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Northern Trust Executive Compensation (FY25)

NTRS · Chicago, IL · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Michael O'Grady
Latest say-on-pay support
=
April 21, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 21, 2026Latest filing (8-K): April 22, 2026
10 filings cited on this page
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274 figures on this page: 267 cited to the filing that reported them, 7 calculated from figures it prints. See the citations

More on Northern Trust

Five data products on this company. Each one is requested through the developer setup page.
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 — Michael O'Grady: $10,929,786 → $10,059,154 (8.0% lower)
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. Compared with the $10,929,786 reported for fiscal 2024, O'Grady's total was 8.0% lower.
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 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael O'Grady
Chairman and Chief Executive Officer
◇—◇—◇◇◇◇
Shundrawn Thomas
Former President—Asset Management
Departed during or after this year
◇—◇———◇◇
Peter Cherecwich
President—Asset Servicing
◇—◇—◇◇◇◇
Steven Fradkin
President—Wealth Management
◇—◇—◇—◇◇
Jason Tyler
Chief Financial Officer
◇—◇—◇◇◇◇
Alexandria Taylor
Chief Human Resources Officer
◇◇◇——◇◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael O'Grady
Chairman and Chief Executive Officer
◇—◇—◇◇◇◇
Daniel Gamba
President Asset Management
◇—◇—◇◇◇◇
Steven Fradkin
Vice Chairman
◇—◇—◇◇◇◇
Peter Cherecwich
President Asset Servicing
◇—◇—◇◇◇◇
Jason Tyler
Chief Financial Officer
◇—◇—◇◇◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael O'Grady
Chairman and Chief Executive Officer
◇—◇—◇◇◇◇
Daniel Gamba
President, Asset Management
◇—◇—◇◇◇◇
Peter Cherecwich
Chief Operating Officer
◇—◇—◇◇◇◇
Steven Fradkin
Vice Chairman
◇—◇—◇—◇◇
Jason Tyler
President, Wealth Management
◇—◇—◇◇◇◇
David Fox
Chief Financial Officer
◇—◇—◇◇◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
David FoxRSU◇——◇——◇
David FoxPSU◇◇◇—◇—◇
Jason TylerRSU◇——◇——◇
Jason TylerPSU◇◇◇—◇—◇
Michael O'GradyPSU◇◇◇—◇—◇
Michael O'GradyRSU◇——◇——◇
Peter CherecwichPSU◇◇◇—◇—◇
Peter CherecwichRSU◇——◇——◇
Thomas SouthRSU◇——◇——◇
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
David FoxPSU◇◇——
RSU◇◇——
Peter CherecwichPSU◇◇——
RSU◇◇——
Jason TylerPSU◇◇——
RSU◇◇——
Thomas SouthPSU◇◇——
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.
David Fox
Chief Financial Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Jason Tyler
President, Wealth Management · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Michael O'Grady
Chairman and Chief Executive Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance cash amount◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Peter Cherecwich
Chief Operating Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance cash amount◇
Change-in-control multiple◇
Benefits continuation on change in control◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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.
YearMeetingSupportVotes forVotes againstAbstentions
2025April 21, 2026=◇◇◇
2024April 22, 2025=◇◇◇
2023April 16, 2024=◇◇◇
2022April 25, 2023=◇◇◇
2021April 26, 2022=◇◇◇
2020April 20, 2021=◇◇◇
2019April 21, 2020=◇◇◇

Chief executive pay ratio

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

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Sample answer — “What is the CEO’s total compensation?”
- Michael O'Grady (Chairman and Chief Executive Officer), FY2025 total compensation $10,059,154 (base salary $1,000,000) [exec_comp, SEC accession 0000073124-26-000022, filed 2026-03-11]

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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 — $1,500
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.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499
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.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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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.
274 figures on this page: 267 cited to the filing that reported them, 7 calculated from figures it prints.
267 cited to the filing
7 calculated from the filing

Documents cited

  1. 0000073124-26-000031
  2. 0000073124-26-000022
    2025 Grants of Plan-Based Awards · 2025 Outstanding Equity Awards at Fiscal Year-End · 2025 Summary Compensation Table · CEO PAY RATIO · and 1 more section
  3. 0000073124-25-000159
  4. 0001193125-25-053039
    Compensation Discussion and Analysis · Summary Compensation Table
  5. 0000073124-24-000155
  6. 0000073124-23-000105
  7. 0001193125-23-072579
    Summary Compensation Table
  8. 0000073124-22-000118
  9. 0000073124-21-000149
  10. 0000073124-20-000176
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Northern Trust executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/NTRS (accessed 2026).
Short form: data: Velarion

The paid brief for Northern Trust

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $499 for the board report; $2,400 for both.
Get the executive briefGet the board briefNo account needed.
10 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Banking rankings

Chief executive pay — BankingCEO pay ratio — BankingSay-on-pay support — Banking

Peers Northern Trust discloses

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

BlackRock, Inc.Fifth Third BancorpFranklin Resources, Inc.KeyCorpM&T Bank CorporationState Street CorporationT. Rowe Price Group, Inc.The Bank of New York Mellon CorporationThe Charles Schwab CorporationThe PNC Financial Services Group, Inc.Truist Financial CorporationU.S. Bancorp

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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