Anne M. Mulcahy
LPL Financial HoldingsAbout Anne M. Mulcahy
Anne M. Mulcahy, age 72, has served on LPL Financial Holdings Inc.’s Board since 2013 and is an independent director who chairs the Nominating and Governance Committee . She is the former Chair and CEO of Xerox Corporation, led a major turnaround, and holds a B.A. from Marymount College of Fordham University; she also chaired Save the Children’s board of trustees and currently chairs the Nature Conservancy of Connecticut .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Xerox Corporation | Chief Executive Officer | Aug 2001 – Jul 2009 | Led transformational turnaround; deep management and strategic execution experience |
| Xerox Corporation | Chair of the Board | Jan 2002 – May 2010 | Organizational effectiveness; innovation and financial management insights |
| Xerox Corporation | President & COO | Prior to CEO (dates not specified) | Operational and talent development leadership |
| Save the Children Federation, Inc. | Chair, Board of Trustees | Mar 2010 – Feb 2017 | Governance leadership; remains Chairman Emeritus |
| Nature Conservancy of Connecticut | Chair | Current (as disclosed) | Environmental stewardship oversight |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Johnson & Johnson | Director; Lead Independent Director | Current | Lead independent director responsibilities |
| Graham Holdings Company | Director | Current | Public company board experience |
| Williams-Sonoma, Inc. | Director | Past 5 years | Prior public board role |
Board Governance
- Committee assignments: Chair, Nominating and Governance Committee; no current Audit & Risk or Compensation Committee membership .
- Independence: Board affirmatively determined Mulcahy is independent under Nasdaq rules .
- Attendance and engagement: In 2024, the Board held 12 meetings; each director attended at least 75% of Board and applicable committee meetings, and all ten nominees attended the 2024 annual meeting (one by phone) .
- Committee activity: Nominating & Governance Committee met four times in 2024 and oversees board evaluations and ESG program; Mulcahy serves as chair .
- Board practices: Majority voting in uncontested elections, proxy access, anti-pledging/hedging policy for directors, director overboarding expectations (≤4 public boards if not a public-company CEO) .
Fixed Compensation
| Component | 2024 Structure/Policy | Amounts (2024) |
|---|---|---|
| Annual Board retainer (cash) | Cash portion of retainer (electable in stock) | $100,000 (policy) |
| Annual Board retainer (equity) | Restricted stock under 2021 Plan | $185,000 grant-date value (policy) |
| Committee chair fee | Nominating & Governance Chair | $20,000 (cash) |
| Total director policy retainer | Cash + equity (excl. committee fees) | $285,000 (policy) |
| Vesting | 2024 director RS awards vest date | May 21, 2025 |
| Grant price reference | RS grant valuation basis | $268.64 closing price on grant date |
| Mulcahy – Fees Earned/Paid in Cash | Actual cash (incl. stock election, if any) | $126,754 |
| Mulcahy – Stock Awards | Aggregate grant-date fair value | $187,779 |
| Mulcahy – Total | Total 2024 director comp | $314,533 |
| Mulcahy – RS shares outstanding at 12/31/24 | Restricted stock count | 699 shares |
Notes:
- Directors may elect to receive the cash portion in fully vested shares; Mulcahy’s cash column includes such elections where applicable .
- No directors made deferral elections in 2024; prior deferrals vest per original schedules, with DSUs issued upon separation or change in control .
Performance Compensation
| Metric | Structure | 2024 Disclosure |
|---|---|---|
| Director equity performance metrics | Not applicable to directors | Director equity is time-based restricted stock; no performance metrics disclosed |
Other Directorships & Interlocks
- Current public boards: Johnson & Johnson (Lead Independent Director), Graham Holdings Company .
- Prior public boards (past 5 years): Williams-Sonoma, Inc. .
- Related-party/transactions: No director-specific related-party transactions disclosed for Mulcahy; related-party revenues disclosed only with Vanguard ($0.1m) and BlackRock ($24.7m) in ordinary course agreements for 2024 .
- Overboarding check: Company guideline expects ≤4 boards for non-CEOs; Mulcahy’s current total (LPLA + JNJ + GHCO) is within guideline .
Expertise & Qualifications
- Led Xerox through a transformational turnaround, with deep experience in business management, strategic execution, and organizational effectiveness .
- Insights in innovation, financial management, and talent development; leadership roles in trade associations and public policy; lead independent director experience at Johnson & Johnson .
Equity Ownership
| Holder | Direct/Indirect Shares | Rights to Acquire (60 days) | DSUs (Vested/Unvested) | Total Beneficial Ownership | % of Outstanding |
|---|---|---|---|---|---|
| Anne M. Mulcahy | 35,461 | — | — / — | 35,461 | <1% (*) |
| RS outstanding (12/31/24) | 699 shares (unvested RS) | — | — | 699 (RS reported separately) | — |
Notes:
- Ownership guidelines: Directors must hold ≥5× the cash portion of the annual board retainer; as of March 24, 2025, all non-employee directors satisfied the requirement .
- Insider Trading Policy prohibits pledging and hedging by directors, supporting alignment with stockholders .
- Deferred Compensation Plan: DSUs issued only upon separation or change in control; no new deferrals in 2024 .
Governance Assessment
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Strengths and signals:
- Independent status and chairmanship of the Nominating & Governance Committee, which oversees board evaluations and ESG, indicate active governance stewardship .
- Strong attendance culture (≥75% for each director), with 12 Board meetings in 2024 and full annual meeting attendance, supports engagement .
- Ownership alignment via RS awards, 5× retainer ownership guideline compliance, and anti-pledging/hedging policy .
- Director compensation structure increased the equity portion by $30,000 in 2024 to trend with peer medians, reinforcing equity alignment without adding meeting fees or options .
- Majority voting, proxy access, and annual director elections enhance accountability to stockholders .
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Potential conflicts and red flags:
- No related-party transactions disclosed involving Mulcahy; related-party revenue limited to ordinary-course arrangements with Vanguard and BlackRock .
- Overboarding risk appears contained under company guidelines (≤4 boards for non-CEOs); Mulcahy’s current boards are within the limit .
- No hedging or pledging permitted for directors, mitigating alignment risks .
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Committee evolution note:
- In 2024, the Nominating & Governance Committee recommended that William F. Glavin, Jr. succeed Mulcahy on the Compensation Committee; Mulcahy currently chairs Nominating & Governance .