Aaron Schroeder
About Aaron Schroeder
Aaron Schroeder, age 49, is Chief Accounting Officer (CAO) at StoneX Group Inc. (SNEX). He has been an executive officer since 2012 and was appointed CAO in December 2014 after prior roles as Director of Accounting, Group Controller, and Assistant Treasurer; earlier, he was a Senior Associate at KPMG . During his tenure, StoneX’s company-level performance has been strong: adjusted ROE was 17.1% in FY2024, with GAAP net income of $260.8 million (and adjusted net income $264.6 million) and cumulative TSR rising from 129 to 240 on a $100 base across FY2021–FY2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| StoneX/FCStone | Director of Accounting | Undisclosed | Senior finance leadership preceding CAO appointment |
| StoneX/FCStone | Group Controller | Undisclosed | Led accounting control oversight pre-CAO |
| StoneX/FCStone | Assistant Treasurer | Undisclosed | Treasury support and controls pre-CAO |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| KPMG | Senior Associate | Undisclosed | Public accounting experience; foundation for CAO responsibilities |
Fixed Compensation
No individual base salary, target bonus %, or actual bonus paid amounts are disclosed for Schroeder in the latest proxy (named executive officers listed do not include the CAO) . Company-wide elements include base salary, objective-plan bonus, cash-based LTIP, discretionary bonus, and equity awards .
Performance Compensation
Company compensation architecture for executives relies heavily on performance:
- Executive Performance Plan (EPP): Single metric in FY2024 was adjusted ROE; payouts scale from 0% at <6% adjusted ROE to higher factors above target, subject to an $8.5M annual cap per participant .
- LTIP: Notional award accrues “interest” at the higher of effective borrowing rate or adjusted ROE (bounded 3%–15%), then applies a performance adjustment based on five-year average adjusted ROE with payout 0%–125% of award plus interest .
| Component | Metric | Weighting | Target | Actual (FY2024) | Payout Mechanics | Vesting |
|---|---|---|---|---|---|---|
| EPP (FY2024) | Adjusted ROE | 100% | 15% | 17.1% | Payout factor increases by specified increments per ROE bracket; capped at $8.5M per executive | Restricted shares issued at a 25% discount to market; vest 1/3 annually over 3 years |
| LTIP | Avg Adjusted ROE (5-year) | N/A | Committee-set award | N/A | 0%–125% of award+interest based on average ROE; interest accrues annually per plan | Per LTIP terms; committee discretion |
Note: The proxy does not explicitly confirm Schroeder’s participation or payouts under EPP/LTIP; the structure above governs designated executives .
Equity Ownership & Alignment
- Form 4 activity: Schroeder filed a Form 4 on December 17, 2024 reflecting restricted stock acquired under the Company’s Restricted Stock Program; shares vest equally over years one, two, and three . Historical Form 4 filings for Schroeder (e.g., 2022, 2018) corroborate ongoing equity transactions and beneficial ownership reporting .
- EPP restricted stock vesting cadence: 1/3 per year over three years; restricted shares granted December 13, 2024 at $100.89 FMV (shares for NEOs shown; Schroeder’s grant specifics not disclosed in proxy) .
- Alignment policies: Omnibus Incentive Compensation Plan includes minimum vesting, no option repricing, restricted dividends, no “liberal” share recycling or change-in-control definitions, clawbacks, and no tax gross-ups . Compensation Committee administers clawback policies .
- Pledging/hedging: Proxy footnotes disclose margin/pledged positions for certain executives, but no pledging disclosure is provided for Schroeder (he is not in the named executive officers table) .
Employment Terms
- Employment agreements (severance, non-compete, change-of-control): Agreements are disclosed for O’Connor, Dunaway, Smith, Maurer; Lyon has none; Schroeder is not named among executives with disclosed employment agreements as of September 30, 2024 . Thus, specific severance multiples, triggers, and non-compete terms for Schroeder are not disclosed in the latest proxy.
Performance & Track Record
Company performance context over Schroeder’s tenure:
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Net Income (GAAP, $mm) | $116.3 | $207.1 | $238.5 | $260.8 |
| Adjusted Net Income ($mm) | $127.4 | $214.6 | $235.1 | $264.6 |
| ROE (%) | 13.9% | 21.0% | 19.5% | 16.9% |
| Adjusted ROE (%) | 15.2% | 21.7% | 19.2% | 17.1% |
| Company TSR ($100 initial) | $129 | $162 | $189 | $240 |
| Peer Group TSR ($100 initial) | $167 | $147 | $173 | $247 |
Company-selected measure linking pay to performance is Adjusted ROE; EPP/LTIP design ties variable compensation to ROE outcomes .
Compensation Committee Analysis
- Committee members in FY2024: John M. Fowler (Chair), Eric Parthemore, Annabelle Bexiga; five meetings held .
- No compensation consultant; decisions consider individual/company performance, role scope, tenure; program is performance-heavy to align with stockholders .
Governance Policies Affecting Compensation and Trading Signals
- Stock ownership guidelines apply to CEO and non-employee Directors (not extended to all executives) .
- Equity grant discipline: options granted at or above market; grant timing not coordinated with MNPI; typical option grant cadence ~every five years .
- Clawback policies administered by the Compensation Committee ; Omnibus plan explicit clawback language .
Investment Implications
- Alignment: Schroeder’s equity-based awards (e.g., restricted stock vesting 1/3 annually) and company-wide clawback/no-repricing policies signal governance discipline and retention focus; however, lack of disclosed EPP/LTIP participation specifics for the CAO means pay-for-performance linkage for him is less transparent than for NEOs .
- Retention and selling pressure: Three-year ratable vesting implies periodic potential supply from vest releases; monitor Form 4s around anniversary dates as potential short-term trading signals .
- Risk indicators: No pledging/hedging disclosure for Schroeder; company lists margin holdings for other executives—absence of disclosure for Schroeder reduces alignment red-flag risk, but data is limited since he’s not in the NEO table .
- Performance backdrop: Sustained high adjusted ROE and rising TSR support compensation structures tied to ROE and suggest continued variable pay strength for designated executives; as CAO, Schroeder’s influence on financial reporting/controls underpins execution quality but his individual payout/targets remain undisclosed .