John McGinnis
ManpowerGroupAbout John McGinnis
John “Jack” T. McGinnis is Executive Vice President and Chief Financial Officer of ManpowerGroup, appointed in February 2016; he oversees worldwide finance, internal audit, enterprise risk, information security and privacy, and strategic sourcing, and in March 2025 also assumed responsibility for Global Technology, Information Security & Data Privacy, and Enterprise-wide Transformation . He holds a BBA in public accounting from Loyola University Chicago, is a CPA (Illinois), and has completed executive education at Harvard Business School . Age disclosed as 58 in 2025 investor materials . Company 2024 performance used in incentive calculations: EPS as calculated under comp plans $4.33, ROIC 6.8%, revenue $18.3B, and Adjusted EBITA Margin Percent 2.26% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ManpowerGroup | EVP & CFO | 2016–present | Global finance leadership; broadened remit to technology, infosec, privacy, and transformation (March 2025) |
| Morgan Stanley | Global Controller | 2014–2016 | Led financial accounting/controls, SEC/regulatory reporting, FP&A for large U.S. bank |
| HSBC North America Holdings / HSBC Bank USA | CFO, Controller | 2010–2014 (various) | CFO roles across NA and US bank; strengthened reporting and control environment |
| Ernst & Young | Partner (earlier Senior Manager) | 1989–2000s | Audit/Advisory leadership across US and Canada |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ManpowerGroup Greater China Limited | Director | Current | Governance for Greater China JV/affiliate |
| City Year Milwaukee | Executive Board member | Current | Community investment and education impact |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 746,750 | 769,153 | 769,153 |
| Stock Awards ($) (Grant-date fair value) | 5,499,981 | 3,000,035 | 3,073,437 |
| Non-Equity Incentive ($) | 740,000 | 296,354 | 349,700 |
| All Other Compensation ($) | 126,301 | 132,293 | 79,056 |
| Total ($) | 7,113,032 | 4,197,835 | 4,271,346 |
Additional comps/updates:
- Target bonus opportunity: 110% of salary (threshold 37%, outstanding 220%) .
- 2025 adjustment: base salary increased to $808,000 given expanded remit .
Performance Compensation
| Component | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| Annual EPS | 25% | $6.67 | Below threshold; payout 0% | Cash, annual |
| Annual ROIC | 25% | 9.7% | 6.8%; below threshold; payout 0% | Cash, annual |
| Annual Revenue | 20% | $19.0B | $18.3B (between threshold/target); payout 12.7% of salary ($97,759) | Cash, annual |
| Strategic KPIs | 30% | Committee-set | Below target; payout 32.8% of salary ($251,941) | Cash, annual |
| PSUs (2022–2024 cycle) | Predominant LTI | EBITA Margin % avg; gate; KPI modifier (pre-2024) | 2.80% average EBITA Margin; payout 62% of target; McGinnis PSUs earned 11,402 (incl. dividend equivalents) | Earned based on 3-year performance; settled Feb 2025 |
| PSUs (granted 2024) | 60% of LTI | EBITA Margin % avg with rTSR modifier (+/−25%) | In-flight (2024–2026) | 3-year, subject to EBITA gate and rTSR modifier |
| RSUs (granted 2024) | 40% of LTI | N/A | Granted 17,058 units; fair value $1,200,030 | 3-year cliff vest; dividend equivalents |
Equity Ownership & Alignment
| Metric | Value |
|---|---|
| Beneficial ownership (common) | 223,263 shares |
| Right to acquire within 60 days | 140,196 shares (options/vested RSUs) |
| Ownership as % of shares outstanding | <1% (company notes “* Less than 1%”) |
| Executive ownership guideline | 4× salary; target value $2,400,000; target shares 32,994 |
| Shares counted for guideline (as of 12/31/2024) | 140,961; status: in compliance (√) |
| Hedging/pledging | Prohibited for all covered persons (incl. executives) |
Outstanding equity (12/31/2024) summary:
- RSUs unvested: 12,261 (vesting 2025), 14,738 (vesting 2026), 17,812 (vesting 2027), career shares 25,544 (vesting 2027); market values at 12/31/2024 provided in proxy .
- PSUs in-flight (target-level): 22,107 (vesting 2026 with KPI modifier) and 26,717 (vesting 2027 with rTSR modifier) .
- Options outstanding: multiple legacy grants (e.g., strikes $75.07–$122.87; expiries 2026–2031); all unvested options out-of-the-money at $57.72 on 12/31/2024 .
Employment Terms
| Provision | Terms |
|---|---|
| Severance (no change-in-control) | Lump sum equals base salary + target annual incentive; CFO capped at 2× base salary |
| Change-in-control (double trigger) | 3× (base + target incentive) for CFO; health benefits for 18 months; outplacement up to one year |
| Prorated bonus upon qualifying termination | Prorated based on year of termination (actual financial metrics + target for KPIs for certain scenarios) |
| Equity treatment | Death/disability: options/RSUs vest; PSUs at target; retirement and CoC treatments as specified (PSUs pro-rata or target; RSUs vest per policy) |
| Non-compete | 1-year post-termination (exceptions in certain CoC scenarios) |
| Clawback | Senior Executive Compensation Recovery Policy compliant with SEC/NYSE; broad-based recovery policy for non-senior employees |
| Hedging/Pledging | Prohibited; no tax gross-ups; double-trigger required for CoC benefits |
Investment Implications
- Pay-for-performance alignment: 2024 annual incentive heavily reduced by below-threshold EPS and ROIC, with revenue delivering only partial payout; PSUs paid 62% for the 2022–2024 cycle on EBITA Margin, reinforcing profitability-focused long-term incentives .
- Enhanced shareholder alignment: 2024 PSU grants add an rTSR modifier (+/−25%), increasing sensitivity to relative stock performance; executive ownership guidelines are met, requiring 4× salary for the CFO and limiting share sales until compliant .
- Selling pressure risk appears contained: legacy options were out-of-the-money at year-end 2024, and corporate policy prohibits hedging/pledging; RSU/PSU vesting creates scheduled supply but with strong ownership limits and performance-dependence .
- Retention/transition considerations: Severance is competitive (3× under CoC, double-trigger), non-compete is one year, and 2025 salary increase reflects expanded remit (technology and transformation), suggesting organizational reliance and retention focus .
2024 company metrics used in incentive calculations (EPS $4.33; ROIC 6.8%; revenue $18.3B; Adjusted EBITA Margin % 2.26%) underscore a challenging environment and explain reduced cash incentive payouts, while the shift to rTSR in PSUs raises performance beta to shareholder returns .