Home » Black executive Shundrawn Thomas earns $8.9-million salary from Northern Trust

Black executive Shundrawn Thomas earns $8.9-million salary from Northern Trust

Northern Trust's accomplished executive garners $8.56=million long-term incentive award

by Feyisayo Ajayi
Shundrawn Thomas

One of America’s leading Black executives, Shundrawn Thomas, former president of asset management at Northern Trust Corporation, a Chicago-based financial services company, received a total compensation package of $8.9 million in 2022.

Thomas — who served as president of Northern Trust Asset Management from 2017 until his departure on June 1, 2022 — received a compensation package that includes a base salary of $0.271 million.

Despite leaving the company, his 2022 total compensation increased by 88.64 percent compared to the previous year’s $4.7 million, even without a performance-based incentive. This substantial rise underscores his significant impact on the group’s financial performance.

Northern Trust’s accomplished executive garners $8.56-million long-term incentive award

The accomplished corporate executive, who joined Northern Trust in 2004, received a long-term incentive award of $8.56 million, highlighting his dedication and expertise during his over 18 years of tenure.

Northern Trust, a Chicago-based financial services company serving corporations, institutional investors, and ultra-high-net-worth individuals, reported a net income of $1.34 billion and revenue of $6.76 billion in 2022 — a 4.59-percent increase from the previous year.

Thomas, a professional investor and corporate executive with more than 25 years of impactful leadership in financial services, is also the founder and managing partner of The Copia Group (TCG), a private investment firm providing capital solutions for lower-middle-market companies and driving social impact through scalable businesses.

Shundrawn Thomas’s impact: A profit surge and strategic shift at Northern Trust

As a member of the executive management group of Northern Trust Corporation, Thomas has held various roles, including head of FlexShares ETFs, president of Northern Trust Securities, and head of corporate strategy.

With his guidance, the company experienced a remarkable 27.8 percent surge in profit, increasing from $1.21 billion in 2021 to $1.55 billion in 2022. Assets under custody reached $15.5 trillion, and assets under management reached $1.5 trillion. However, there was a 15.72-percent dip in total assets, decreasing from $183.9 billion in 2021 to $155 billion in 2022.

Apart from his executive and leadership roles at Northern Trust, Thomas owns a minority 0.017-percent stake in the financial services company, equivalent to 34,861 ordinary shares. This stake is presently valued at $2.98 million, emphasizing his committed investment in the success of the company before his resignation in 2022.

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