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Michael Q. Simonds

President and Chief Executive Officer at TRINET GROUP
Board
Since February 16, 2024
Age
50 years
Education
Holds a B.A. in Economics and Anthropology from Bowdoin College and an M.B.A. from Harvard Business School.
Tenure
Joined TriNet Group, Inc. as President and Chief Executive Officer on February 16, 2024, and serves as a Class III director on the Board with a term expiring at the 2026 annual meeting.

Also at TRINET GROUP

KT
Kelly Tuminelli
Executive Vice President and Chief Financial Officer
JV
Jay Venkat
Executive Vice President, Chief Digital & Innovation Officer
SM
Sidney Majalya
Senior Vice President, Chief Legal Officer, and Secretary

About

Michael Q. Simonds, currently 50 years old, has established a strong academic foundation by earning a B.A. in Economics and Anthropology from Bowdoin College and an M.B.A. from Harvard Business School.

In his professional career, he has accumulated considerable leadership experience. Prior to his current role, he held significant positions at Unum Group, including serving as Executive Vice President and Chief Operating Officer from February 2020 to February 2024, and as President and Chief Executive Officer of Unum US from July 2013 until February 2020, in addition to working as a consultant at McKinsey & Company.

At TriNet Group, Inc., he assumed the role of President and Chief Executive Officer on February 16, 2024 and also joined the Board as a Class III director. His tenure at TriNet is marked by a focus on strategic growth and navigating challenging business conditions, including healthcare cost inflation and a cautious hiring environment.

Throughout his career, his leadership has been underpinned by a commitment to operational excellence and community service, as demonstrated by his involvement on several non-profit boards focused on health, education, and financial stability.

$TNET Performance Under Michael Q. Simonds

Past Roles

OrganizationRoleDate RangeDetails
Unum GroupExecutive Vice President and Chief Operating OfficerN/AResponsible for all of Unum’s active businesses serving nearly 40 million workers globally
Unum GroupPresident and CEO of Unum USN/ALed Unum Group’s largest business unit
McKinsey & CompanyConsultantN/AServed a range of financial institutions
Various Non-Profit Boards Board Member N/AInvolvement in boards focused on health, education, and financial stability

Fixed Compensation

Data from  FY 2024
Component Name [Text]Amount [USD] [source]Payment Schedule [Text] [source]Additional Details [Text] [source]
Base Salary$1,000,000 Semi-monthly Annual base salary payable in accordance with the company’s standard payroll dates
Sign-On Bonus$3,000,000 One-time Subject to repayment on a pro-rated basis if Mr. Simonds voluntarily resigns or is terminated for cause before the second anniversary of his start date
New Hire RSUs$1,600,000 Vests in full on December 31, 2024 Vesting is subject to Mr. Simonds's continued service on the vesting date
2024 Annual RSUs$4,200,000 Vests over four years 4/16th vests on the 15th day of the second month after the one-year anniversary; remaining 12/16th vest quarterly over the next three years, subject to continued service

Performance Compensation

Data from  FY 2024

Annual Target Cash Bonus

Metric [Unit]Value [source]
Target Amount [USD]$1,500,000 (150% of base salary of $1,000,000)
Performance MetricsNot specified
ThresholdNot specified
Vesting ScheduleN/A
Evaluation PeriodN/A
Other ConditionsSubject to achievement of performance metrics set by the Company

Annual PSUs

Metric [Unit]Value [source]
Target Value [USD]$7,800,000
Grant Date2024 Refresh Grant Date
Calculation MethodBased on the closing price per share on the applicable grant date, with the number of shares rounded down
Performance MetricsSame as PSUs granted to other executive officers; specific metrics not provided
Vesting ScheduleVesting based on performance and continued service; further details not specified
Other ConditionsContinued Service required (as an Employee, Consultant, or Non-Employee Director)