Claudio Muruzabal
PRINCIPAL FINANCIAL GROUPAbout Claudio N. Muruzabal
Independent director at Principal Financial Group (PFG) since 2021; age 64. Currently Chief Business Officer, CS at SAP (since Feb 1, 2024) and Interim Business Suite Leader (since Jan 1, 2025); prior SAP roles include President, Latin America & Caribbean (2015–2020), President SAP EMEA South and Chairman SAP LAC (2020–2022), and President SAP Cloud Success Services (2022–Jan 2024). Education: Bachelor’s degree (double major in Business Administration and Accounting) from the Catholic University of Argentina and Global Executive MBA from Duke University’s Fuqua School of Business . The Board affirmed his independence in February 2025 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| NEORIS | Chief Executive Officer | 10 years (prior to SAP) | Scaled LATAM start-up into global IT consulting business |
| Teradata | Vice President, Latin America & Caribbean | Prior to NEORIS | Data/analytics leadership in region |
| NCR Corporation | Various senior executive positions | ~20 years | Enterprise technology, operations and go-to-market experience |
| SAP | President, Latin America & Caribbean | 2015–2020 | Regional leadership, growth execution |
| SAP | President, EMEA South; Chairman, SAP LAC | 2020–2022 | Regional strategy and governance |
| SAP | President, Cloud Success Services | 2022–Jan 2024 | Cloud customer success and services |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| SAP | Chief Business Officer, CS | Since Feb 1, 2024 | Global commercial leadership |
| SAP | Interim Business Suite Leader | Since Jan 1, 2025 | Product portfolio leadership |
| Awards | HITEC 50 (2016–2023); Bravo “Technology Leader of the Year” (2019) | — | Industry recognition |
Board Governance
- Committee memberships: Human Resources Committee (member), Nominating & Governance Committee (member) .
- Independence: Board affirmatively determined Muruzabal is independent (and all members of Audit, Finance, Human Resources, and Nominating & Governance committees are independent) .
- Attendance: Board held 11 meetings in 2024; no director attended less than 75% of Board and applicable committee meetings; multiple executive sessions of independent directors at each regular Board meeting .
- Committee workload: Human Resources Committee met 9 times in 2024; Nominating & Governance Committee met 4 times in 2024 .
Fixed Compensation (Non‑Employee Director)
| Item | Value | Notes |
|---|---|---|
| Annual Board cash retainer | $115,000 | Effective Nov 25, 2024; paid semi-annually |
| Annual RSU retainer (grant-date fair value) | $200,000 | Grants at annual meeting; vest at next annual meeting; payout deferred until director leaves Board |
| 2024 fees earned (cash) | $115,000 | Actual cash compensation for 2024 |
| 2024 stock awards (grant-date fair value) | $199,959 | Actual stock award for 2024 (ASC 718) |
| 2024 total director compensation | $314,959 | Sum of cash + stock |
| Perquisites | < $10,000 | Travel, modest benefits; directors may access Principal AM products at reduced/no fee |
| Deferred comp plan | Available | 4 phantom fund options; Employer Stock Fund 1‑yr return 2.02% for 2024 |
Performance Compensation (Committee Oversight Metrics)
Non-employee directors do not receive performance-based pay; equity grants are time-based. As a member of the Human Resources Committee, Muruzabal oversees executive pay metrics under the PrinPay plan:
| Metric | 2024 Actual | 2024 Target/Range |
|---|---|---|
| Non-GAAP Operating Earnings | $1,709M | $1,730M |
| Customer Driven Revenue Growth | $127M | $142M |
| Managed Net Cash Flow | ($5B) | $1B |
| Diversity Index | 98% | 100% |
| Free Capital Flow Payout Ratio | 82% | 75%–90% |
| PrinPay Company Score Earned | 94% of target | Committee-set based on multi-metric review |
| Individual Modifiers (NEOs) | 95%–110% of Company score | Applied per executive |
Long-term incentives for executives overseen by HRC: PSUs weighted 70% (3-year performance on average non-GAAP ROE and Operating Margin, with RTSR modifier 80%–120%); RSUs 30% (3-year cliff vest) . 2022–2024 PSUs paid at 88% of target (vested Dec 31, 2024; paid Feb 2025) .
Other Directorships & Interlocks
| Company | Role | Interlock/Conflict Notes |
|---|---|---|
| Public company boards | None | No other public company directorships |
| Compensation committee interlocks | None | HRC members were not officers/employees; no related person transactions; no reciprocal comp committee interlocks with PFG executives in 2024 |
Expertise & Qualifications
- Senior executive, technology, international operations, accounting & finance, marketing, product development, strategic planning, sustainability/ESG; reflected in Board skills matrix and biography .
- Brings global software and cloud transformation experience; complements PFG’s technology, risk, and strategic oversight needs .
Equity Ownership
| Item | Count/Status | Notes |
|---|---|---|
| RSUs outstanding (12/31/2024) | 8,071 shares | Includes dividend equivalents; payable in stock at Board exit |
| Director stock ownership guideline | 5x annual Board cash retainer | Achieve within 5 years; “hold until retirement” requirement for all RSUs |
| Compliance status | On track (tenure <5 years) | Directors <5 years are on schedule to satisfy guideline |
| Hedging/Pledging | Hedging prohibited | Company policy prohibits hedging and certain derivatives; reinforces alignment |
Governance Assessment
- Board effectiveness: Active HRC and NGC participation; strong meeting cadence (HRC 9; NGC 4; Board 11) and independent oversight signal robust governance and engagement .
- Alignment: Director pay mix balanced toward equity (time-based RSUs, hold-until-retirement) and median peer positioning; 2024 total compensation $314,959, RSUs outstanding 8,071, indicating growing skin-in-the-game as tenure accrues .
- Independence and conflicts: Affirmed independent; no related party transactions involving Muruzabal disclosed; HR Committee interlock disclosures clean; NGC reviews related-party transactions quarterly under a formal policy framework .
- Compensation governance signals: High say-on-pay support (96% in 2024), robust clawback, anti-hedging, no option repricing, no tax gross-ups (except relocation) — positive for investor confidence .
- RED FLAGS: None disclosed regarding attendance, related-party transactions, pledging, or pay anomalies for directors; note external executive role at SAP — monitor for any future commercial relationships with PFG (none disclosed in 2025 proxy) .