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Susan Patricia Griffith

President and CEO at PROGRESSIVE CORP/OH/
Board
Since 2016
Age
60 years
Tenure
Joined the company in 1988 and assumed the role of President and CEO in 2016.

Also at PROGRESSIVE CORP/OH/

AJQ
Andrew J. Quigg
Chief Strategy Officer
DMS
David M. Stringer
VP, Chief Legal Officer, and Secretary
JM
John Murphy
Claims President

About

Susan Patricia Griffith has played a pivotal role in shaping the corporate governance and financial integrity of the organization. Her oversight of the certification process for quarterly and annual financial reports, in alignment with regulatory requirements such as the Sarbanes-Oxley Act, underscores her commitment to transparency and accountability.

In her professional journey, she has been instrumental in reinforcing internal control frameworks and managing complex compliance initiatives, including involvement in insider trading arrangements that further enhanced the company’s credibility and oversight practices.

While detailed personal background and educational history are not publicly available, her longstanding tenure and strategic leadership have left a profound impact on the organizational success and financial stability of the company.

$PGR Performance Under Susan Patricia Griffith

Past Roles

Organization Role Date Range [N/A]Details
The Progressive Corporation (PGR) Chief Human Resource Officer N/A [N/A]N/A [N/A]
The Progressive Corporation (PGR) Claims Group President N/A [N/A]Oversaw the entire Claims organization
The Progressive Corporation (PGR) President of Customer Operations N/A [N/A]Managed the contact center (sales and delivery), customer experience, systems experience, and workforce management groups
The Progressive Corporation (PGR) Personal Lines Chief Operating Officer N/A [N/A]Supervised the Personal Lines, Claims, and Customer Relationship Management groups

External Roles

Organization Role Date Range [N/A]
FedEx Corporation Active Directorship N/A [N/A]

Fixed Compensation

Data from  FY 2023
Component NameAmountPayment ScheduleAdditional Details
Salary$994,231AnnualFixed annual base salary
401(k) Employer Contributions$12,000AnnualMaximum annual employer contribution under the 401(k) plan
Perquisites$205,204As incurred/AnnualIncludes $150,518 for company airplane use, $18,566 for company vehicle use, and $36,120 for regulatory fees & legal expenses
Other Compensation$750Upon milestoneService anniversary award paid for each five-year employment anniversary

Performance Compensation

Data from  FY 2023

Performance-Based Insurance Operations Equity Awards

MetricValueDetails
Performance MetricsPersonal auto & commercial auto growthCompared to respective markets; must also achieve a combined ratio of 96.0 or better
Target Growth+2 percentage points above marketTwo percentage points above market growth for both lines
Maximum Growth+3.5 percentage points above marketThree and a half percentage points above market growth
Vesting Range0% to 250%Awards vest between 0% and 250% of target units based on performance
Grant DateMarch 20, 2023Fixed grant date for performance awards
Grant Date Fair Value$9,000,054Determined on grant date
Additional8.0x salary at targetPotential range from 0x up to 20.0x her salary depending on performance

Performance-Based Investment Results Equity Awards

MetricValueDetails
Performance MetricFixed-income portfolio FTE total returnMeasured over three years (2023–2025) using recurring investment income and net realized/unrealized gains
Performance Factor0.0x to 2.0xBased on Progressive’s percentile ranking within a benchmark group
Target RSUs64,716 RSUsTarget number of restricted stock units granted
Maximum RSUs158,195 RSUsMaximum achievable RSUs at a 2.0x performance factor
Grant DateMarch 20, 2023Fixed grant date for the award
Grant Date Fair Value$9,000,054As provided for the performance award
Vesting Conditions>0 performance factorAwards vest only if the performance factor is above zero and profitability (96.0 combined ratio) is met

Annual Cash Incentive (Gainshare Program)

MetricValueDetails
Payment FormulaSalary x Target Percentage x Gainshare FactorIncentive determined by this formula
Target Percentage2.50x salaryTarget set at 2.50 times her salary
Gainshare Factor1.78 (actual for 2023)Can vary from 0 to 2.00; historical average is about 1.62
Threshold / Target / Maximum$0 / $2,485,577 / $4,971,154Payout ranges: no payout if below threshold; target and maximum values as shown
Payment TimingPaid in early 2024Based on 2023 performance

Performance-Based Restricted Stock Unit Awards (PBRSUs)

MetricValueDetails
Performance MetricsGrowth of personal & commercial auto, 96 combined ratioMust meet growth and profitability criteria
Vesting Range0% to 250%Varies by achievement of performance metrics
Target Units64,716 unitsTarget number of RSUs granted
Maximum Units158,195 units250% of the target units
Grant DateMarch 20, 2023Set on the grant date
Grant Date Fair Value$9,000,054Based on the award’s valuation
Grant Date Stock Price$139.07As noted for the RSU calculation
Measurement PeriodJan 1, 2023 to Dec 31, 2025Performance evaluated over a three-year period
Vesting DateJanuary 31, 2028Subject to certification by the Compensation and Talent Committee
AdditionalIncludes dividend equivalents and an investment-based component of 7,191 unitsInvestment component vests between 0% and 200% of target

Gainshare Program Overview

MetricValueDetails
Program GoalCombined ratio of 96 or betterSupports profitability and high-quality customer service
Target Factor2.50x salaryGainshare target is set at 2.50 times the base salary
Actual Gainshare Factor1.78Reflects the multiplier applied based on company performance for 2023
Payout RangeThreshold: $0, Target: $2,485,577, Maximum: $4,971,154Based on performance relative to the set goals

These components collectively form the performance-based compensation for 2023, aligning executive rewards with strategic growth, profitability, and shareholder value.

Interviews

Progressive CEO Tricia Griffith: We are in the business of trust thumbnail

Progressive CEO Tricia Griffith: We are in the business of trust

CNBC Television
3:57 min
Nov 8, 2023
Watch