Michael Roberts
METLIFEAbout Michael Roberts
Michael Roberts is MetLife’s Executive Vice President, Chief Marketing and Communications Officer, serving on the Executive Leadership Team since November 2021; he leads Global Marketing and Communications to deliver measurable impact for associates, customers, communities and shareholders . He previously led marketing at Vanguard’s Retail Investor Group and held senior roles at Bank of America Merchant Services, TIAA, Citigroup, AlixPartners, Capgemini and EY; he holds a BA in music from Dartmouth and a master’s in voice from Boston University . Company performance context during his tenure includes FY2024 adjusted ROE of 15.2%, net income of $4,226 million, adjusted earnings of $5.8 billion, and a 5‑year company TSR value of $190.54 versus $171.87 for the peer group .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MetLife | EVP, Chief Marketing and Communications Officer | 2021–present | Leads global marketing and communications; integrates agile, data-driven approaches to drive customer-centric growth |
| The Vanguard Group | Chief Marketing Officer, Retail Investor Group | 2018–2021 | Expanded prospect marketing and cross-sell to grow advice business; led strategy and customer acquisition/retention |
| Bank of America Merchant Services | Chief Marketing & Digital Strategy Officer | ~2015–2018 | Drove product, pricing, digital channels; improved revenue retention and non-core revenue |
| TIAA | Senior Marketing roles (SVP Marketing; VP Enterprise Integration) | ~2010–2015 | Led marketing strategy and operations across channels |
| Citigroup; AlixPartners; Capgemini; EY | Strategy, operations, marketing roles | Prior years | Strategy and operations leadership across consulting and financial services |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public company board service disclosed in MetLife’s executive bio . |
Fixed Compensation
- Specific salary, target bonus, and actual bonus for Michael Roberts are not disclosed in the proxy; he is not a Named Executive Officer (NEO) in 2024/2025 filings .
- MetLife’s Annual Variable Incentive Plan (AVIP) governs annual cash incentives for executive officers; awards are not formulaic at the individual level, with company funding linked to Adjusted Earnings and individual outcomes reflecting performance and contribution .
Performance Compensation
| Incentive Type | Metric | Weighting | Target Framework | Payout Curve | Vesting |
|---|---|---|---|---|---|
| Performance Shares (PSUs) | Adjusted ROE vs 3-year Business Plan goal | 50% | 2024–2026 goal set within 15–17% range; rigorous planning and Board-approved Business Plan | Threshold at 80% of target → 25%; maximum at 120% → 175%; linear interpolation; 0% below threshold; 175% cap above maximum | 3-year performance period; shares delivered after period end |
| Performance Shares (PSUs) | TSR relative to custom TSR Peer Group | 50% | Relative TSR against insurance peers competing for capital/business/talent | Factor 0–175%, equally weighted with Adjusted ROE | 3-year performance period; shares delivered after period end |
| Restricted Stock Units (RSUs) | Time-based | — | Grant-date value set; no dividends; number determined by grant-date price | N/A | RSUs vest in thirds on the first business day of March on/after each of first three anniversaries of grant date; special one-time grants may cliff vest at 3 years |
| Stock Options (granted in 2024 and earlier) | Time-based; price‑only value | — | Exercise price equals closing price at grant; number determined using one‑third of share price | N/A | One‑third vests/exercisable on each of first three anniversaries; 10‑year term |
Notes: PSUs comprise 70% of NEO LTI value, equally weighted between Adjusted ROE and relative TSR, aligning outcomes with shareholder returns .
Equity Ownership & Alignment
- Executive Share Ownership Guidelines apply to SVP+ and require retention of all net shares from awards until guideline is met and maintained; LTI awards do not count toward guideline amounts .
- Hedging and pledging of MetLife securities are prohibited for directors and all employees, including officers; short sales and options speculation are also prohibited .
- Clawbacks: MetLife maintains performance-based recoupment for misconduct (including restatements) and Dodd-Frank “erroneously awarded compensation” recovery for executive officers regardless of fault .
Employment Terms
| Topic | Key Terms | Evidence |
|---|---|---|
| Employment contracts | MetLife does not offer employment contracts to U.S.-based executive officers | |
| Standard severance (no change-in-control) | Officer-level formula higher than non-officers; severance pay reflects grade, base rate, and service; pro‑rata cash consideration may be offered for forfeited PSUs/RSUs under conditions; not eligible if terminated for cause | |
| Change-in-control (CIC) definition | 25%+ beneficial ownership; majority board change in 24 months; or transactions where prior shareholders no longer hold majority of voting shares (including asset-holding entities) | |
| CIC award treatment | Company may substitute equivalent “Alternative Award” with no less favorable vesting; otherwise accelerate: unvested options become exercisable; unvested RSUs/PSUs delivered at CIC price (PSUs at target if no Alternative Award) | |
| CIC severance (double-trigger) | If employment ends without cause or with good reason during a 3-year “Employment Period,” severance equals 2x (base salary + average AVIP of prior 3 years), subject to modified cap to avoid excise tax; lump-sum payment; benefits continuation up to 3 years | |
| Post-termination covenants | Rule of 65 preserves awards post-employment subject to covenants; violation (e.g., disparagement, protection of property, interference, employee solicitation, competitive service by executive officers) may cause loss of awards; non-solicit/interference restrictions extend 18 months |
Performance & Track Record Highlights
- Roberts is a visible operator: public remarks on MetLife’s Upwise benefits platform emphasize data and technology partnerships to improve employee participation and utilization—supporting Group Benefits growth goals in New Frontier . He is quoted in leadership communications appointments (e.g., Chief Communications Officer), reflecting his remit over global reputation and stakeholder engagement .
Investment Implications
- Alignment: Executive incentives are heavily equity‑based with PSUs tied to adjusted ROE and relative TSR, supporting capital efficiency and shareholder returns; hedging/pledging prohibitions and clawbacks strengthen alignment and risk control .
- Retention risk: No individual compensation disclosures for Roberts, but EVP-level executives participate in AVIP and LTI; RSU cliff/annual March vesting cycles can create near-term selling windows, though share retention requirements mitigate forced selling .
- Change-of-control economics: Double-trigger severance of 2x cash plus robust CIC award protections reduce disengagement risk in strategic transactions; absence of tax gross-ups is shareholder friendly .
- Execution risk: Marketing-led initiatives (e.g., Upwise, agile/data-driven campaigns) are integral to driving participation and above-market growth in Group Benefits; success depends on adoption across employers and brokers—an area to monitor for leading indicators .
Additional context: Company performance in 2024—adjusted ROE 15.2%, net income $4,226 million, adjusted earnings $5.8 billion; 5‑year TSR benchmark outperformed peer group—supports pay-for-performance structures underpinning executive incentives .
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