Joseph Echevarria
UnumAbout Joseph J. Echevarria
Independent director at Unum Group since 2016; age 68 at the 2025 Annual Meeting. Former CEO of Deloitte LLP and currently CEO of the University of Miami, bringing deep finance, accounting, global operations, and corporate governance expertise; a certified public accountant. Serves on Unum’s Governance and Risk & Finance Committees; Board determined he is independent under NYSE standards. Attendance across Board/committees in 2024 was above 99% overall; independent directors held five executive sessions.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Deloitte LLP | Chief Executive Officer | 2011–2014 | Led global professional services firm; deep finance/accounting and corporate governance experience. |
| Deloitte LLP | Various executive roles | 36-year career (prior to CEO) | Extensive senior leadership in global operations and risk oversight. |
| University of Miami | CEO | Since 2022 | Executive leadership of private research university; engagement with public policy and health affairs. |
| University of Miami/UHealth | CEO of UHealth and EVP for Health Affairs | 2021–2022 | Oversight of health system operations and strategy. |
External Roles
| Company | Role | Tenure | Notes |
|---|---|---|---|
| The Bank of New York Mellon Corporation | Director; Non‑Executive Chair | Director since 2015; Chair since Sep 2019 | Large financial institution; governance leadership. |
| Pfizer Inc. | Director | Since 2015 | Global pharmaceutical company. |
| Xerox Holdings Corporation | Director (prior) | 2017–2023 | Prior public company board service. |
Board Governance
- Committee assignments: Governance; Risk & Finance. Not a committee chair.
- Independence: Board determined Echevarria and all non‑employee directors are independent under NYSE and company guidelines; ordinary-course dealings <1% revenue do not impair independence.
- Attendance and engagement: Board met 8 times in 2024; average director attendance >99%, each ≥94%; all directors attended the 2024 Annual Meeting. Independent directors met in executive session five times.
- Governance structure: Independent Board Chair; regular executive sessions; majority vote for directors; proxy access; no poison pill; anti‑pledging/anti‑hedging for directors.
- Oversight areas tied to his committees: Risk & Finance oversees investments, capital, financing, ERM, cybersecurity, and Closed Block/LTC risks; Governance oversees director nomination/refreshment and sustainability program.
Fixed Compensation
| Component | Structure | 2024 Amounts (UNM non‑employee directors) |
|---|---|---|
| Annual cash retainer | Fixed cash | $125,000. |
| Annual RSU grant | Time‑based RSUs | $175,000 grant value. |
| Committee chair retainer | Cash | $25,000 (if applicable; Echevarria is not a chair). |
| Board Chairman retainer | 50% cash, 50% equity | $225,000 (not applicable to Echevarria). |
| Director | Fees Earned/Paid in Cash ($) | Stock Awards ($) | Total ($) | Notes |
|---|---|---|---|---|
| Joseph J. Echevarria | 124,983 | 174,987 | 299,970 | Elected to defer cash retainer into deferred share rights. |
- 2024 director grant: 3,342 RSUs granted to each non‑employee director on May 23, 2024; director RSU dividends accrue in cash and pay upon vest.
Performance Compensation
- Directors do not receive performance‑based incentives; RSU awards are time‑based (with cash dividend equivalents paid at vest). No options are granted to directors in the current program.
Other Directorships & Interlocks
- Current public boards: BNY Mellon (Non‑Executive Chair), Pfizer. Prior: Xerox.
- Outside service limits: UNM limits to ≤3 other public boards and ≤2 other audit committees; all directors in compliance.
- Potential interlocks/conflicts: Board independence review considers ordinary‑course dealings (e.g., banking, insurance, investments) and found them immaterial (<1% revenues); Board determined Echevarria remains independent.
Expertise & Qualifications
- CPA; extensive accounting/auditing, capital management, CEO experience, corporate governance leadership, international exposure, and regulatory/risk management.
Equity Ownership
| Metric | Amount | Notes |
|---|---|---|
| Shares of common stock owned | — | No direct common shares reported. |
| Shares subject to settleable rights/units (within 60 days) | 93,982 | Deferred share rights and RSUs settleable within 60 days. |
| Deferred share rights (total held) | 42,785 | Includes rights not settleable within 60 days. |
| RSUs (total held) | 51,196 | Includes RSUs not settleable within 60 days. |
| Ownership % of class | <1% | As reported by company. |
| Director RSUs unvested at FY‑end | 3,342 | Year‑end 2024 unvested RSUs count. |
| Director ownership guideline | 5× cash retainer ($625,000) | All directors met guideline as of Dec 31, 2024. |
- Alignment policies: Anti‑pledging and anti‑hedging apply to directors; robust stock ownership and retention requirements.
Governance Assessment
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Strengths:
- Independent status; seasoned financial and governance expertise; sits on Governance and Risk & Finance Committees overseeing sustainability, ERM, capital and cybersecurity.
- Strong attendance and engagement; independent directors held five executive sessions in 2024.
- Director pay structure balanced between cash and equity; deferral election increases alignment; all directors meet 5× retainer ownership guideline; anti‑hedging/pledging policy.
- No related‑party transactions since the beginning of 2024; robust related‑party policy governance.
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Shareholder sentiment: Say‑on‑pay support 93% in 2024; ongoing shareholder outreach noted.
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Monitoring considerations (not red flags):
- Multiple outside leadership roles (BNY Mellon Chair; Pfizer Director; University of Miami CEO) warrant ongoing time‑commitment monitoring; UNM outside board service policy and Board evaluations address this.
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RED FLAGS observed: None disclosed regarding low attendance, pledging/hedging, related‑party transactions, or director pay anomalies.