Nicholas Studer
Chief Executive Officer, Oliver Wyman Group at MMC
Executive
About Nicholas Studer
Nicholas Studer is Chief Executive Officer of Oliver Wyman Group and a Vice Chair of Marsh McLennan; he assumed the CEO role in July 2021 and is 51 years old . He has over 25 years of consulting experience across the U.K., Continental Europe, and North America, having served as Managing Partner of Oliver Wyman (2021) and previously led the Consumer, Industrial & Services practice (2017–2021) and Financial Services practice . Under his leadership, Oliver Wyman delivered 9% GAAP revenue growth in Q3 2025 to $886 million (8% underlying) and 6% GAAP revenue growth year-to-date to $2.577 billion (5% underlying), with growth across regions . At the company level, Marsh McLennan’s 2024 TSR was 13.7% (five-year annualized TSR 15.5%) and adjusted EPS grew ~10%, supporting strong pay-for-performance calibration across executive incentives .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Oliver Wyman | Managing Partner | 2021 | Global leadership of firm-wide strategy and operations prior to appointment as CEO |
| Oliver Wyman | Managing Partner, Consumer, Industrial & Services Practice | 2017–2021 | Drove diversified growth across CI&S verticals; positioned for subsequent firm-wide leadership |
External Roles
| Organization | Role | Years |
|---|---|---|
| TheCityUK | Founding Director | Not disclosed |
| FICC Markets Standards Board | Founding Advisory Board Member | Not disclosed |
| Sustainable Markets Initiative | Member | Not disclosed |
Fixed Compensation
- MMC’s proxy does not disclose individual base salary or bonus targets for Nicholas Studer; senior executive employment letters set base salary, target annual bonus, and target annual LTI awards alongside restrictive covenants .
- Senior executives are covered by the Senior Executive Severance Pay Plan and standard confidentiality, noncompetition, and nonsolicitation covenants .
- Compensation design emphasizes a high percentage of variable, at‑risk pay delivered via stock options and PSUs tied to adjusted EPS growth and relative TSR versus S&P 500 constituents .
Performance Compensation
Annual Bonus Framework (Program Design)
| Role | Financial Metric | Financial Weight | Strategic Weight | Notes |
|---|---|---|---|---|
| Company CEO | Company Net Operating Income | 80% | 20% | Financial factor scales from 0% to 150% vs target |
| Business CEOs (e.g., Oliver Wyman) | Business Net Operating Income | 80% | 20% | Applies to business leaders’ annual bonuses |
| Financial Performance Factor Scale | Performance vs Target | Payout Factor |
|---|---|---|
| Maximum | ≥110% | 150% |
| Target | 100% | 100% |
| Threshold | 90% | 50% |
- Company EPS multiplier: For 2024, adjusted EPS growth for executive compensation was 10.6% (target 8%), yielding a 1.30x multiplier applied to annual bonus determinations .
Long-Term Incentives (PSUs and Options)
| PSU Measure | Target | Threshold | Maximum | Payout Cap |
|---|---|---|---|---|
| 3-year annualized adjusted EPS growth (PSU core metric) | 8% | Target −4pp (50%) | Target +4pp (200%) | 200% of target |
| Relative TSR vs S&P 500 (modifier) | 50th percentile (1.00x) | 25th (0.75x) | 75th (1.25x) | Applies as modifier within cap |
- Recent result: 2022 PSU tranche paid at the maximum 200% (EPS growth 14.6% annualized), with relative TSR at the 65th percentile (1.15x, capped by EPS result) .
- Vesting: PSUs vest after a three-year performance period (e.g., Feb 22, 2024 grants vest Feb 28, 2027); options vest in four equal annual installments over 4 years .
Equity Ownership & Alignment
- Stock ownership guidelines require senior executives (other than the CEO) to hold MMC shares or stock units (excluding PSUs) equal to 3× base salary; the CEO multiple is 6×; options are excluded from the calculation .
- Holding requirement: senior executives must hold shares acquired from equity awards until guideline multiples are met; ongoing sale restrictions apply until compliance .
- Hedging and pledging of Company stock are prohibited for directors and senior executives .
- As of Feb 28, 2025, all named executive officers except Mr. Tomlinson had met their ownership multiples; Nicholas Studer’s compliance is not disclosed in the proxy .
Employment Terms
| Provision | Key Terms |
|---|---|
| Severance | 1× current base salary + 1× average bonus (prior 3 years) + pro‑rata current-year bonus; 12 months medical/dental at active rates and outplacement |
| Change-in-Control | Double-trigger required for accelerated vesting and severance (CIC plus qualifying termination within 24 months); awards assumed/continued on equivalent terms absent termination |
| Restrictive Covenants | Noncompetition and nonsolicitation; duration 24 months for CEO, 12 months for other senior executives |
| Clawbacks | Mandatory recovery policy for erroneously awarded incentive comp upon financial restatement; separate detrimental-conduct clawback adopted; awards subject to company policies |
| Tax Treatment | No excise tax gross‑ups for CIC; CEO’s personal aircraft/car use taxed to the CEO without reimbursement (perqs program detail) |
Performance & Track Record
Oliver Wyman revenue performance:
| Metric | Q3 2024 | Q3 2025 |
|---|---|---|
| Oliver Wyman Group Revenue ($USD Millions) | $810 | $886 |
| Metric | 9M 2024 | 9M 2025 |
|---|---|---|
| Oliver Wyman Group Revenue ($USD Millions) | $2,436 | $2,577 |
Consulting segment operating performance:
| Metric | Q3 2024 | Q3 2025 |
|---|---|---|
| Consulting Operating Income ($USD Millions) | $462 | $501 |
| Consulting Operating Margin (%) | 20.4% | 20.3% |
Selected leadership commentary:
- Studer guided Oliver Wyman as a mid- to high-single-digit growth business through the cycle; highlighted solid Q1/Q2 2025 execution, diversified growth and strong analytics/AI capabilities .
- Growth drivers included insurance, asset management, actuarial, consumer/telecom/tech, transportation/advanced industrials, and banking; noted short visibility and client uncertainty periods typical in discretionary consulting .
Company-level performance signals:
- 2024 TSR: 13.7%; five-year annualized TSR: 15.5% .
- 2024 adjusted EPS growth: ~10%; 17th consecutive year of adjusted margin expansion .
Compensation Peer Group & Say‑on‑Pay
- Executive compensation peer group used for benchmarking: Aon (AON), Willis Towers Watson (WTW), Arthur J. Gallagher (AJG), AIG, Chubb (CB), Travelers (TRV), Accenture (ACN), S&P Global (SPGI); peer composition unchanged since September 2019 .
- Say‑on‑pay 2024 approval: ~93% .
Equity Plan & Risk Controls
- Amended and Restated 2020 Incentive and Stock Award Plan includes: no liberal share counting; 12‑month minimum vesting for ≥95% of awards; no repricing of options/SARs without stockholder approval; double‑trigger CIC vesting; awards subject to clawback and holding/policy requirements .
Investment Implications
- Strong alignment: senior executive pay weights heavily toward PSUs and options tied to adjusted EPS and relative TSR, with robust ownership requirements and sale restrictions—supporting long-term value creation and mitigating short-termism .
- Retention risk appears managed: uniform 1× salary+bonus severance, double-trigger CIC, and noncompete/nonsolicit covenants reduce flight risk for business CEOs; absence of CIC excise gross‑ups limits shareholder-unfriendly outcomes .
- Execution track record: Oliver Wyman’s 2025 growth across regions and sectors under Studer, plus company-level TSR/EPS momentum, reinforces incentive attainment potential (e.g., 200% PSU payout for 2022 tranche) while caps and clawbacks temper excess risk-taking .
- Monitoring focus: Individual compensation, ownership, and insider transactions for Nicholas Studer are not itemized in the proxy; investors should monitor future proxies and 8‑Ks for role changes, award grants, and potential selling pressure around three‑year PSU vest dates .