Stifel looks to give its CEO another big pay bump

A year after receiving a 21% increase in his total compensation, Stifel CEO Ron Kruszewski is up for another large raise for 2025.

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Stifel submitted a proxy statement to the Securities and Exchange Commission proposing to raise Kruszewski’s compensation by 20% to just over $18.9 million for his work in 2025. If approved by shareholders at a meeting on June 9, that raise would come after a year in which the Stifel CEO’s pay was increased by 21% to just over $16 million.

The pay package is overshadowed by what’s offered at some of Stifel’s rival firms. Ameriprise, for instance, is looking to pay its CEO, James Cracchiolo, $31 million for 2025. And Edward Jones is offering its CEO, Penny Pennington, $28 million in total compensation for 2025.  

What 13 giant wealth management firms paid CEOs in 2025 

Record revenue and recruiting wins

In its proxy statement, St. Louis-based Stifel praised Kruszewski for leading “the firm through rapidly changing market conditions with stability and significant growth.” Stifel reported in January that its revenue rose by 7.7% in 2025 to $3.54 billion in 2025 and its client asset total was up by 10% to $552 billion.

Stifel also enjoyed a great deal of success last year bringing in advisors from rival firms. The firm reported recruiting 181 advisors in 2025, marking what Kruszewski called its “strongest financial advisor recruiting year since 2018.” 

What to expect in advisor pay in 2026 

Stifel agrees to settle dispute over $132.5 million arbitration award

Still, the last few years have been marred by a series of legal setbacks stemming from investment advice from a former Stifel broker who is now under an industry ban. On Friday, Stifel agreed to settle a dispute with a group of investors who had previously been awarded $132.5 million by a Financial Industry Regulatory Authority arbitration panel in a case brought over allegedly unsuitable recommendations by the ex-advisor Chuck Roberts, who was booted from the industry in July. 

Shortly after that $132.5 million award was handed down to four investors — David, Sarah Lyn, Adam and Leah Jannetti — Stifel challenged it in federal court. That attempt was rejected last month. Meanwhile, Stifel’s total tab for arbitration and court awards stemming from Roberts’ recommendations has approached $200 million and is still growing. 

Pay for other Stifel execs to go up as well

Kruszewski, who is also chairman of Stifel’s board, has held the title of Stifel CEO since 1997. His $18.9 million in proposed compensation for 2025 consists of a $200,000 salary, $8.9 million in bonuses, $8.88 million in stock awards and $928,297 in other compensation. The total is roughly 145 times as large as the median compensation of $130,840 paid to Stifel employees last year.

As for other Stifel executives, Global Wealth Management President James Zemlyak is up for seeing his total compensation increase by 25% to just over $10.9 million. And Senior Vice President Thomas Michaud is up for a whopping 138% raise, taking his total to nearly $9.3 million.