Eric Aboaf
Chief Financial Officer at SPGI
Executive
About Eric Aboaf
Eric Aboaf is Executive Vice President and Chief Financial Officer (CFO) of S&P Global, appointed effective February 19, 2025; he is age 60 and oversees all aspects of the company’s finance function, including strategy and M&A . He previously served as CFO and Vice Chairman of State Street, CFO of Citizens Financial Group, and Treasurer at Citigroup; he graduated summa cum laude from The Wharton School and Penn Engineering, and earned a master’s degree from MIT . In 2024, S&P Global delivered strong results: revenue rose 14% to $14.208B, GAAP net income rose 47%, and GAAP diluted EPS rose 50%; adjusted diluted EPS rose 25% to $15.70 . S&P’s pay-for-performance model ties annual incentives to non-GAAP ICP Adjusted Revenue and ICP Adjusted EBITA Margin and long-term PSUs to non-GAAP ICP Adjusted Diluted EPS .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| State Street Corporation | CFO; later Vice Chairman | ~2016–2024 | Led global financial strategy, oversaw Markets & Financing; focused on growth investment, productivity, balance sheet deployment . |
| Citizens Financial Group | CFO | prior to 2016 | Drove growth, expanded net interest margin, led capital allocation programs . |
| Citigroup | Treasurer; CFO of Institutional Clients Group; senior finance roles | ~12 years (prior to Citizens) | Managed $1.9T balance sheet; improved liquidity and capital structure . |
| Bain & Company | Partner, co-led U.S. financial services practice | earlier career | Growth strategy and performance improvement for financial institutions . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| New York City Urban Debate League | Board Chair | current | Community leadership; education and civic engagement . |
Fixed Compensation
| Component | Amount | Timing/Notes |
|---|---|---|
| Base salary | $825,000 | Annual rate, effective on joining S&P Global . |
| Target annual incentive (STIC) | $1,800,000 | Prorated for 2025 based on days employed . |
| 2025 annual equity (LTI) target | $6,500,000 | Mix of PSUs and RSUs, determined by Compensation Committee . |
| One-time signing bonus | $2,400,000 | Pay within 60 days of start; repay if voluntary departure or misconduct within 12 months . |
| One-time make-whole equity award | $5,900,000 | RSUs/PSUs to replace forfeited prior employer equity; under 2019 Stock Incentive Plan . |
Performance Compensation
| Metric | Weighting | Targeting and determination | Payout mechanics | Vesting/Period |
|---|---|---|---|---|
| Non-GAAP ICP Adjusted Revenue (enterprise) | 35% of STIC business component | Adjusted for FX, acquisitions/divestitures | STIC funded on enterprise and role/division goals; capped at 200% | Annual; part of STIC . |
| Non-GAAP ICP Adjusted EBITA Margin (enterprise) | 35% of STIC business component | Adjusted for FX, acquisitions/divestitures | As above | Annual; part of STIC . |
| Business-building scorecard (Growth & Innovation; Customer at the Core; Data & Technology; Lead & Inspire; Execute & Deliver) | 6% each (30% total of business component) | KPI-scored; CEO-reviewed quarterly | Adds to STIC funding; capped at 200% | Annual; part of STIC . |
| 2024 enterprise financial achievement (context) | — | ICP Adjusted Margin 49.0%; ICP Adjusted Revenue $14,189M; funding 166.84% | Applied to 2024 STIC pool | Annual (for 2024) . |
| PSUs (long-term) | Largest LTI component | Sole metric: non-GAAP ICP Adjusted Diluted EPS; cumulative 3-year goal | Payout 0–200% of target based on performance | 3-year cycles; e.g., 2023 PSUs vest end-2025; 2024 PSUs vest end-2026 . |
Note: Aboaf’s 2025 awards follow the company’s standard design; his 2025 STIC will be prorated per appointment terms .
Equity Ownership & Alignment
| Policy/Status | Details |
|---|---|
| Stock ownership guidelines | CFO required to hold S&P Global common stock equal to 4x base salary; 100% of current holdings and net settled shares must be retained until compliant; unvested time-based RSUs count; unvested PSUs and options do not . |
| Anti-hedging/anti-pledging | Prohibition on hedging and pledging by directors and executive officers . |
| Clawbacks | Dodd-Frank clawback for executive officers on financial restatement, plus voluntary policies for misconduct or acts with material negative impact; multiple pay recovery provisions . |
| Beneficial ownership | A consolidated management table is disclosed as of March 6, 2025; Aboaf was appointed 2/19/2025 and is not listed among 2024 NEOs; individual CFO holdings are not disclosed in the 2025 proxy’s table . |
Employment Terms
- Appointment terms: Base $825,000; STIC target $1,800,000 (prorated for 2025); 2025 LTI target $6,500,000 in PSUs/RSUs; one-time $2,400,000 cash sign-on (12‑month clawback for voluntary departure or misconduct); one-time $5,900,000 make‑whole RSU/PSU grant for forfeitures; eligible for standard employee benefits .
- Retirement/award treatment: After the 5th anniversary of start date (subject to good standing), outstanding RSUs/PSUs with grant dates ≥1 year prior to retirement will continue vesting on original schedule, with PSU payouts based on actual performance; this treatment supersedes any conflicting severance plan language to prevent loss of more than one year of unvested awards .
- Change-in-control (company policy): Double-trigger applies; RSUs convert and vest on qualifying termination; PSUs convert into time‑vesting RSUs based on target if <50% of period elapsed or actual performance (or greater of actual/target for PSUs granted in 2024) if ≥50% elapsed; STIC pays pro‑rata based on average of prior three years’ payments; no excise tax gross-ups (cutback may apply) .
Performance & Track Record
- Leadership communication: Aboaf emphasized profitable growth and capital returns, reiterating the target to return ~85% of adjusted free cash flow via dividends and repurchases; Board authorized a new program up to 30 million shares and a $2.5B ASR .
- Company execution context: For FY 2024, S&P Global exceeded guidance ranges for revenue growth, margin, and EPS on a GAAP and adjusted basis; returned more than $4.4B to shareholders; set 2025 guidance including adjusted diluted EPS of $17.00–$17.25 .
- Medium-term targets: Organic constant‑currency revenue growth 7%–9%; adjusted operating margin expansion 50–75 bps annually; double‑digit adjusted diluted EPS growth (enterprise) .
Compensation Structure Analysis
- Pay-for-performance design: Company-wide STIC emphasizes operating discipline and growth (35% ICP Adjusted EBITA Margin, 35% ICP Adjusted Revenue), with business-building KPIs, and LTI PSUs solely on ICP Adjusted EPS—aligning incentive payouts to sustained earnings and efficiency .
- Retention features: Aboaf’s sign-on cash and make‑whole RSU/PSU awards address forfeited prior employer compensation; retirement vesting continuity after five years reduces voluntary turnover risk in later tenure .
- Governance protections: Double-trigger change-in-control, anti‑hedging/pledging, robust clawbacks, and no tax gross-ups mitigate misalignment and shareholder-unfriendly practices .
Say-on-Pay & Shareholder Feedback
- 2024 say-on-pay approval was ~95.6%; investor outreach indicated strong support for program linkage between pay and performance .
Investment Implications
- Alignment: High share-based, performance-linked pay (PSUs on adjusted EPS; STIC on revenue/margin) suggests strong alignment with earnings quality and operating efficiency; CFO ownership guidelines (4x salary) and retention of net shares reinforce alignment and reduce hedging/pledging risk .
- Retention risk: Low near term given meaningful sign-on and make‑whole equity plus five-year retirement vesting continuity; reduces likelihood of early departure .
- Trading signals: Standard double-trigger and no single-trigger limit forced acceleration; however, multi-year PSU cycles tied to EPS may create predictable vesting windows; anti-hedging/pledging and retention requirements restrain discretionary selling pressure .
- Execution focus: Aboaf’s prior record in cost/productivity and capital deployment complements S&P’s targets for margin expansion and capital returns; reiterated FCF return framework (~85%) supports shareholder yield narratives .