirmed; retention of 100% of net vested shares until requirement met. |
| Hedging/Pledging | Prohibited; no shares pledged | Company policy prohibits hedging/pledging; none pledged by management. |
| Options | None granted | Company does not issue stock options/SARs to NEOs. |
| Shares Vested in 2024 (count; value) | 118,996; $1,876,539 | Mix of time-based and performance-based vesting. |
| Company Net Share Repurchases (tax withholding) | 53,359 shares; $841,458 aggregate | Shares repurchased from Ms. Dukes upon vesting to cover withholding taxes. |
2024 Grants and Vesting Schedule (Ms. Dukes)
| Grant Type | Grant Date | Shares | Fair Value ($) | Vesting | Grant Price ($) |
|---|---|---|---|---|---|
| Time-Based RSUs | 2/28/2024 | 70,634 | $1,079,994 | 25% per year on each anniversary | $15.29 |
| Performance-Based PSUs (Target) | 2/28/2024 | 105,951 | $1,497,358 | 3-year performance period; cliff vest 2/28/2027 | $15.29 |
| Performance-Based PSUs (Max) | 2/28/2024 | 158,927 | N/A | Vesting range 0–150% per matrix | $15.29 |
Outstanding Unvested Awards (12/31/2024)
| Category | Count | Market Value ($) |
|---|---|---|
| Unvested Time-Based Awards | 252,677 | $4,416,794 |
| Unvested Performance-Based Awards (Target) | 246,364 | $4,306,442 |
Employment Terms
- Role and Tenure: Senior Managing Director and CFO since 2020; Age 50; Tenure 5 years.
- Agreements: Employment arrangements provide 6–12 months salary continuation upon involuntary termination (other than cause/unsatisfactory performance) with vesting periods continuing through notice.
- Change-in-Control: Double-trigger vesting—acceleration only if awards are not assumed or if termination occurs within 24 months post-CIC (involuntary other than for cause/unsatisfactory performance or voluntary for good reason); no excise tax gross-up.
- Estimated Equity Acceleration Values (12/31/2024): Involuntary termination (other than cause/unsatisfactory performance) $8,723,236; CIC termination $8,723,236; Death/Disability $8,723,236.
- Clawback: Incentive-based compensation subject to recoupment for material restatements and certain “little r” error corrections if awards would have been lower.
- Insider Trading/Hedging: Pre-clearance and blackout procedures; hedging and pledging prohibited; limited exceptions—none granted to date.
- Perquisites/Tax: No tax gross-ups policy; 2024 “All Other Compensation” for Ms. Dukes included insurance premiums $3,444 and retirement contributions $22,200; no perquisites; no assignment-related gross-ups.
Performance & Track Record
- 2024 firm outcomes underpinning NEO pay: Net revenues $4,400M (+2% YoY); adjusted operating income $1,371M; adjusted operating margin 31.1%; adjusted diluted EPS $1.71; net long-term flows $65.1B (5% organic growth) and >$1.8T AUM.
- Capital management: Redeemed $600M senior notes, bringing total debt to lowest in 10 years; net cash $96M; returned over $420M via dividends and buybacks; reinstated regular share buybacks with 54% payout ratio.
- CFO-specific achievements (2024): Delivered balance sheet optimization and zero net debt (debt less cash) target with $1B cash and cash equivalents; drove disciplined expense management to improve adjusted operating margin; led investor engagement and enhanced disclosures; interim leadership of Technology & Operations after CAO’s passing.
Compensation Peer Group and Say-on-Pay
- Peer Group (compensation and performance awards): AllianceBernstein, Bank of NY Mellon, BlackRock, Franklin Resources, Goldman Sachs (Asset Management), Janus Henderson, Lazard, Morgan Stanley (Investment Management), Northern Trust, State Street, T. Rowe Price.
- Say-on-Pay: ~85% approval at 2024 annual meeting; ongoing shareholder outreach program.
Risk Indicators & Red Flags
- Hedging/Pledging: Prohibited for insiders; none pledged—alignment positive.
- Clawback: Robust policy covering material and certain immaterial restatements—risk mitigation.
- Options: No option grants; no repricing—avoids option-related misalignment risk.
- Related Party/Products: Executives, including Ms. Dukes, may invest in or alongside certain Invesco-sponsored products; no distributions >$120,000 to executives in 2024.
- Insider Disposals: Tax withholding “net share” repurchases—53,359 shares; $841,458; routine withholding, not discretionary selling.
Multi-Year Compensation (SEC Summary Compensation Table)
| Metric (USD) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary | $500,000 | $500,000 | $500,000 |
| Bonus (Supplemental) | — | — | $500,000 |
| Share Awards | $2,649,987 | $3,811,265 | $2,577,352 |
| Non-Equity Incentive Plan (Cash) | $1,084,337 | $1,800,000 | $2,223,000 |
| All Other Compensation | $25,714 | $22,824 | $25,644 |
| Total | $4,260,038 | $6,134,089 | $5,825,996 |
Investment Implications
- Compensation alignment: High at-risk, deferred structure with 60%+ equity and performance-based vesting tied to multi-year AOM and relative TSR supports long-term value creation; Ms. Dukes’ 2024 incentive at 117% reflects outperformance against rigorous scorecard targets.
- Retention risk: Significant unvested equity and double-trigger CIC protection (estimated ~$8.7M acceleration under termination scenarios) reduce near-term departure risk; four-year RSU vesting and 3-year PSU performance periods stagger sellable supply.
- Insider selling pressure: Primarily tax-related “net share” transactions; hedging/pledging prohibited; compliance with ownership guidelines and ongoing accumulation indicate strong alignment.
- Trading signals: Annual vest date cadence around 2/28 (RSUs) and PSU cliff vest in 2027 may create predictable liquidity windows; monitor Form 4s near these dates for incremental supply.
- Execution track: 2024 achievements in deleveraging, net cash, payout ratio, and margin improvement suggest disciplined capital stewardship—positive for equity holders, though asset mix shifts and industry headwinds remain watchpoints embedded in scorecard metrics.