William Meaney
Director at STT
Board
About William L. Meaney
Independent director since 2018 (age 64), currently Chair of the Nominating & Corporate Governance Committee and member of the Executive and Human Resources Committees. He holds a B.S. from Rensselaer Polytechnic Institute and an M.B.A. from Carnegie Mellon University, and brings a global operating background as CEO of Iron Mountain and former CEO of Zuellig Group . The Board determined he is independent under NYSE standards; non‑management directors (including Meaney) regularly meet in executive session and the Board maintains strong governance practices .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Iron Mountain, Inc. (NYSE:IRM) | President, Chief Executive Officer and Director | 2013–present | Scaled global information management and digital transformation experience; concurrent public company directorship |
| Zuellig Group | Chief Executive Officer | 2004–2012 | Led multinational operations across established and emerging markets |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Iron Mountain, Inc. | Director | 2013–present | Public company directorship; potential commercial relationships reviewed in independence assessment |
| Massachusetts General Hospital | President’s Council Member | Not disclosed | Civic/healthcare engagement |
| Rensselaer Polytechnic Institute | Former Trustee | Not disclosed | Academic governance experience |
| Carnegie Mellon University | Former Trustee | Not disclosed | Academic governance experience |
Board Governance
- Committee assignments: Executive Committee; Human Resources Committee; Nominating & Corporate Governance Committee (Chair) .
- Committee activity levels: HRC (8 meetings in 2024); Nominating & Corporate Governance (4); Executive Committee (no meetings in 2024) .
- Independence: Identified as independent director; Board’s annual independence review determined all non‑management directors meet NYSE standards and State Street’s categorical guidelines .
- Attendance: In 2024, the Board held seven meetings; each director attended at least 75% of the total of Board and committee meetings on which they served .
- Executive sessions: Independent directors meet in executive session at every regularly scheduled Board meeting; Lead Director presides .
Fixed Compensation
| Component | Amount/Structure | Notes |
|---|---|---|
| Annual Retainer (Director) | $100,000 | Cash or shares; 2024–2025 Board year |
| Chair Retainer (Nominating & Corporate Governance) | $25,000 | Cash or shares; applicable to Meaney as Committee Chair |
| Committee Member Retainers (E&A, Risk) | $20,000 | Not applicable to Meaney’s current assignments |
| Meeting Fees | $1,500 per meeting after the 10th Board meeting | Applies to non‑management directors |
| Fees Earned or Paid in Cash (2024 actual) | $125,000 | Reflects retainer(s) and fees received |
| All Other Compensation (2024) | $40,599 | $599 insurance/medical travel perqs + $40,000 charitable match |
- Deferral: Directors may elect to defer 0% or 100% of retainers, annual equity awards, and meeting fees; balances earn notional returns and pay out at end of service (lump sum or 2–5 year installments) .
Performance Compensation
| Equity Type | Grant Detail | Vesting | Value |
|---|---|---|---|
| Annual Equity Award (2024) | 2,514 shares granted on May 15, 2024 | Vests immediately (no unvested director awards at 12/31/24) | $195,011 based on $77.57 closing price |
| Options/PSUs for Directors | Not granted | N/A | No option awards; director equity is in common stock only |
- Performance metrics for director compensation: Not applicable; the director equity program is time‑based common stock with immediate vesting, not tied to specific performance metrics .
Other Directorships & Interlocks
| Company | Role | Overlap/Interlock Note |
|---|---|---|
| Iron Mountain, Inc. | Director | Independence review considered commercial/charitable relationships linked to directors (including Meaney); none exceeded the greater of $1 million or 2% of the affiliated entity’s annual gross revenue in 2024, and were deemed immaterial under categorical standards . |
- Consultant/peer group use: Nominating & Corporate Governance Committee references the executive Compensation Peer Group and Meridian Compensation Partners for director pay benchmarking; peer data not treated as definitive .
Expertise & Qualifications
- Key skills: Cyber, Tech & Data; Operational Transformation; Governance & Social; Global Business Perspective .
- Education: Rensselaer Polytechnic Institute (B.S.); Carnegie Mellon University (M.B.A.) .
- Global experience: U.S., Switzerland, Ireland citizenship; leadership of U.S. and international companies .
Equity Ownership
| Item | Detail |
|---|---|
| Beneficial Ownership (as of Mar 3, 2025) | 21,745 shares (includes 60 shares held in trust; beneficial ownership disclaimed except to extent of pecuniary interest) |
| % of Shares Outstanding | ~0.0075% (21,745 / 288,590,984 outstanding) |
| Vested vs. Unvested | Director stock awards vest immediately; no unvested director equity at 12/31/24 |
| Pledging/Hedging | Prohibited by Securities Trading Policy (no short selling, hedging, options trading, pledging, or speculative trading) |
| Ownership Guidelines | Required to maintain stock valued at 8× annual retainer ($800,000) within 5 years; as of Mar 3, 2025, all non‑management directors other than the newest appointee exceeded full target level . |
Insider Trades and Section 16(a)
| Item | Detail |
|---|---|
| Delinquent Section 16(a) Filings | Nine untimely Forms 4 covering 16 transactions during 2023–2024 (purchases of 140 shares; sales of 30 shares); Meaney disgorged all profits to State Street . |
Governance Assessment
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Positives:
- Independent director with global operating CEO experience; chairs a core governance committee that oversees director nominations, board evaluations, succession planning, related‑person transactions, and director compensation .
- Strong engagement and governance processes: regular independent executive sessions; committee activity (HRC: 8; Nominating & Corporate Governance: 4); Board attendance met at least 75% threshold .
- Ownership alignment: exceeds director stock ownership guideline; policy prohibits pledging/hedging; director equity vests immediately but guidelines impose holding until target met .
-
Potential concerns and RED FLAGS:
- Section 16(a) compliance issue: nine untimely Forms 4 across 16 trades (140 buys, 30 sells) in 2023–2024, with profit disgorgement; while remedied, it is a governance red flag that can affect confidence in personal compliance rigor .
- External interlock: current CEO/director at Iron Mountain; independence review deemed related relationships immaterial under categorical standards, but investors should monitor any evolving commercial ties between State Street and Iron Mountain for conflict risk .
-
Compensation structure signals:
- Mix is balanced between cash retainer(s) and common stock awards; no options and no director performance‑linked equity. Meaney’s 2024 mix: $125,000 cash, $195,011 stock, $40,599 other (perqs and charitable match), totaling $360,610 .
- Director compensation uses peer data via Meridian but Board retains judgment; deferred compensation elections available, which can influence ownership accumulation and alignment .
Overall, Meaney’s leadership of the Nominating & Corporate Governance Committee, independence status, and ownership compliance support board effectiveness; the Section 16(a) filing delays are a notable but contained red flag given disgorgement and disclosure .