Thomas Jones
Jefferies Financial GroupAbout Thomas W. Jones
Independent director of Jefferies Financial Group Inc. since 2022; age 75 as of February 10, 2025; tenure 3 years . A CPA and veteran financial-services executive, Jones previously led Citigroup’s Global Investment Management and Citigroup Asset Management and founded TWJ Capital; he brings deep audit, risk oversight, and asset-management expertise to JEF’s board . The board affirmed his independence; all non‑employee directors other than the SMBC nominee are independent .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| TWJ Capital | Founder and Senior Partner | 2005–Dec 2024 | Investment firm founder/manager |
| Citigroup | Chairman & CEO, Global Investment Management | 1999–2004 | Led sector spanning Asset Mgmt, Alternatives, Private Bank, Life & Annuity; ~$500B AUM |
| Citigroup Asset Management | Chairman & CEO | 1997–2004 | Ran global asset management franchise |
| TIAA‑CREF | Vice Chairman & Director; President & COO; EVP & CFO | 1989–1997 (various roles) | Senior leadership across finance/operations |
| John Hancock Mutual Life | SVP & Treasurer | 1982–1989 | Treasury and finance leadership |
| Arthur Young & Co. (predecessor to EY) | Public accounting/consulting | ~11 years prior | CPA; audit and consulting foundation |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Assured Guaranty Ltd. (NYSE: AGO) | Director | Current | Audit; Compensation (Chair); Nominating & Corporate Governance |
| Cornell University | Trustee Emeritus | Prior | Governance in higher education |
| Federal Reserve Bank of New York | Vice Chairman (past) | Prior | Financial stability oversight |
| Prior public boards | Altria; Freddie Mac; Fox Entertainment; Travelers Group; Pepsi Bottling Group; TIAA‑CREF; Eastern Enterprises; Thomas & Betts | Prior | Multiple audit/risk/comp roles |
| Associations | Investment Company Institute; Economic Club of New York | Prior | Industry leadership |
Board Governance
- Committee assignments: Audit (member); ESG/DEI (member); Nominating & Corporate Governance (member); Risk & Liquidity Oversight (Chair) .
- Independence: Board determined Jones is independent; executive sessions held regularly and presided by Lead Independent Director .
- Attendance: All director nominees then serving attended at least 75% of board and committee meetings in FY2024; board met 8 times in FY2024 .
- Audit Committee members (Adamany, Jones, Katz, Weiler) are qualified “audit committee financial experts” per SEC rules .
| Committee | Role | FY2024 Meetings | Key Oversight |
|---|---|---|---|
| Audit | Member | 8 | Financial reporting, ICFR, auditor oversight, related‑party transactions |
| ESG/DEI | Member | 3 | Sustainability, DEI, CSR, human capital oversight |
| Nominating & Corporate Governance | Member | 2 | Board refreshment, director nominations, governance policies, director compensation review |
| Risk & Liquidity Oversight | Chair | 4 | ERM, capital/liquidity/funding policies, cybersecurity oversight, capital adequacy |
Fixed Compensation
| Component (FY2024) | Amount ($) | Notes |
|---|---|---|
| Fees earned or paid in cash | 135,000 | Base director retainer $125,000 + $10,000 committee chair fee (RLO) |
| Stock awards (grant‑date fair value) | 205,000 | Single equity award to independent directors elected at 2024 AGM; 4,648 shares restricted stock or deferred shares |
| Total | 340,000 | Standard director package; no meeting fees disclosed |
| Equity Grant Detail | Terms |
|---|---|
| Shares granted | 4,648 restricted or deferred shares to each independent director elected at 2024 AGM |
| Vesting | Vests one‑third per year; non‑forfeitable upon death/disability or retirement at/after age 65 |
| Ownership guideline | Directors must hold ≥5× annual cash retainer ($625,000) within 5 years of joining |
Performance Compensation
- Non‑employee directors do not receive performance‑linked cash bonuses, options, or PSUs; no director‑specific performance metrics disclosed for equity grants .
Other Directorships & Interlocks
| Company | Type | Role/Committee | Interlock/Conflict Notes |
|---|---|---|---|
| Assured Guaranty Ltd. | Public | Director; Audit; Compensation (Chair); NCG | No JEF‑disclosed related‑party transactions involving Jones; board independence review considered shared directorships as not material |
| Multiple prior boards | Public | Various (see External Roles) | Historical roles; no current JEF disclosures of related transactions with Jones |
Expertise & Qualifications
- Audit & financial expertise; CPA credential .
- Senior leadership across asset management, risk oversight, and global financial services; extensive prior board experience including FRBNY Vice Chair .
- Skills matrix flags Jones in audit/financial expertise, corporate strategy, governance, ethics, financial services, global operations, executive leadership, M&A, risk oversight .
Equity Ownership
| Holder | Beneficial Ownership (Shares) | % of Class |
|---|---|---|
| Thomas W. Jones | 67,193 | <0.1% |
- Director stock ownership guideline: 5× annual cash retainer ($625,000) within 5 years; directors with ≥5 years have met guidelines; Jones joined in 2022 (within compliance window) .
- Anti‑hedging policy prohibits hedging, shorting, and option/derivative transactions by directors .
- No pledging or margin disclosures for Jones; none reported in beneficial ownership table for him .
Governance Assessment
- Strengths: Independent director; chairs the Risk & Liquidity Oversight Committee with clear mandate over ERM, capital/liquidity, and cybersecurity; audit committee financial expert; solid attendance (≥75%); compensation mix emphasizes equity alignment; robust director ownership guidelines and anti‑hedging policy .
- Potential risks/RED FLAGS: None disclosed specific to Jones. Company‑wide related‑party transactions exist for certain executives, but none involve Jones; board has a formal policy for related‑person transactions overseen by Audit Committee .
- Shareholder signals: Say‑on‑Pay support improved to 71% in 2024 following prior low votes tied to a one‑time grant in 2022, indicating constructive responsiveness by the Compensation Committee; Jones is not on Compensation but governance context is relevant for board effectiveness .