John D. McCallion
METLIFEAbout John D. McCallion
Executive Vice President, Chief Financial Officer, and Head of MetLife Investment Management (MIM). Responsible for financial reporting, treasury, corporate actuarial, tax, investor relations, M&A, and oversight of ~$600B AUM at MIM . CFO since 2018; joined MetLife in 2006 after PricewaterhouseCoopers . Education: referenced as a Syracuse graduate in conference materials . Company performance under his tenure has emphasized ROE improvement and cash generation; in 2024 the Company’s Pay vs Performance disclosure shows Company TSR value of $190.54 (vs peer group $171.87) and Adjusted Earnings of $5,796 million .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MetLife | Executive Vice President & CFO; Head of MIM | Since 2018 (CFO) | Led finance and MIM; executed asset management M&A (agreements to acquire PineBridge Investments and portfolio teams from Mesirow); maintained capital adequacy ratios above targets; drove AI experimentation and finance transformation; continued extensive investor engagement . |
| MetLife | Treasurer | Not disclosed | Senior finance leadership role prior to CFO per biographies in conference transcripts . |
| MetLife | CFO of EMEA | Not disclosed | Regional finance leadership per biographies in conference transcripts . |
| MetLife | Head of Investor Relations | Not disclosed | Investor relations leadership per biographies in conference transcripts . |
| PricewaterhouseCoopers | Auditor | Pre-2006 | Early career auditing experience (prior to joining MetLife in 2006) . |
External Roles
- Served as Executive Sponsor of MetLife’s Veterans Initiative (enterprise program focused on attracting and hiring veteran talent) .
Fixed Compensation
Multi-year compensation (Summary Compensation Table):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 937,500 | 980,000 | 1,012,500 |
| Stock Awards ($) | 3,485,055 | 4,414,433 | 3,863,550 |
| Option Awards ($) | 445,700 | 528,784 | 557,376 |
| Non-Equity Incentive Plan Compensation ($) | 2,800,000 | 2,700,000 | 2,600,000 |
| Change in Pension Value & Nonqualified Deferred Comp Earnings ($) | 387,727 | 460,687 | 290,485 |
| All Other Compensation ($) | 174,404 | 189,425 | 171,646 |
| Total ($) | 8,230,386 | 9,273,329 | 8,495,557 |
Perquisites and benefits detail (2024):
| Component | Amount ($) |
|---|---|
| Employer Match Program Contributions | 148,500 |
| Perquisites and Other Personal Benefits | 23,146 (incremental cost for personal benefits at events and personal automobile travel) |
Base salary increase endorsed in 2024: +$30,000 (to reflect performance, responsibilities, market) .
Performance Compensation
Annual Cash Incentive (AVIP)
| Item | 2024 Value |
|---|---|
| Company Adjusted Earnings (US$mm) | 5,796 |
| VII collar adjustment (>10% deviation) (US$mm, after-tax) | +341 |
| Asbestos litigation expense adjustment (US$mm, after-tax) | +72 |
| Adjusted Earnings for AVIP (US$mm) | 6,209 |
| Business Plan Adjusted Earnings goal (US$mm) | 6,123 |
| AVIP Performance Funding Level | 101.4% |
Design features: AVIP funding based on Adjusted Earnings vs Business Plan; excludes net investment gains/losses, net derivative gains/losses, market risk benefit remeasurement; VII collar adjusts for volatility beyond ±10%; funding scale capped 150%/floored 0% .
Long-Term Incentives (LTI) Structure and 2024 Grants
- LTI mix: 70% Performance Shares (PSUs) and 30% Restricted Stock Units (RSUs); performance metrics are 3-year TSR relative to peers and 3-year Adjusted ROE vs Business Plan; stock options and RSUs vest over 3 years; options generally have 10-year exercise terms .
2024 equity grants (grant date Feb 27, 2024):
| Award Type | Shares/Options | Grant Date Fair Value ($) |
|---|---|---|
| PSUs – Target (#) | 50,608 | Included in Stock Awards |
| PSUs – Threshold/Max (#) | 12,652 / 88,564 | — |
| RSUs (#) | 10,845 | — |
| Stock Options (#) | 32,538 @ $69.16 exercise price | 557,376 |
Performance Share TSR peer group includes major global insurers (e.g., Aflac, Allianz, AXA, Prudential Financial, Travelers, Unum), as detailed for performance periods 2022–2024, 2023–2025, 2024–2026 .
PSU Metrics Table
| Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| 3-year TSR vs peer group | 35% (part of PSUs; overall PSUs 70% of LTI) | Peer-relative ranking thresholds per plan (not disclosed) | Settlement of 2022–2024 PSUs reflected TSR and Adjusted ROE performance; specific payout not disclosed | 3-year performance period; shares delivered at conclusion |
| 3-year Adjusted ROE vs Business Plan | 35% (part of PSUs; overall PSUs 70% of LTI) | Business Plan goals (not disclosed) | Included in PSU settlement determination; specific payout not disclosed | 3-year performance period; shares delivered at conclusion |
Equity Ownership & Alignment
Beneficial Ownership (as of March 31, 2025)
| Holding | Count | Percent of Class |
|---|---|---|
| Common Stock (#) | 202,639 | <1% (asterisk indicates less than 1% based on 674,385,252 shares outstanding) |
| Exercisable Stock Options (# within 60 days) | 173,165 | — |
| Deferred Shares (# within 60 days) | 0 | — |
| Total (#) | 375,804 | <1% |
Outstanding Equity Awards (12/31/2024)
| Category | Count | Market/Payout Value ($) |
|---|---|---|
| RSUs – Not Vested (#) | 32,641 | 2,672,645 |
| PSUs – Unearned/Not Vested (#) | 170,539 | 13,963,733 |
Stock Options by tranche (as of 12/31/2024):
| Exercise Price ($) | Expiration | Exercisable (#) | Unexercisable (#) |
|---|---|---|---|
| 46.85 | Feb 27, 2027 | 6,533 | — |
| 45.50 | Mar 1, 2028 | 10,712 | — |
| 44.65 | Feb 25, 2029 | 30,242 | — |
| 47.58 | Feb 24, 2030 | 34,048 | — |
| 57.43 | Feb 22, 2031 | 31,348 | — |
| 68.96 | Feb 21, 2032 | 19,574 | 9,787 |
| 71.73 | Feb 27, 2033 | 10,037 | 20,076 |
| 69.16 | Feb 26, 2034 | — | 32,538 |
Ownership guidelines: CFO multiple is 4× base salary; McCallion is at or above guideline and compliant with 100% net share retention requirement . Hedging and pledging of company securities are prohibited for directors and employees (including officers) . Clawbacks: performance-based recoupment policy and Dodd-Frank “erroneously awarded compensation” policy apply to executive officers (including former officers) regardless of fault, with policy incorporated in filings .
Deferred compensation (Match Plan) aggregate balance at 2024 year-end: $1,375,258; registrant contributions in 2024: $134,700; aggregate earnings in 2024: $164,060 .
Employment Terms
| Scenario | Key Terms |
|---|---|
| No employment contracts | MetLife does not offer employment contracts to U.S.-based executive officers . |
| Severance-Eligible Termination (No CIC) | Lump sum severance equal to 28 weeks of base salary plus one week per year of service up to 52 weeks; outplacement services; performance-related termination halves the severance amount; Rule of 65 age/service criteria may allow retention of outstanding LTI; must sign separation agreement with release . |
| Change-in-Control (CIC) – Plan Design | Double trigger (no “single trigger” severance). Executive Severance Plan provides severance and benefits only if employment ends under defined circumstances during the three-year Employment Period. Standards include maintaining base pay level, comparable bonus opportunities, participation in LTI programs, aggregate awards not less than prior period, benefit plan participation, and other employment terms; “cause” defined (felony, dishonesty/gross misconduct, repeated willful violations) . |
| CIC Severance | Two times the sum of annual salary rate plus the average AVIP awards for prior three fiscal years; benefits continuation up to three years; paid in lump sum; reduced to avoid excise tax if beneficial; no excise tax gross-up . |
| CIC Equity Treatment | Successor may substitute equivalent awards with no less favorable vesting; if not substituted, awards vest immediately upon CIC; options become immediately exercisable and remain exercisable through original term . |
| Death | LTI vests; Performance Shares delivered at Target Performance; RSUs delivered; all options become immediately exercisable through expiration; lump-sum settlement . |
| Potential Payments (Hypothetical as of 12/31/2024) | Severance Pay (No CIC): $902,308; Outplacement: $3,071; Death – Accelerated Options: $744,102; Death – Shares Issuance: $10,651,933; CIC (No Substitution): Accelerated Options $744,102; Shares Issuance $10,651,933; CIC Severance Eligible Termination: Severance Pay $7,473,333; Benefits Continuation $95,157 . |
Performance & Track Record
- New Frontier strategy targets: ROE 15–17%, cumulative cash flow $25B over 5 years, and double-digit EPS growth; built on Next Horizon progress of ROE improvements, expense ratio reduction, and cash flow generation .
- Q3 2025 materials detail adjusted earnings bridge and segment trends; adjusted EPS ex notable items $2.34; actuarial assumption review impact by segment; consistent use of non-GAAP adjusted earnings in management and compensation evaluation .
- CFO certifications: SOX 302 and 906 attestations in 10-Q/10-K filings .
- Investor engagement and MIM recognition: extensive meetings, asset management acquisitions announced; MIM named among “Best Places to Work in Money Management” for 2024 .
Compensation Peer Group (PSU TSR)
Peer group includes leading global insurers (e.g., Aflac, Allianz, AXA, Chubb, Globe Life, Legal & General, Lincoln National, Manulife, Principal Financial, Prudential Financial, Prudential plc, Sun Life, Allstate, Dai-ichi, Hartford, Travelers, Unum, Zurich) across performance periods 2022–2024, 2023–2025, 2024–2026 .
Say-on-Pay & Governance
- Compensation Committee: Mark A. Weinberger (Chair), Cheryl W. Grisé, David L. Herzog, Edward J. Kelly, III, Diana L. McKenzie, Denise M. Morrison .
- Strong support for executive compensation program indicated in proxy (historical vote support, details summarized) .
- Risk mitigation in pay program: balanced design, non-formulaic awards, AVIP VII collar, CRO annual review, clawback and forfeiture policies .
Investment Implications
- Alignment: High at-risk pay mix and 70% PSU weighting, with three-year TSR and Adjusted ROE metrics, plus strict clawback, hedging, and pledging prohibitions, support strong pay-for-performance alignment and reduce misalignment/hedging risk .
- Retention and selling pressure: Significant unvested equity (32,641 RSUs; 170,539 PSUs) and multi-tranche options expiring through 2034 suggest ongoing vesting/carry opportunities; 100% net share retention to meet 4× salary ownership guideline further dampens near-term selling pressure .
- Change-in-control economics: Double-trigger design, 2× cash severance cap, and no excise tax gross-ups are shareholder-friendly; substituted awards provision avoids automatic acceleration, mitigating windfall risk in a transaction .
- Performance delivery: Company-wide AVIP funded at 101.4% of target on Adjusted Earnings (with standardized VII/asbestos adjustments) reflects disciplined risk management; reliance on adjusted metrics consistent with compensation evaluation and senior management scorecards .
- Governance quality: Regular CRO review of incentives, defined misconduct-based clawbacks, and strong committee oversight indicate robust governance—typically supportive of equity investor confidence .
All information sourced from MetLife’s 2025 Proxy Statement (DEF 14A), 10-K/10-Q filings, 8-Ks, and earnings/corporate transcripts as cited above.