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Voya Financial Executive Compensation (FY25)

VOYA · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Heather Lavallee
Latest say-on-pay support
=
May 21, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 22, 2026Latest filing (8-K): May 21, 2026
14 filings cited on this page
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329 figures on this page: 321 cited to the filing that reported them, 8 calculated from figures it prints. See the citations

More on Voya Financial

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 — 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
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Heather LavalleeRSU◇——◇——◇
Heather LavalleePSU◇◇◇—◇—◇
Jay KadusonRSU◇——◇——◇
Jay KadusonRSU◇——◇——◇
Jay KadusonPSU◇◇◇—◇—◇
Jay KadusonPSU◇◇◇—◇—◇
Matthew TomsRSU◇——◇——◇
Matthew TomsPSU◇◇◇—◇—◇
Michael KatzRSU◇——◇——◇
Michael KatzPSU◇◇◇—◇—◇
Santhosh KeshavanRSU◇——◇——◇
Santhosh KeshavanPSU◇◇◇—◇—◇
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
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Heather LavalleeRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Matthew TomsRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Jay KadusonRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Michael KatzRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Santhosh KeshavanRSU◇◇——
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.
Heather Lavallee
President and Chief Executive Officer · Severance agreement
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Non-compete period◇
Non-solicit period◇
Matthew Toms
Chief Executive Officer, Investment Management · Severance agreement
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-compete period◇
Non-solicit period◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Ruth Ann M. Gillis
Board chair
◇◇———◇◇
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◇
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.

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.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 21, 2026=◇◇◇
2024May 22, 2025=◇◇◇
2023May 23, 2024=◇◇◇
2022May 25, 2023=◇◇◇
2021May 26, 2022=◇◇◇
2020May 27, 2021=◇◇◇
2019May 21, 2020=◇◇◇
2018May 23, 2019=◇◇◇

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?”
- Heather Lavallee (President and Chief Executive Officer), FY2025 total compensation $12,593,676 (base salary $991,667) [exec_comp, SEC accession 0001535929-26-000061, filed 2026-04-10]

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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 — $1,500
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.
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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.
329 figures on this page: 321 cited to the filing that reported them, 8 calculated from figures it prints.
321 cited to the filing
8 calculated from the filing

Documents cited

  1. 0001535929-26-000088
    Item 2 – Our stockholders approved, on an advisory basis, the compensation paid to the named executive officers.
  2. 0001535929-26-000061
    Executive Compensation Tables and Narratives · Non-Employee Director Compensation · Pay Ratio
  3. 0001535929-25-000046
    Item 2 – Our stockholders approved, on an advisory basis, the compensation paid to the named executive officers.
  4. 0001535929-25-000031
    Executive Compensation Tables and Narratives
  5. 0001535929-25-000017
    Employment Agreement
  6. 0001535929-24-000055
  7. 0001140361-24-019351
    Summary Compensation Table for 2023 Proxy
  8. 0001535929-23-000043
  9. 0001140361-23-017762
    Summary Compensation Table
  10. 0001535929-22-000042
  11. 0001140361-22-014565
    Non-Employee Director Compensation
  12. 0001535929-21-000057
  13. 0001535929-20-000026
  14. 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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The paid brief for Voya Financial

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$1,500 for the Executive Compensation Report. Both reports for $2,400.
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14 filings cited on this page
Method: intel.velarion.ai/methodology
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Insurance rankings

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

Peers Voya Financial discloses

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

Alight, Inc.Ameriprise Financial, Inc.CNO Financial Group, Inc.Conduent, Inc.Corebridge FinancialEquitable Holdings, IncFranklin Resources, Inc.Health Equity, 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

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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