Jane J. Wang
LOEWSAbout Jane J. Wang
Senior Vice President and Chief Financial Officer of Loews Corporation since 2022; she chairs the company’s Risk Council and ESG Working Group, and regularly certifies Loews’ 10‑Q filings under Sections 302 and 906 of Sarbanes‑Oxley . In 2024, Loews reported net income of $1,414 million and “performance‑based income” of $1,865 million used for incentive pay determination; the 2020–2024 TSR rose to $196.96 per initial $100 investment, with peer group TSR at $239.21 . In Q3 2025 remarks, Wang highlighted 26% YoY net income growth, 34% EPS growth, and book value per share excluding AOCI up ~7% year‑to‑date, driven by CNA and Boardwalk performance . Age and education were not disclosed in the cited filings.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Loews Corporation | Senior Vice President and Chief Financial Officer | 2022–present | Leads capital allocation and risk oversight; chairs Risk Council and ESG Working Group |
External Roles
No external public company directorships or board committee roles for Wang were disclosed in Loews’ 2025 Proxy Statement .
Fixed Compensation
Multi-year compensation for Jane J. Wang:
| Metric (USD) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary | $545,230 | $784,616 | $900,000 |
| Non-Equity Incentive Plan Compensation (Actual Bonus Paid) | $1,400,000 | $1,650,000 | $2,050,000 |
| Stock Awards (Grant-Date Fair Value) | $500,000 | $800,000 | $800,000 |
2024 incentive plan parameters:
| Parameter | 2024 Value |
|---|---|
| Share of 4.5% Bonus Pool Allocated | 8.9% |
| Target Award | $2,050,000 |
| Maximum Award | $2,750,000 |
Notes:
- Base salary was increased to $900,000 in 2024 as part of a multiyear strategy reflecting expanded CFO responsibilities .
Performance Compensation
2024 PRSU structure and outcomes:
| Metric | Target | Actual | Payout | Vesting |
|---|---|---|---|---|
| Performance‑Based Income per Share (2024) | $4.15 per share | $8.46 per share | 100% of PRSUs earned | 50% vests on 2/5/2026; 50% on 2/5/2027 |
| Grant Details (2/5/2024) | — | — | — | 10,951 PRSUs ($800,000 grant-date fair value) |
Vesting schedule detail:
| Tranche | Vest Date | Shares | Source |
|---|---|---|---|
| Tranche 1 | 2/5/2026 | 5,475.5 | |
| Tranche 2 | 2/5/2027 | 5,475.5 |
Special SAR grants (awarded 2/17/2025; non-recurring, performance-aligned):
| Award | Exercise Price | Quantity | Term | Exercisable | Grant-Date Fair Value |
|---|---|---|---|---|---|
| SAR Tranche 1 | $100/share | 75,000 | 10 years | 7 years after grant | $3,070,125 (aggregate SARs) |
| SAR Tranche 2 | $150/share | 112,500 | 10 years | 7 years after grant | — |
| SAR Tranche 3 | $200/share | 150,000 | 10 years | 7 years after grant | — |
Key SAR terms:
- Settlement in shares unless Company elects cash; subject to clawback .
- Forfeiture on termination other than death/disability or without cause/for good reason; limited post‑termination exercise windows, but only if after the 7‑year exercisability date .
Equity Ownership & Alignment
Beneficial ownership and outstanding awards:
| Item | As of | Amount | Notes |
|---|---|---|---|
| Beneficial Ownership (Shares) | 3/18/2025 | 12,312 | <1% of class |
| Unvested RSUs | 12/31/2024 | 17,325 | Market value $1,467,254 |
| Unearned PRSUs (2024 grant) | 12/31/2024 | 10,951 | Market value $927,440; earned 100% in Q1’25, still time‑vesting |
| Options/SARs (legacy plan, exercisable) | 12/31/2024 | 0 | No exercisable SARs/options disclosed for Wang at 12/31/2024 |
| Anti‑hedging / Anti‑pledging Policy | Policy | Prohibits hedging; pledging restricted unless fully recourse and repayable without stock liquidation | |
| Executive Ownership Alignment | Ongoing | Strong alignment cited; group ownership substantial |
Employment Terms
| Term | Disclosure |
|---|---|
| Employment Agreements | None; no executive employment agreements |
| Severance (Change‑in‑Control) | No agreements to pay severance upon a change in control |
| Clawback | Executive incentive compensation (cash and equity) subject to recoupment for applicable restatements; SARs subject to clawback |
| Incentive Plan Governance | 2025 Incentive Compensation Plan prohibits single‑trigger acceleration, repricing, below‑market grants; includes clawback |
| Change‑in‑Control Treatment (Plan) | Performance awards deemed at target; vesting contingent on continuation/assumption; double‑trigger vesting within 18 months if terminated without cause/for good reason |
Performance & Track Record
- 2024 pay-versus-performance: company TSR rose to $196.96 vs peer group TSR $239.21; net income $1,414m; performance‑based income $1,865m .
- Q3 2025 results commentary (Wang): net income $504m vs $401m YoY (+26%); EPS up 34%; book value per share ex‑AOCI up ~7% YTD; CNA net income contribution $371m (+40% YoY); Boardwalk EBITDA +7% YoY to $267m .
- Governance and risk: CFO chairs Risk Council and ESG Working Group, supporting enterprise risk management and ESG oversight .
- Say‑on‑Pay: 96% approval at 2024 annual meeting; five‑year average ~95% .
Compensation Committee Analysis
- Committee composition: Compensation Committee chaired by Susan P. Peters; members Charles M. Diker, Paul J. Fribourg, Walter L. Harris; fully independent .
- 2024 structure: 4.5% bonus pool tied to “performance‑based income”; negative discretion applied; individual targets and maximums set; PRSUs earned on performance‑based income per share .
Investment Implications
- Near‑term supply events: 2024 PRSUs earn out fully based on 2024 performance and time‑vest 50% on 2/5/2026 and 50% on 2/5/2027 (10,951 units), which may create calendar‑driven liquidity considerations around vest dates .
- Long‑dated SARs reduce near‑term selling pressure: special 2025 SARs (exercisable only after 7 years, 10‑year term) align upside to substantial share‑price appreciation thresholds ($100/$150/$200), limiting monetization until ~2032 while strengthening retention .
- Alignment and risk controls: absence of executive employment/CIC severance agreements, robust clawback, and anti‑hedging/pledging policies indicate strong pay‑for‑performance and shareholder‑friendly governance .
- Execution signal: Wang’s Q3 2025 remarks underscore operational strength at CNA and Boardwalk and improving book value per share, supportive for performance‑linked equity value realization over vesting horizons .