Companies Oppenheimer Holdings
Oppenheimer (OPY): executive pay, fiscal 2025
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CEO pay, last three years
- $4,764,786FY2023
- $8,051,800FY2024
- $9,546,400FY2025
CEO total pay was $9,546,400 in fiscal 2025, up from $8,051,800 in fiscal 2024.
FY2025: salary $500,000 · bonus $0 · stock awards $1,037,400 · option awards $0
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Robert Lowenthal | $500,000 | $0 | $1,037,400 | $0 | $8,000,000 | $0 | $9,000 | $9,546,400 |
| CEO and Director of the Company and CEO of Oppenheimer & Co. Inc. | ||||||||
| Albert Lowenthal | 500,000 | 0 | 2,247,700 | 0 | 2,000,000 | 0 | 9,000 | 4,756,700 |
| Chairman and Director of the Company and Executive Chairman of Oppenheimer & Co. Inc. | ||||||||
| P Albano | 300,000 | 2,500,000 | 211,080 | 0 | 0 | 0 | 3,000 | 3,014,080 |
| Senior Managing Director and Head of Oppenheimer & Co. Inc.’s Fixed Income Business | ||||||||
| E Harrington | 275,000 | 1,350,000 | 259,350 | 0 | 0 | 0 | 3,000 | 1,887,350 |
| Senior Managing Director and Head of Oppenheimer & Co. Inc.’s Private Client Division | ||||||||
| Brad Watkins | 300,000 | 850,000 | 138,320 | 0 | 0 | 0 | 3,000 | 1,291,320 |
| CFO of the Company and Executive Vice President and CFO of Oppenheimer & Co. Inc. | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Robert Lowenthal | $9,546,400 | $8,051,800 | $4,764,786 | ↑ +1,494,600 |
| Albert Lowenthal | 4,756,700 | 2,495,400 | 4,764,786 | ↑ +2,261,300 |
| P Albano | 3,014,080 | 2,686,150 | 1,661,495 | ↑ +327,930 |
| E Harrington | 1,887,350 | 1,753,100 | 1,427,600 | ↑ +134,250 |
| Brad Watkins | 1,291,320 | 1,182,330 | 912,550 | ↑ +108,990 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The Compensation Committee's objective is to provide a compensation program with strong and direct links between corporate objectives and financial performance, individual performance and compensation in order to foster the creation of shareholder value and align the interests of management with shareholders. The framework consists of base salary, annual bonus, and share-based compensation, with a significant portion of total compensation being variable and 'at-risk' to tie pay to individual and company performance.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Pay Governance LLC |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | false |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Robert Lowenthal | RSA | 2025-01-30 | — | — | 15,000 | — | $1,085,700 |
| Albert Lowenthal | RSA | 2025-01-30 | — | — | 32,500 | — | 2,352,350 |
| Brad Watkins | RSA | — | — | — | — | — | 138,320 |
Vehicle mix — grant-date fair value by award type
Grant-level vehicle detail not disclosed.
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Brad Watkins | RSU | 2,000 | — | $144,580 |
| Brad Watkins | RSU | 2,500 | — | 180,725 |
| Brad Watkins | RSU | 3,500 | — | 253,015 |
| Brad Watkins | RSU | 10,000 | — | 722,900 |
| Lowenthal | RSU | 15,000 | — | 1,084,350 |
| Lowenthal | RSU | 20,000 | — | 1,445,800 |
| Lowenthal | RSU | 30,000 | — | 2,168,700 |
| Lowenthal | RSU | 32,500 | — | 2,349,425 |
| Lowenthal | RSU | 40,000 | — | 2,891,600 |
| Lowenthal | RSU | 50,000 | — | 3,614,500 |
| Lowenthal | RSU | 75,000 | — | 5,421,750 |
| Lowenthal | RSU | 110,000 | — | 7,951,900 |
| Lowenthal | RSU | 125,000 | — | 9,036,250 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Paul M. FriedmanIndependent · Lead Independent Director · Compensation · Compliance (Chair) · Nominating and Corporate Governance | $126,000 | $173,754 | $0 | $0 | $0 | $299,754 |
| Timothy M. DwyerIndependent · Audit (Chair) · Compensation · Compliance | 114,000 | 173,754 | 0 | 0 | 0 | 287,754 |
| R. Lawrence RothIndependent · Compensation (Chair) · Compliance · Nominating and Corporate Governance | 101,000 | 173,754 | 0 | 0 | 0 | 274,754 |
| Stacy J. KanterIndependent · Compensation · Compliance · Nominating and Corporate Governance (Chair) | 100,000 | 173,754 | 0 | 0 | 0 | 273,754 |
| Teresa A. GlasserIndependent · Audit · Compensation · Compliance | 88,000 | 173,754 | 0 | 0 | 0 | 261,754 |
| Evan BehrensIndependent · Audit · Compliance · Nominating and Corporate Governance | 88,000 | 173,754 | 0 | 0 | 0 | 261,754 |
| Suzanne E. SpauldingIndependent · Audit · Compliance · Nominating and Corporate Governance · Newly elected | 88,000 | 28,234 | 0 | 0 | 0 | 116,234 |
| Robert S. LowenthalEmployee director | 0 | 0 | 0 | — | 0 | 0 |
| Albert G. LowenthalEmployee director · Board Chair | 0 | 0 | 0 | — | 0 | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $50,000 |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | $5,000 |
| Committee chair fees (audit / comp / nom-gov) | 25,000 / 15,000 / 15,000 |
| Stock ownership guideline | $6,000 |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $705,000 |
| Equity awards (grant-date value) | $1,070,758 |
| All other compensation | $0 |
| Total cost of the board | $1,775,758 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Oppenheimer as a peer
Companies that benchmark against OPY
7 companies name OPY as a compensation peer
- BGC Group, Inc.BGCFY2025
- BRC Group Holdings, Inc.RILYFY2025
- Freedom Holding Corp.FRHCFY2026
- Gold.com, Inc.GOLDFY2026
- Hilltop Holdings Inc.HTHFY2025
- Marcus & Millichap, Inc.MMIFY2025
- PIPER SANDLER COMPANIESPIPRFY2025
Each company listed discloses OPY in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named OPY in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Disclosed peer group — fiscal year 2025
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Peer reciprocity
The companies Oppenheimer Holdings names as compensation peers that name it back in their own disclosed peer groups.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Goldman Sachs Group, Inc. | 2025 | David Solomon | $2,000,000 | $101,177,384 | $0 | $0 | $118,135,674 |
| 2 | Citigroup Inc. | 2025 | Jane Fraser | 1,500,000 | 59,570,800 | 28,600,000 | 0 | 95,757,800 |
| 3 | Moelis & Company | 2025 | Navid Mahmoodzadegan | 400,000 | 34,120,701 | 0 | 0 | 42,846,376 |
| 4 | JP Morgan Chase & Co. | 2025 | James Dimon | 1,500,000 | 32,500,000 | — | — | 40,632,724 |
| 5 | Morgan Stanley | 2025 | Edward Pick | 1,500,000 | 24,476,463 | 0 | 0 | 37,187,657 |
| 6 | Bank of America Corporation | 2025 | Brian Moynihan | 1,500,000 | 30,666,747 | 0 | 0 | 33,711,521 |
| 7 | Stifel Financial Corp. | 2025 | Ronald Kruszewski | 200,000 | 8,880,000 | 0 | 0 | 18,908,297 |
| 8 | Raymond James Financial, Inc. | 2025 | Paul Shoukry | 645,833 | 8,549,748 | 0 | — | 17,277,875 |
| 9 | Evercore Inc. | 2025 | John S. Weinberg | 500,000 | 5,888,539 | 0 | 0 | 17,138,539 |
| 10 | B. Riley Financial Inc. | 2025 | Bryant Riley | 639,292 | 0 | — | 15,298,388 | 16,123,180 |
| 11 | Lazard Inc. | 2025 | Peter Orszag | 900,000 | 8,666,548 | 0 | 0 | 13,723,452 |
| 12 | Houlihan Lokey Inc. | 2026 | Scott Adelson | 500,000 | 0 | 0 | 12,500,000 | 13,000,000 |
| 13 | Piper Sandler & Co. | 2025 | Chad Abraham | 650,000 | 3,735,355 | 0 | 0 | 11,030,039 |
| 14 | Oppenheimer Holdings | 2025 | Robert Lowenthal | 500,000 | 1,037,400 | 0 | 8,000,000 | 9,546,400 |
| 15 | Perella Weinberg Partners | 2025 | Andrew Bednar | 500,000 | 5,250,000 | 0 | 1,000,000 | 6,750,000 |
| 16 | PJT Partners Inc. | 2025 | Paul Taubman | 1,000,000 | 0 | 0 | 0 | 1,031,350 |
| — | UBS Group AG | — | — | — | — | — | — | not in coverage universe |
| — | Deutsche Bank AG | — | — | — | — | — | — | not in coverage universe |
| — | Barclays PLC | — | — | — | — | — | — | not in coverage universe |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Incentive design against the same peers
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Oppenheimer Holdings | not disclosed | Restricted Stock 100 | not disclosed | Pay Governance LLC |
| B. Riley Financial Inc. | not disclosed | RSU 100 | not disclosed | Mercer |
| Bank of America Corporation | not disclosed | not disclosed | No | Semler Brossy |
| Barclays PLC | not disclosed | not disclosed | not disclosed | not disclosed |
| Citigroup Inc. | not disclosed | PSU 50 · RSU 50 | Yes — TSR | FW Cook |
| Deutsche Bank AG | not disclosed | not disclosed | not disclosed | not disclosed |
| Evercore Inc. | not disclosed | RSU 100 | not disclosed | not disclosed |
| Goldman Sachs Group, Inc. | not disclosed | not disclosed | No | Frederic W. Cook & Co., Inc. (FW Cook) |
| Houlihan Lokey Inc. | not disclosed | not disclosed | No | WTW |
| JP Morgan Chase & Co. | not disclosed | cash 40 · PSU 30 · RSU 30 | No | not disclosed |
| Lazard Inc. | not disclosed | MSU 50 · PIPR 50 | Yes — 3-year relative TSR vs. S&P 1500 | Compensation Advisory Partners (CAP) |
| Moelis & Company | not disclosed | not disclosed | Yes — TSR Performance Condition | Willis Towers Watson |
| Morgan Stanley | not disclosed | PSU 100 | No | Semler Brossy |
| Perella Weinberg Partners | not disclosed | not disclosed | No | Exequity LLP |
| Piper Sandler & Co. | not disclosed | PSU 100 | Yes — Relative TSR | Semler Brossy |
| PJT Partners Inc. | not disclosed | not disclosed | No | Willis Towers Watson |
| Raymond James Financial, Inc. | not disclosed | PSU 60 | No | Meridian Compensation Partners |
| Stifel Financial Corp. | not disclosed | not disclosed | No | Compensation Advisory Partners LLC |
| UBS Group AG | not disclosed | not disclosed | not disclosed | not disclosed |
Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-04 | 97,381 | 2 | 4 | 100% | Passed |
| 2023 | 2023-05-08 | 97,344 | 2 | 4 | 100% | Passed |
| 2020 | 2020-05-11 | 98,022 | 7 | 53 | 99.99% | Passed |
| 2017 | 2017-05-08 | 96,690 | 52 | 6 | 99.95% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-05-04 | 100%a |
| 2023 | 2023-05-08 | 100%b |
| 2020 | 2020-05-11 | 99.99%c |
a. Approved under the standard stated in the filing — “Broker non-votes and abstentions will not affect the outcome of the matters being voted on at the Meeting, assuming that a quorum is obtained.”.
b. Approved under the standard stated in the filing — “Broker non-votes and abstentions will not affect the outcome of the matters being voted on at the Meeting, assuming that a quorum is obtained.”.
c. Approved under the standard stated in the filing — “Broker non-votes and abstentions will not affect the outcome of the matters being voted on at the Meeting, assuming that a quorum is obtained.”.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
CEO pay ratio
| Ratio (CEO : median employee) | 48 : 1 |
|---|---|
| CEO total compensation | $8,322,100 |
| Median employee compensation | $174,000 |
Insider trades since the proxy
Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Robert S. Lowenthal | Director | 2026-05-08 | A | 100,000 | — | — | Derivative, Class A Common | Form 4 ↗ |
Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.
Sources (42 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Robert Lowenthal. DEF 14A, filed 2026-03-13. Section “Executive Compensation” · page 49. As printed: 9,546,400. View filing ↗
- Section 01, Albert Lowenthal. DEF 14A, filed 2026-03-13. Section “Executive Compensation”. As printed: 4,756,700. View filing ↗
- Section 01, P Albano. DEF 14A, filed 2026-03-13. Section “Executive Compensation”. As printed: 3,014,080. View filing ↗
- Section 01, E Harrington. DEF 14A, filed 2026-03-13. Section “Executive Compensation”. As printed: 1,887,350. View filing ↗
- Section 01, Brad Watkins. DEF 14A, filed 2026-03-13. Section “Executive Compensation”. As printed: 1,291,320. View filing ↗
- Section 03, Robert Lowenthal RSA. DEF 14A, filed 2026-03-13. Section “Grants of Plan-Based Awards For the Year Ended December 31, 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Albert Lowenthal RSA. DEF 14A, filed 2026-03-13. Section “Grants of Plan-Based Awards For the Year Ended December 31, 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Brad Watkins RSA. DEF 14A, filed 2026-03-13. Section “Summary Compensation Table” · grants of plan-based awards table. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2026-03-13. Section “CEO Pay Ratio”. As printed: 48 : 1. View filing ↗
- Section 08, Paul M. Friedman. DEF 14A, filed 2026-03-13. Section “Director Compensation”. As printed: 299,754. View filing ↗
- Section 08, Timothy M. Dwyer. DEF 14A, filed 2026-03-13. Section “Director Compensation”. As printed: 287,754. View filing ↗
- Section 08, R. Lawrence Roth. DEF 14A, filed 2026-03-13. Section “Director Compensation”. As printed: 274,754. View filing ↗
- Section 08, Stacy J. Kanter. DEF 14A, filed 2026-03-13. Section “Director Compensation”. As printed: 273,754. View filing ↗
- Section 08, Teresa A. Glasser. DEF 14A, filed 2026-03-13. Section “Director Compensation”. As printed: 261,754. View filing ↗
- Section 08, Evan Behrens. DEF 14A, filed 2026-03-13. Section “Director Compensation”. As printed: 261,754. View filing ↗
- Section 08, Suzanne E. Spaulding. DEF 14A, filed 2026-03-13. Section “Director Compensation”. As printed: 116,234. View filing ↗
- Section 08, Robert S. Lowenthal. DEF 14A, filed 2026-03-13. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Albert G. Lowenthal. DEF 14A, filed 2026-03-13. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 02, Robert S. Lowenthal 2026-05-08. Form 4, filed 2026-05-11. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-05-05. Item 5.07 · say-on-pay result. As reported: 100%. View filing ↗
- Section 06, 2023 vote. Form 8-K, filed 2023-05-09. Item 5.07 · say-on-pay result. As reported: 100%. View filing ↗
- Section 06, 2020 vote. Form 8-K, filed 2020-05-12. Item 5.07 · say-on-pay result. As reported: 99.99%. View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 09b board cost (computed). Computed. Cash 705,000 + equity 1,070,758 + all other 0 = 1,775,758, summed across the director compensation table rows.
- Goldman Sachs Group, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-20. CEO total compensation as printed in Goldman Sachs Group, Inc.'s own proxy. As printed: 118,135,674. View filing ↗
- Citigroup Inc., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Citigroup Inc.'s own proxy. As printed: 95,757,800. View filing ↗
- Moelis & Company, Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in Moelis & Company's own proxy. As printed: 42,846,376. View filing ↗
- JP Morgan Chase & Co., Section 10b CEO total. DEF 14A, filed 2026-04-06. CEO total compensation as printed in JP Morgan Chase & Co.'s own proxy. As printed: 40,632,724. View filing ↗
- Morgan Stanley, Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Morgan Stanley's own proxy. As printed: 37,187,657. View filing ↗
- Bank of America Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-23. CEO total compensation as printed in Bank of America Corporation's own proxy. As printed: 33,711,521. View filing ↗
- Stifel Financial Corp., Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Stifel Financial Corp.'s own proxy. As printed: 18,908,297. View filing ↗
- Raymond James Financial, Inc., Section 10b CEO total. DEF 14A, filed 2026-01-07. CEO total compensation as printed in Raymond James Financial, Inc.'s own proxy. As printed: 17,277,875. View filing ↗
- Evercore Inc., Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Evercore Inc.'s own proxy. As printed: 17,138,539. View filing ↗
- B. Riley Financial Inc., Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in B. Riley Financial Inc.'s own proxy. As printed: 16,123,180. View filing ↗
- Lazard Inc., Section 10b CEO total. DEF 14A, filed 2026-04-07. CEO total compensation as printed in Lazard Inc.'s own proxy. As printed: 13,723,452. View filing ↗
- Houlihan Lokey Inc., Section 10b CEO total. DEF 14A, filed 2026-07-24. CEO total compensation as printed in Houlihan Lokey Inc.'s own proxy. As printed: 13,000,000. View filing ↗
- Piper Sandler & Co., Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in Piper Sandler & Co.'s own proxy. As printed: 11,030,039. View filing ↗
- Oppenheimer Holdings (subject), Section 10b CEO total. DEF 14A, filed 2026-03-13. CEO total compensation as printed in Oppenheimer Holdings's own proxy. As printed: 9,546,400. View filing ↗
- Perella Weinberg Partners, Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in Perella Weinberg Partners's own proxy. As printed: 6,750,000. View filing ↗
- PJT Partners Inc., Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in PJT Partners Inc.'s own proxy. As printed: 1,031,350. View filing ↗
- Section 10a, Piper Sandler & Co. reciprocity. DEF 14A. Piper Sandler & Co. names Oppenheimer Holdings in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, B. Riley Financial Inc. reciprocity. DEF 14A. B. Riley Financial Inc. names Oppenheimer Holdings in its own disclosed peer group (read from its most recent proxy). View filing ↗