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CNO Financial Group Executive Compensation (FY25)

CNO · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Gary Bhojwani
Latest say-on-pay support
=
May 12, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 18, 2026Latest filing (8-K): May 13, 2026
15 filings cited on this page
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298 figures on this page: 287 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Gary Bhojwani: $10,403,588 → $11,243,261 (8.1% higher)
Say-on-pay support: 93.6% → 97.7% (4.1 points higher)
CEO pay ratio: 120:1 → 113:1 (5.8% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is CNO Financial Group's chief executive and what were they paid?
Total compensation for Gary Bhojwani, Chief Executive Officer, came to $11,243,261 in fiscal 2025. Bhojwani's total moved 8.1% higher from the $10,403,588 reported for fiscal 2024.
What was CNO Financial Group's say-on-pay result?
The say-on-pay proposal drew 97.7% of votes cast including abstentions in favor at the meeting held May 12, 2026 for fiscal 2025.
Which companies are in CNO Financial Group's peer group?
The disclosed peer group names American Financial Group, Inc., Assurant, Inc., Brighthouse Financial, Inc., Cincinnati Financial Corporation and Globe Life Inc., among others.
What is CNO Financial Group's chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 113:1, against median employee compensation of $99,333.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Gary Bhojwani
Chief Executive Officer
◇—◇—◇—◇◇
Bruce Baude
Chief Operations & Technology Officer
◇—◇—◇—◇◇
Paul McDonough
Chief Financial Officer
◇—◇—◇—◇◇
Scott Goldberg
President, Consumer Division
◇—◇—◇—◇◇
Eric Johnson
Chief Investment Officer
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Gary Bhojwani
Chief Executive Officer
◇—◇—◇—◇◇
Paul McDonough
Chief Financial Officer
◇—◇—◇—◇◇
Scott Goldberg
President, Consumer Division
◇—◇—◇—◇◇
Eric Johnson
Chief Investment Officer
◇—◇—◇—◇◇
Matthew Zimpfer
General Counsel
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Gary Bhojwani
Chief Executive Officer
◇—◇—◇—◇◇
Paul McDonough
Chief Financial Officer
◇—◇—◇—◇◇
Scott Goldberg
President, Consumer Division
◇—◇—◇—◇◇
Eric Johnson
Chief Investment Officer
◇—◇—◇—◇◇
Matthew Zimpfer
General Counsel
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Gary Bhojwani
Chief Executive Officer
◇—◇—◇—◇◇
Paul McDonough
Chief Financial Officer
◇—◇—◇—◇◇
Scott Goldberg
President, Consumer Division
◇—◇—◇—◇◇
Eric Johnson
Chief Investment Officer
◇—◇—◇—◇◇
Matthew Zimpfer
General Counsel
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Eric R. JohnsonPSU—◇◇—◇—◇
Eric R. JohnsonRSU———◇——◇
Gary C. BhojwaniPSU—◇◇—◇—◇
Gary C. BhojwaniRSU———◇——◇
Matthew J. ZimpferPSU—◇◇—◇—◇
Matthew J. ZimpferRSU———◇——◇
Paul H. McDonoughPSU—◇◇—◇—◇
Paul H. McDonoughRSU———◇——◇
Scott L. GoldbergRSU———◇——◇
Scott L. GoldbergRSU———◇——◇
Scott L. GoldbergPSU—◇◇—◇—◇
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Paul McDonoughRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Eric JohnsonRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Matthew ZimpferRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Scott GoldbergRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Gary BhojwaniRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Eric Johnson
Chief Investment Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance cash amount◇
Equity acceleration on change in control◇
Gary Bhojwani
Chief Executive Officer · Employment agreement
Severance multiple◇
Change-in-control multiple◇
Matthew Zimpfer
General Counsel · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance base◇
Severance cash amount◇
Change-in-control multiple◇
Change-in-control base◇
Paul McDonough
Chief Financial Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance cash amount◇
Scott Goldberg
President, Consumer Division · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Daniel R. Maurer
Board chair
◇◇————◇
Chetlur S. Ragavan
◇◇————◇
Mary R. (Nina) Henderson
◇◇————◇
Steven E. Shebik
◇◇————◇
David B. Foss
◇◇————◇
Jessica A. Turner
◇◇————◇
Adrianne B. Lee
◇◇————◇
Archie M. Brown
◇◇————◇
Gary C. Bhojwani and Linda T. Gibson served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as restricted stock units.
Stock ownership guideline: 5x annual base cash compensation

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • American Financial Group, Inc. AFG
  • Assurant, Inc. AIZ
  • Brighthouse Financial, Inc. BHF
  • Cincinnati Financial Corporation CINF
  • Globe Life Inc. GL
  • Horace Mann Educators Corporation HMN
  • Kemper Corporation KMPR
  • Lincoln National Corporation LNC
  • Primerica, Inc. PRI
  • Reinsurance Group of America, Incorporated RGA
  • The Hanover Insurance Group, Inc. THG
  • Unum Group UNM
  • Voya Financial, Inc. VOYA

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 12, 2026=◇◇◇
2024May 8, 2025=◇◇◇
2023May 9, 2024=◇◇◇
2022May 10, 2023=◇◇◇
2021May 19, 2022=◇◇◇
2020May 7, 2021=◇◇◇
2019May 8, 2020=◇◇◇
2018May 10, 2019=◇◇◇
2017May 9, 2018=◇◇◇
2016May 10, 2017=◇◇◇
2015May 4, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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- Gary Bhojwani (Chief Executive Officer), FY2025 total compensation $11,243,261 (base salary $1,065,000) [exec_comp, SEC accession 0001224608-26-000029, filed 2026-03-26]

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What this page does not include

Everything above is a fact CNO Financial Group disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where CNO Financial Group sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
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Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
298 figures on this page: 287 cited to the filing that reported them, 11 calculated from figures it prints.
287 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001224608-26-000057
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001224608-26-000029
    2025 Non-Employee Director Compensation · CEO Pay Ratio · COMPENSATION COMMITTEE · Compensation Discussion and Analysis · and 4 more sections
  3. 0001628280-25-024388
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001224608-25-000020
    Summary Compensation Table for 2024
  5. 0001224608-24-000043
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001224608-24-000029
    Summary Compensation Table for 2023
  7. 0001224608-23-000027
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001104659-23-038393
    Summary Compensation Table for 2022
  9. 0001224608-22-000021
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001224608-21-000020
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001224608-20-000023
  12. 0001224608-19-000026
  13. 0001224608-18-000021
  14. 0001224608-17-000028
  15. 0001224608-16-000070
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Velarion, “CNO Financial Group executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/CNO (accessed 2026).
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15 filings cited on this page
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Insurance rankings

Chief executive pay — InsuranceCEO pay ratio — InsuranceSay-on-pay support — Insurance

Peers CNO Financial Group discloses

The companies named in CNO's own disclosed peer group.

American Financial Group, Inc.Assurant, Inc.Brighthouse Financial, Inc.Cincinnati Financial CorporationGlobe Life Inc.Horace Mann Educators CorporationKemper CorporationLincoln National CorporationPrimerica, Inc.Reinsurance Group of America, IncorporatedThe Hanover Insurance Group, Inc.Unum GroupVoya Financial, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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