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Michael G. O’Grady

Chairman, CEO, and President at NORTHERN TRUST
Board
Since 2018
Age
59 years
Tenure
Joined NTRS in 2011 and progressed through key roles including Chief Financial Officer (2011–2014), Executive Vice President and President of Corporate & Institutional Services (2014–2016), and later serving as President (2017), Chief Executive Officer (2018), and Chairman of the Board (2019).

Also at NORTHERN TRUST

AT
Alexandria Taylor
Executive Vice President and CHRO
DEG
Daniel E. Gamba
President of Asset Management
JBK
Jane B. Karpinski
Executive Vice President, Global Head of Regulatory Affairs

About

Michael G. O’Grady is a seasoned leader who has significantly shaped the strategic direction of Northern Trust Corporation. Since joining the company in 2011, he has been instrumental in steering the organization through a series of high-impact roles that have underpinned its growth and stability.

Before embracing his executive roles at Northern Trust, he brought in considerable expertise from the investment banking sector, having served as a Managing Director at Bank of America Merrill Lynch from 2000 to 2011. This background laid a strong foundation for his subsequent contributions to the firm’s financial and operational excellence.

Over the years, his rapid ascent through various leadership positions—from Chief Financial Officer to Executive Vice President and then President—showcases his versatility and deep understanding of the financial industry. With his appointment as Chief Executive Officer in 2018 and later as Chairman in 2019, he has consistently demonstrated his commitment to driving innovation and sustainable growth.

At 59 years old, his blend of experience and forward-thinking vision continues to inspire confidence within both the organization and its stakeholders, reinforcing Northern Trust Corporation’s position as a leading financial institution.

$NTRS Performance Under Michael G. O’Grady

Past Roles

OrganizationRoleDate RangeDetails
Northern Trust Corporation President of Corporate & Institutional Services 2014–2016 Held prior to appointment as Chairman, CEO, and President
Northern Trust Corporation Chief Financial Officer 2011–2014 Held prior to appointment as Chairman, CEO, and President
Northern Trust Corporation Executive Vice President N/A Specific role not detailed
Bank of America Merrill Lynch Managing Director, Investment Banking Group 2000–2011 Preceded joining Northern Trust

Fixed Compensation

Data from  FY 2023
Component NameAmountPayment ScheduleAdditional Details
Salary$1,000,000 AnnualFixed base salary
Contributions to TIP and Supplemental TIP$30,000 AnnualPart of All Other Compensation
Perquisites and Other Personal Benefits$4,983 AnnualIncludes personal use of company automobiles ($1,523) and wealth planning/tax consulting ($3,460)
Tax Reimbursements and Other$908 AnnualTax reimbursements for personal automobile use
Total Fixed Compensation$1,035,891 AnnualSum of Salary and All Other Compensation components

Performance Compensation

Data from  FY 2023

Short-Term Annual Cash Incentive

ComponentAmount ($)Performance MetricsThresholdTargetMaximumEvaluation PeriodVesting ScheduleAdditional Details
Short-Term Annual Cash Incentive500,000 Based on corporate and individual objectivesN/AN/AN/A2023Immediate payoutPerformance evaluated in early 2024

Performance Stock Units (PSUs)

ComponentFair Value ($)Target UnitsPerformance Metric (ROE)ThresholdTarget RangeMaximumEvaluation PeriodVesting ScheduleAdditional Details
PSUs5,525,060 58,796 3-Year Average ROE (Absolute & Relative)9.0% 12.0%-13.0% 15.0% or greater 2023-2025Vests at end of period based on performance (0%-150%) Dividend equivalents deferred until vesting

Restricted Stock Units (RSUs)

ComponentFair Value ($)Units GrantedPerformance MetricThresholdTargetMaximumEvaluation PeriodVesting ScheduleAdditional Details
RSUs2,975,090 31,660 Time-basedN/AN/AN/A2023-2027 (4 years)25,437 on Mar 1, 2024; 19,754 on Mar 1, 2025; 13,874 on Mar 1, 2026; 7,594 on Mar 1, 2027 Constitutes 35% of the long-term incentive mix

Overall Long-Term Incentive Pay Mix

  • Total Long-Term Incentives: 8,200,000 with 65% in PSUs and 35% in RSUs.