Saugata Saha
President, S&P Global Market Intelligence; Chief Enterprise Data Officer at SPGI
Executive
About Saugata Saha
Saugata Saha serves as President of S&P Global Market Intelligence and Chief Enterprise Data Officer, effective November 1, 2024; he joined S&P Global in 2014 and previously led S&P Global Commodity Insights, the CFO roles for Market Intelligence and Platts, FP&A, Corporate Strategy, and Technology operations, as well as Ratings Strategy . Education: B.S. in Economics (St. Xavier’s College, Kolkata), postgraduate diploma in Management (Xavier Institute, Bhubaneswar), and MBA from Harvard Business School (George F. Baker Scholar) . In 2024, under his leadership, S&P Global Commodity Insights delivered non-GAAP ICP Adjusted Revenue of $2,134 million and non-GAAP ICP Adjusted EBITA Margin of 47.5%, exceeding divisional goals; after November 1, he reorganized Market Intelligence with a new go-to-market “Revenue Team” and established the Enterprise Data Office . Company context: FY2024 revenue increased 14% YoY, GAAP net income rose 47%, GAAP diluted EPS was $12.35 (+50%), and total shareholder return for 2024 was ~13% (in line with the peer group) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| S&P Global | President, S&P Global Commodity Insights | — | Delivered CI non-GAAP ICP Adjusted Revenue $2,134mm (+9.7%) and non-GAAP ICP Adjusted EBITA Margin 47.5% (divisional goals exceeded) |
| S&P Global | CFO, S&P Global Market Intelligence; CFO, S&P Global Platts | — | Led finance across divisions; prior leadership roles in FP&A, Corporate Strategy, Technology operations, and Ratings Strategy |
| S&P Global | President, S&P Global Market Intelligence; Chief Enterprise Data Officer | Effective Nov 1, 2024 | Reorganized Market Intelligence, appointed new leaders, launched unified “Revenue Team”; set vision and staffing for Enterprise Data Office |
| McKinsey & Co. | Consultant (Strategy, M&A, Corporate Finance) | — | Led client engagements across industries with emphasis on financial services |
| Godrej Group | Leadership roles (sales, supply chain, office of Group Chairman) | — | Led sales teams and supply chain reengineering; senior roles within diversified conglomerate |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| McKinsey & Co. | Consultant, New York | — | Strategy/M&A/Corporate Finance engagements across industries |
| Godrej Group | Various leadership roles | — | Sales leadership and supply chain reengineering; office of Group Chairman |
Fixed Compensation
| Metric | FY 2024 |
|---|---|
| Target Base Salary (effective Nov 1, 2024) | $700,000 |
| Salary Paid (Summary Compensation Table) | $658,333 |
| Target Annual Incentive (effective Nov 1, 2024) | $1,350,000 |
| Blended 2024 Target Annual Incentive | $1,058,333 |
| Actual Annual Incentive Paid (STIC) | $1,852,083 |
| Stock Awards Grant-Date Fair Value (2024 total) | $2,846,052 |
Performance Compensation
| Component | Metric/Design | Weighting | Target | Actual | Payout/Result | Vesting |
|---|---|---|---|---|---|---|
| STIC – Enterprise Financials | non-GAAP ICP Adjusted Revenue | 35% of business performance | — | $14,189mm | Enterprise funding 166.84% | |
| STIC – Enterprise Financials | non-GAAP ICP Adjusted EBITA Margin | 35% of business performance | — | 49.0% | Enterprise funding 166.84% | |
| STIC – Enterprise Scorecard | Growth & Innovation | 6% (of business-building 30%) | — | 100% funding | Included in enterprise funding | |
| STIC – Enterprise Scorecard | Customer at the Core | 6% | — | 125% funding | Included in enterprise funding | |
| STIC – Enterprise Scorecard | Data & Technology | 6% | — | 125% funding | Included in enterprise funding | |
| STIC – Enterprise Scorecard | Lead & Inspire | 6% | — | 125% funding | Included in enterprise funding | |
| STIC – Enterprise Scorecard | Execute & Deliver | 6% | — | 100% funding | Included in enterprise funding | |
| STIC – CI Division (pre-Nov 1) | non-GAAP ICP Adjusted Revenue (CI) | 17.5% (division slice) | — | $2,134mm (+9.7%) | Division funding 112.45% | |
| STIC – CI Division (pre-Nov 1) | non-GAAP ICP Adjusted EBITA Margin (CI) | 17.5% | — | 47.5% | Division funding 112.45% | |
| STIC – CI Scorecard | 5 categories (weighted overall within 30%) | 30% (divisional & enterprise mix) | — | Category funding: 75%/125%/125%/100%/100% | Included in division results | |
| STIC – MI Division (post-Nov 1) | non-GAAP ICP Adjusted Revenue (MI) | 17.5% (division slice) | — | $4,632mm (+5.8%) | Division funding 86.72% | |
| STIC – MI Division (post-Nov 1) | non-GAAP ICP Adjusted EBITA Margin (MI) | 17.5% | — | 33.1% | Division funding 86.72% | |
| STIC – MI Scorecard | 5 categories | 30% (divisional & enterprise mix) | — | Category funding: 75%/125%/125%/100%/100% | Included in division results | |
| Saha – Total STIC Outcome | Blended target and individual goals | — | — | — | Payout 175.00% of blended target; $1,852,083 | |
| PSU (2024 grant) | Cumulative non-GAAP ICP Adjusted EPS | — | Target units set; payout 0–200% | Performance period 1/1/2024–12/31/2026 | Pays by March 2027 per attainment | 3-year cliff |
| PSU (2023 grant) | CAGR of non-GAAP ICP Adjusted EPS | — | Target units set; payout 0–200% | Performance period 1/1/2023–12/31/2025 | Pays by March 2026 per attainment | 3-year cliff |
| PSU (2022 “Founders Grants”) | Annual run-rate cost synergies ($480mm) | — | Target achieved | Paid at target (vested 2/28/2025; settled Mar 2025) | At target | 3-year cliff |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of Mar 6, 2025) | 5,150 shares |
| Shares Vested in 2024 | 7,863 shares; value realized $3,725,794 |
| Unvested RSUs (12/31/2024) | 1,334 units (3/1/2024 grant); market value $664,372 |
| Unvested PSUs (12/31/2024) | 9,288 max units (3/1/2024 grant); payout value based on performance |
| Additional Outstanding PSUs/RSUs | 604 RSUs and 8,288 max PSUs (3/1/2023); 3,840 PSUs (3/1/2022) |
| Stock Ownership Guidelines | Executives must hold 3x base salary; 100% retention until met |
| Compliance Status | All NEOs subject to guidelines were compliant as of Mar 6, 2025 |
| Hedging/Pledging | Prohibited for directors and executive officers (no exceptions) |
Employment Terms
| Scenario | Cash Severance | Benefits/Notes | Equity Treatment |
|---|---|---|---|
| Senior Executive Severance Plan – non-CIC | 12 months base salary continuation plus lump sum equal to 6 months base salary at end of severance period; plus 10% of lump sum in lieu of benefits | Base pay continued 12 months; release required; constructive terminations covered | Pro-rata vesting for RSUs and PSUs per plan; see LTI estimates |
| Senior Executive Severance Plan – CIC (double trigger) | During 12 months: base salary + annual target incentive; end of severance period: base salary + annual target incentive plus 10% of lump sum (in lieu of benefits) | Double-trigger; CIC defined (20% ownership, board change, merger/dissolution) | Awards converted/accelerated per plan with target/actual basis depending on period elapsed |
| Estimated Severance Payments (as of 12/31/2024) | Payment on Termination: $1,109,336; Payment on Termination Following CIC: $4,329,336 | Includes severance and benefits continuation per plan | — |
| Estimated Short-Term Incentive Payments (as of 12/31/2024) | Payment on Termination (STIC): $1,852,083; Payment on CIC (STIC): $1,069,167 | CIC STIC equals average of prior years’ payouts (prorated), plus true-up if needed | — |
| Estimated Long-Term Incentive Award Payments (as of 12/31/2024) | Death/Disability/Retirement: $2,147,007; Involuntary Termination Without Cause: $6,145,690; Change-in-Control: $7,254,305 | Based on closing stock price $498.03 on 12/31/2024 | Treatment varies: prorated target/actual for PSUs; time RSUs pro rata; CIC converts/accelerates per rules |
| Employment Agreements | NEOs generally have no fixed-term employment agreements; arrangements disclosed selectively (e.g., Peterson Advisor Agreement; Kemps letter) | — | — |
Investment Implications
- Pay-for-performance and retention: Saha’s 2024 STIC paid at 175% of blended target on strong CI and enterprise performance; his long-term mix is entirely PSUs/RSUs with multi-year EPS-based targets, creating alignment and retention via material unvested equity (e.g., 9,288 max PSUs from 2024 plus prior cycles) .
- Governance and downside protection: Robust clawback policies (Dodd-Frank restatement, group misconduct, and Ratings-specific recovery) and strict anti-hedging/anti-pledging policies mitigate misalignment and reputational risks; say-on-pay support at ~95.6% in 2024 indicates investor endorsement of program design .
- Severance/CIC economics: Double-trigger CIC terms and defined severance schedule lower single-trigger risk; estimated severance and equity values suggest meaningful retention incentives balanced by shareholder-friendly structures (no tax gross-ups, annual risk assessment) .
- Execution track record: Demonstrated division-level value creation (CI revenue and margin outperformance, product launches, AI adoption) and early organizational impact at Market Intelligence and Enterprise Data Office underpin future execution, with enterprise STIC funding reflecting strong 2024 financial delivery .
Notes: All metrics, payouts, and plan designs above reflect non-GAAP ICP adjustments as defined in the proxy; reconciliations are in Appendix A .
## Fixed Compensation
| Metric | FY 2024 |
|---|---|
| Target Base Salary (effective Nov 1, 2024) | $700,000 **[64040_0001104659-25-027558_tm252388-2_def14a.htm:69]** |
| Salary Paid (Summary Compensation Table) | $658,333 **[64040_0001104659-25-027558_tm252388-2_def14a.htm:96]** |
| Target Annual Incentive (effective Nov 1, 2024) | $1,350,000 **[64040_0001104659-25-027558_tm252388-2_def14a.htm:69]** |
| Blended 2024 Target Annual Incentive | $1,058,333 **[64040_0001104659-25-027558_tm252388-2_def14a.htm:79]** |
| Actual Annual Incentive Paid (STIC) | $1,852,083 **[64040_0001104659-25-027558_tm252388-2_def14a.htm:96]** **[64040_0001104659-25-027558_tm252388-2_def14a.htm:79]** |
| Stock Awards Grant-Date Fair Value (2024 total) | $2,846,052 **[64040_0001104659-25-027558_tm252388-2_def14a.htm:96]** |
## Performance Compensation
| Component | Metric/Design | Weighting | Target | Actual | Payout/Result | Vesting |
|---|---|---|---|---|---|---|
| STIC – Enterprise Financials | non-GAAP ICP Adjusted Revenue | 35% | — | $14,189mm | 166.84% **[64040_0001104659-25-027558_tm252388-2_def14a.htm:82]** |
| STIC – Enterprise Financials | non-GAAP ICP Adjusted EBITA Margin | 35% | — | 49.0% | 166.84% **[64040_0001104659-25-027558_tm252388-2_def14a.htm:82]** |
| STIC – Scorecard (5 categories) | Growth & Innovation; Customer; Data & Tech; Lead & Inspire; Execute & Deliver | 30% (6% each) | — | 100%/125%/125%/125%/100% | Included **[64040_0001104659-25-027558_tm252388-2_def14a.htm:82]** |
| STIC – CI Division (pre-Nov 1) | CI Revenue; CI EBITA Margin | 35% total (17.5% each) | — | $2,134mm; 47.5% | 112.45% **[64040_0001104659-25-027558_tm252388-2_def14a.htm:84]** |
| STIC – CI Scorecard | 5 categories | within 30% | — | 75%/125%/125%/100%/100% | Included **[64040_0001104659-25-027558_tm252388-2_def14a.htm:84]** |
| STIC – MI Division (post-Nov 1) | MI Revenue; MI EBITA Margin | 35% total (17.5% each) | — | $4,632mm; 33.1% | 86.72% **[64040_0001104659-25-027558_tm252388-2_def14a.htm:83]** |
| STIC – MI Scorecard | 5 categories | within 30% | — | 75%/125%/125%/100%/100% | Included **[64040_0001104659-25-027558_tm252388-2_def14a.htm:83]** |
| Saha – Total STIC Outcome | Blended target | — | — | — | 175.00%; $1,852,083 **[64040_0001104659-25-027558_tm252388-2_def14a.htm:79]** **[64040_0001104659-25-027558_tm252388-2_def14a.htm:77]** |
| PSU (2024 grant) | Cumulative non-GAAP ICP Adjusted EPS | — | 0–200% of target | — | Pays by Mar 2027 | 3-year **[64040_0001104659-25-027558_tm252388-2_def14a.htm:105]** **[64040_0001104659-25-027558_tm252388-2_def14a.htm:50]** |
| PSU (2023 grant) | EPS CAGR | — | 0–200% of target | — | Pays by Mar 2026 | 3-year **[64040_0001104659-25-027558_tm252388-2_def14a.htm:111]** |
| PSU (2022 Founders) | Cost synergies $480mm | — | Target | Achieved | Paid at target (Mar 2025) | 3-year **[64040_0001104659-25-027558_tm252388-2_def14a.htm:111]** |
## Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 5,150 shares **[64040_0001104659-25-027558_tm252388-2_def14a.htm:141]** |
| Stock Vested in 2024 | 7,863 shares; $3,725,794 **[64040_0001104659-25-027558_tm252388-2_def14a.htm:112]** |
| Unvested RSUs (12/31/2024) | 1,334 units; $664,372 **[64040_0001104659-25-027558_tm252388-2_def14a.htm:108]** |
| Unvested PSUs (12/31/2024) | 9,288 max units **[64040_0001104659-25-027558_tm252388-2_def14a.htm:108]** |
| Ownership Guidelines | 3x base salary; 100% retention until met **[64040_0001104659-25-027558_tm252388-2_def14a.htm:93]** |
| Compliance | NEOs compliant as of Mar 6, 2025 **[64040_0001104659-25-027558_tm252388-2_def14a.htm:93]** |
| Hedging/Pledging | Prohibited for executives/directors **[64040_0001104659-25-027558_tm252388-2_def14a.htm:95]** **[64040_0001104659-25-027558_tm252388-2_def14a.htm:10]** **[64040_0001104659-25-027558_tm252388-2_def14a.htm:60]** |
## Employment Terms
| Scenario | Cash Severance | Benefits/Notes | Equity |
|---|---|---|---|
| Non-CIC | 12 months base; +6 months base lump sum; +10% lump sum in lieu of benefits **[64040_0001104659-25-027558_tm252388-2_def14a.htm:119]** | Constructive termination covered; release required **[64040_0001104659-25-027558_tm252388-2_def14a.htm:118]** | Pro-rata RSUs/PSUs per plan **[64040_0001104659-25-027558_tm252388-2_def14a.htm:126]** |
| CIC (double trigger) | 12 months: base + target incentive; end: base + target incentive +10% lump sum **[64040_0001104659-25-027558_tm252388-2_def14a.htm:119]** | Defined CIC triggers **[64040_0001104659-25-027558_tm252388-2_def14a.htm:119]** | Conversion/acceleration per rules **[64040_0001104659-25-027558_tm252388-2_def14a.htm:92]** |
| Estimated (12/31/2024) | Termination: $1,109,336; CIC termination: $4,329,336 **[64040_0001104659-25-027558_tm252388-2_def14a.htm:122]** | Includes benefits continuation **[64040_0001104659-25-027558_tm252388-2_def14a.htm:122]** | — |
| STIC Estimated | Termination: $1,852,083; CIC: $1,069,167 **[64040_0001104659-25-027558_tm252388-2_def14a.htm:123]** | Average prior payouts (prorated) under CIC **[64040_0001104659-25-027558_tm252388-2_def14a.htm:123]** | — |
| LTI Estimated | Death/Disability/Retirement: $2,147,007; Involuntary w/o cause: $6,145,690; CIC: $7,254,305 **[64040_0001104659-25-027558_tm252388-2_def14a.htm:126]** | Based on $498.03 stock price (12/31/2024) **[64040_0001104659-25-027558_tm252388-2_def14a.htm:126]** | As per plan **[64040_0001104659-25-027558_tm252388-2_def14a.htm:126]** |
Investment Implications
- High at-risk pay and multi-year PSUs indicate alignment and retention; 2024 payout at 175% reflects strong performance, with significant unvested PSUs/RSUs incentivizing continued execution .
- Robust clawbacks, anti-hedging/pledging, and no tax gross-ups reduce governance risk; strong 2024 say-on-pay support (95.6%) suggests investor confidence in pay design .
- Double-trigger CIC and defined severance limit single-trigger risk; estimated severance and equity values balance retention with shareholder protections (annual risk assessment, stock ownership requirements) .
- Operational track record at CI and early organizational impact at MI/Enterprise Data Office support forward execution potential; enterprise STIC funding underscores 2024 financial delivery .