Marc A. Alpert
LOEWSAbout Marc A. Alpert
Marc A. Alpert is Senior Vice President, General Counsel and Corporate Secretary of Loews Corporation; he is 62 and first became an executive officer in 2016 . As Corporate Secretary, he authors and oversees proxy materials and board communications, including the annual meeting notice and submissions procedures . Company performance context underpinning executive pay: 2024 consolidated net income was $1,414 million and “performance‑based income” (the bonus construct) was $1,865 million; 2020–2024 TSR (value of $100 initial investment) reached $196.96 by 2024, and management highlights ~33.8% five‑year book value per share growth .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Loews Corporation | Senior Vice President, General Counsel & Corporate Secretary | 2016–present | Oversees legal, governance, SEC filings, and board processes as Corporate Secretary |
External Roles
- No public company directorships or external roles disclosed in Loews filings reviewed .
Fixed Compensation
- The proxy caps base salary for named executive officers at $1 million, emphasizing variable, performance‑based pay; Marc A. Alpert’s specific base salary is not disclosed among NEOs .
Performance Compensation
Program architecture for executive officers (including the General Counsel) combines a cash incentive pool tied to “performance‑based income” and PRSUs tied to “performance‑based income per share,” with negative discretion retained by the Compensation Committee .
| Year | Metric | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| 2024 | Performance‑based income per share (PRSUs) | $4.15 per share | $8.46 per share | 100% of PRSUs earned (subject to time‑vesting) | 50% vests at 2 years; 50% at 3 years |
- Cash incentive pool: Established annually as a % of performance‑based income; awards set via target and maximum amounts and typically limited by negative discretion; 2024 performance‑based income was $1,865 million versus net income of $1,414 million .
Equity Ownership & Alignment
| Policy/Practice | Details |
|---|---|
| Anti‑hedging | Directors and executive officers are prohibited from hedging Loews common stock (e.g., collars, swaps, prepaid forwards) . |
| Anti‑pledging | Pledging of Loews securities is prohibited unless the loan is fully recourse and the insider can repay without liquidating the pledged stock . |
| Clawback | Mandatory recoupment of incentive compensation (cash and equity) for three completed fiscal years prior to a required restatement; repayment to the amount that would have been received under restated results . |
| Ownership | Executive officers and directors (and families) collectively own a substantial percentage of common stock; single class of common stock aligns interests with shareholders . |
| Director ownership guideline | Non‑employee directors must hold stock valued at ≥3x the $125,000 annual cash retainer; compliance noted . |
Note: Individual beneficial ownership, vested/unvested shares, options/SARs, or pledging activity for Marc A. Alpert are not disclosed in the filings reviewed .
Employment Terms
| Term | Disclosure |
|---|---|
| Employment agreements | Loews does not maintain employment agreements for its executive officers . |
| Change‑of‑control severance | No agreements to pay severance upon a change in control for executive officers . |
| Incentive plan governance | PRSUs and cash incentives administered with negative discretion; grants typically made annually in Q1; equity awards not timed to non‑public information . |
| Consultant | Semler Brossy assists with benchmarking and program design . |
Company Performance Context (Pay‑versus‑Performance reference)
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| TSR – Value of $100 Investment | $86.31 | $121.37 | $123.10 | $153.46 | $196.96 |
| Peer Group TSR – Value of $100 Investment | $86.28 | $119.40 | $146.31 | $154.87 | $239.21 |
| Net Income ($USD Millions) | $(931) | $1,562 | $822 | $1,434 | $1,414 |
| Performance‑based Income ($USD Millions) | $836 | $1,211 | $1,159 | $1,601 | $1,865 |
Additional compensation governance signals:
- 2024 Say‑on‑Pay approval: 96%; five‑year average ~95% .
- Equity plan discipline: 2024 burn rate ~0.1%; three‑year average ~0.1%; 2024 overhang ~2.7% .
- No repricing; no single‑trigger acceleration; non‑employee director annual award cap ($500k) in new 2025 plan .
Investment Implications
- Compensation alignment: Executive pay is tightly linked to performance‑based income (cash) and performance‑based income per share (PRSUs), with strict clawback, anti‑hedging, and restricted pledging—reducing misalignment and short‑term risk taking .
- Retention and selling pressure: Multi‑year PRSU vesting (50% at 2 years, 50% at 3 years) creates staggered delivery; monitor Form 4 activity around vest dates (2026–2027 for 2024 grants) and any deferral elections or tax‑motivated sales for senior officers; individual Form 4 data for Marc A. Alpert not disclosed in these filings .
- Change‑of‑control economics: Absence of employment and CoC severance agreements limits windfalls and reduces deal‑related payout optionality for executive officers, pointing to structurally modest CoC risk premia .
- Governance and shareholder signals: High Say‑on‑Pay support and conservative equity plan features (no evergreen, no repricing) indicate strong investor acceptance of pay design; program relies on committee judgment and negative discretion rather than formulaic payouts—watch committee calibration during soft earnings cycles .