James Cracchiolo Explained

James M. Cracchiolo
Birth Date:1958
Nationality:American
Alma Mater:NYU Stern School of Business

James "Jim" Cracchiolo is Chairman and Chief Executive Officer of Ameriprise Financial, Inc.,[1] a leading diversified financial services company serving the comprehensive financial planning needs of the mass affluent and affluent. He has held these positions since September 2005, when the company was spun off from American Express.[2] From 2003 to present, he has also been Chairman of Threadneedle Asset Management, a London-based global asset management firm.

Past positions

Prior to his current role, Cracchiolo held a number of senior-level positions at American Express, including:[3]

Education

Cracchiolo obtained a Bachelor of Science degree in accounting and economics and a Master of Business Administration degree in finance, both from the New York University Stern School of Business. He is a licensed Certified Public Accountant in New York State and is Financial Industry Regulatory Authority (FINRA) Series 7 and 24 certified in the United States.

Ameriprise

Ameriprise turned down the roughly $2.5 billion federal bailout money it was offered as part of the United States government's Troubled Asset Relief Program during the subprime mortgage crisis in 2008. Cracchiolo, in a statement, said the company is "confident that our current capital position and access to potential additional funding sources are more than adequate."[4]

Under Cracchiolo's leadership, Ameriprise completed its $1.2 billion acquisition of Columbia Management's long-term asset management business from Bank of America Corporation in May 2010.[5] This deal is expected to improve the profit margins of Ameriprise's asset management business by 25 percent within two years and make Ameriprise the eighth-largest manager of long-term mutual funds in the U.S.[6]

Cracchiolo has named India as an important market for Ameriprise; the company began India operations in 2012, thus becoming the first multibillion-dollar company operating purely in the financial planning space in that country.[7]

Compensation

Cracchiolo earned a total compensation of $18.83 million in 2010, which included a base salary of $0.95 million, a cash bonus of $9.43 million, and options granted worth $5.43 million, and other compensation totaling $3.02 million.[8]

Cracchiolo received a 44% pay raise in 2017, earning $23.9 million in direct compensation and cashing in on $40.8 million in stock options.[9]

Recognition

Organizational involvement

External links

Notes and References

  1. Web site: James Cracchiolo: Executive Profile & Biography - Businessweek . https://archive.today/20130118134046/http://investing.businessweek.com/research/stocks/people/person.asp?personId=169348&ticker=AMP:US . dead . January 18, 2013 . investing.businessweek.com. 19 July 2012.
  2. News: Ameriprise Financial - Our corporate leadership: James M. Cracchiolo . ameriprise.com . May 18, 2011 . https://web.archive.org/web/20090626075034/http://www.ameriprise.com/amp/global/press-center/bio-cracchiolo.asp . June 26, 2009 . dead .
  3. http://www.ameriprise.com/global/docs/bio-cracchiolo.pdf James Cracchiolo Bio
  4. http://www.startribune.com/business/45188157.html?page=1&c=y Ameriprise declines federal bailout money
  5. News: Ameriprise Financial, Inc. Completes Columbia Long-Term Asset Management Purchase From Bank of America Corporation . reuters.com . May 3, 2010. May 18, 2011.
  6. News: 200 Minnesotans You Should Know: James Cracchiolo . tcbmag.com . May 18, 2011 . dead . https://web.archive.org/web/20110921042426/http://www.tcbmag.com/superstars/superstars/127335p1.aspx . September 21, 2011 .
  7. News: US-based financial planning major enters India . timesofindia.indiatimes.com . Jan 12, 2012 . Jan 20, 2012.
  8. https://www.forbes.com/lists/2011/12/ceo-compensation-11_James-M-Cracchiolo_9563.html 2010 CEO Compensation for James M. Cracchiolo
  9. Web site: Ameriprise CEO took home $64.7 million in 2017. 19 March 2018.
  10. http://www.tcbmag.com/peoplecompanies/businessleaders/71340p1.aspx 20 to Watch in 2006: Minnesota's new business leaders, new companies, and new newsmakers
  11. News: The Ten to Watch 2005: Learning to Live With the New Normal . registeredrep.com . Aug 1, 2005 . May 18, 2011 . https://web.archive.org/web/20110715171815/http://registeredrep.com/mag/finance_ten_watch_learning/ . July 15, 2011 . dead .
  12. http://www.thepower100.com/index.php?page=1&showall=1 The Power 100 List 2010
  13. Web site: Members Minnesota Business Partnership. mnbp.com. 2019-08-19.
  14. Web site: ACLI elects 2011 Board of Directors at Annual conference. www.acli.com. 2019-08-19.
  15. Web site: Boards, Committees and Chapters. March Of Dimes. 2019-08-19.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "James Cracchiolo".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.