Banking
Northern Trust Executive Compensation (FY25)
NTRS · Chicago, IL · Executive and director compensation, fiscal 2023 to 2025
Data as of September 7, 2026Latest filing (8-K): April 22, 2026
220 figures on this page: 213 cited to the filing that reported them, 7 calculated from figures it prints. See the citations
The disclosed peer group names BlackRock, Inc., Fifth Third Bancorp, Franklin Resources, Inc., KeyCorp and M&T Bank Corporation, among others. The fiscal 2025 disclosure covers 5 named executive officers, and Michael O'Grady, Chairman and Chief Executive Officer, received $10,059,154 in total compensation for fiscal 2025. For fiscal 2025, the company reported a chief executive pay ratio of 136:1, against median employee compensation of $73,867. For fiscal 2025, shareholders backed the say-on-pay proposal with 94.0% of votes cast for or against in favor at the meeting held April 21, 2026.
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 of record: Michael O’Grady → Michael O'Grady
Say-on-pay support: 95.9% → 94.0% (1.9 points lower)
CEO pay ratio: 150:1 → 136:1 (9.3% lower)
Frequently asked questions
Answers drawn from the data on this page.
Who is Northern Trust's chief executive and what were they paid?
Michael O'Grady, Chairman and Chief Executive Officer, received $10,059,154 in total compensation for fiscal 2025.
What was Northern Trust's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 94.0% of votes cast for or against in favor at the meeting held April 21, 2026.
Which companies are in Northern Trust's peer group?
The disclosed peer group names BlackRock, Inc., Fifth Third Bancorp, Franklin Resources, Inc., KeyCorp and M&T Bank Corporation, among others.
What is Northern Trust's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 136:1, against median employee compensation of $73,867.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Michael O'Grady Chairman and Chief Executive Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Daniel Gamba President Asset Management | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Peter Cherecwich President Asset Servicing | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Jason Tyler Chief Financial Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Fiscal 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Michael O’Grady Chairman and Chief Executive Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Steven Fradkin Vice Chairman | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Daniel Gamba President, Asset Management | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Peter Cherecwich Chief Operating Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Jason Tyler President, Wealth Management | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
David Fox Chief Financial Officer and Executive Vice President | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Fiscal 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Michael O'Grady Chairman and Chief Executive Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Peter Cherecwich Chief Operating Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Thomas South Chief Information Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Jason Tyler President, Wealth Management | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
David Fox Chief Financial Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
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
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| David Fox | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| David Fox | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Jason Tyler | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Jason Tyler | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Michael O'Grady | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Michael O'Grady | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Peter Cherecwich | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Peter Cherecwich | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Thomas South | RSU | ◇ | — | — | ◇ | — | — | ◇ |
Fiscal 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
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Peter Cherecwich | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| Jason Tyler | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| Thomas South | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| David Fox | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director compensation
What each non-employee director was paid.
Fiscal 2025
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
Jay L. Henderson Lead independent director | ◇ | ◇ | — | — | — | — | ◇ |
Dean M. Harrison | ◇ | ◇ | — | — | — | — | ◇ |
Siddharth N. Bobby Mehta | ◇ | ◇ | — | — | — | — | ◇ |
Marcy S. Klevorn | ◇ | ◇ | — | — | — | — | ◇ |
David H. B. Smith Jr | ◇ | ◇ | — | — | — | — | ◇ |
Donald Thompson | ◇ | ◇ | — | — | — | — | ◇ |
Chandra Dhandapani | ◇ | ◇ | — | — | — | — | ◇ |
Martin P. Slark | ◇ | ◇ | — | — | — | — | ◇ |
Richard Petrino | ◇ | ◇ | — | — | — | — | ◇ |
Susan Crown | ◇ | ◇ | — | — | — | — | ◇ |
Charles A. Tribbett III | ◇ | ◇ | — | — | — | — | ◇ |
Robert E. Moritz | ◇ | ◇ | — | — | — | — | ◇ |
Linda Walker Bynoe | ◇ | — | — | — | — | — | ◇ |
Michael G. O'Grady 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 | ◇ |
| Lead independent director 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 cash retainer ($550,000)
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
- BlackRock, Inc. BLK
- Fifth Third Bancorp FITB
- Franklin Resources, Inc. BEN
- KeyCorp KEY
- M&T Bank Corporation MTB
- State Street Corporation STT
- T. Rowe Price Group, Inc. TROW
- The Bank of New York Mellon Corporation BNY
- The Charles Schwab Corporation SCHW
- The PNC Financial Services Group, Inc. PNC
- Truist Financial Corporation TFC
- U.S. Bancorp USB
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | April 21, 2026 | = | ◇ | ◇ | ◇ |
| 2024 | April 22, 2025 | = | ◇ | ◇ | ◇ |
| 2023 | April 16, 2024 | = | ◇ | ◇ | ◇ |
| 2022 | April 25, 2023 | = | ◇ | ◇ | ◇ |
| 2021 | April 26, 2022 | = | ◇ | ◇ | ◇ |
| 2020 | April 20, 2021 | = | ◇ | ◇ | ◇ |
| 2019 | April 21, 2020 | = | ◇ | ◇ | ◇ |
Chief executive pay ratio
As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
What this page does not include
Everything above is a fact Northern Trust disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Northern Trust 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 — $1,500Written 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.
Executive Compensation Report — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200Realizable 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.
Velarion IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Enquire about accessMultiple companies at once
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Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
220 figures on this page: 213 cited to the filing that reported them, 7 calculated from figures it prints.
213 cited to the filing
7 calculated from the filing
Documents cited
- 0000073124-26-000031
- 0000073124-26-0000222025 Grants of Plan-Based Awards · 2025 Outstanding Equity Awards at Fiscal Year-End · 2025 Summary Compensation Table · CEO PAY RATIO · and 1 more section
- 0000073124-25-000159
- 0001193125-25-053039Summary Compensation Table
- 0000073124-24-000155
- 0001193125-24-060814Summary Compensation Table
- 0000073124-23-000105
- 0000073124-22-000118
- 0000073124-21-000149
- 0000073124-20-000176
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Northern Trust executive compensation, FY2023–FY2025.” https://intel.velarion.ai/comp/NTRS (accessed 2026).
Short form: data: Velarion
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Peers Northern Trust discloses
The companies named in NTRS's own disclosed peer group.
Terms on this page
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}
}