Alicia Boler Davis
JPMORGAN CHASE &About Alicia Boler Davis
Independent director of JPMorgan Chase & Co. since 2023; age 56. Currently CEO of Alto Pharmacy, LLC (since 2022), with prior senior operating roles at Amazon and General Motors spanning global fulfillment, robotics/technology, and manufacturing/labor relations. Education: Northwestern University; M.S. and Honorary Doctor of Engineering, Rensselaer Polytechnic Institute; MBA, Indiana University. Serves on JPM’s Risk Committee; the Board has determined she is independent under NYSE and firm standards.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Alto Pharmacy, LLC | Chief Executive Officer | 2022–present | Leads a highly regulated digital pharmacy; brings risk, regulatory, and operational insight to JPM’s Risk Committee. |
| Amazon.com, Inc. | SVP, Global Customer Fulfillment; Senior Team Member | 2021–2022 | Oversaw worldwide customer service operations, robotics and technology; deep technology/AI and fulfillment expertise. |
| Amazon.com, Inc. | VP, Global Customer Fulfillment | 2019–2021 | Global operations leadership across geographies and complex logistics. |
| General Motors Company | EVP, Global Manufacturing & Labor Relations | 2016–2019 | Enterprise-scale manufacturing, labor relations, and control environments. |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| Northwestern University | Trustee | Current | Governance experience in higher education. |
| Beaumont Health Systems | Board Member | Former | Health system oversight exposure. |
| CARE House of Oakland County | Board Member | Former | Community/child advocacy experience. |
| Other U.S.-listed public company boards (past 5 years) | — | None | No other U.S.-listed boards disclosed. |
Board Governance
- Committee assignments: Risk Committee member (no chair roles). The Risk Committee met 8 times in 2024.
- Independence: Board determined Alicia Boler Davis is independent under NYSE and firm standards.
- Attendance and engagement: The full Board met 10 times in 2024 (8 regular, 2 special), with executive sessions at each regular meeting; each director attended at least 75% of total Board and committee meetings.
- Years of service: Director since 2023.
Fixed Compensation
| Component (Director Compensation) | 2024 Amount | Detail/Source |
|---|---|---|
| Board cash retainer | $110,000 | Standard annual retainer for non-employee directors. |
| Committee member retainer (Risk) | $20,000 | Risk Committee member retainer. |
| Fees earned or paid in cash (reported) | $130,000 | Reported “Fees earned or paid in cash” for Boler Davis. |
| Other fees (Bank Board/specific purpose committees) | $20,000 | Reported “Other fees earned or paid in cash.” |
| Equity retainer (Deferred Stock Units) | $265,000 | Annual DSU grant; grant-date FMV $166.1950 per share. |
| Total 2024 director compensation | $415,000 | Sum of cash, other fees, and equity award. |
- Structure/policies: A significant portion of director pay is in common stock via DSUs; directors retain shares received for service while on the Board; no hedging/pledging of personally held director shares. Directors may elect to defer cash compensation (unsecured claim), including into stock units.
Performance Compensation
Directors do not receive performance-conditioned equity at JPM; standard annual equity is granted as Deferred Stock Units (not options/PSUs).
| Equity Plan Feature (Directors) | Term |
|---|---|
| Vehicle | Deferred Stock Units (one DSU = right to one JPM share at distribution). |
| Dividend treatment | Dividend equivalents credited in deferred stock units; no voting rights. |
| Distribution | In January following Board retirement, in lump sum or up to 15 annual installments, per director election. |
No option awards or performance-linked PSU awards are disclosed for non-employee directors.
Other Directorships & Interlocks
- Other U.S.-listed public company boards: None disclosed for past five years.
- Compensation Committee interlocks: None disclosed involving Boler Davis; CMDC interlock review notes no relevant insider participation in 2024.
Expertise & Qualifications
- Risk management and controls from senior executive roles; technology insights from leading Amazon’s global customer fulfillment, robotics and technology; regulated industries and international operations experience as a CEO in a highly regulated sector and former GM executive.
- Education: Northwestern University (B.S.); Rensselaer Polytechnic Institute (M.S., Honorary Doctor of Engineering); Indiana University (MBA).
Equity Ownership
| Ownership (as of Feb 28, 2025) | Shares/Units |
|---|---|
| Common stock beneficially owned | 285 |
| Additional underlying stock units (incl. unvested RSUs/DSUs/PSUs equivalents, if any) | 2,643 |
| Total (common + additional underlying stock units) | 2,928 |
- Alignment and policies: Directors must retain shares acquired via service while on the Board; director shares may not be hedged or pledged.
Governance Assessment
- Board effectiveness: Placement on the Risk Committee aligns with her deep operating, technology, and large-scale controls background (Amazon/GM), supporting oversight of strategic, operational, cybersecurity, and regulatory risks the committee covers.
- Independence and conflicts: The Board reviewed ordinary-course relationships, including provision of credit and other services to Alto Pharmacy, where she is CEO, and determined these were immaterial and did not impair independence; she is classified as independent under NYSE and firm standards.
- Attendance and engagement: The Board’s structure (10 meetings in 2024; executive sessions at each regular meeting) and policy that each director attended ≥75% indicate adequate engagement; Risk Committee met 8 times, consistent with robust risk oversight.
- Compensation/ownership alignment: Director pay emphasizes equity (annual $265,000 DSU grant) with strict anti-hedging/pledging and share-retention requirements, supporting shareholder alignment. Her reported 2024 total was $415,000 (cash and equity combined).
- Red flags: No pledging/hedging permitted; no disclosed attendance shortfalls; no related-party transactions deemed material; no option repricings or unusual director pay practices disclosed.