James M. Marischen
STIFEL FINANCIALAbout James M. Marischen
Chief Financial Officer of Stifel Financial Corp. since August 2018; previously Chief Accounting Officer and Chief Risk Officer (2015–2018) and CFO/EVP of Stifel Bank & Trust (2008–2015). Began career in public accounting at KPMG; holds B.S. in Accounting and Master of Accountancy from Truman State University . Company performance in 2024 included record net revenues of $4.97B (+14% y/y), Non-GAAP EPS of $6.81 (+46% y/y), ROCE of 16%, ROTCE of 23%, and TSR of 56% . Over 5 years, common stock delivered 186% cumulative return (CAGR ~23%) vs peer group 92% (CAGR ~14%) and S&P 500 97% (CAGR ~15%) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Stifel Financial Corp. | Chief Financial Officer | Aug 2018 – Present | Oversees capital and liquidity management; supported record net revenues, expense discipline, and dividend increase . |
| Stifel Financial Corp. | Chief Accounting Officer & Chief Risk Officer | 2015 – 2018 | Led corporate accounting, FP&A, tax, treasury, and enterprise risk management . |
| Stifel Bank & Trust | Chief Financial Officer & EVP | 2008 – 2015 | CFO for Stifel’s bank subsidiary; contributed to bank growth and oversight . |
| KPMG LLP | Public Accounting | Prior to 2008 | Audit/accounting foundation before joining Stifel . |
External Roles
No external public-company directorships or committee roles disclosed for Mr. Marischen .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $275,000 | $300,000 | $300,000 |
| Cash Bonus ($) | $1,225,000 | $1,150,000 | $1,800,000 |
| Restricted Cash ($) | $0 | $190,000 | $180,000 |
| Debentures ($) | $200,000 | $0 | $0 |
| All Other Compensation ($) | $84,957 | $112,452 | $129,231 |
| Total SCT Compensation ($) | $2,634,957 | $3,052,452 | $3,769,231 |
Perquisites/benefits detail (FY 2024): 401(k) match $1,000; dividends & equivalents $105,896; interest on debentures $22,335 .
Performance Compensation
PRSU design, metrics, and vesting
| Metric | Threshold | Target | Maximum | Weighting/Mechanics | Vesting/Delivery |
|---|---|---|---|---|---|
| Relative TSR vs Peer Group | 80% of Peer TSR | 100% of Peer TSR | 120% of Peer TSR | Final score = avg of non-GAAP scores multiplied by TSR score; max award 200% of target | Earned over 4 years; 80% delivered after 4 years, 20% after 5 years |
| 4-Year Avg Annual Non-GAAP Diluted EPS | $4.56 | $6.52 | $8.48 | Equal-weighted with ROCE in preliminary score | As above |
| 4-Year Avg Annual Non-GAAP ROCE | 11% | 13% | 15% | Equal-weighted with EPS in preliminary score | As above |
Key mechanics: Non-GAAP EPS and ROCE are averaged (equal weight) to form the preliminary score, then multiplied by Relative TSR score; maximum payout is 200% of target . PRSUs measured over 4 years, vest over 5 years; no automatic vesting on change-in-control (double trigger applies) .
2024 equity awards granted (for 2023 service; grant date March 8, 2024)
| Asset Category | Units (#) | Grant Date Fair Value ($) |
|---|---|---|
| PRSUs (Mandatory Deferral) | 9,067 | $680,000 |
| RSUs (Mandatory Deferral) | 9,067 | $680,000 |
| Total | 18,133 | $1,360,000 |
Outstanding awards and vesting schedule (as of 12/31/2024)
| Award Type | Grant Date | Units (#) | Vesting Milestones |
|---|---|---|---|
| RSU/Time-Based Units | 02/25/2016 | 4,261 | Vest completes 01/01/2026 |
| RSU/Time-Based Units | 03/02/2018 | 755 | Vest completes 01/01/2028 |
| RSU/Time-Based Units | 01/30/2020 | 1,076 | Vest completes 01/30/2025 |
| RSU/Time-Based Units | 01/28/2021 | 1,999 | Vest completes 01/01/2026; restrictions elapse 01/28/2026 |
| RSU/Time-Based Units | 02/18/2022 | 2,267 | Vest completes 01/01/2027 |
| RSU/Time-Based Units | 03/21/2023 | 5,851 | Vest completes 01/01/2028 |
| RSU/Time-Based Units | 03/08/2024 | 7,253 | Vest completes 01/01/2029 |
| PRSU (Target) | 01/28/2022 | 4,997 | 80% completes 01/28/2025; 20% completes 01/28/2026 |
| PRSU (Target) | 02/18/2022 | 5,667 | 80% completes 02/19/2026; 20% completes 02/19/2027 |
| PRSU (Target) | 02/18/2023 | 9,752 | 80% completes 02/19/2027; 20% completes 02/19/2028 |
| PRSU (Target) | 03/08/2024 | 9,067 | 80% completes 03/08/2028; 20% completes 03/08/2029 |
Notes:
- RSUs/RSAs/debentures/restricted cash vest ratably over 5 years; PRSUs calculated after 4 years, delivered 80% at year 4 and 20% at year 5; unvested awards vest upon death or disability; PRSUs do not vest automatically upon termination or retirement .
- Debentures historically accrue 3% interest and vest ratably over 5 years .
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficially Owned Shares | 68,896 shares (as of 04/07/2025) |
| Stock Units (unvested/other, incl. PRSUs at target) | 63,899 units |
| Total (Shares + Units) | 132,745 |
| % of Outstanding Shares | ~0.067% (68,896 / 103,033,074) |
| Ownership Guidelines | 7× base salary for non-CEO NEOs; all executives substantially exceed |
| Pledging/Margin/Derivatives | Prohibited without Committee approval; executives have no shares in margin accounts and have pledged no shares |
| Anti-Hedging | Prohibited (no derivatives/shorts/solicited transactions) |
| Upcoming PRSU Deliveries | 80% tranches scheduled for 01/28/2025; 02/19/2026; 02/19/2027; 03/08/2028; remaining 20% one year later |
Nonqualified Deferred Compensation (FY 2024):
| Metric | Amount ($) |
|---|---|
| Executive Contribution (Mandatory Deferral; included in Stock Awards) | $1,360,000 |
| Aggregate Earnings | $2,395,466 |
| Withdrawals/Distributions | $1,007,379 |
| Ending Balance | $6,686,539 |
Employment Terms
| Provision | Details |
|---|---|
| Employment Agreement | None; all executive officers, including CFO, are at-will |
| Severance (CIC) | No special CIC severance; equity awards since 2010 require “double trigger” for accelerated vesting; no guaranteed payments or golden parachutes; no excise tax gross-ups |
| Change-in-Control Vesting | No automatic vesting; must be terminated after CIC for acceleration unless exceptions granted |
| Death/Disability Vesting | RSUs/RSAs/PRSUs vest upon death or disability; for CFO, death/disability value would be $5,616,404 at 12/31/2024 prices if event occurred then |
| Clawback | NYSE/SEC-compliant compensation recovery policy adopted in 2023 for incentive-based comp tied to financial measures; long-standing forfeiture provisions for detrimental conduct/restatements |
| Non-Compete/Non-Solicit (post-termination) | Continued-employment vesting may be eliminated upon termination without cause if holder refrains from competitive or soliciting activity prior to relevant vest date |
| Trading Windows/Insider Policy | Trading prohibited around earnings (from 5 calendar days before to 1 business day after reports); strict anti-hedging/margin policies |
Performance Compensation – CFO Specific Payouts and Mix (Decision Framework)
| Year | Base Salary ($) | Cash Bonus ($) | RSUs/PRSUs (Grant-Date FV; awarded for prior year) ($) | Realized vs At-Risk Mix |
|---|---|---|---|---|
| 2024 | $300,000 | $1,980,000 (cash $1,800,000; restricted cash $180,000) | $1,360,000 (granted Mar 8, 2024 for 2023 service) | Realized $2.10M (54%); At-Risk $1.80M (46%) |
| 2023 | $300,000 | $1,340,000 (cash $1,150,000; restricted cash $190,000) | $1,300,000 (granted Feb 2023 for 2022 service) | Realized $1.45M (48%); At-Risk $1.55M (52%) |
| 2022 | $275,000 | $1,425,000 (cash $1,225,000; debentures $200,000) | $850,000 (granted Feb 2022 for 2021 service) | Realized $1.50M (50%); At-Risk $1.50M (50%) |
Committee process emphasizes non-GAAP revenue, pre-tax income, and diluted EPS alongside qualitative factors and strategic/risk management; no fixed target levels, awards determined via structured framework with strong At-Risk elements and multi-year vesting .
Investment Implications
- Alignment: High equity deferral (RSUs/PRSUs) with 4–5 year horizons plus ownership guidelines and anti-hedging/pledging policies create strong alignment; CFO exceeds 7× salary ownership guideline and holds ~132.7k combined shares/units .
- Retention risk: Multi-year vesting across numerous tranches (2025–2029) and PRSU dependency on multi-year EPS/ROCE/Relative TSR reduce flight risk; at-will status partially offset by deferred comp and death/disability protections .
- Insider selling pressure: Scheduled PRSU deliveries (80% at year 4; remaining 20% at year 5) in 2025–2029 could create periodic sell-to-cover dynamics; no pledging or derivatives, and strict trading windows mitigate risk of opportunistic selling .
- Governance/Pay: No employment agreements, no excise tax gross-ups or special CIC severance; double-trigger vesting and 2023 clawback policy are shareholder-friendly. Say-on-pay historically strong (>97% support), indicating investor approval of pay design .
- Performance linkage: PRSUs tied to Non-GAAP EPS, ROCE, and Relative TSR with clear thresholds/targets/maxima; 2024 firm results improved materially (EPS +46%, TSR +56%), reinforcing pay-for-performance trajectory .