FactSet Research Systems, a Norwalk-based provider of financial data and analytics to investment professionals, announced Tuesday that its chief executive officer will step down in the late summer and be succeeded by a longtime executive at financial-services giant JPMorgan Chase.
Phil Snow is set to retire as CEO and as a member of FactSet’s board of directors in early September, after 10 years as CEO and 30 years with the company, according to a news release. The board’s selection for the new CEO is Sanoke Viswanathan, who has held a number of executive roles at JPMorgan Chase in the past 15 years.
“I am incredibly proud of what we have achieved together over the past 30 years,” Snow said in a written statement. “The board and I have been diligently planning for my succession, and with a foundation that has never been stronger, I am confident that now is the right time for FactSet to transition to a new leader to take the company into the future. Sanoke brings the strategic vision and innovation-first mindset that FactSet needs to build on its momentum and sustain itself as the leader in data-driven finance.”
Viswanathan, 50, has served as JPMorgan’s CEO of international consumer and wealth since June 2024 and as a member of the company’s operating committee since February 2021. He previously served as JPMorgan’s chief strategy and growth officer, and before that, as chief administrative officer of its corporate and investment bank. He started his career at JPMorgan in 2010, as head of corporate strategy. Before joining JPMorgan, he was a partner at consulting firm McKinsey & Co., and co-head of their global corporate and investment banking practice.
“I was drawn to FactSet given its central role in global financial markets and ability to create value for clients with its cutting-edge technology and tools,” Viswanathan said in a statement. “FactSet is recognized throughout the industry for the quality and depth of its data and excellence in client service. I look forward to supporting the evolution of FactSet’s unique value proposition as a leading data and workflow solutions provider, and delivering new products and services to drive sustainable growth.”
Viswanathan’s background in wealth management was a key factor in the board’s appointment of him, according to Robin Abrams, FactSet’s board chairwoman.
“He brings expertise in areas central to our strategy including AI, research and analytics, and has a unique understanding of our customer base,” Abrams said in a statement.
Viswanathan will receive an annual base salary of $1 million and be eligible to earn an annual cash bonus equal to 200% of his base salary, according to a company filing to the Securities and Exchange Commission. For the 2026 and 2027 fiscal years, his annual equity award will be granted in the fall of 2025 as a one-time award of “performance-vesting” stock options worth $22 million. Starting in the 2028 fiscal year, he will be eligible to receive an annual equity award that could be worth $11 million, with the form of the award(s) to be determined by the board of directors.
Related to Viswanathan’s expected forfeiting of “outstanding incentive awards” upon his departure from JPMorgan, FactSet will provide him a “make-whole award” through a $13 million cash payment, the SEC filing also noted. Of that total, $10 million would be subject to repayment if he resigns “without good reason” or is terminated for cause during his first year at FactSet. He will also receive one-time equity awards consisting of $26 million in restricted stock units.
During Snow’s 10-year run as CEO, FactSet has continued its growth as one of the leading financial-technology companies. The firm serves more than 8,600 global clients and nearly 220,000 individual users.
FactSet’s user base powered the company to revenues of approximately $2.2 billion in the 2024 fiscal year, up about 6% year over year. As a sign of its growing prominence, the company joined in December 2021 the S&P 500 index, one of the world’s leading stock indices.
“Over his three decades of dedicated service, Phil has made invaluable contributions to the company’s success,” Abrams said. “Under his leadership over the last decade, FactSet has more than doubled its revenue and delivered annualized double-digit (earnings per share) growth and total shareholder return.”
After he steps downs from his current position, Snow will support the CEO transition by serving as a senior adviser until the end of the year.
Source: CT Insider
