Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-04-30

STIFEL FINANCIAL CORP (SFB)

CEO Ronald Kruszewski was paid $18,908,297 in fiscal year 2025: executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$18,908,297
Ronald Kruszewski total, FY2025
79th
CEO pay percentile vs peers
145:1
CEO-to-median pay ratio
—
Say-on-pay support, latest vote

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Companies that benchmark against SFB
No companies currently name SFB as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Ronald Kruszewski$200,000$8,900,000$8,880,000———$928,297$18,908,297
Chairman and Chief Executive Officer
James Zemlyak300,0005,820,0004,400,000———403,53710,923,537
President and Head of Global Wealth Management
Victor Nesi150,0005,850,0003,100,000———512,8219,612,821
Co-President and Head of Institutional Group
Thomas Michaud300,0006,090,000————198,5269,253,526
Senior Vice President
C. Brad Raymond300,0002,820,000————283,2306,068,230
Co-Head of Institutional Group
James Marischen300,0002,580,0001,620,000———128,1624,628,162
Chief Financial 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 officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Ronald Kruszewski$18,908,297$16,082,515$13,282,055+2,825,782
James Zemlyak10,923,5378,722,2558,494,465+2,201,282
Victor Nesi9,612,8217,709,1737,381,676+1,903,648
Thomas Michaud9,253,5263,884,1744,057,321+5,369,352
C. Brad Raymond6,068,230———
James Marischen4,628,1623,769,2313,052,452+858,931

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
James MarischenRSU13,600—$1,135,328
Ronald KruszewskiRSU16,000—1,335,680
James ZemlyakRSU23,406—1,953,920
Thomas MichaudRSU17,500—1,460,900
Ronald KruszewskiRSU112,528—9,393,848
James MarischenRSU12,344—1,030,460
Ronald KruszewskiRSU90,400—7,546,592
Ronald KruszewskiRSU80,000—6,678,400
Ronald KruszewskiRSU67,662—5,648,449
Victor NesiRSU25,206—2,104,222
Victor NesiRSU63,016—5,260,555
James ZemlyakRSU58,515—4,884,801
Ronald KruszewskiRSU54,240—4,527,955
Ronald KruszewskiRSU54,130—4,518,759
C. Brad RaymondRSU7,000—584,360
C. Brad RaymondRSU45,911—3,832,690
Ronald KruszewskiRSU45,011—3,757,539
Victor NesiRSU40,000—3,339,200
James ZemlyakRSU39,000—3,255,720
Victor NesiRSU37,600—3,138,848
C. Brad RaymondRSU35,000—2,921,800
James ZemlyakRSU34,000—2,838,320
Ronald KruszewskiRSU18,813—1,570,518
Victor NesiRSU8,000—667,840
James ZemlyakRSU31,240—2,607,955
James ZemlyakRSU29,107—2,429,851
C. Brad RaymondRSU13,600—1,135,328
Thomas MichaudRSU24,756—2,066,647
C. Brad RaymondRSU23,865—1,992,224
Thomas MichaudRSU23,865—1,992,223
James ZemlyakRSU23,400—1,953,432
Victor NesiRSU18,897—1,577,495
C. Brad RaymondRSU18,365—1,533,076
James MarischenRSU14,629—1,221,200
Thomas MichaudRSU13,500—1,126,980
C. Brad RaymondRSU12,687—1,059,084
James MarischenRSU2,352—196,315
Thomas MichaudRSU12,687—1,059,084
Ronald KruszewskiRSU11,994—1,001,259
Victor NesiRSU10,347—863,785
James ZemlyakRSU8,466—706,733
Thomas MichaudRSU9,902—826,659
James MarischenRSU9,875—824,368
James MarischenRSU8,500—709,580
James MarischenRSU8,160—681,197
C. Brad RaymondRSU8,160—681,196
Thomas MichaudRSU8,100—676,188
James ZemlyakRSU6,800—567,664
Victor NesiRSU6,599—550,843
James MarischenRSU5,851—488,480
James ZemlyakRSU5,402—450,917
C. Brad RaymondRSU4,703—392,630
Thomas MichaudRSU3,998—333,735
Thomas MichaudRSU3,500—292,180
James MarischenRSU1,700—141,916
James MarischenRSU755—63,031
05

Incentive-plan design — the Compensation Discussion & Analysis

The Committee seeks to utilize a balanced mix of compensation elements heavily weighted towards 'At-Risk' variable elements that reward performance, encourage retention, and align executive interests with long-term shareholder outcomes. The program emphasizes paying for performance, maintaining conservative risk management, and fostering a culture of ownership through significant equity deferrals and stock ownership guidelines.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantCompensation Advisory Partners LLC
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
07

CEO pay ratio

Ratio (CEO : median employee)145 : 1
CEO total compensation—
Median employee compensation$125,040
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
David A. PeacockIndependent · Compensation (Chair) · Nominations & Corporate Governance$180,000$175,000———$355,000
Michael J. ZimmermanIndependent · Audit (Chair)145,000175,000———320,000
Maura A. MarkusIndependent · Audit · Nominations & Corporate Governance (Chair)140,000175,000———315,000
James P. KavanaughIndependent · Compensation110,000175,000———285,000
Adam T. BerlewIndependent · Compensation · Risk Management110,000175,000———285,000
Lisa L. CarnoyIndependent · Audit · Risk Management110,000175,000———285,000
Michael W. BrownIndependent · Audit110,000175,000———285,000
Victor J. NesiEmployee director00———0
James M. WeiselEmployee director—————0
Robert E. GradyIndependent · Nominations & Corporate Governance · Risk Management (Chair)00———0
Ronald J. KruszewskiEmployee director · Board Chair—————0
09

Board fee structure and ownership guideline

Annual cash retainer$110,000
Annual equity retainer$175,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)35,000 / 30,000 / 30,000
Stock ownership guideline$400,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$905,000
Equity awards (grant-date value)$1,225,000
All other compensation$0
Total cost of the board$2,130,000

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

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.

10a

Peer reciprocity

Of the companies STIFEL FINANCIAL CORP names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including STIFEL FINANCIAL CORP.

10b

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.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Moelis & Company2025Navid Mahmoodzadegan$400,000$34,120,701$0$0$42,846,376
2Ameriprise Financial, Inc.2025James Cracchiolo1,250,0009,500,00007,750,00030,828,468
3Jefferies Financial Group Inc.2025Richard Handler1,000,00017,206,2430028,447,020
4STIFEL FINANCIAL CORP2025Ronald Kruszewski200,0008,880,000——18,908,297
5Raymond James Financial, Inc.2025Paul Shoukry645,8338,549,7480—17,277,875
6T. Rowe Price Group, Inc.2025Robert Sharps350,0008,401,68908,401,50017,245,792
7Evercore Inc.2025John S. Weinberg500,0005,888,5390017,138,539
8Franklin Resources, Inc.2025Jennifer Johnson750,0008,959,77106,925,00016,844,816
9Affiliated Managers Group Inc.2025Jay Horgen750,0008,967,00006,525,00016,311,950
10Invesco Ltd.2025Andrew Schlossberg750,00010,084,90305,321,25016,299,849
11LPL Financial Holdings Inc.2025Richard Steinmeier900,00010,045,54203,591,00014,574,496
12Lazard Ltd.2025Peter Orszag900,0008,666,5480013,723,452
13Houlihan Lokey, Inc.2025Scott Adelson500,0000010,500,00011,329,033
14Piper Sandler Companies2025Chad Abraham650,0003,735,35506,165,00011,030,039
15Northern Trust Corp.2025Michael O'Grady1,000,0006,150,11102,730,00010,059,154

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.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
STIFEL FINANCIAL CORPnot disclosednot disclosednot disclosedCompensation Advisory Partners LLC
Affiliated Managers Group Inc.134%PSU 75 · RSU 25NoSemler Brossy Consulting Group, LLC
Ameriprise Financial, Inc.not disclosedPSU 50not disclosedSemler Brossy
Evercore Inc.not disclosedRSU 50not disclosednot disclosed
Franklin Resources, Inc.1847%PSU 100YesSemler Brossy Consulting Group
Houlihan Lokey, Inc.2100%not disclosedNoWTW
Invesco Ltd.129%not disclosedYes — Relative TSRJohnson Associates, Inc.
Jefferies Financial Group Inc.not disclosednot disclosedNoPearl Meyer
Lazard Ltd.not disclosedMSU 50 · PIPR 50Yes — 3-year relative TSR vs. S&P 1500Compensation Advisory Partners (CAP)
LPL Financial Holdings Inc.133%PSU 70 · RSU 30Yes — TSR relative to Comparator GroupCompensation Consultant
Moelis & Companynot disclosednot disclosedYes — TSR Performance ConditionWillis Towers Watson
Northern Trust Corp.not disclosednot disclosednot disclosednot disclosed
Piper Sandler Companiesnot disclosedPSU 100Yes — Relative TSRSemler Brossy
Raymond James Financial, Inc.not disclosednot disclosedNoMeridian Compensation Partners
T. Rowe Price Group, Inc.not disclosedRSU 50 · PRSU 50not disclosednot 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.

FAQ

Frequently asked questions

Who was the highest-paid executive at STIFEL FINANCIAL CORP in fiscal 2025?
As disclosed, Ronald Kruszewski, Chairman and Chief Executive Officer, was the highest-paid executive with total compensation of $18,908,297.
How does STIFEL FINANCIAL CORP's chief executive pay compare to its disclosed peer group?
The filing shows the CEO's pay ranked at the 79th percentile of the disclosed peer group.
What is STIFEL FINANCIAL CORP's CEO-to-median employee pay ratio?
As disclosed, the CEO-to-median employee pay ratio was 145:1.
How did shareholders vote on STIFEL FINANCIAL CORP's executive compensation?
The latest say-on-pay support vote is not disclosed in this filing.
How much does STIFEL FINANCIAL CORP spend in total on board compensation for fiscal 2025?
The company reported total board compensation of $2,130,000 for fiscal 2025.

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.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Ronald KruszewskiDEF 14A2026-04-290001193125-26-191643Section “SUMMARY COMPENSATION TABLE”. As printed: 18,908,297. Filing ↗
2Section 01, James ZemlyakDEF 14A2026-04-290001193125-26-191643Section “SUMMARY COMPENSATION TABLE”. As printed: 10,923,537. Filing ↗
3Section 01, Victor NesiDEF 14A2026-04-290001193125-26-191643Section “SUMMARY COMPENSATION TABLE”. As printed: 9,612,821. Filing ↗
4Section 01, Thomas MichaudDEF 14A2026-04-290001193125-26-191643Section “SUMMARY COMPENSATION TABLE”. As printed: 9,253,526. Filing ↗
5Section 01, C. Brad RaymondDEF 14A2026-04-290001193125-26-191643Section “SUMMARY COMPENSATION TABLE”. As printed: 6,068,230. Filing ↗
6Section 01, James MarischenDEF 14A2026-04-290001193125-26-191643Section “SUMMARY COMPENSATION TABLE”. As printed: 4,628,162. Filing ↗
7Section 07, pay ratioDEF 14A2026-04-290001193125-26-191643Section “CEO Pay Ratio”. As printed: 145 : 1. Filing ↗machine: span 1387774–1387777
8Section 08, David A. PeacockDEF 14A2026-04-290001193125-26-191643Section “Director Compensation”. As printed: 355,000. Filing ↗machine: span 1358243–1358250
9Section 08, Michael J. ZimmermanDEF 14A2026-04-290001193125-26-191643Section “Director Compensation”. As printed: 320,000. Filing ↗machine: span 1360331–1360338
10Section 08, Maura A. MarkusDEF 14A2026-04-290001193125-26-191643Section “Director Compensation”. As printed: 315,000. Filing ↗machine: span 1354416–1354423
11Section 08, James P. KavanaughDEF 14A2026-04-290001193125-26-191643Section “Director Compensation”. As printed: 285,000. Filing ↗machine: span 1352681–1352688
12Section 08, Adam T. BerlewDEF 14A2026-04-290001193125-26-191643Section “Director Compensation”. As printed: 285,000. Filing ↗machine: span 1343546–1343553
13Section 08, Lisa L. CarnoyDEF 14A2026-04-290001193125-26-191643Section “Director Compensation”. As printed: 285,000. Filing ↗machine: span 1348851–1348858
14Section 08, Michael W. BrownDEF 14A2026-04-290001193125-26-191643Section “Director Compensation”. As printed: 285,000. Filing ↗machine: span 1346817–1346824
15Section 08, Victor J. NesiDEF 14A2026-04-290001193125-26-191643Section “Director Compensation”. As printed: 0. Filing ↗
16Section 08, James M. WeiselDEF 14A2026-04-290001193125-26-191643Section “Director Compensation”. As printed: 0. Filing ↗
17Section 08, Robert E. GradyDEF 14A2026-04-290001193125-26-191643Section “Director Compensation”. As printed: 0. Filing ↗
18Section 08, Ronald J. KruszewskiDEF 14A2026-04-290001193125-26-191643Section “Director Compensation”. As printed: 0. Filing ↗
19Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
20Section 09b board cost (computed)Computed——Cash 905,000 + equity 1,225,000 + all other 0 = 2,130,000, summed across the director compensation table rows.machine: formula: Σ = 2,130,000
21Moelis & Company, Section 10b CEO totalDEF 14A2026-04-300001193125-26-193242CEO total compensation as printed in Moelis & Company's own proxy. As printed: 42,846,376. Filing ↗machine: t240 · r10 · c16 · span 660051–660061
22Ameriprise Financial, Inc., Section 10b CEO totalDEF 14A2026-03-200001104659-26-032725CEO total compensation as printed in Ameriprise Financial, Inc.'s own proxy. As printed: 30,828,468. Filing ↗machine: t208 · r10 · c16 · span 1368799–1368809
23Jefferies Financial Group Inc., Section 10b CEO totalDEF 14A2026-02-230001140361-26-006361CEO total compensation as printed in Jefferies Financial Group Inc.'s own proxy. As printed: 28,447,020. Filing ↗machine: r2 · c25 · span 1220527–1220537
24STIFEL FINANCIAL CORP (subject), Section 10b CEO totalDEF 14A2026-04-290001193125-26-191643CEO total compensation as printed in STIFEL FINANCIAL CORP's own proxy. As printed: 18,908,297. Filing ↗
25Raymond James Financial, Inc., Section 10b CEO totalDEF 14A2026-01-070000720005-26-000019CEO total compensation as printed in Raymond James Financial, Inc.'s own proxy. As printed: 17,277,875. Filing ↗machine: t155 · r2 · c15 · span 1103853–1103864
26T. Rowe Price Group, Inc., Section 10b CEO totalDEF 14A2026-03-170001104659-26-028876CEO total compensation as printed in T. Rowe Price Group, Inc.'s own proxy. As printed: 17,245,792. Filing ↗machine: span 1474238–1474248
27Evercore Inc., Section 10b CEO totalDEF 14A2026-04-290001193125-26-191911CEO total compensation as printed in Evercore Inc.'s own proxy. As printed: 17,138,539. Filing ↗machine: t182 · r9 · c23 · span 595538–595548
28Franklin Resources, Inc., Section 10b CEO totalDEF 14A2025-12-220001140361-25-046314CEO total compensation as printed in Franklin Resources, Inc.'s own proxy. As printed: 16,844,816. Filing ↗machine: r8 · c22 · span 1261002–1261012
29Affiliated Managers Group Inc., Section 10b CEO totalDEF 14A2026-04-170001628280-26-025798CEO total compensation as printed in Affiliated Managers Group Inc.'s own proxy. As printed: 16,311,950. Filing ↗machine: span 1521708–1521718
30Invesco Ltd., Section 10b CEO totalDEF 14A2026-04-020001193125-26-140019CEO total compensation as printed in Invesco Ltd.'s own proxy. As printed: 16,299,849. Filing ↗machine: t223 · r2 · c27 · span 1030655–1030665
31LPL Financial Holdings Inc., Section 10b CEO totalDEF 14A2026-04-020001193125-26-140066CEO total compensation as printed in LPL Financial Holdings Inc.'s own proxy. As printed: 14,574,496. Filing ↗machine: t313 · r3 · c29 · span 1887460–1887470
32Lazard Ltd., Section 10b CEO totalDEF 14A2026-04-070001628280-26-024088CEO total compensation as printed in Lazard Ltd.'s own proxy. As printed: 13,723,452. Filing ↗machine: r3 · c11 · span 3696981–3696991
33Houlihan Lokey, Inc., Section 10b CEO totalDEF 14A2025-07-250001302215-25-000084CEO total compensation as printed in Houlihan Lokey, Inc.'s own proxy. As printed: 11,329,033. Filing ↗machine: t36 · r2 · c14 · span 344700–344710
34Piper Sandler Companies, Section 10b CEO totalDEF 14A2026-04-090001104659-26-041101CEO total compensation as printed in Piper Sandler Companies's own proxy. As printed: 11,030,039. Filing ↗machine: t78 · r1 · c41 · span 720190–720200
35Northern Trust Corp., Section 10b CEO totalDEF 14A2026-03-110000073124-26-000022CEO total compensation as printed in Northern Trust Corp.'s own proxy. As printed: 10,059,154. Filing ↗machine: r3 · c36 · span 1256395–1256406
36Section 10a, Franklin Resources, Inc. reciprocityDEF 14A—0001140361-25-046314Franklin Resources, Inc.'s most recent proxy was read; its disclosed peer group does not include STIFEL FINANCIAL CORP. Filing ↗
37Section 10a, Ameriprise Financial, Inc. reciprocityDEF 14A—0001104659-26-032725Ameriprise Financial, Inc.'s most recent proxy was read; its disclosed peer group does not include STIFEL FINANCIAL CORP. Filing ↗
38Section 10a, LPL Financial Holdings Inc. reciprocityDEF 14A—0001193125-26-140066LPL Financial Holdings Inc.'s most recent proxy was read; its disclosed peer group does not include STIFEL FINANCIAL CORP. Filing ↗
39Section 10a, Invesco Ltd. reciprocityDEF 14A—0001193125-26-140019Invesco Ltd.'s most recent proxy was read; its disclosed peer group does not include STIFEL FINANCIAL CORP. Filing ↗
40Section 10a, Piper Sandler Companies reciprocityDEF 14A—0001104659-26-041101Piper Sandler Companies's most recent proxy was read; its disclosed peer group does not include STIFEL FINANCIAL CORP. Filing ↗
41Section 10a, Evercore Inc. reciprocityDEF 14A—0001193125-26-191911Evercore Inc.'s most recent proxy was read; its disclosed peer group does not include STIFEL FINANCIAL CORP. Filing ↗
42Section 10a, T. Rowe Price Group, Inc. reciprocityDEF 14A—0001104659-26-028876T. Rowe Price Group, Inc.'s most recent proxy was read; its disclosed peer group does not include STIFEL FINANCIAL CORP. Filing ↗
43Section 10a, Raymond James Financial, Inc. reciprocityDEF 14A—0000720005-26-000019Raymond James Financial, Inc.'s most recent proxy was read; its disclosed peer group does not include STIFEL FINANCIAL CORP. Filing ↗
44Section 10a, Northern Trust Corp. reciprocityDEF 14A—0000073124-26-000022Northern Trust Corp.'s most recent proxy was read; its disclosed peer group does not include STIFEL FINANCIAL CORP. Filing ↗
45Section 10a, Moelis & Company reciprocityDEF 14A—0001193125-26-193242Moelis & Company's most recent proxy was read; its disclosed peer group does not include STIFEL FINANCIAL CORP. Filing ↗
46Section 10a, Houlihan Lokey, Inc. reciprocityDEF 14A—0001302215-25-000084Houlihan Lokey, Inc.'s most recent proxy was read; its disclosed peer group does not include STIFEL FINANCIAL CORP. Filing ↗
47Section 10a, Affiliated Managers Group Inc. reciprocityDEF 14A—0001628280-26-025798Affiliated Managers Group Inc.'s most recent proxy was read; its disclosed peer group does not include STIFEL FINANCIAL CORP. Filing ↗
48Section 10a, Jefferies Financial Group Inc. reciprocityDEF 14A—0001140361-26-006361Jefferies Financial Group Inc.'s most recent proxy was read; its disclosed peer group does not include STIFEL FINANCIAL CORP. Filing ↗

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