Stuart Davison
About Stuart Davison
Stuart Davison, age 39, is Chief Operating Officer (COO) of StoneX Group Inc. (SNEX). He was appointed in July 2024, has been an executive officer since 2024, and has been with the company since 2012, previously serving as Deputy COO and holding senior roles in Market Risk, Operational Risk, Liquidity Risk, EMEA Head of Treasury & Operations, and COO, EMEA . Company performance context: Adjusted ROE was 17.1% in FY2024 (GAAP ROE 16.9%), with GAAP net income of $260.8 million; cumulative TSR rose from $129 to $240 on a $100 base between FY2021–FY2024, versus peer TSR moving from $167 to $247 .
Performance Snapshot (Company-Level)
| 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 |
| Adjusted ROE (%) | 15.2% | 21.7% | 19.2% | 17.1% |
| Company TSR (Value of $100) | 129 | 162 | 189 | 240 |
| Peer Group TSR (Value of $100) | 167 | 147 | 173 | 247 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| StoneX Group Inc. | Chief Operating Officer | 2024–present | Enterprise operations leadership across segments |
| StoneX Group Inc. | Deputy Chief Operating Officer | Pre-2024 (not specified) | Group-wide operational coordination |
| StoneX Group Inc. | EMEA Head of Treasury & Operations | Not specified | Regional treasury/operations leadership |
| StoneX Group Inc. | COO, EMEA | Not specified | EMEA operations oversight |
| StoneX subsidiaries (GAIN HOLDINGS LLC; GCAM LLC; GAIN CAPITAL HOLDINGS INTERNATIONAL LLC) | Manager (signatory) | 2025 | Executed credit/pledge/intercreditor documents (capital structure alignment) |
External Roles
- No external public company directorships or outside roles disclosed for Mr. Davison in the proxy .
Fixed Compensation
- Base salary, target bonus %, and actual bonus for Mr. Davison are not disclosed in the latest proxy; he was not a named executive officer (NEO) for FY2024 .
- Program design: executive pay includes base salary, bonus under objective plan, cash-based LTIP, discretionary bonus, equity awards, and benefits; the Compensation Committee emphasizes modest base salaries and performance-based pay .
Performance Compensation
Company-level incentive architecture relevant to executive officers (EPP; participation is designated by the Compensation Committee):
| Metric | Weighting | Target | Actual (FY2024) | Payout Mechanics | Vesting |
|---|---|---|---|---|---|
| Adjusted ROE | 100% (FY2024) | 15% | 17.1% | Payout scales with ROE, increments per 10 bps; per-participant max $8.5M | Restricted shares from EPP vest ratably over 3 years; FY2024 EPP grants (for NEOs) on 12/13/2024 at $100.89/share |
| Mix (cash/equity) | — | — | — | Approximately 70% cash / 30% restricted stock valued at a 25% discount to FMV (per Employment Agreements for certain executives) | Vests per Restricted Stock Program (3 years) |
Notes:
- FY2024 EPP participants included all five NEOs; the proxy does not specify Mr. Davison’s individual participation or payout .
- Equity grant practices: options generally granted ~every five years, at or above market price, with no repricing, and minimum vesting; Dec 2023 options vest ratably over five years beginning after 12/05/2026, ~8-year term .
Equity Ownership & Alignment
- Section 16 compliance: one Form 3 for Mr. Davison was filed late on July 17, 2024 (company notes delinquent Section 16(a) report) .
- Stock ownership guidelines explicitly apply to CEO and non-employee directors (≥3x salary/fees within 5 years); the proxy does not disclose executive officer guidelines beyond CEO .
- Hedging/pledging: Company prohibits short sales and transactions benefiting from price declines (e.g., puts), but has not adopted a policy prohibiting officers/directors from otherwise hedging or pledging shares as loan collateral . Margin holdings were disclosed for certain executives (not Davison) as of 12/31/2024 .
- Clawback: broad clawback rights in grant instruments; formal Clawback Policy (May 2021) allows recoupment for material restatements (within 3 years), fraud/gross negligence/intentional misconduct, or deliberate market misrepresentation .
- Equity plan governance: minimum vesting, restricted dividends, no option repricing, no liberal share recycling/change-in-control definition, no evergreen, no tax gross-ups under the plan .
Employment Terms
- Proxy discloses Employment Agreements and severance/change-of-control terms for certain executives (O’Connor, Dunaway, Smith, Maurer); it does not disclose an Employment Agreement for Mr. Davison .
- For covered executives: if terminated without Cause or resign for Good Reason, severance equals 18 months base salary and 1.5x target annual bonus, plus pro-rata/current-year bonus and benefits for 18 months; within 12 months post change-of-control, severance increases to 24 months base salary and 2x target bonus (lump sum), with 24 months benefits; non-compete generally 12 months (6 months post change-of-control termination) . Applicability to Mr. Davison is not specified .
Investment Implications
- Alignment: Company-wide executive incentives are tightly linked to adjusted ROE, with EPP-driven cash/equity mix and multi-year vesting; clawback and no-repricing features support shareholder alignment .
- Retention/contract visibility: Davison’s specific compensation, ownership levels, and severance/change-of-control terms are not disclosed, introducing uncertainty on pay-for-performance alignment and retention economics vs. peer executives .
- Trading signals and selling pressure: Section 16 late Form 3 is a minor governance flag; pledging is not broadly prohibited and margin use is disclosed for other executives—monitor Davison’s future Forms 3/4 for grants/sales and any pledging/margin activity .
- Execution track record: Davison’s long StoneX tenure (since 2012) and progression through risk/treasury/operations roles culminating in COO suggests deep operational expertise; his 2025 signatory roles across GAIN entities in credit/pledge/intercreditor documents indicate central involvement in capital structure and integration activities—beneficial for operational execution, albeit without direct performance attribution to him disclosed .