James Cracchiolo
Encyclopedia
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.
, including:
. 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
.
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."
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 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."
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
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
American Express
American Express Company or AmEx, is an American multinational financial services corporation headquartered in Three World Financial Center, Manhattan, New York City, New York, United States. Founded in 1850, it is one of the 30 components of the Dow Jones Industrial Average. The company is best...
. From 2003 to present, he has also been Chairman of Threadneedle Asset Management, a London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
-based global asset management firm.
Past positions
Prior to his current role, Cracchiolo held a number of senior-level positions at American ExpressAmerican Express
American Express Company or AmEx, is an American multinational financial services corporation headquartered in Three World Financial Center, Manhattan, New York City, New York, United States. Founded in 1850, it is one of the 30 components of the Dow Jones Industrial Average. The company is best...
, including:
- Group President, American Express Global Financial Services 2000-2005
- Chairman, CEO and President of American Express Financial Advisors
- Chairman of American Express Bank
- CEO of Travel Related Services
- 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 BusinessNew York University Stern School of Business
The Leonard N. Stern School of Business is New York University's business school. It was established in 1900 as the NYU School of Commerce, Accounts and Finance. In 1988 it was named after Leonard N. Stern, an alumnus and benefactor of the school...
. He is a licensed Certified Public Accountant
Certified Public Accountant
Certified Public Accountant is the statutory title of qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have met additional state education and experience requirements for certification as a CPA...
in New York State and is Financial Industry Regulatory Authority
Financial Industry Regulatory Authority
In the United States, the Financial Industry Regulatory Authority, Inc., or FINRA, is a private corporation that acts as a self-regulatory organization . FINRA is the successor to the National Association of Securities Dealers, Inc. ...
(FINRA) Series 7 and 24 certified in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
.
Ameriprise
Cracchiolo is credited with a successful transition to independence for Ameriprise Financial, currently a Fortune 500Fortune 500
The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks the top 500 U.S. closely held and public corporations as ranked by their gross revenue after adjustments made by Fortune to exclude the impact of excise taxes companies collect. The list includes publicly and...
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."
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
Subprime mortgage crisis
The U.S. subprime mortgage crisis was one of the first indicators of the late-2000s financial crisis, characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages....
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
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
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 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."
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.Recognition and credentials
- 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.
- 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.
- 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.
External links
- http://www.ameriprise.com/amp/global/press-center/bio-cracchiolo.asp