Jonathan Steinberg
About Jonathan Steinberg
Jonathan Steinberg, age 60, is the founder and Chief Executive Officer of WisdomTree, Inc., serving since October 1988 and a director since 1988; he previously served as President from August 2012 to September 2019 and attended The Wharton School of Business at the University of Pennsylvania . Under his leadership, 2024 AUM reached $109.8 billion (+9.6% YoY), with revenues up 22.5% and operating income up 56.9%, driving ~700 bps operating margin expansion; WT’s stock rose over 50% in 2024 and ranked 3rd for TSR among a 13-company peer group, reinforcing pay-for-performance alignment . WT’s compensation program explicitly ties long-term equity to TSR via PRSUs and weighted 75% to financial metrics in 2024, increasing formulaic rigor while maintaining qualitative oversight .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| WisdomTree, Inc. | Chief Executive Officer | Oct 1988–Present | Founded WT; created proprietary index methodology; led diversification into digital assets and margin expansion |
| WisdomTree, Inc. | President | Aug 2012–Sep 2019 | Senior leadership through product and platform expansion |
| Individual Investor & Ticker (former WT magazines) | Editor-in-Chief | — | Advanced WT’s brand and indexing thought leadership |
| Bear, Stearns & Co. Inc. | M&A Analyst | 1986–1988 | Transactional rigor and capital markets experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Fnality International Limited | Director | Since May 2022 | UK-based fintech; governance and digital assets exposure |
| Author | Midas Investing (Times Books) | 1996 | Public thought leadership on investing |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 550,000 | 550,000 | 550,000 |
| Cash Bonus ($) | 2,390,400 | 2,561,200 | 2,338,400 |
| Stock Awards ($, grant-date fair value) | 2,494,989 | 3,585,593 | 3,841,791 |
| Total ($) | 5,448,889 | 6,710,430 | 6,745,441 |
Performance Compensation
| Metric (2024 Incentive Pool) | Weight | Target | 2024 Actuals | Funded % | Funded Payout ($000) | Vesting Details |
|---|---|---|---|---|---|---|
| Net inflows | 4.688% | $7,486,000 | $843,000 | 11.3% | $77 | N/A |
| Annualized RRR from Flows | 4.688% | $30,100 | $1,900 | 6.2% | $42 | N/A |
| Total revenues | 18.750% | $326,600 | $422,600 (FX/legal adj.) | 113.4% | $3,084 | N/A |
| Adjusted operating income (ex-bonus) | 18.750% | $156,100 | $183,100 | 134.6% | $3,661 | N/A |
| Adjusted operating margin (ex-bonus) | 18.750% | 39.4% | 43.3% | 119.9% | $3,261 | N/A |
| Relative TSR (vs Traditional Asset Managers) | 9.375% | 7 of 13 | 3 of 13 | 200.0% | $2,720 | PRSUs 3-yr cliff, 0–200% payout |
| Total – Performance | 75.00% | — | — | 118.1% | $12,845 | — |
| Total – Qualitative | 25.00% | — | — | 118.1% | $4,283 | — |
| Total Pool | — | $14,507 | — | 118.1% | $17,128 | — |
| CEO 2024 Incentive Composition | Short-Term Cash ($000) | Restricted Stock ($000) | PRSUs ($000) | Incentive Target ($000) | Funded % |
|---|---|---|---|---|---|
| Jonathan Steinberg | 2,338 | 1,754 | 1,754 | 4,950 | 118% |
| Equity Award Structure | Type | Grant Date | Shares/Units | Vesting |
|---|---|---|---|---|
| Restricted Stock | RS | Jan 25, 2024 | 269,410 | 33 1/3% annually over 3 yrs |
| Performance RSUs | PRSUs | Jan 25, 2024 | Target 222,842; 0–200% payout up to 445,684 | 3-yr cliff; payout by relative TSR percentile vs peer group |
Notes:
- 2024 PRSU payout for the prior 3-year cohort was 200%; 2023 cohort payout also 200%; 2023 payout 200% and 2023 prior cohort 200% reflect strong TSR linkage .
- WT granted no stock options in 2024; compensation is cash + equity (RS/PRSUs) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 9,483,789 shares; 6.4% of common stock outstanding (includes 462,759 RS not vesting within 60 days) |
| Unvested Restricted Stock (FY-end 2024) | 72,571 (1/25/22); 213,428 (1/25/23); 269,410 (1/25/24); market value $761,996; $2,240,994; $2,828,805 respectively (based on $10.50 close) |
| Unvested PRSUs (FY-end 2024) | 387,336 (1/25/22); 570,370 (1/25/23); 451,582 (1/25/24); payout value at max $4,067,028; $5,988,885; $4,741,611 respectively |
| 2024 Vested Shares | 481,027 shares vested; value realized $3,429,723; no option exercises |
| Stock Ownership Guidelines | CEO: 6x base salary; applies to execs and directors; Steinberg met guidelines as of Nov 30, 2024 |
| Pledging/Hedging | Prohibited for directors, officers, employees; also bans short sales and derivatives |
| Trading Controls | Insider trading policy enforced; restriction on selling if below guideline thresholds; limited sales to cover taxes/exercise |
Employment Terms
| Term/Provision | CEO (Jonathan Steinberg) |
|---|---|
| Employment Status | At-will; indefinite term; base salary $550,000; eligible for incentive compensation and standard benefits |
| Severance – Involuntary Termination (no cause/good reason) | 1x base salary; pro rata 50% of average incentive x budgeted funding; + 50% of average incentive; COBRA up to 12 months; 12 months’ worth of time-based vesting accelerated; remaining unvested awards remain outstanding for 12 months; change-of-control within 12 months triggers full acceleration per award terms |
| Severance – After Change-of-Control (double trigger, within 18 months) | 1.75x base salary + 1.75x average incentive; pro rata average incentive for year; COBRA up to 21 months; time-based equity that would vest within 21 months accelerates; PRSUs vest per award terms |
| Non-Compete | 3 months for standard involuntary termination; 12 months for CoC double-trigger package; 3 months applicable if company elects enforcement for cause or voluntary resignation without good reason |
| Potential Payments (Assuming 12/31/2024) | CoC acceleration $20,165,072; Involuntary Termination total $18,903,613; For cause/voluntary w/o good reason (if 3-month non-comp enforced) $1,561,956; CoC + Involuntary Termination total $29,015,272 |
Board Governance
- Board Service: Director since October 1988; CEO since October 1988 .
- Committee Roles: None; Steinberg is the only non-independent director; all committees are independent .
- Board Leadership: Chair and CEO roles separated; independent Chair (Smita Conjeevaram) .
- Independence: Substantial majority independent; Steinberg is not independent .
- Board Attendance: Aggregate Board and committee attendance was 99% in 2024 .
- Executive Sessions: Independent directors meet in executive session without management throughout the year .
Related Party Transactions
- Stockholders Agreement: Amended and Restated Stockholders Agreement (Dec 21, 2006) between Michael Steinhardt (former Chair) and Jonathan Steinberg provides Steinhardt a right-of-first-refusal on private sales of Steinberg’s shares .
Compensation Peer Group & Say-on-Pay
- Compensation Peer Group (used for benchmarking CEO target at median): AB, Artisan, B. Riley, BrightSphere, Cohen & Steers, Diamond Hill, Donnelley Financial, Hercules Capital, Main Street Capital, Moelis, Silvercrest, Victory Capital, Virtus, Westwood Holdings; updated annually with FWC advising .
- Say-on-Pay: 2024 approval ~88% .
Performance & Track Record Highlights
| Measure | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| PEO Compensation Actually Paid ($) | 3,434,784 | 4,313,843 | 5,503,797 | 9,946,606 | 15,333,481 |
| Company TSR ($ per $100 initial) | 114.11 | 133.03 | 121.14 | 156.95 | 240.98 |
| TSR Percentile (Traditional AM Peer Group) | 17th | 25th | 92nd | 92nd | 85th |
| GAAP Net Income ($000) | (35,655) | 49,797 | 50,684 | 102,546 | 66,693 |
Operational and strategic execution in 2024 included refinancing convertibles, repurchasing Series A Preferred Stock (14.75M-convertible) and ~5.7M common shares, maintaining a consecutive quarterly dividend policy since 2014, and accelerating digital asset initiatives (WisdomTree Prime and Connect) .
Investment Implications
- Strong pay-for-performance signals: 75% weighting to financial metrics and 50% of CEO long-term equity in TSR-linked PRSUs drive alignment; 2024 TSR component funded at 200% and multi-year TSR percentile improved materially, indicating potential continued equity-driven compensation leverage .
- Vesting-driven supply dynamics: 481,027 shares vested for Steinberg in 2024 with company-wide restrictions on pledging/hedging; ownership guidelines met, reducing forced selling risk but periodic vesting could add to float depending on tax-related sales .
- Retention and transaction protections: Robust severance and double-trigger CoC economics (1.75x base + 1.75x average incentive plus accelerated vesting) secure leadership continuity but raise potential acquisition costs and post-deal integration constraints due to non-compete duration .
- Governance mitigants: Independent Chair, independent committees, executive sessions, and clawback policy reduce CEO/director dual-role risks and enhance oversight of strategy and cybersecurity .
- Watch items: SEC ESG settlement-related legal/other expenses (excluded in incentive calculations) and activist campaign costs highlight non-core noise; audit committee oversight and risk structures appear established .