William Stone
SS&C Technologies HoldingsAbout William Stone
William C. Stone, age 70, is Founder, Chairman and Chief Executive Officer of SS&C Technologies and has served on the Board since 1986; prior to founding SS&C, he led KPMG’s Hartford financial services consulting practice and served as VP at Advest, Inc. . Under his leadership, SS&C delivered 2024 GAAP revenue of $5,882.0M (+6.9% YoY), net income of $760.5M (+25.3% YoY), adjusted consolidated EBITDA of $2,281.0M (+8.2% YoY), organic revenue growth of 6.1%, and cash from operations of $1,388.6M (+14.3% YoY) . Pay-versus-performance disclosure shows SS&C cumulative TSR value of a fixed $100 investment at 131.10 through 2024, with adjusted EBITDA of $2,281.0M and net income of $761.7M for 2024, indicating alignment between multi-year shareholder returns and operating performance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| KPMG LLP (Hartford) | Directed financial services consulting practice | Not disclosed | Built domain expertise in financial services operations and controls |
| Advest, Inc. | Vice President of Administration and Special Investment Services | Not disclosed | Operational leadership in financial services supporting later SS&C founding |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SILAC, Inc. | Board member; economic interest; SS&C invested $40M in Series A convertible preferred (2/27/2020) | Active as of 2025 | Related party exposure; SS&C earns service revenue and received an $8M preferred dividend in Mar-2025 |
Fixed Compensation
| Component | 2024 | 2025 | Notes |
|---|---|---|---|
| Base Salary | $1,000,000 | $1,000,000 | No increase vs prior year |
| Perquisites/Other | $8,396 (401k match $8,000; life insurance $396) | Not disclosed | Company does not provide excess perquisites or SERP |
| Director Fees | $0 (employee; no board fees) | $0 | As CEO, Stone does not receive director compensation |
Performance Compensation
Annual Bonus Program (2024)
| Metric | Weighting | Target | Actual | Payout (% of target) | Vesting/Form |
|---|---|---|---|---|---|
| Adjusted Revenue | 25% | $5,767.7M | $5,875.9M (FX-adjusted) | 212.6% | 100% cash, paid early 2025 |
| Organic Revenue Growth | 25% | 4.5% | 6.1% | 196.0% | 100% cash |
| Operating Cash Flow | 25% | $1,342.0M | $1,385.0M (FX-adjusted) | 153.5% | 100% cash |
| Adjusted Consolidated EBITDA | 25% | $2,237.5M | $2,277.4M (FX-adjusted) | 196.1% | 100% cash |
| Aggregate Company Performance Factor | — | — | — | 189.5% | Strategic modifier applied 0% |
| William Stone Actual Bonus | — | $5,000,000 target | — | — | $9,475,000 payout |
Notes: FX adjustments approved reduced Adjusted Revenue by $9.8M, Operating Cash Flow by $3.6M, and Adjusted EBITDA by $3.6M for bonus calibration .
Long-Term Equity Incentives
| Award Type | 2024 Grant Mix | Performance Metric | Targets/Outcomes | Vesting |
|---|---|---|---|---|
| PSUs | 50% of LTE target value ($7.5M for Stone) | 3-Year Avg Adjusted EPS Growth; relative TSR modifier | Threshold 4% (50%), Target 7.5% (100%), Max 11% (200%); TSR modifier ±20% at ≤30th/≥80th percentile; no upward modifier if absolute TSR negative | Earned 0–200% after 1/1/2024–12/31/2026, certified early 2027 |
| Stock Options | 25% of LTE target value ($3.75M for Stone) | N/A | — | 25% at 1st anniversary; remainder monthly to 4th anniversary |
| RSUs | 25% of LTE target value ($3.75M for Stone) | N/A | — | Equal annual installments over 3 years |
Performance Stock Options (PSOs) concluded in 2024 (granted Dec-2021; performance period 2022–2024):
| Metric | Threshold | Target | Maximum | Actual | Vesting % | Stone Options Earned |
|---|---|---|---|---|---|---|
| Avg Annual Adjusted EPS Growth | 2.5% (75%) | 4.5% (100%) | 10.5% (200%) | 3.04% | 81.76% | 183,960 |
Multi-Year Compensation Summary (William C. Stone)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 875,000 | 1,000,000 | 1,000,000 |
| Stock Awards ($) | 8,102,003 | 11,798,896 | 11,637,069 |
| Option Awards ($) | — | 3,750,824 | 3,750,228 |
| Non-Equity Incentive ($) | 3,825,000 | 3,540,000 | 9,475,000 |
| All Other ($) | 8,389 | 8,444 | 8,396 |
| Total ($) | 12,810,392 | 20,098,164 | 25,870,693 |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial ownership | 37,784,793 shares; 15.2% of common stock |
| Options exercisable within 60 days | 2,981,327 shares |
| Insider exercises (2024) | 380,000 shares; $18,401,515 value realized |
| RSUs not vested (examples) | 43,362 (2023 grant incl. dividends) |
| PSUs outstanding (examples) | 260,176 (2023 PSUs at threshold basis); 235,772 (2024 PSUs at max basis) |
| Stock ownership guideline | CEO 10x base salary; all NEOs in compliance as of 12/31/2024 |
| Hedging/Pledging | Prohibited for employees and directors |
Employment Terms
| Provision | Detail |
|---|---|
| Agreement | Amended employment agreement with severance protections |
| Severance (without cause/good reason/non-renewal) | 200% of base salary ($2,000,000) and 200% of average bonus for prior 3 years ($16,560,000) |
| Equity acceleration | 50% of then-unvested options accelerated; full vesting of restricted stock; double-trigger for post-2020 grants on change of control |
| COBRA/benefits | Three years of Company-paid coverage under certain health plans |
| Change-of-control outcomes | Unvested awards value estimate $46,815,313; combined total $65,377,747 under CoC scenario |
| Definitions | “Cause” and “Good reason” as specified (duties reduction, pay reduction, breach of agreements, etc.) |
Board Governance
- Board and roles: Stone is Chairman and CEO; no committee memberships listed for Stone . Board maintains a Lead Independent Director to counterbalance combined roles .
- Independence: Board determined independent status for other directors; Stone is not independent given executive role .
- Stockholders Agreement: Stone entitled to nominate two directors if >15% ownership; must serve as Chairman while CEO; rights reduce with ownership thresholds .
- Attendance: Board met 4 times in 2024; all directors attended ≥75% of meetings; all then-members attended 2024 annual meeting .
- Committees: Audit (Chair Conjeevaram), Compensation (Chair Michael), Nominating & Governance (Chair Varsano) .
Director Compensation (Stone)
- As an employee, Stone receives no additional compensation for Board service .
Compensation Peer Group and Say-on-Pay
- Peer group for 2024: Autodesk, Block, Bread Financial, Broadridge, Concentrix, DXC, Euronet, FactSet, Global Payments, Intuit, Jack Henry, Maximus, Palo Alto Networks, Paychex, Synopsys, Western Union, Workday .
- Say-on-Pay approval: 88% approval at both 2023 and 2024 annual meetings; active shareholder engagement with 14 of top 20 holders (≈58% of shares excluding CEO) .
Related Party Transactions and Red Flags
- SILAC transactions: $40M preferred investment (2/27/2020); $0.3M revenue from service contracts in 2024; $8M preferred dividend paid in Mar-2025; Stone has economic interest and is on SILAC’s board; approved by Audit Committee; Stone recused .
- Family employment: Robert S. Stone (SVP/GM) compensation $3,597,668; Justine Stone $425,527; Elizabeth Stone $467,206; Sabrina Goff (sister of COO) $256,929 in 2024 .
- Policies: Two clawbacks (Dodd-Frank and misconduct-based), anti-hedging/pledging, no excise tax gross-ups, no option repricing without shareholder approval .
Performance & Track Record
| Metric | 2023 | 2024 |
|---|---|---|
| GAAP Revenue ($M) | 5,501.0 (implied from YoY; see highlights)* | 5,882.0 |
| Adjusted Consolidated EBITDA ($M) | 2,107.7 | 2,281.0 |
| Net Income ($M) | 608.6 | 761.7 |
| Cash from Operations ($M) | 1,215.1 (derived from +14.3%)* | 1,388.6 |
| Organic Revenue Growth (%) | — | 6.1% |
| Cumulative TSR (Value of $100) | 104.24 | 131.10 |
Notes: 2023 revenue and cash flow lines shown for context are implied from growth rates; headline actuals for 2024 cited above .
Vesting Schedules and Insider Selling Pressure
- Upcoming vesting: Options granted 2/22/2024 vest 25% after 1 year then monthly to year 4; RSUs vest annually over 3 years; PSUs for 2024 performance period end 12/31/2026 .
- Selling pressure: Stone exercised 380,000 options in 2024 realizing $18.4M; monitor future vesting milestones for options and RSUs that may trigger selling windows .
Equity Ownership & Plan Overhang Context
- Shares authorized under equity plans: 31.3M to be issued upon exercise; 14.1M remaining available; fully-diluted overhang 16.3% as of 2/28/2025 (assuming options/SARs), with per-share price $88.80 .
Investment Implications
- Strong pay-for-performance linkage: Annual bonus metrics and 3-year EPS/TSR PSU design tie Stone’s compensation to revenue growth, cash generation, profitability, and relative shareholder returns, with caps and no upward TSR modifier on negative absolute TSR—supportive of alignment .
- Retention and control considerations: Robust severance/change-of-control economics and Stockholders Agreement governance rights strengthen Stone’s influence; double-trigger equity acceleration limits single-trigger windfalls but severance magnitude (incl. equity) under CoC is substantial ($65.4M estimate), which may affect M&A dynamics .
- Ownership alignment and risk: Significant personal stake (15.2%) and anti-hedging/pledging policies mitigate misalignment; insider family employment and SILAC related-party ties require ongoing Audit Committee oversight but are disclosed and approved with immaterial revenue impact to SS&C .
- Trading signals: Recent option exercises by Stone in 2024 indicate realized gains; monitor future vesting and exercises, as well as PSU certification cycles, for potential liquidity events around windows .
- Shareholder sentiment: Strong say-on-pay support (88%) and sustained engagement suggest investor acceptance of compensation framework; continued performance delivery (revenue, EBITDA, cash flow) remains key to maintaining alignment and support .