Laura Prieskorn
About Laura Prieskorn
Laura L. Prieskorn (age 57) is President, CEO and Director of Jackson Financial Inc. (JXN), roles she has held since 2021 after 30+ years at the company across COO (2019–2021) and senior administration leadership (2009–2019); she holds a B.B.A. from Central Michigan University . Under her tenure, Jackson reported FY2024 net income attributable to common shareholders of $902 million, Adjusted Operating ROE of 12.9%, RBC of 572% at JNL, and $631 million of capital return (dividends + buybacks), with retail annuity sales up 39% and 2024 TSR at the 94th percentile vs S&P Insurance Select Industry Index; the board set a 2025 capital return target of $700–800 million .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Jackson Financial Inc. | Chief Executive Officer; President | 2021–present | Drove diversified annuity mix and capital return; 2024 retail annuity sales +39% YoY; RBC 572%; 2024 TSR 94th percentile vs S&P Insurance Select Industry Index; 2025 capital return target $700–800m . |
| Jackson Financial Inc. | Chief Operating Officer | 2019–2021 | Led operations as company prepared for and executed public-company transition (NY Stock Exchange listing Sept 2021) . |
| Jackson Financial Inc. | SVP, Chief Administration Officer | 2009–2019 | Long-tenured leadership across operations, human capital and risk management contributing to scalable operating platform . |
| Jackson Financial Inc. | Various positions | 1991–2009 | Progressive roles building institutional knowledge in distribution, operations and risk . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| American Council of Life Insurers | Board member | 2021–present | Industry trade association engagement . |
Fixed Compensation
| Item | 2024 |
|---|---|
| Base salary (as of Dec 31, 2024) | $1,100,000 |
| Salary paid (FY2024) | $1,084,616 |
| Target bonus (% of salary) | 200% |
| Actual bonus payout (% of target) | 134.1% |
| Actual bonus paid (FY2024) | $2,950,200 |
| Perquisites (FY2024) | $104,727 (incl. $78,575 personal aircraft use) |
| 401(k) company contribution (FY2024) | $41,400 |
Multi‑year summary of reported compensation:
| Metric ($) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary | 1,000,000 | 1,000,000 | 1,084,616 |
| Stock awards | 6,187,302 | 6,332,212 | 8,007,381 |
| Non‑equity incentive plan (annual bonus) | 1,800,000 | 3,500,000 | 2,950,200 |
| All other compensation | 74,120 | 143,110 | 146,127 |
| Total compensation | 9,094,713 | 10,975,322 | 12,188,324 |
Performance Compensation
2024 Annual Incentive (Cash)
| Metric | Weight | Threshold | Target | Maximum | Outcome | Payout % | Weighted payout |
|---|---|---|---|---|---|---|---|
| Pretax Adjusted Operating Earnings (Adj. for plan corridor) | 60% | $1,357m | $1,696m | $2,035m | $1,815m | 135.1% | 81.0% |
| Controllable Costs (Adj.) | 20% | $847m | $770m | $693m | $735m | 145.5% | 29.1% |
| Key Strategic Objectives | 20% | Qualitative | Qualitative | Qualitative | Target+ | 120.0% | 24.0% |
| Total payout | 134.1% |
Notes: 2024 strategic objectives encompassed balance sheet health (RBC; Brooke Re), distribution growth and corporate responsibility initiatives .
Long‑Term Incentive Awards (granted 2024)
Grant composition (target):
- PSUs: 77,294 units; grant date fair value $4,924,401; vest on 3/10/2027 subject to 2024–2026 performance and rTSR modifier .
- RSUs: 51,529 units; grant date fair value $3,082,980; vest in three equal tranches on 3/10/2025, 3/10/2026, 3/10/2027 .
2024–2026 PSU performance goals:
| Measure | Weight | Threshold (50%) | Target (100%) | Maximum (200%) |
|---|---|---|---|---|
| Net Cash Flow to JFI (non‑GAAP, adj.) | 50% | $1,225m | $2,449m | $3,674m |
| Adjusted Operating ROE (adj.) | 50% | 11.1% | 13.9% | 16.7% |
| Relative TSR modifier vs S&P Insurance Select Industry Index | – | Top quartile = 120%; 2nd/3rd = 100%; bottom = 80% (cap 200% overall) |
2022 PSU award (performance period 2022–2024) certified at 99.8% of target; vested 3/10/2025 .
2025 “Pay vs Performance” disclosure (context)
Cumulative TSR (base $100 at 9/20/2021): JXN $398.78 vs peer index $162.63 (through 12/31/2024). CEO CAP (SEC-defined) = $33.0m (2024), reflecting stock-based value changes; net income $902m; Net Cash Flow to JFI $896m .
Equity Ownership & Alignment
- Beneficial ownership: 338,183.01 common shares; <1% of shares outstanding (as of record date 3/25/2025) .
- Unvested/Outstanding equity at 12/31/2024 (market value at $87.08/share):
Award Units Market/Payout Value 2024 RSU Award 51,668 $4,499,249 2024 PSU Award (shown at max pending performance) 160,225 $13,952,393 2023 PSU Award (shown at max pending performance) 198,558 $17,290,431 2023 RSU Award 42,743 $3,722,060 2022 RSU Award 23,748 $2,067,976 2022 PSU Award (earned at 99.8%, vested in 2025) 110,223 $9,598,219 - Vested in 2024: 135,567 shares; value realized $8,701,261 (includes RSUs/PSUs and dividend equivalents) .
- Stock ownership guidelines: CEO required holdings = 7× base salary; NEOs in compliance .
- Hedging/pledging: Prohibited; no directors or executive officers have hedged or pledged company shares . Insider Trading Policy also prohibits short sales, options, and pledging by Section 16 insiders; 10b5‑1 adoptions/terminations by Section 16 insiders are disclosed in 10‑Q/10‑K with plan details .
- Deferred compensation (MDIP): 2024 earnings $108,179; balance $2,315,587; no 2024 contributions by Prieskorn .
Employment Terms
- Severance: Covered by Jackson Financial Inc. Severance Plan (effective Nov 7, 2022). CEO multiple = 2.0× “severance compensation basis” (base salary + target annual bonus for year of termination + 12 months COBRA). Includes pro‑rated current‑year bonus and prior year’s earned bonus if unpaid; release required .
- Change in control: No standalone CIC cash severance plan. Equity awards: no automatic vesting on CIC if awards are assumed/substituted; double‑trigger acceleration if involuntary termination without cause or resignation for good reason within 24 months post‑CIC; single‑trigger vesting only if awards are not assumed .
- Qualifying retirement: For most NEO awards (age/service met), PSU/RSU vesting continues on schedule with performance measured over the full cycle (subject to restrictive covenants and release), with at least 6 months from grant to termination (waived for involuntary without cause for the 6‑month requirement) .
- Clawback: SEC/NYSE‑compliant policy effective Dec 1, 2023 with three‑year lookback for restatements; expanded to allow recoupment for breaches of law, Code of Conduct/Financial Ethics, or other serious misconduct causing material harm .
- Perquisites: Corporate aircraft (business priority; personal use taxable at SIFL; no tax gross‑ups), financial planning/tax prep (to $15,000), executive physicals .
Estimated potential payments (as if at 12/31/2024):
| Scenario | Cash Severance | Accrued Bonus | Unvested Stock Awards | Total |
|---|---|---|---|---|
| Death | – | $2,950,200 | $35,528,082 | $38,478,282 |
| Disability | – | $2,950,200 | $51,130,328 | $54,080,528 |
| Involuntary termination (without cause) | $6,649,184 | $2,950,200 | $51,130,328 | $60,729,712 |
| Resignation for good reason | $6,649,184 | $2,950,200 | $51,130,328 | $60,729,712 |
| Qualifying change in control (if awards not assumed) | – | – | $35,528,082 | $35,528,082 |
| Qualifying retirement | – | $2,950,200 | $51,130,328 | $54,080,528 |
Board Governance (Director Service, Committees, Independence)
- Board service: Director since February 2021; CEO and President .
- Independence: Not independent (all other directors except CEO are independent) .
- Leadership structure: Independent Chair (Steven A. Kandarian); separate Chair/CEO roles. Independent directors meet in executive sessions at each regular Board meeting .
- Committees: Four standing committees (Audit; Compensation; Finance & Risk; Nominating & Governance), all composed entirely of independent directors; CEO is not a member .
- Attendance: In 2024, Board met 9 times; each current director attended at least 75% of Board and committee meetings; all directors attended the 2024 annual meeting .
- Director compensation: Employee‑director (Prieskorn) receives no pay for Board service .
Director compensation framework (context for governance quality):
- Non‑employee director annual cash retainer $125,000; equity retainer $165,000 (Chair: $270,000 cash; $330,000 equity). Committee chair retainers: Audit $35,000; Comp $30,000; Finance & Risk $35,000; N&G $20,000 .
Compensation Committee & Peer Group
- Compensation Committee: Chair Esta E. Stecher; members Gregory T. Durant, Steven A. Kandarian, Drew E. Lawton; independent; 7 meetings in 2024 .
- Independent consultant: Mercer (US) LLC; NYSE/SEC independence assessed; no conflicts .
- 2024 plan refinements: LTI shifted to 50% Net Cash Flow to JFI (from 60% “Generation of Net Cash Flow Available to JFI”) and 50% Adjusted Operating ROE; revised PPM bonus pool metrics .
- 2024 compensation peer group: Ameriprise, Brighthouse, CNO, Corebridge (replacing American Equity post-acquisition), Equitable, Genworth, Guardian, Lincoln National, Pacific Life, Principal, Unum, Voya .
Say‑on‑Pay & Shareholder Feedback
- 2024 Say‑on‑Pay support: nearly 98% of votes cast “FOR” .
- Shareholder engagement: >50 meetings in 2024 with holders representing >30% of shares outstanding; fall outreach to governance teams representing ~40% SO; independent Chair led most sessions; key topics included performance, compensation design (incl. TSR modifier) and governance/corporate responsibility .
Related‑Party & Policy Controls
- Related party transactions policy with Audit Committee oversight; certain categories pre‑approved (e.g., executive/director comp, ordinary‑course transactions) .
- Disclosed relationship: CEO’s sister‑in‑law (Hilary Cranmore, VP, Policy Owner Services) received ~$947,393 total comp/long‑term incentives in 2024; company states such relationships are on ordinary‑course terms .
- Hedging/pledging prohibition for insiders; blackout windows, pre‑clearance, discouragement of standing/limit orders; detailed Rule 10b5‑1 plan protocols and public disclosure of insider plan adoptions/terminations .
Expertise & Qualifications
- Skills: Executive leadership; audit/financial reporting; strategic operations; corporate governance; finance/capital markets; investment management; human capital; insurance; risk management; technology/cybersecurity .
Investment Implications
- Pay‑for‑performance alignment: High at‑risk mix with objective scorecards; 2024 annual bonus paid at 134.1% on strong Adj. Op. earnings and cost control; LTI metrics focus on cash generation to parent and ROE with rTSR modifier—directly tied to capital return capacity and returns on equity .
- Retention and overhang: Meaningful unvested PSUs/RSUs outstanding with multi‑year horizons (key PSU vest in 2026/2027), stock ownership guideline of 7× salary (in compliance), and robust clawback reduce misalignment and retention risk; scheduled RSU tranches (March annually) and PSU settlements can create predictable liquidity windows, often executed under 10b5‑1, limiting ad‑hoc selling pressure .
- Governance risk mitigants: Independent Chair, fully independent committees, strict hedging/pledging bans, and strong shareholder engagement (98% Say‑on‑Pay) offset dual‑role concerns from CEO also serving as director .
- Red flags to monitor: Related‑party employment of a family member (ordinary‑course per disclosure), and continued reliance on non‑GAAP measures in incentive plans (with defined adjustment policies); no excise tax gross‑ups, no option repricing, and prohibitions around hedging/pledging are shareholder‑friendly .
- Performance track record: Strong TSR since listing and 2024 94th percentile relative TSR, expanding RILA and fixed annuity mix, and elevated capital returns suggest alignment of incentives with shareholder value creation under Prieskorn’s leadership; watch delivery versus 2025 $700–800m capital return target and execution on diversified sales momentum .