US corporations are sharply increasing spending on executive security, a trend expected to accelerate into 2025 following the murder of UnitedHealth executive Brian Thompson late last year.
Company filings show Thompson’s targeted killing in December, outside a Midtown Manhattan hotel hosting a UnitedHealth investor event, has intensified safety concerns across corporate America.
An analysis of proxy statements by Reuters found at least a dozen S&P 500 companies flagging increased security risks in 2024.
Major names, including Walmart, General Motors, American Express, and Broadcom, have either initiated or expanded security expenses compared to previous years.
“The number of customers requiring assessments and executive protection has increased 10 to 15 times the number prior to December 4,” said Glen Kucera, president at security services firm Allied Universal, which serves more than 80% of Fortune 500 companies.
UnitedHealth disclosed spending $1.7 million on security for its top executives in 2024, marking its first such disclosure.
Experts expect further cost increases in 2025
Proxy statements suggest that 31.3% of S&P 500 companies granted a security-related benefit to at least one executive this year, according to data from Equilar.
That compares with 23.1% two years ago. The median security expense per executive rose to $94,276, up from $69,180 in 2023 and just $40,917 in 2022, Reuters said.
Compensation experts expect the numbers to climb further when 2025 proxy filings reflect post-incident spending.
“We anticipate that security-related costs and perquisites will likely increase in terms of the amount of imputed income that’s disclosed in proxies but also the prevalence,” said David Kokell, head of US compensation research at Institutional Shareholder Services.
UnitedHealth rival Elevance Health also cited an “enhanced security risk environment” as justification for raising its security benefits.
Companies including Johnson & Johnson, Eli Lilly, and Walgreens similarly reported higher security expenses.
Companies expand coverage for top execs, non-traditional sectors follow suit
Executives, already lightning rods for criticism of their companies, are now seeing expanded security coverage.
General Motors said it would increase protection for CEO Mary Barra and President Mark Reuss following a fresh security review.
Chipmaker Broadcom reported spending $1.37 million on CEO Hock Tan’s security last year, although it did not provide figures for earlier periods.
American Express saw its security-related costs for executives more than double from 2023 and expects further increases.
Beyond traditional sectors, companies such as Edison International, CenterPoint Energy, and Warner Bros Discovery have also enhanced security measures, filings show.
Despite the uptick, most companies remain tight-lipped.
Only 18% of S&P 500 companies disclosed personal and home security perks for CEOs in 2024, and just 5% of Russell 3000 firms did, according to research from The Conference Board.
Security expands to boards and public events
The fallout from Thompson’s killing has also pushed firms to rethink security for a broader group of leaders and at more venues.
“It starts with the CEO, then the C-suite, and now increasingly includes the board—especially for public-facing events like shareholder meetings,” said John Gainer, vice president at TorchStone Global.
A fuller picture of the surge in spending will likely emerge by September when more companies file their annual reports, analysts said.
Until then, the trend underscores a growing sense of vulnerability at the highest levels of corporate leadership.
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