Nationality American Salary US$18,214,764 (2010) | Name James Cracchiolo Role Executive | |
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Alma mater NYU Stern School of Business Occupation Chairman & CEO of Ameriprise Financial, Inc., Education New York University Stern School of Business, New York University | ||
2018 Minnesota Business Hall of Fame: James Cracchiolo
James "Jim" Cracchiolo is Chairman and Chief Executive Officer of Ameriprise Financial, Inc., 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. From 2003 to present, he has also been Chairman of Threadneedle Asset Management, a London-based global asset management firm.
Contents
- 2018 Minnesota Business Hall of Fame James Cracchiolo
- Past positions
- Education
- Ameriprise
- Compensation
- Recognition
- Organizational involvement
- References
Past positions
Prior to his current role, Cracchiolo held a number of senior-level positions at American Express, including:
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
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."
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. 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.
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.
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.