Jonathan M. Craig
SCHWAB CHARLESAbout Jonathan M. Craig
Jonathan M. Craig is Managing Director and Head of Investor Services at The Charles Schwab Corporation. He joined Schwab in 2000 and has held senior roles including Chief Marketing Officer (2012–2018), EVP – Client & Marketing Solutions (2017–2018), Senior Executive Vice President (2018–2021), and Managing Director & Head of Investor Services and Marketing since 2022; he is 53 years old as of December 31, 2024 . Company performance context relevant to his remit includes 2024 total client assets of $10.1 trillion, net income of $5.9B, adjusted diluted EPS of $3.25, ROTCE 35%, and core net new assets of $367B; cumulative TSR translated to $167 for a $100 investment over the SEC-defined window, compared to $217 for the peer group .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| The Charles Schwab Corporation | Managing Director & Head of Investor Services and Marketing | 2022–present | Leads Investor Services franchise and marketing functions |
| The Charles Schwab Corporation | Senior Executive Vice President | 2018–2021 | Senior executive leadership across client and marketing domains |
| The Charles Schwab Corporation | EVP – Client & Marketing Solutions | 2017–2018 | Oversaw client solutions and marketing |
| The Charles Schwab Corporation | EVP & Chief Marketing Officer | 2012–2018 | Led enterprise marketing |
| The Charles Schwab Corporation | Joined Schwab | 2000 | Long-tenured operator across client-facing businesses |
External Roles
No public company directorships or external roles disclosed for Mr. Craig in company filings .
Fixed Compensation
| Component (2024) | Amount ($) | Notes |
|---|---|---|
| Base Salary | 775,000 | Unchanged from 2023 |
| Target Bonus (%) | 200% of earned salary | Under CEBP; metric is adjusted diluted EPS |
| Actual Bonus Paid | 1,824,195 | Funded at 117.69% of target (adjusted EPS result $3.25 vs $2.76 target) |
Performance Compensation
| Element | Metric | Weighting | Target | Actual/Result | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Cash Incentive (CEBP) | Adjusted diluted EPS | N/A | $2.76 (2024 financial plan) | $3.25 (2024 actual) | 117.69% funding; Craig paid $1,824,195 | Cash; paid after committee certification |
| PBRSUs (2024 grant) | ROTCE/COE (3-year, AOCI included) | 60% of LTI | Target earn at 150% ROTCE/COE; 50% payout at 100% threshold | Earn-out based on matrix up to 200% | 0–200% based on performance | Cliff vest 3/1/2027 (2024 grant) |
| Stock Options (2024 grant) | Stock price appreciation | 40% of LTI | Exercise price $66.47 | Value realized only if in-the-money | N/A | 25% annually over 4 years; expire in 10 years |
2024 Equity Grants Detail (Craig)
| Grant Type | Grant Date | Units/$ | Terms |
|---|---|---|---|
| PBRSUs | 3/1/2024 | 29,861 units ($1,980,008) | ROTCE/COE; cliff vest 3/1/2027; 50%–200% payout |
| Stock Options | 3/1/2024 | 69,147 options ($1,320,016); Ex. price $66.47 | 25% annual vest over 4 years; 10-year term |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 445,464 shares (23,258 owned; 422,206 right to acquire within 60 days); <1% of outstanding shares |
| Unvested RSUs/PBRSUs (12/31/2024) | 42,410 units; market value $1,774,908 at $74.01/share |
| Unearned PBRSUs (performance) | 55,494 units; payout value $4,107,111 at $74.01/share |
| Options – 2024 tranche | 69,147 unexercisable (ex. price $66.47) |
| Options – 2023/2022 tranches | Multiple grants outstanding; exercisable/unexercisable shown by tranche |
| 2024 exercises/vesting | Exercised 4,977 options (value $217,086); 92,236 shares vested (value $6,120,430) |
| Stock ownership guideline | 3x base salary for executives; CEO 5x |
| Guideline compliance | Each NEO met or within 5-year period as of 12/31/2024 |
| Hedging/pledging | Prohibited by Insider Trading Policy (short sales, opening option positions, pledging/margin loans) |
Employment Terms
| Provision | Details |
|---|---|
| Severance Plan | 15 business days of base salary per year of service; minimum 7 months, max 12 months; plus 60-day notice period salary; COBRA contribution; continued vesting for equity subject to plan terms |
| Change-in-control treatment (equity) | Options fully vest/exercisable; RSUs/PBRSUs vest/pay at target on change-in-control, death or disability |
| Clawbacks | Section 16 Officer Incentive Compensation Recovery Policy (SEC/NYSE compliant, covers CEBP and PBRSUs); broader Executive Council recovery policy for restatements, fraud, misconduct |
| Craig – Estimated benefits (12/31/2024) | Severance: $6,462,365 (incl. $916,098 salary/bonus; $507,677 options; $5,035,788 RSUs; $2,801 other) |
| Craig – Change-in-control (CIC) | $8,014,166 (incl. $768,365 options; $7,245,801 RSUs) |
| Deferred compensation | DCP2 participant; 2024 earnings $293,853; aggregate balance $2,013,134; no 2024 contributions |
Investment Implications
- Pay-for-performance alignment: 2024 cash incentive tied to adjusted EPS and PBRSUs tied to ROTCE/COE create sensitivity to profitability and capital efficiency; 2024 funding at 117.69% and 60/40 PBRSU/options mix indicate balanced short-/long-term incentives .
- Upcoming supply events: Large PBRSU vesting dates (3/1/2026 for 2023 awards; 3/1/2027 for 2024 awards) and annual option vesting can create periodic liquidity/selling pressure; mitigated by insider trading windows and pledging prohibitions .
- Retention and CIC protection: Standard severance plan (up to 12 months) and CIC acceleration of equity reduce retention risk during transitions; absence of executive-specific tax gross-ups/perquisites limits shareholder-unfriendly optics .
- Ownership alignment: <1% ownership but executive ownership guidelines and prohibitions on hedging/pledging support alignment; 2024 vesting and option exercises suggest ongoing equity exposure .
Company-level context: Schwab delivered $10.1T client assets, $5.9B net income, adjusted EPS $3.25, ROTCE 35% in 2024; cumulative TSR value of $167 vs $217 peer group informs broader performance backdrop for Investor Services leadership .