Companies Athene Holding Ltd.
Athene (ATH): executive pay, fiscal 2025
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CEO pay, last three years
- $38,516,975FY2023
- $527,115FY2024
- $1,529,960FY2025
CEO total pay was $1,529,960 in fiscal 2025, up from $527,115 in fiscal 2024.
FY2025: salary $100,000 · bonus $0 · stock awards $0 · option awards $0
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 |
|---|---|---|---|---|---|---|---|---|
| James Belardi | $1,875,000 | $0 | $3,377,969 | $0 | $0 | $0 | $65,909,181 | $71,162,150 |
| Executive Chairman and Chief Investment Officer, and Former Chief Executive Officer | ||||||||
| Louis-Jacques Tanguy | 650,000 | 0 | 6,738,726 | 0 | — | 0 | 2,138,662 | 9,527,388 |
| Executive Vice President and Chief Financial Officer | ||||||||
| Martin Klein | 650,000 | 0 | 927,091 | 0 | 962,000 | 0 | 1,142,750 | 3,681,841 |
| Former Executive Vice President and Chief Financial Officer | ||||||||
| Michael Downing | 650,000 | 0 | 950,965 | 0 | 1,136,750 | 0 | 844,338 | 3,582,053 |
| Executive Vice President and Chief Operating Officer; Co-President of Athene USA | ||||||||
| Sean Brennan | 650,000 | 0 | 570,579 | 0 | 1,136,750 | 0 | 699,574 | 3,056,903 |
| Executive Vice President and Chief Commercial Officer; Co-President of Athene USA | ||||||||
| Douglas Niemann | 550,000 | 0 | 713,184 | 0 | 825,000 | 0 | 829,052 | 2,917,236 |
| Executive Vice President and Chief Risk Officer | ||||||||
| Grant Kvalheim | 100,000 | 0 | 0 | 0 | 0 | 0 | 1,429,960 | 1,529,960 |
| Chief Executive Officer | ||||||||
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 |
|---|---|---|---|---|
| James Belardi | $71,162,150 | $62,167,609 | $50,782,768 | ↑ +8,994,541 |
| Louis-Jacques Tanguy | 9,527,388 | — | — | — |
| Martin Klein | 3,681,841 | 3,993,289 | 4,628,962 | ↓ −311,448 |
| Michael Downing | 3,582,053 | 3,231,320 | 3,295,849 | ↑ +350,733 |
| Sean Brennan | 3,056,903 | — | — | — |
| Douglas Niemann | 2,917,236 | 2,554,473 | 2,483,070 | ↑ +362,763 |
| Grant Kvalheim | 1,529,960 | 527,115 | 38,516,975 | ↑ +1,002,845 |
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
Athene's compensation program is designed to attract, retain, and motivate highly qualified executives by aligning their interests with those of stockholders through a mix of cash and equity-based compensation that rewards performance against strategic and financial goals.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
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 |
|---|---|---|---|---|---|---|---|
| Sean Brennan | RSU | 2025-02-05 | — | — | 3,561 | — | $570,579 |
| James Belardi | RSU | 2025-02-05 | — | — | 14,837 | — | 2,377,333 |
| James Belardi | RSU | 2025-02-05 | — | — | 6,245 | — | 1,000,636 |
| Michael Downing | RSU | 2025-02-05 | — | — | 5,935 | — | 950,965 |
| Martin Klein | RSU | 2025-02-05 | — | — | 5,786 | — | 927,091 |
| Douglas Niemann | RSU | 2025-02-05 | — | — | 4,451 | — | 713,184 |
| Louis-Jacques Tanguy | RSU | 2025-02-05 | — | — | 1,780 | — | 285,209 |
| Louis-Jacques Tanguy | RSU | 2025-02-05 | — | — | 4,451 | — | 713,184 |
| Louis-Jacques Tanguy | RSU | 2025-05-05 | — | — | 45,627 | — | 5,740,333 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Sean Brennan | $570,579 | $0 | $0 | 0.0% |
| James Belardi | 3,377,969 | 0 | 0 | 0.0% |
| Michael Downing | 950,965 | 0 | 0 | 0.0% |
| Martin Klein | 927,091 | 0 | 0 | 0.0% |
| Douglas Niemann | 713,184 | 0 | 0 | 0.0% |
| Louis-Jacques Tanguy | 6,738,726 | 0 | 0 | 0.0% |
% 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 |
|---|---|---|---|---|
| Martin Klein | RSU | 2 | — | $2 |
| Martin Klein | PSU | 2 | — | 2 |
| Martin Klein | Option | 2 | 2 | — |
| Louis-Jacques Tanguy | RSU | 650 | — | 94,094 |
| Louis-Jacques Tanguy | RSU | 1,187 | — | 171,830 |
| Sean Brennan | RSU | 1,625 | — | 235,235 |
| Louis-Jacques Tanguy | RSU | 2,178 | — | 315,287 |
| Sean Brennan | RSU | 2,374 | — | 343,660 |
| Douglas Niemann | RSU | 2,438 | — | 352,925 |
| Louis-Jacques Tanguy | RSU | 2,968 | — | 429,648 |
| Douglas Niemann | RSU | 2,968 | — | 429,648 |
| Michael Downing | RSU | 3,250 | — | 470,470 |
| Martin Klein | RSU | 3,858 | — | 558,484 |
| Michael Downing | RSU | 3,957 | — | 572,815 |
| Martin Klein | RSU | 6,337 | — | 917,344 |
| Louis-Jacques Tanguy | RSU | 30,418 | — | 4,403,310 |
Director compensation
No director compensation table is on file for fiscal year 2025.
Board fee structure and ownership guideline
| Annual cash retainer | $270,000 |
|---|---|
| Annual equity retainer | $150,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 36,500 / 25,000 / 25,000 |
| Stock ownership guideline | $5 |
Peer group, and who names Athene as a peer
Companies that benchmark against ATH
No companies currently name ATH as a compensation peer in their most recent disclosure.
This is the complete answer, not a partial one — the list is never padded.
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 | Athene Holding Ltd. | 2025 | Grant Kvalheim | $100,000 | $0 | $0 | $0 | $1,529,960 |
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.
Say-on-pay history and pay ratio
No say-on-pay vote is on file for this company.
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (19 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, James Belardi. 10-K, filed 2026-02-25. Section “Executive Compensation” · page 201. As printed: 71,162,150. View filing ↗
- Section 01, Louis-Jacques Tanguy. 10-K, filed 2026-02-25. Section “Executive Compensation” · page 201. As printed: 9,527,388. View filing ↗
- Section 01, Martin Klein. 10-K, filed 2026-02-25. Section “Executive Compensation” · page 201. As printed: 3,681,841. View filing ↗
- Section 01, Michael Downing. 10-K, filed 2026-02-25. Section “Executive Compensation” · page 201. As printed: 3,582,053. View filing ↗
- Section 01, Sean Brennan. 10-K, filed 2026-02-25. Section “Executive Compensation” · page 201. As printed: 3,056,903. View filing ↗
- Section 01, Douglas Niemann. 10-K, filed 2026-02-25. Section “Executive Compensation” · page 201. As printed: 2,917,236. View filing ↗
- Section 01, Grant Kvalheim. 10-K, filed 2026-02-25. Section “Executive Compensation” · page 201. As printed: 1,529,960. View filing ↗
- Section 03, Sean Brennan RSU. DEF 14A, filed 2026-02-25. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, James Belardi RSU. DEF 14A, filed 2026-02-25. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, James Belardi RSU. DEF 14A, filed 2026-02-25. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Michael Downing RSU. DEF 14A, filed 2026-02-25. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Martin Klein RSU. DEF 14A, filed 2026-02-25. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Douglas Niemann RSU. DEF 14A, filed 2026-02-25. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Louis-Jacques Tanguy RSU. DEF 14A, filed 2026-02-25. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Louis-Jacques Tanguy RSU. DEF 14A, filed 2026-02-25. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Louis-Jacques Tanguy RSU. DEF 14A, filed 2026-02-25. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Athene Holding Ltd. (subject), Section 10b CEO total. 10-K, filed 2026-02-25. CEO total compensation as printed in Athene Holding Ltd.'s own proxy. As printed: 1,529,960. View filing ↗