Sign in

    Susan Patricia Griffith

    President and CEO at Progressive Corp
    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

    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