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James Cracchiolo

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James M. Cracchiolo
Born1958
NationalityAmerican
Alma materNYU Stern School of Business
OccupationChairman & CEO of Ameriprise Financial, Inc.,

James "Jim" Cracchiolo is Chairman and Chief Executive Officer of Ameriprise Financial, Inc.,[2] 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.[3] 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:[4]

  • Group President, American Express Global Financial Services 2000-2005
  • President and CEO of Travel Related Services (TRS) International 1998-2000
  • President of Global Network Services 1997-1998
  • Senior Vice President of TRS Quality, Global Reengineering 1993-1997
  • Executive Vice President and Chief Financial Officer of Shearson Lehman Brothers (then a unit of American Express) 1990-1993

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 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

Cracchiolo is credited with a successful transition to independence for Ameriprise Financial, currently a Fortune 500 company and one of the largest diversified financial services firms in the United States. He admitted in an interview that "the biggest challenge, and ultimately our best opportunity, was to create an entirely new brand in the marketplace – from our name to our identity, from advertising and marketing to re-branding every physical aspect of doing business. That has been exciting and rewarding. We’ve gone from zero brand awareness to almost 50 percent in 18 months."[5]

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."[6]

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.[7] 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.[8] Cracchiolo is also credited with taking Ameriprise to being a top ten ranked firm within core portions of its four main business segments, including the size of its U.S. advisor force, long-term U.S. mutual funds, variable annuities and variable universal life insurance. He was quoted as saying, "We want to be thought of as a high-quality firm where performance matters, but where consistency is important."[9]

Talking about opportunities for Ameriprise to grow outside of the United States, Cracchiolo opined that "with its trilliondollar economy, India is not only an important market from a business perspective, but also one where our unique approach to planning could truly transform the way consumers manages their finances." He was speaking at the formal announcement of Ameriprise's India operations, thus becoming the first multibillion-dollar company operating purely in the financial planning space in that country.[10]

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.[11]

Recognition and credentials

  • Cracchiolo was named in the 20 to Watch in 2006 by Twin Cities Business magazine.[12]
  • A month after Ameriprise's spin-off from American Express, Cracchiolo was named one of "The Ten to Watch 2005" among leaders of brokerage, financial advisor and financial planning firms in the U.S by Registered Rep, a magazine for retail investment professionals.[13]
  • Cracchiolo was named in the The Power 100, an annual list of forward-thinking, emerging executives who have made a difference in the finance industry.[14]
  • Cracchiolo is a member of the American Council of Life Insurers, the Business and Financial Services Roundtables, and the Minnesota Business Partnership.
  • He is also a member of the Board of Advisors of the March of Dimes Foundation, a charitable organization whose goal is to prevent birth defects, premature birth, and infant mortality.

References

  1. ^ "25 Highest Paid CEOs with MBAs". businessweek.com. Nov 30, 2010. Retrieved May 18, 2011.
  2. ^ "James Cracchiolo: Executive Profile & Biography - Businessweek". investing.businessweek.com. Retrieved 19 July 2012.
  3. ^ "Ameriprise Financial - Our corporate leadership: James M. Cracchiolo". ameriprise.com. Retrieved May 18, 2011.
  4. ^ James Cracchiolo Bio, ameriprise.com
  5. ^ "SUCCESSFUL SPIN-OFF: 8 questions for James Cracchiolo". registeredrep.com. Spring 2007. Retrieved May 19, 2011.
  6. ^ Ameriprise declines federal bailout money, startribune.com
  7. ^ "Ameriprise Financial, Inc. Completes Columbia Long-Term Asset Management Purchase From Bank of America Corporation". reuters.com. May 3, 2010. Retrieved May 18, 2011.
  8. ^ "200 Minnesotans You Should Know: James Cracchiolo". tcbmag.com. Retrieved May 18, 2011.
  9. ^ "RiverSource, Columbia merger may boost investors". marketwatch.com. Sep 30, 2009. Retrieved May 18, 2011.
  10. ^ "US-based financial planning major enters India". timesofindia.indiatimes.com. Jan 12, 2012. Retrieved Jan 20, 2012.
  11. ^ 2010 CEO Compensation for James M. Cracchiolo, forbes.com
  12. ^ 20 to Watch in 2006: Minnesota's new business leaders, new companies, and new newsmakers, tcbmag.com
  13. ^ "The Ten to Watch 2005: Learning to Live With the New Normal". registeredrep.com. Aug 1, 2005. Retrieved May 18, 2011.
  14. ^ The Power 100 List 2010, thepower100.com

External links

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