Insurance
Voya Financial Executive Compensation (FY25)
VOYA · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): May 21, 2026
299 figures on this page: 291 cited to the filing that reported them, 8 calculated from figures it prints. See the citations
Heather Lavallee, President and Chief Executive Officer, received $12,593,676 in total compensation for fiscal 2025, and compared with the $9,720,234 reported for fiscal 2024, Lavallee's total was 29.6% higher. The disclosed chief executive pay ratio for fiscal 2025 is 155:1, against median employee compensation of $81,005. The say-on-pay proposal drew 98.7% support at the meeting held May 21, 2026 for fiscal 2025, while companies named in the disclosed peer group include Alight, Inc., Ameriprise Financial, Inc., CNO Financial Group, Inc., Conduent, Inc. and Corebridge Financial, among others.
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 — Heather Lavallee: $9,720,234 → $12,593,676 (29.6% higher)
CEO pay ratio: 117:1 → 155:1 (32.5% higher)
Frequently asked questions
Answers drawn from the data on this page.
Who is Voya Financial's chief executive and what were they paid?
Heather Lavallee, President and Chief Executive Officer, received $12,593,676 in total compensation for fiscal 2025. Compared with the $9,720,234 reported for fiscal 2024, Lavallee's total was 29.6% higher.
What was Voya Financial's say-on-pay result?
The say-on-pay proposal drew 98.7% support at the meeting held May 21, 2026 for fiscal 2025.
Which companies are in Voya Financial's peer group?
Companies named in the disclosed peer group include Alight, Inc., Ameriprise Financial, Inc., CNO Financial Group, Inc., Conduent, Inc. and Corebridge Financial, among others.
What is Voya Financial's chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 155:1, against median employee compensation of $81,005.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Heather Lavallee President & CEO-Elect | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Christine Hurtsellers CEO, Investment Management | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Michael S. Smith Vice Chairman, Chief Financial Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Charles P. Nelson Vice Chairman, Chief Growth Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Don Templin EVP, Chief Financial Officer | ◇ | — | — | — | ◇ | ◇ | ◇ | ◇ |
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Rodney Martin Executive Chairman | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Heather Lavallee President and Chief Executive Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Donald Templin Executive Vice President, Chief Financial Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Christine Hurtsellers CEO, Investment Management | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Kevin Silva Former Executive Vice President, Chief Human Resources Officer Departed during or after this year | ◇ | — | ◇ | — | — | ◇ | ◇ | ◇ |
Rob Grubka CEO, Workplace Solutions | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Fiscal 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Heather Lavallee President and Chief Executive Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Rodney Martin Executive Chairman | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Robert Grubka Former CEO, Workplace Solutions Departed during or after this year | ◇ | — | ◇ | — | — | ◇ | ◇ | ◇ |
Donald Templin Former EVP, Chief Financial Officer Departed during or after this year | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Matthew Toms CEO, Investment Management | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Santhosh Keshavan EVP and Chief Information Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Fiscal 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Heather Lavallee President and Chief Executive Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Jay Kaduson Chief Executive Officer, Workplace Solutions | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Matthew Toms Chief Executive Officer, Investment Management | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Michael Katz Executive Vice President, Chief Financial Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Santhosh Keshavan Executive Vice President, Chief Technology and Operations 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 |
|---|---|---|---|---|---|---|---|---|
| Heather Lavallee | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Jay Kaduson | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Jay Kaduson | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Matthew Toms | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Michael Katz | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Santhosh Keshavan | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
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 |
|---|---|---|---|---|---|
| Ms. Lavallee | RSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Mr. Kaduson | RSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Mr. Katz | RSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Mr. Toms | RSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Mr. Keshavan | 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.
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 |
|---|---|---|---|---|---|---|---|
Ruth Ann M. Gillis | ◇ | ◇ | — | — | — | ◇ | ◇ |
Jane P. Chwick | ◇ | ◇ | — | — | — | ◇ | ◇ |
Kathleen DeRose | ◇ | ◇ | — | — | — | ◇ | ◇ |
Joseph V. Tripodi | ◇ | ◇ | — | — | — | ◇ | ◇ |
Yvette S. Butler | ◇ | ◇ | — | — | — | ◇ | ◇ |
Lynne Biggar | ◇ | ◇ | — | — | — | ◇ | ◇ |
S. Biff Bowman | ◇ | ◇ | — | — | — | ◇ | ◇ |
Robert G. Leary | ◇ | ◇ | — | — | — | ◇ | ◇ |
Aylwin B. Lewis | ◇ | ◇ | — | — | — | — | ◇ |
William J. Mullaney | ◇ | ◇ | — | — | — | ◇ | ◇ |
Hikmet Ersek | ◇ | ◇ | — | — | — | — | ◇ |
Heather Lavallee 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 board cash fees
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
- Alight, Inc. ALIT
- Ameriprise Financial, Inc. AMP
- CNO Financial Group, Inc. CNO
- Conduent, Inc. CNDT
- Corebridge Financial CRBG
- Equitable Holdings, Inc EQH
- Franklin Resources, Inc. BEN
- Health Equity, Inc. PRVA
- Invesco Ltd. IVZ
- Lincoln National Corp. LNC
- MetLife Inc. MET
- Northern Trust Corporation NTRS
- Principal Financial Group, Inc. PFG
- Prudential Financial, Inc. PRU
- T. Rowe Price Group, Inc. TROW
- The Hartford Financial Services Group, Inc. HIG
- Unum Group UNM
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | May 21, 2026 | = | ◇ | ◇ | ◇ |
| 2024 | May 22, 2025 | = | ◇ | ◇ | ◇ |
| 2023 | May 23, 2024 | = | ◇ | ◇ | ◇ |
| 2022 | May 25, 2023 | = | ◇ | ◇ | ◇ |
| 2021 | May 26, 2022 | = | ◇ | ◇ | ◇ |
| 2020 | May 27, 2021 | = | ◇ | ◇ | ◇ |
| 2019 | May 21, 2020 | = | ◇ | ◇ | ◇ |
| 2018 | May 23, 2019 | = | ◇ | ◇ | ◇ |
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 Voya Financial disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Voya Financial 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
Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.
Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
299 figures on this page: 291 cited to the filing that reported them, 8 calculated from figures it prints.
291 cited to the filing
8 calculated from the filing
Documents cited
- 0001535929-26-000088
- 0001535929-26-000061Director Compensation · Executive Compensation Tables and Narratives · Grants of Plan-Based Awards · Non-Employee Director Compensation · and 2 more sections
- 0001535929-25-000046
- 0001535929-25-000031Executive Compensation Tables and Narratives
- 0001535929-24-000055
- 0001140361-24-019351Summary Compensation Table for 2023 Proxy
- 0001535929-23-000043
- 0001140361-23-017762Summary Compensation Table
- 0001535929-22-000042
- 0001535929-21-000057
- 0001535929-20-000026
- 0001535929-19-000040
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Voya Financial executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/VOYA (accessed 2026).
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Insurance rankings
Peers Voya Financial discloses
The companies named in VOYA's own disclosed peer group.
Ameriprise Financial, Inc.CNO Financial Group, Inc.Corebridge FinancialEquitable Holdings, IncFranklin Resources, Inc.Invesco Ltd.Lincoln National Corp.MetLife Inc.Northern Trust CorporationPrincipal Financial Group, Inc.Prudential Financial, Inc.T. Rowe Price Group, Inc.The Hartford Financial Services Group, Inc.Unum 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}
}