Noémie Heuland
MOODYS CORP /DE/About Noémie Heuland
Noémie Heuland is Senior Vice President and Chief Financial Officer of Moody’s, responsible for the global finance organization; she joined on April 1, 2024 after serving as CFO of Dayforce and holding senior finance roles at SAP and PwC . She holds an M.S. in Finance and Accounting (Audencia/Nantes) and a degree in international finance from American University; she is a CPA . Company performance during her first year as CFO: 2024 revenue $7,088 million (+20% YoY), GAAP diluted EPS $11.26 (+29% YoY), and operating income $2,875 million (+35% YoY) . Moody’s one-year TSR was 22.16% (72nd percentile vs peers) and three-year TSR was 24.46% (67th percentile), reflecting strong stockholder returns over her early tenure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Dayforce (formerly Ceridian) | EVP & CFO | 2020–2023 | Scaled a category-leading SaaS business; public-company finance leadership across global markets . |
| SAP | CFO, Latin America & Caribbean; other senior finance roles | 2008–2020 (LAC CFO 2018–2020) | Led finance during SAP’s SaaS transition; multi-region leadership (Europe/Americas) . |
| PwC | Assurance/Advisory (Technology, Media & Entertainment) | ~1999–2008 | Advised multinational public/private companies; CPA foundation . |
Fixed Compensation
| Component | 2024 | Notes |
|---|---|---|
| Base Salary (rate) | $750,000 | Initial annual base on appointment . |
| Salary Paid (SCT) | $562,500 | Partial-year salary reported in SCT . |
| Target Annual Bonus | $1,000,000 | 2024 target . |
| Actual Annual Bonus Paid | $1,350,000 | 135% of target (paid March 7, 2025) . |
| Perquisites & Other Personal Benefits | $103,787 | Relocation expenses per listing; total other comp $134,037 . |
| Company DC Contributions | $30,250 | Profit Participation Plan + Deferred Compensation Plan . |
Performance Compensation
| Program | Metric | Weighting | Target/Scale | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Cash Incentive (2024) | Financial (MIS Operating Income; MA Operating Income; MA ARR) | 67% | Targets set from budget (threshold, target, max) | Overall payout 135% of target for Heuland | Cash; paid Mar 7, 2025 . |
| Annual Cash Incentive (2024) | Strategic & Operational OKRs (customers, GenAI, platform, people, risk) | 33% | Qualitative OKRs assessed by Committee | Included in 135% payout | Cash. |
| 2024 PSUs (2024–2026 cycle) | MCO EPS for Compensation Purposes | 50% | Three-year goals; target shares: 3,064; max: 6,128 | Earned at end of cycle (payout 0–200% of target) | Vests Mar 1, 2027 . |
| 2024 PSUs (2024–2026 cycle) | MIS Ratings Performance | 25% | Three-year goals (proprietary) | Earned at end of cycle | Vests Mar 1, 2027 . |
| 2024 PSUs (2024–2026 cycle) | MA Cumulative Revenue | 25% | Three-year goals | Earned at end of cycle | Vests Mar 1, 2027 . |
| 2024 RSUs | Time-based RSUs | — | 1,021 RSUs granted | Dividend equivalents only upon vest | 25% on 5/7/2025; then 3/1/2026, 3/1/2027, 3/1/2028 . |
| 2024 Stock Options | Options (exercise price $391.67) | — | 3,132 options granted (annual LTI) | Value only if stock > strike | Four annual installments from 5/7/2025; expire 5/7/2034 . |
Additional program features: minimum one-year vesting for equity, clawback covering restatements and misconduct, 75% hold-until-met ownership requirement, and anti-hedging/anti-pledging policy .
Equity Ownership & Alignment
| Ownership & Awards | Quantity | Market/Payout Value | Notes |
|---|---|---|---|
| Beneficial Ownership (Dec 31, 2024) | 0 shares | 0 | As of Dec 31, 2024 beneficial shares were “—” . |
| RSUs Not Vested | 1,021 | $483,311 | As of Dec 31, 2024; vest schedule noted above . |
| PSUs (Unearned/Max eligible) | 6,128 | $2,900,811 | PSUs for 2024–2026 cycle; vest Mar 1, 2027 . |
| Options Unexercisable | 3,132 | N/A | Exercise price $391.67; expire May 7, 2034 . |
| Ownership as % of Shares Outstanding | 0.000% | — | 179,889,327 shares outstanding (record date) . |
Stock ownership guidelines: 3× base salary for NEOs; 75% net shares retention until target met; the Company states each NEO was in compliance as of Dec 31, 2024 . Anti-pledging and anti-hedging policies prohibit short sales, margin pledging, and derivatives hedging . Option exercises and stock vested: no exercises/vesting reported for Heuland in 2024, consistent with grant timing .
Employment Terms
- Employment start: April 1, 2024; appointed SVP & CFO; initial annual base salary $750,000; 2024 target bonus $1,000,000; one-time equity grant $2,000,000 (60% PSUs, 20% RSUs, 20% options); eligible for annual LTI starting 2025 with target $3,050,000 .
- No employment agreement; U.S. executives are at-will .
- Severance (CTP): up to 52 weeks salary continuation (26 weeks for unsatisfactory performance or <1 year of service), continued benefits, outplacement; prorated bonus if employed ≥6 months in year; subject to non-compete/non-solicit/confidentiality during benefit period (generally one year) .
- Change-in-control (CICP): double trigger (termination within 90 days before or 2 years after a change-in-control by company without Cause or by executive for Good Reason); cash severance 2× (base salary + target annual incentive) plus 2 years medical/dental; two-year non-compete/non-solicit; no excise tax gross-ups .
- Clawback: recoupment for restatements (without regard to misconduct for pre-Oct 2, 2023 awards), unlawful activity/fraud/misconduct causing material financial harm .
- Equity award grant practices: grants typically 3–5 business days post 10-K filing; Heuland’s new-hire grant on May 7, 2024 (third trading day post 1Q 10-Q filing) disclosed with strike price and fair value .
Performance & Track Record
- 2024 financial performance: revenue $7,088m (+20% YoY); adjusted diluted EPS $12.47 (+26% YoY); operating income $2,875m (+35% YoY; adjusted $3,408m, +31% YoY) .
- TSR: one-year 22.16% (S&P 500: 24.89%); three-year 24.46% (S&P 500: 28.95%); peer percentile ranks of 72% (1-year) and 67% (3-year) .
- Individual achievements cited by the Committee for 2024 bonus determination: successful CFO transition, leadership of financial strategy and efficiency, enhanced investor communications, cash/capital management (including share repurchases), audit firm oversight, culture/engagement contributions, and sustainability reporting support—leading to a 135% payout of target .
Compensation Peer Group (Program Governance)
Peer companies used for benchmarking include CME Group, Gartner, Nasdaq, Equifax, Global Payments, S&P Global, Fair Isaac, Intercontinental Exchange, Thomson Reuters, Fidelity National Information Services, Marsh & McLennan, Verisk Analytics, Fiserv, MSCI, and Workday; Moody’s ranks 76th percentile by market cap and 46th percentile by revenue among peers .
Say-on-Pay & Shareholder Feedback
Say-on-pay support in 2024 was ~93%, with over 90% support in each of the last five years; the Committee made no program changes in response to the vote . A shareholder proposal to ratify certain executive severance arrangements above 2.99× cash was opposed by the Board, citing an existing cash severance policy requiring stockholder ratification above the threshold .
Investment Implications
- Pay-for-performance alignment: Majority of compensation is at-risk via annual incentives and multi-year PSUs, RSUs, and options; 2024 payout at 135% reflects strong execution and above-target performance .
- Retention and vesting calendar: New-hire equity grants vest in 2025–2028 (RSUs) and 2027 (PSUs); options begin vesting in 2025 with 2034 expiry—creating structured retention and potential selling pressure windows post-vesting, subject to anti-hedging/pledging and trading windows under STP .
- Ownership alignment: Despite zero beneficial shares at 2024 year-end, RSUs/PSUs and ownership guidelines (3× salary with 75% retention) indicate increasing alignment over time; policy prohibits pledging, reducing leverage risk .
- Downside protection and change-of-control economics: Double-trigger CICP at 2× cash for NEOs and robust clawback reduce adverse incentive risks; no tax gross-ups viewed favorably by governance-focused investors .