Peter Weinberg
About Peter Weinberg
Founding Partner of Perella Weinberg Partners; Chairman since June 2021; previously Chief Executive Officer from February 2019 to January 2023. Age 67. BA, Claremont McKenna College; MBA, Harvard Business School. Under Weinberg’s senior leadership, PWP delivered record 2024 revenue of $878M (+35% YoY), adjusted pre‑tax income of $137M, and adjusted EPS of $0.96; year-end cash/short-term investments were $407M with no debt. PWP’s cumulative TSR (fixed $100 investment baseline at YE 2021) reached 200 in 2024, reflecting strong shareholder value creation.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Perella Weinberg Partners | Chairman | 2021–present | Board leadership, strategy oversight post-CEO transition |
| Perella Weinberg Partners | Chief Executive Officer | 2019–2023 | Led firm through public company maturation; set growth priorities |
| Perella Weinberg Partners | Co‑Founder | 2006–present | Built global independent advisory franchise |
| Goldman Sachs International (London) | Chief Executive Officer; Management Committee; led European Management Committee | 1999–2005 | Ran European operations and governance |
| Goldman Sachs | Co‑Head Global Investment Banking; Co‑Head Partnership Committee; Founded Financial Sponsors Group | 1988–1999/2005 | Expanded sponsor coverage; senior leadership roles |
External Roles
- No current external public company directorships disclosed for Weinberg in PWP filings.
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 500,000 | 500,000 | 500,000 |
| Director Fees (cash retainer applies only to non‑employee directors) | — | — | — (affiliated directors not separately compensated) |
Performance Compensation
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Annual incentive design: Discretionary (no formulaic targets); Comp Committee evaluates overall company performance and individual contributions. For 2024, Weinberg’s annual incentive was paid entirely in cash ($1.5M). 2023: no annual incentive participation under modified award design; 2022: cash and RSUs mix.
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Long‑Term Incentive Awards (LTIPs): Original 2021 grant with dual vesting—service (3rd and 5th anniversary) and performance hurdles ($15/$20/$25/$30 closing prices achieved for 20 of any 30 consecutive trading days; linear interpolation). In Aug 2023, Weinberg’s 3.3M LTIPs were modified: 1.65M became solely service‑based (vesting in three equal tranches on the 3rd/4th/5th anniversaries), remaining 1.65M retained original performance/service conditions.
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Most important performance measures (firm‑level linkage): Revenue, Adjusted Net Income, Adjusted Operating Margin, TSR.
Annual Incentives Detail
| Component | Year | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Discretionary annual cash bonus | 2024 | Not pre‑set | Record year execution | $1,500,000 | Cash (paid Feb 2025) |
| Discretionary annual bonus (no participation) | 2023 | N/A | N/A | $0 | N/A |
| Discretionary annual cash + RSUs | 2022 | Not pre‑set | Contribution to firm | Cash $2,690,250; RSUs $1,184,750 (alt presentation) | RSUs vest in equal annual tranches over 3 years |
LTIP Performance Hurdles and Payout Curve (Original Grant)
| Price Hurdle | % of Award Earned (Original LTIP) |
|---|---|
| $15 closing price | 30% |
| $20 closing price | 65% |
| $25 closing price | 82.5% |
| $30 closing price | 100% |
2024 LTIP/PSU Vesting Outcomes
| Metric | 2024 Outcome |
|---|---|
| Weinberg LTIPs vested (units) | 680,336 |
| Highest stock price metric achieved | $24.99 (near $25 hurdle) |
Multi‑Year Compensation (Reported)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 500,000 | 500,000 | 500,000 |
| Cash Bonus ($) | 2,690,250 | 0 | 1,500,000 |
| Equity Bonus Awards ($, grant‑date fair value per SEC) | 3,555,680 | 1,115,312 | — (2024 equity bonus was not granted to Weinberg) |
| Long‑Term Incentive Awards ($) | — | 10,246,838 (modification expense) | — |
| All Other Compensation ($) | 10,500 | 10,500 | 10,500 |
| Total ($) | 6,756,430 | 11,872,650 | 3,637,323 |
Equity Ownership & Alignment
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Beneficial ownership (as of March 17, 2025): Weinberg holds 1,110,035 Class A shares (1.79%); VoteCo Professionals LP (controlled by Professionals GP, committee chaired by Weinberg) holds all 26,190,514 Class B‑1 shares (10 votes per share), conferring ~80.83% combined voting power. “All directors and officers as a group” own 1,905,491 Class A and all Class B‑1 shares.
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Ownership guidelines: CEO 5x salary; President 4x; other NEOs 3x; non‑employee directors 3x cash retainer. All NEOs/directors are, or expected within timelines, in compliance.
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Anti‑hedging and pledging: Hedging prohibited; lock‑ups restrict sale, pledge, options, short sales, swaps; lock‑ups generally do not extend beyond five years from the Business Combination (June 24, 2026).
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Exchangeability: OCUs (and vested VCUs/ACUs converted into OCUs) are exchangeable one‑for‑one into Class A shares or cash at company discretion.
Outstanding Equity as of 12/31/2024 (Weinberg)
| Award Type | Units Unvested | Market Value ($) |
|---|---|---|
| Service‑based RSUs | 189,657 | Included below |
| Performance‑based LTIPs | 969,664 | Included below |
| Service‑based LTIPs | 1,100,000 | Included below |
| Total (all stock awards) | 2,259,321 | $53,862,213 (at $23.84; LTIPs at 100% performance assumption) |
Vesting and Realizations (2024)
| Stock Awards | Units Vested | Value Realized ($) |
|---|---|---|
| Weinberg | 3,420,025 (RSUs, service LTIPs, performance LTIPs, VCUs/ACUs) | 55,507,483 |
Employment Terms
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Employment agreements in place (amended and restated effective Jan 1, 2023), providing salary, discretionary annual bonus eligibility, and discretionary annual equity awards; restrictive covenants in PWP OpCo LPA incorporated by reference.
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Restrictive covenants: Perpetual confidentiality/non‑disparagement; 180‑day client/customer non‑solicit after termination for cause or resignation without good reason; investor non‑solicit (180 days for PWP limited partners; 1 year for PWP Fund investors); 1‑year employee non‑solicit. For resignation without good reason and subsequent competition within 1 year, partnership units are forfeited.
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Severance: NEOs are not entitled to cash severance benefits upon termination.
Change‑in‑Control and Termination Economics (as of 12/31/2024)
| Scenario | Value of Accelerated Vesting of Equity ($) |
|---|---|
| Death or Disability | 46,964,633 |
| Retirement (select RSUs remain outstanding) | 1,684,487 |
| Termination without Cause or for Good Reason | 15,334,222 |
| Termination without Cause/Good Reason within 24 months post‑CIC | 46,964,633 |
| Change in Control (performance measurement; service vesting continues) | — (no immediate full vest) |
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LTIP treatment: Pro‑rata service vest (≥50% floor) on certain terminations; performance measured at CIC on higher of CIC price, highest 20/30 trading day close, or $15; remaining service vest continues; full service vest on qualifying CIC terminations within 24 months.
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Retirement/benefits: 401(k) safe harbor contributions (US); no defined benefit pension/SERP.
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Clawback: Adopted Dec 1, 2023 for incentive comp upon required accounting restatements.
Board Governance
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Director class/service: Class III director; Chairman since June 2021; roles of Chairman and CEO separated since Jan 2023; no Lead Independent Director (independent director presides over executive sessions).
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Controlled company: Under Nasdaq rules, PWP is a “controlled company” (more than 50% voting power via Class B‑1 at VoteCo Professionals); PWP uses exemptions (no majority independent board; full board handles nominations). Audit and Compensation Committees composed of independent directors.
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Committees (membership/chairs): Audit (Chair Jorma Ollila; members Ollila, Sherburne, Fascitelli, Mugford; Sherburne is the audit committee financial expert). Compensation (Chair Jane C. Sherburne; members Sherburne, Fascitelli, Mugford, Ollila).
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Meeting attendance: In 2024, Board met 4x; Audit 7x; Compensation 5x. All directors ≥75% attendance; seven attended 2024 annual meeting.
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Director compensation (non‑employee): $200,000 annual retainer (50% cash/50% RSUs), plus $20,000 for Audit Chair and $20,000 for Compensation Chair; affiliated directors (including Weinberg) are not separately compensated as directors.
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Governance considerations: Weinberg chairs the Professionals GP committee with voting/dispositive power over VoteCo Professionals’ securities (members disclaim beneficial ownership except to the extent of pecuniary interest), highlighting dual‑role/control dynamics.
Performance & Track Record
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2024 performance: Record revenues of $878M (+35% YoY); adjusted pre‑tax income $137M; adjusted EPS $0.96; Q4 revenues $225.7M (+6% YoY).
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Capital returns: $282M returned to equity holders in 2024; retired ~14.5M shares/share equivalents; declared $0.07 quarterly dividend.
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Business momentum: Industry recognition—#4 boutique by global deal volume (Dealogic) and #1 in announced restructurings (Debtwire); balanced growth across M&A and financing/capital solutions; strong US leadership with increasing Europe activity.
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Operating leverage focus: Adjusted compensation ratio 67% (2024) with long‑term mid‑60s target; non‑comp ratio 18% (2024).
Equity Ownership & Alignment (Additional Detail)
| Snapshot | Class A Shares (Direct) | % Class A | Class B‑1 Shares (VoteCo) | Combined Voting Power |
|---|---|---|---|---|
| 3/15/2024 | 990,033 (plus exchangeable partnership units noted) | 1.85% | 39,673,721 | 88.14% (with VoteCo) |
| 3/17/2025 | 1,110,035 | 1.79% | 26,190,514 | 81.18% (with VoteCo) |
- Insider trading/Section 16: Company disclosed minor untimely Form 4 filings for Weinberg and others related to tax withholding dispositions (Dec 2023/Dec 2024; Feb 2025), filed by the Company on their behalf.
Vesting Schedules and Selling Pressure Indicators
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LTIPs (service‑only modification): Vest in three equal installments on 3rd/4th/5th anniversaries of 8/31/2021 (i.e., 8/31/2024, 8/31/2025, 8/31/2026), subject to service.
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Performance‑based LTIPs: Performance hurdles evaluated any time prior to 5th anniversary of grant; service vesting occurs 3rd/5th anniversaries (with 50% of earned amount vesting at 5th anniversary).
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Partnership unit vesting acceleration (May 6, 2024): ACUs/VCUs vesting accelerated with cash withheld/repurchased to fund taxes; accelerated units subject to prior lock‑up terms; Q3 2024 exchange disallowed for accelerated units—implies staged liquidity and potential periodic net settlement activity.
Compensation Committee Analysis
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Consultant: Exequity LLP engaged; determined independent, no conflicts.
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Peer group (2024 review): Evercore, Houlihan Lokey, Lazard, Moelis & Company, PJT Partners.
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Instruments: No stock options are granted under current policies.
Related Party Transactions (Governance Red Flags to Monitor)
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Stockholders Agreement/VoteCo approval rights: VoteCo Professionals retains broad approval rights over significant corporate actions while Class B conditions are satisfied; right to designate majority (or one‑third) of directors depending on thresholds.
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Tax Receivable Agreement: 85% of cash tax savings payable to TRA parties; change‑of‑control/early termination can trigger present value payments under specified assumptions.
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Internal reorganization/merger of AdCo Professionals with PWP OpCo; vesting acceleration of ACUs/VCUs and related cash repurchases/withholding for taxes.
Risk Indicators & Red Flags
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Controlled company exemptions (board independence, nominations committee) and Chairman’s tie to VoteCo Professionals committee—monitor potential conflicts/independence.
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Litigation/professional fees elevated (2024–2025), though expected to moderate; prior SEC settlement charge referenced in 2023 non‑GAAP reconciliation footnotes.
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Insider net share settlements and unit exchanges driven by vesting/tax obligations—watch for periodic supply from net settlement/exchange events.
Director Compensation (for context; Weinberg not paid separately)
| 2024 Non‑Employee Director Pay | Cash ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| Audit Chair (Jorma Ollila) | 120,000 | 98,681 | 218,681 |
| Comp Chair (Jane Sherburne) | 120,000 | 98,681 | 218,681 |
| Other Non‑Employee Directors | 100,000 | 98,681 | 198,681 |
Say‑on‑Pay & Frequency
- 2025 Annual Meeting includes advisory vote on NEO compensation (board recommends “FOR”) and advisory vote on frequency (board recommends “THREE YEARS”). Final results to be reported on Form 8‑K post‑meeting.
Investment Implications
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Alignment: Weinberg’s significant economic/voting interests via VoteCo and large LTIP/RSU holdings align him with long‑term TSR; anti‑hedging and stringent lock‑ups reinforce alignment.
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Governance/independence: Controlled company structure and Weinberg’s chairmanship of the Professionals GP committee over VoteCo securities pose perceived independence risks; however, CEO and Chairman roles are separated, and key committees are independent.
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Retention and liquidity timing: Robust restrictive covenants and forfeiture triggers reduce near‑term attrition risk; staged LTIP/service vesting and accelerated unit vesting with tax‑motivated cash conversions point to episodic net settlement/exchange activity—monitor around 8/31/2025 and 8/31/2026 and quarterly exchange windows.
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Pay‑for‑performance: Heavy reliance on discretionary bonuses and stock‑price‑linked LTIPs (no options), plus a clawback policy, tie pay to firm outcomes/TSR; with mid‑60s comp ratio targets and record 2024 profitability, incremental margin leverage is possible as scale grows.
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Trading signals: Watch for Form 4 activity tied to vesting/net settlements; monitor say‑on‑pay outcome and any governance changes affecting VoteCo’s rights; performance toward $25/$30 hurdles influences incremental LTIP vesting.