William Cassidy
JANUS HENDERSON GROUPAbout William Cassidy
William (Bill) Cassidy, age 54, is Chief Technology Officer (CTO) at Janus Henderson Group, serving since September 2024; he oversees the global technology program, future technology strategy, and innovation, and sits on the Executive Committee . He holds a BS in Computer Mathematics with a minor in Economics from Long Island University (magna cum laude) and has 32 years of financial industry experience across leading buy- and sell-side firms . Company performance during his first year of tenure was strong: 2024 TSR was 47.5% (vs 7.2% peer median), adjusted revenue rose 18% to $1,940.8 million, net inflows were $2.4 billion, and adjusted operating margin expanded to 34.4% . Janus Henderson’s executive pay program links long-term equity to annual net new revenue growth and adjusted operating margin with relative TSR and net flow modifiers, aligning leadership incentives with shareholder outcomes .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| New York Life Insurance Company | Senior Vice President, Global CIO; prior roles since joining in 2018 | 2018–2024; SVP CIO from 2021 | Led global technology and CIO functions, scaling enterprise platforms |
| Sculptor Capital Management (formerly Och‑Ziff) | Global Head of Reference Data (2014); Managing Director, Chief Information Officer (2015) | 2014–2015+ | Built data and CIO capabilities supporting alternative asset management operations |
| BlackRock | Managing Director & Global Head of Data and Index Services | 2014 | Led global data/index services within a large-scale asset manager |
| Western Asset Management | Senior Development Manager, Back Office Platforms | 1999 | Modernized back-office platforms for fixed income operations |
| Goldman Sachs | Analyst (1992) → Vice President, Information Technology (1997) | 1992–1997 | Advanced technology leadership in capital markets |
Fixed Compensation
| Metric | 2024 |
|---|---|
| Base Salary ($) | $176,136 |
| Cash Bonus ($) | $1,040,000 |
| All Other Compensation ($) | $7,745 |
Notes:
- All Other Compensation detail for 2024: Insurance premiums and medical benefits ($7,745) .
Performance Compensation
| Component | 2024 |
|---|---|
| Total Variable Compensation ($) | $2,600,000 |
| Equity Awards Granted ($) | $3,400,012 sign‑on RSUs granted 8/30/2024 |
| LTIP Design (Company program) | 60% of NEO variable comp deferred into LTI; PSUs and RSUs are used (no stock options) |
| Performance Metrics (Scorecard) | Financial Outcomes (25%), Client Outcomes (25%), Strategy (25%), Culture (25%) |
| PSU Vesting Mechanics (Program) | 3‑year cliff; shares vest based on annual net new revenue growth and adjusted operating margin, modified by relative TSR and net flows |
Selected 2024 CTO scorecard outcomes (qualitative):
- Financial: cost controls and IT vendor spend reductions supporting margin improvement .
- Client: delivery of planned technology features on time; improved service levels .
- Strategy: championed Product AI tools; operating model evaluation .
- Culture: unified Technology team; talent and succession inputs .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (shares) | 82 (less than 1%) |
| Unvested RSUs (12/31/2024) | 91,300 (sign‑on grant 8/30/2024; 3‑year ratable vesting) |
| Unearned PSUs Outstanding | None disclosed for Cassidy |
| Options | Company does not grant stock options to NEOs; RSUs/PSUs only |
| Stock Ownership Guidelines | 3x annual base salary; phased-in over 5 years; executives restricted from selling until guideline met |
| Hedging/Pledging | Prohibited for employees and directors (no short selling, hedging, or pledging) |
Vesting schedule and potential selling pressure:
- The 91,300 RSUs vest ratably over three years following the 8/30/2024 grant date, subject to service; dividend equivalents are paid on unvested RSUs and treated as taxable compensation .
- Company Share Trading Policy restricts hedging and pledging; sale of shares is further constrained by ownership guideline compliance and trading windows .
Employment Terms
- Role and Tenure: CTO since September 2024; Executive Committee member .
- Clawback: Robust clawback covering malus/financial misconduct and separate Dodd‑Frank/NYSE policy requiring recovery of incentive‑based compensation upon accounting restatements .
- Change‑in‑Control: No CIC agreements; no single‑trigger vesting; no automatic acceleration except upon death; no excise tax gross‑ups .
- Non‑compete/Non‑solicit: Not disclosed in the proxy.
- Severance: Not specifically disclosed (multiples not provided) in the proxy; general benefits governed by Company plans (context of NEO plans elsewhere).
Multi‑Year Compensation Snapshot (Cassidy)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | n/a | n/a | $176,136 |
| Bonus ($) | n/a | n/a | $1,040,000 |
| Stock Awards ($) | n/a | n/a | $3,400,012 |
| Non‑Equity Incentive ($) | n/a | n/a | — |
| All Other Compensation ($) | n/a | n/a | $7,745 |
| Total ($) | n/a | n/a | $4,623,893 |
Grant detail:
- 8/30/2024 sign‑on RSU grant: 91,300 units; fair value $3,400,012; 3‑year ratable vesting .
Compensation Committee Analysis (Program Context)
- Committee: Human Capital and Compensation Committee (Chair: Alison Quirk; members: Eugene Flood Jr., Josh Frank, Angela Seymour‑Jackson); all independent .
- Consultant: Meridian Compensation Partners as independent advisor; no services to management in 2024; independence affirmed .
- Shareholder Alignment: 98.7% say‑on‑pay support in 2024; active engagement with top holders .
- Pay‑for‑Performance: Majority of CEO/NEO pay at‑risk (95% CEO, 85% other NEOs); strong emphasis on LTI and PSUs .
Investment Implications
- Retention and execution: Cassidy’s large sign‑on RSU (91,300) with three‑year ratable vesting creates strong retention hooks through 2027, aligned with ongoing technology transformation (AI, platform efficiency) and cost discipline initiatives that supported margin gains in 2024 .
- Alignment and governance: No options or CIC agreements, prohibition on hedging/pledging, and rigorous clawbacks reduce misalignment risks; ownership guidelines constrain share sales until compliance, mitigating near‑term insider selling pressure despite scheduled RSU vesting .
- Performance linkage: Future PSUs (per program design) tie payouts to net new revenue growth and margin with TSR/net flow modifiers, reinforcing shareholder value focus as JHG continues to execute across Protect & Grow, Amplify, and Diversify pillars after a strong 2024 (TSR 47.5%, adjusted revenue +18%, net inflows +$2.4B, adjusted operating margin 34.4%) .
- Ownership level: As of March 10, 2025, Cassidy beneficially owned 82 shares (<1%), with substantial unvested RSUs; near‑term equity alignment is primarily through vesting equity rather than sizable current share holdings .