Brighthouse Financial (BHF) elevates Lambert to COO and appoints new CAO

Rhea-AI Filing Summary

Brighthouse Financial has expanded its leadership team, appointing Myles J. Lambert as Executive Vice President and Chief Operating Officer effective August 30, 2025. He will also continue to lead distribution, marketing and corporate strategy for the company’s annuity and life insurance products. His compensation includes a $700,000 annual base salary, a target short-term incentive equal to 140% of base salary and a target long-term equity incentive equal to 305% of base salary, split between restricted stock units and performance share units, all tied to individual and company performance goals. Lambert is also eligible for a $1.0 million special cash award payable on July 1, 2027, subject to continued employment and role performance conditions.

The company also appointed Melissa Pavlovich as Chief Accounting Officer, effective August 30, 2025, succeeding Richard Cook, who becomes Deputy CAO. Pavlovich will continue to oversee the Tax department. Her package includes a $425,000 base salary, a target short-term incentive equal to 60% of base salary, and a long-term incentive opportunity valued at $219,500, split between restricted stock units and performance share units, subject to performance conditions.

Insights

Equity & governance analyst

Brighthouse reshapes senior ops and finance roles with performance-tied pay.

The company elevated Myles J. Lambert to Executive Vice President and Chief Operating Officer while keeping his leadership over distribution, marketing and corporate strategy. This concentrates operational and commercial oversight in one executive, with incentives structured around a $700,000 base salary plus variable short- and long-term awards tied to specified performance goals.

Lambert also receives a special $1.0 million cash award scheduled for July 1, 2027, contingent on continued employment and management expectations for his new role. That structure supports leadership stability over several years without immediate equity dilution. In parallel, appointing Melissa Pavlovich as Chief Accounting Officer, with a $425,000 base salary and a defined mix of restricted stock units and performance share units, formalizes long-term incentives for a key control function.

Overall, these moves formalize internal successors in operational and accounting leadership while linking a substantial portion of their compensation to company and individual performance. Subsequent disclosures in future company reports may show how these incentives translate into execution on strategy, profitability, and financial reporting quality.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 2, 2025 (August 27, 2025)

Brighthouse Financial, Inc.

(Exact name of registrant as specified in its charter)

Delaware			001-37905			81-3846992
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

			11225 North Community House Road, Charlotte, North Carolina						28277
			(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: (980) 365-7100

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading symbol(s)			Name of each exchange on which registered
Common Stock, par value $0.01 per share			BHF			The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 6.600% Non-Cumulative Preferred Stock, Series A			BHFAP			The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 6.750% Non-Cumulative Preferred Stock, Series B			BHFAO			The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series C			BHFAN			The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 4.625% Non-Cumulative Preferred Stock, Series D			BHFAM			The Nasdaq Stock Market LLC
6.250% Junior Subordinated Debentures due 2058			BHFAL			The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company									☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.									☐

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 27, 2025, the Board of Directors of Brighthouse Financial, Inc. (the “Company”) appointed Myles J. Lambert as the Company’s Executive Vice President and Chief Operating Officer (“COO”), effective August 30, 2025.

Mr. Lambert, age 50, has served as the Company’s Executive Vice President and Chief Distribution and Marketing Officer since August 2017. In addition to his new responsibilities overseeing the Company’s operations, he will continue to lead the distribution and marketing of the Company’s annuity and life insurance solutions through third-party partners as well as corporate strategy.

Pursuant to an offer letter entered into in connection with his appointment (the “Offer Letter”), Mr. Lambert will receive an annual base salary of $700,000. In addition, he will have a target annual short-term incentive opportunity under the Amended and Restated Brighthouse Services, LLC Short-Term Incentive Plan (the “STI Plan”) of 140% of his annual base salary and a target long-term incentive opportunity under the Amended and Restated Brighthouse Financial, Inc. 2017 Stock and Incentive Compensation Plan (the “LTI Plan”) of 305% of his annual base salary (consisting of 40% restricted stock units (“RSUs”) and 60% performance share units (“PSUs”)), in each case, subject to the terms of the applicable plan and award agreement (including the award agreement supplement), individual performance and the Company’s achievement of certain specified performance goals. The foregoing description of the Offer Letter is qualified in its entirety by reference to the complete terms and conditions of the Offer Letter, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.

In addition, pursuant to a special award letter entered into in connection with his appointment (the “Special Award Letter”), Mr. Lambert will receive a special cash award of $1.0 million payable on July 1, 2027 subject to, among other things, Mr. Lambert’s continued employment with the Company and satisfaction of management’s expectations for his new role through July 1, 2027. In the event Mr. Lambert is involuntarily terminated by the Company without cause on or prior to July 1, 2027, he will remain eligible to receive the special cash award. The foregoing description of the Special Award Letter is qualified in its entirety by reference to the complete terms and conditions of the Special Award Letter, which is filed as Exhibit 10.2 hereto and incorporated herein by reference.

Furthermore, on August 27, 2025, the Company’s Board of Directors appointed Melissa Pavlovich as the Company’s Chief Accounting Officer (“CAO”), effective August 30, 2025. Ms. Pavlovich succeeded Richard Cook, who served as Interim CAO since November 9, 2024. Effective August 30, 2025, Mr. Cook assumed the role as the Company’s Deputy CAO and ceased serving as Interim CAO.

Since joining the Company in July 2020, Ms. Pavlovich, age 53, has led the Tax department, initially as Tax Director and subsequently as Head of Tax. In addition to her new responsibilities as CAO, she will continue to oversee the Company’s Tax department. Prior to joining the Company, Ms. Pavlovich was Head of Tax Planning and Business Support at CVS Health Corporation. She joined CVS Health Corporation in connection with its 2018 acquisition of Aetna Inc., where she held several tax-related roles from 2003 through 2018, including Vice President, Tax. Before joining Aetna Inc., Ms. Pavlovich held roles at Ernst & Young LLP and Arthur Andersen LLP.

Pursuant to an offer letter entered into in connection with her appointment, Ms. Pavlovich will receive an annual base salary of $425,000. In addition, she will have a target annual short-term incentive opportunity under the STI Plan of 60% of her annual base salary and a target long-term incentive opportunity under the LTI Plan valued at $219,500 (consisting of 40% RSUs and 60% PSUs), in each case, subject to the terms of the applicable plan and

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award agreement (including the award agreement supplement), individual performance and the Company’s achievement of certain specified performance goals.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.			Description
10.1*			Offer Letter, effective as of August 30, 2025, between Brighthouse Services, LLC and Myles Lambert.
10.2*			Special Award Letter, effective as of August 30, 2025, between Brighthouse Services, LLC and Myles Lambert.
104*			Cover Page Interactive Data File (embedded within the Inline XBRL document)

*    Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BRIGHTHOUSE FINANCIAL, INC.
By:			/s/ Jacob M. Jenkelowitz
			Name:			Jacob M. Jenkelowitz
			Title:			Corporate Secretary

Date: September 2, 2025

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FAQ

What executive leadership changes did Brighthouse Financial (BHF) announce?

Brighthouse Financial appointed Myles J. Lambert as Executive Vice President and Chief Operating Officer and Melissa Pavlovich as Chief Accounting Officer, both effective August 30, 2025. Richard Cook, previously Interim CAO, became Deputy CAO on the same date.

What is the compensation package for Brighthouse Financial COO Myles Lambert?

Myles Lambert will receive a $700,000 annual base salary, a target short-term incentive equal to 140% of base salary and a target long-term incentive equal to 305% of base salary, split 40% into restricted stock units and 60% into performance share units, subject to plan terms and performance goals.

What special cash award is Brighthouse Financial granting to Myles Lambert?

Under a Special Award Letter, Myles Lambert will receive a $1.0 million special cash award payable on July 1, 2027, subject to his continued employment with the company and satisfaction of management’s expectations for his COO role through that date. If he is involuntarily terminated without cause on or before that date, he remains eligible for the award.

What is the new compensation structure for Brighthouse Financial CAO Melissa Pavlovich?

Melissa Pavlovich’s package includes a $425,000 annual base salary, a target short-term incentive opportunity equal to 60% of base salary and a target long-term incentive under the company’s stock plan valued at $219,500, split 40% into restricted stock units and 60% into performance share units, all subject to plan terms and performance goals.

Will Melissa Pavlovich keep her tax responsibilities at Brighthouse Financial?

Yes. In addition to her new role as Chief Accounting Officer, Melissa Pavlovich will continue to oversee the company’s Tax department, which she has led since joining Brighthouse Financial in July 2020.

Where can investors find the full terms of the new Brighthouse executive agreements?

The complete terms of Myles Lambert’s Offer Letter and Special Award Letter are included as Exhibits 10.1 and 10.2, respectively, to the report and are incorporated by reference.