Josh Nelson
Head of Global Equity at TROW
Executive
About Josh Nelson
Head of Global Equity at T. Rowe Price; chairs the Global Equity Steering Committee and sits on the Management Committee. Background includes investment analyst coverage (business services and education), associate PM for Global Focused Growth, director of equity research (North America), and head of U.S. Equity prior to current role; prior experience in public finance investment banking at Citigroup. Education: B.S. with honors in Industrial & Systems Engineering (University of Florida), M.B.A. (Wharton). Tenure and experience: 17 years at T. Rowe Price; 25 years of investment experience. 2024 NEO with compensation tied to firm operating results; U.S. Equity investment performance in 2024 described as mixed, with multi-cap strong; he led risk management responses to large-cap concentration and expanded ETF capabilities (tax center of excellence).
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| T. Rowe Price | Investment Analyst (U.S. Equity Division; business services/education) | 2007–2010 | Built fundamental coverage; foundation for later PM responsibilities |
| T. Rowe Price | Associate Portfolio Manager, Global Focused Growth Strategy | 2010–2019 | Supported global growth strategy execution and research integration |
| T. Rowe Price | Director of Equity Research, North America | 2019–2022 | Led NA research; talent development and research quality oversight |
| T. Rowe Price | Head of U.S. Equity | 2022–2024 | Managed U.S. Equity Division, chaired U.S. Equity Steering; drove risk management to address large-cap concentration; expanded ETF capabilities (tax center of excellence) |
| T. Rowe Price | Head of Global Equity | 2024–Present | Leads Global Equity; chairs Global Equity Steering; member of Investment Management and Product Steering Committees |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| T. Rowe Price Equity Funds, Inc. | Co-President | Current | Oversight of registered fund complex aligned with equity platform leadership |
| T. Rowe Price Exchange-Traded Funds, Inc. | Co-President | Current | Governance and strategic alignment of active ETF complex |
| PRIDE @ T. Rowe Price (BRG) | Management Committee champion | Current | Inclusion and engagement of LGBTQ+ talent and allies |
Fixed Compensation
| Component | Year | Amount | Notes |
|---|---|---|---|
| Base Salary | 2024 | $350,000 | U.S. senior personnel salary capped at $350k since 2005 |
| Annual Incentive (AICP) – Actual | 2024 | $4,600,000 | Committee exercised negative discretion; AICP funded as % of net operating income (adjusted) |
| All Other Compensation | 2024 | $88,779 | Retirement program cash-up ($5,063), retirement contributions ($46,000), charitable match ($15,000), perqs ($22,716) |
| Total Compensation | 2024 | $7,239,003 | Stock awards and AICP constitute majority of pay |
| AICP Maximum vs Actual | Year | Maximum Payout | Actual Payment |
|---|---|---|---|
| Josh B. Nelson | 2024 | $9.0 million | $4.6 million |
Performance Compensation
| Long-Term Equity – 2024 Grants | Equity Incentive Value | Time-Based RSUs (units) | Performance-Based RSUs (target units) |
|---|---|---|---|
| Josh B. Nelson | $2.2 million | 8,944 | 8,944 |
| Grants of Plan-Based Awards (2024) | Grant Date | Committee Approval Date | Equity Units (Target) | Grant-Date Fair Value |
|---|---|---|---|---|
| Josh B. Nelson | 12/4/2024 | 12/3/2024 | 17,888 (split 50/50 TBRSU/PBRSU) | $2,200,224 |
| AICP (Max reference) | 10/28/2024 | — | — | $9,001,000 (AICP maximum) |
| Performance RSU Design (2024 cycle) | Metric | Weighting | Target | Actual | Payout Mechanics | Vesting |
|---|---|---|---|---|---|---|
| Operating Margin vs Industry Average | Operating margin vs peer average (AMG, AllianceBernstein, BlackRock, Federated, Franklin, Janus Henderson, Invesco) | 50% of LTI value | Earn target at 100% of peer average OM | In-cycle (2025–2028) – not yet certified | Below target forfeits some/all; earned PBRSUs then time-vest | 50% on 12/8/2028; 50% on 12/10/2029 |
| Prior PBRSU Certification | Performance Period | Certification Date | Result | Remaining Vest |
|---|---|---|---|---|
| 2021 grant PBRSUs | 1/1/2021–12/31/2023 | Feb-2024 | 100% earned | 12/10/2025 |
Equity Ownership & Alignment
| Beneficial Ownership (as of 3/3/2025) | Shares | % of Class |
|---|---|---|
| Josh B. Nelson | 40,135 | <1% (*) |
- Stock ownership guidelines and retention requirements apply to executive officers; hedging and short-selling prohibited; no excise tax gross-ups; no option repricing without shareholder approval; recoupment policies for cash and equity incentives upon material restatement within three years.
| Outstanding Equity Awards (12/31/2024) | Grant Date | Type | Units Outstanding | Market Value Basis | Vest Schedule |
|---|---|---|---|---|---|
| 2/19/2015 | Stock Options – exercisable | 99 @ $79.71; exp. 2/19/2025 | — | — | N/A |
| 9/10/2015 | Stock Options – exercisable | 1,320 @ $69.84; exp. 9/10/2025 | — | — | N/A |
| 12/8/2020 | TBRSUs (unvested) | 1,273 | $143,964 | 100% on 12/10/2025 (5a) | |
| 12/7/2021 | TBRSUs (unvested) | 3,526 | $398,755 | 50% on 12/10/2025; 50% on 12/10/2026 (5b) | |
| 12/6/2022 | TBRSUs (unvested) | 8,902 | $1,006,727 | 33% on 12/10/2025, 12/10/2026, 12/10/2027 (5c) | |
| 12/5/2023 | TBRSUs (unvested) | 15,515 | $1,754,591 | 25% on 12/10/2025, 12/10/2026, 12/10/2027, 12/8/2028 (5d) | |
| 12/4/2024 | TBRSUs (unvested) | 8,944 | $1,011,477 | 33% on 12/10/2025, 12/10/2026, 12/10/2027 (5c) | |
| 12/4/2024 | PBRSUs (unearned) | 8,944 (target) | $1,011,477 (MV basis) | Earn over 1/1/2025–12/31/2028; time-vest 12/8/2028 & 12/10/2029 (4d) |
| 2024 Stock Vested and Net Shares | Shares Vested | Value Realized on Vesting | Net Shares Received (after tax/withholding) |
|---|---|---|---|
| Josh B. Nelson | 11,207 | $1,385,073 | 6,816 |
- Pledging: No pledging disclosed for Nelson (footnote indicates only directly held or ESPP shares).
- Deferred Compensation: 2024 earnings $1,068,387; aggregate balance $8,300,547; no 2024 deferrals or registrant contributions.
- Personal capital committed to OHA-managed vehicles: $1,000,000 as of 12/31/2024 (fee-waived participation opportunity for management committee members).
Employment Terms
- Severance and Employment Agreements: Other than Mr. August (OHA), the Company has not entered into severance or other post-employment agreements with NEOs; generally no commitments to post-employment payments.
- Change-in-Control Vesting: Double-trigger acceleration applies if awards are not terminated and the executive is involuntarily terminated without cause or resigns for good reason within 18 months post-transaction; if awards are terminated, vesting accelerates with opportunity to exercise options.
- Continued Vesting After Separation: For awards granted ≥ 12/11/2018, continued vesting for 24–60 months based on age/service combinations; for awards ≥ 12/7/2021, 60 months if combined age+service ≥ 65 (age≥55; service≥5). As of 12/31/2024, no NEO meets post-separation criteria.
- Potential Payments (12/31/2024 basis): Change-in-control or death/disability acceleration value for Nelson: $5,387,389.
- Clawback: Recoupment policies for cash and equity incentives upon material restatement within three years. Hedging/short-selling prohibited; no excise tax gross-ups.
- Say-on-Pay 2024: ~94% support; Board responsive to engagement; disclosure mechanisms include annual proxy and 8-K for material comp arrangements.
Performance Compensation – Additional Design Details
- AICP Funding: Funded as a percentage of net operating income (adjusted); Compensation Committee uses negative discretion to align with competitor practices.
- Peer Group for PBRSUs: Affiliated Managers Group, AllianceBernstein, BlackRock, Federated Investors, Franklin Resources, Janus Henderson Group, Invesco.
Investment Implications
- Pay-for-performance alignment is solid: AICP tied to firm operating results and constrained by negative discretion; LTI split 50/50 time- and performance-based RSUs with rigorous operating margin peer benchmarking—promotes multi-year value creation rather than short-term revenue maximization.
- Retention risk appears moderate: Extensive unvested TBRSUs across 2020–2024 with heavy December vesting cadence through 2028, plus PBRSUs vesting in 2028–2029; continued vesting post-separation is not currently available to NEOs and requires specific age/service thresholds.
- Insider selling pressure windows: Significant annual December vest tranches (e.g., 11,207 vested units in 2024; net 6,816 delivered after taxes), suggesting potential tactical selling/withholding activity around year-end vest dates. Monitor December windows for supply impact.
- Alignment and risk flags: No pledging disclosed for Nelson (positive alignment); robust clawback, anti-hedging, and governance safeguards; change-in-control acceleration exposure ($5.39m) is notable but standard for equity-heavy pay structures.
- Execution track record: Leadership in managing concentration risk in U.S. large-cap equities and expanding ETF capabilities; investment performance mixed across caps, with multi-cap strength—supports a balanced risk posture in equity platform stewardship.
- Shareholder sentiment supportive: ~94% Say-on-Pay approval in 2024 reduces headline compensation risk.
Quote (midyear outlook): “Broadening of equity market leadership is likely to favor value stocks and select emerging markets,” reflecting Nelson’s view of a diversified opportunity set—implications for Global Equity positioning and active management alpha thesis.