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Filed by the Registrant ☒
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Filed by a Party other than the Registrant ☐
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☐
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| | | Preliminary Proxy Statement | | |
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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
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☒
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| | | Definitive Proxy Statement | | |
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| | | Definitive Additional Materials | | |
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| | | Soliciting Material under §240.14a-12 | | |
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Fee paid previously with preliminary materials.
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| | | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11 | | |
| March 20, 2025 | | |
1007 Market Street
Wilmington, Delaware 19801 |
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DAWN FARRELL
CHAIR OF THE BOARD |
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| THERMAL & SPECIALIZED SOLUTIONS | | | TITANIUM TECHNOLOGIES | | | ADVANCED PERFORMANCE MATERIALS | |
| Leading global provider of refrigerants, thermal management solutions, propellants, and specialty solvents. | | | Global manufacturer of high-quality titanium dioxide (‘‘TiO2”) pigment, a premium white pigment used to deliver whiteness, brightness, opacity, and protection in a variety of applications. | | | Creates high-end polymers and advanced materials that deliver unique attributes, including low friction coefficients, extreme temperature and weather resistance, ultraviolet and chemical resistance, and electrical insulation. | |
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Notice of 2025 Annual
Meeting of Shareholders |
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![]() 1007 Market Street
Wilmington, Delaware 19801 |
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Time and Date:
April 22, 2025 10:00 am EST |
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Place:
Virtual Only — No Physical Meeting Location |
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Record date:
February 28, 2025 |
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1.
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To elect twelve director nominees named in the accompanying Proxy Statement to serve one-year terms expiring at the Annual Meeting of Shareholders in 2026;
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To hold a non-binding advisory vote to approve the compensation of our named executive officers;
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| | To ratify the selection of PricewaterhouseCoopers LLP as our independent registered public accounting firm for fiscal year 2025; | |
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| | To approve amendments to the Amended and Restated Certificate of Incorporation to eliminate supermajority voting provisions with respect to certificate of incorporation and bylaw amendments; | |
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To vote on a Shareholder Proposal to adopt a policy to assess biodiversity impacts prior to commencing mining operations; and
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6.
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| | To transact such other business that may properly come before the Annual Meeting or any adjournments or postponements. | |
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IMPORTANT NOTICE REGARDING AVAILABILITY OF PROXY MATERIALS FOR THE VIRTUAL
ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON APRIL 22, 2025: The Notice of Annual Meeting of Shareholders,
Proxy Statement and Annual Report are available at www.allianceproxy.com/chemours/2025 |
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| Compensation and Leadership Development Committee | | | | | 39 | | |
| Nominating and Corporate Governance Committee | | | | | 40 | | |
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Performance Committee |
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| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT | | | |
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Compensation Discussion and
Analysis |
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| Compensation and Leadership Development Committee Report | | | | | 86 | | |
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| Fees Paid to Independent Registered Public Accounting Firm | | | | | 95 | | |
| Audit Committee’s Pre-Approval Policies and Procedures | | | | | 96 | | |
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| Other Business that May Come Before the Meeting | | | | | 105 | | |
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Time and Date
10:00 a.m. (Eastern Time) on April 22, 2025 |
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Place:
Virtual Meeting Only — No Physical Location |
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MANAGEMENT PROPOSALS
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BOARD VOTE
RECOMMENDATION |
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SEE
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Proposal 1 — Election of Directors
Our Board is comprised of highly qualified directors with the depth and diversity of skills to support our refreshed corporate growth strategy
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![]() FOR
EACH NOMINEE |
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Proposal 2 — Advisory Vote on Executive Compensation
The Compensation and Leadership Development Committee (“CLDC”) believes that 2024 pay outcomes are aligned with our financial performance results and our shareholders’ experience
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Proposal 3 — Ratification of Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP is qualified to serve as our independent auditor and possesses the expertise needed to audit our corporate financial statements
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![]() FOR
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Proposal 4 — Proposal to Amend the Amended and Restated Certificate of Incorporation to Eliminate Supermajority Voting Provisions with Respect to Certificate and Bylaw Amendments
The Board has determined that it is in the best interests of the Company and its shareholders to amend the Certificate to remove the supermajority voting requirements
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Proposal 5 — Shareholder Proposal to Adopt a Policy to Assess Biodiversity Impacts Prior to Commencing Mining Operations
The Board has determined that is it not in the best interests of the Company and its shareholders to approve this Proposal because it is unnecessary and duplicative.
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![]() AGAINST
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INTERNET
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MAIL
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TELEPHONE
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DURING THE MEETING
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Visit www.AALVote.com/CC. Have your proxy card available when you access the above website. Follow the prompts to vote your shares by Internet until 11:59 p.m., Eastern Time, on April 21, 2025.
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Mark, sign, and date your proxy card, then detach it, and return it in the postage-paid envelope provided.
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Use any touch-tone telephone to vote your proxy. Call 1 866-804- 9616. Have your proxy card available when you call. Follow the voting instructions to vote your shares.
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If you wish to vote your shares electronically during the virtual Annual Meeting, you will need to click on www.AALvote.com/CC during the Annual Meeting while the polls are open. You will need the control number on your proxy materials mailed to you, as applicable.
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2025 PROXY STATEMENT |
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2
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2025 PROXY STATEMENT |
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4
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2025 PROXY STATEMENT |
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6
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Nominee
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Principal
Occupation |
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Independent
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Age
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Director
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AUDIT
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CLDC
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EHS&O
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NCG
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George R. Brokaw
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Private Investor
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57
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New Director
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Alister Cowan
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Former CFO at Suncor Energy
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60
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2023
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Mary B. Cranston
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Former Senior Partner and Chair Emeritus of Pillsbury Winthrop Shaw Pittman
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2015
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Denise M. Dignam
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President & CEO of Chemours
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2024
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Dawn L. Farrell
Board Chair |
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Former President and CEO of TransAlta Corporation
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2015
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Pamela F. Fletcher
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CEO at Sion Power
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2024
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Erin N. Kane
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President and CEO of AdvanSix
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2019
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Joseph D. Kava
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VP, Data Centers at Google
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2025
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Sean D. Keohane
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President and CEO of Cabot Corporation
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2018
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Courtney Mather
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CEO and CIO of Vision One
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New Director
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Livingston L. Satterthwaite
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Former Vice Chair and SVP, IT and Digital Services at Cummins
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2024
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Leslie M. Turner
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Former General Counsel of Hershey
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2025
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2025 PROXY STATEMENT |
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8
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Chemical Industry
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6/12
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COMPLEX LITIGATION AND CLASS ACTION RESOLUTION
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5/12
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11/12
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ENVIRONMENTAL, HEALTH, SAFETY, AND SUSTAINABILITY
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11/12
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EXECUTIVE LEADERSHIP
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12/12
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HUMAN CAPITAL AND TALENT MANAGEMENT
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12/12
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INFORMATION TECHNOLOGY AND CYBERSECURITY
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8/12
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INTERNATIONAL OPERATIONS
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12/12
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LEGAL AND REGULATORY
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8/12
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LOGISTICS AND SUPPLY CHAIN
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11/12
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MARKETING AND BUSINESS DEVELOPMENT
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10/12
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MERGERS & ACQUISITIONS AND CAPITAL MARKETS
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9/12
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R&D AND TECHNOLOGICAL INNOVATION
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9/12
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RISK MANAGEMENT
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12/12
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STRATEGIC PLANNING
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12/12
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Pay for Performance
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Align executive pay with the Company’s strategic and financial priorities that drive shareholder value
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Shareholder Alignment
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Promote a culture that aligns executive interests with those of our shareholders
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Talent Attraction
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Provide competitive pay opportunities to attract, retain, and motivate high-performing executive talent
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94.8%
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5-Year Average Shareholder Support for Say-on-Pay Proposal
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2025 PROXY STATEMENT |
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10
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Director Qualifications
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Skills, Experience and Criteria
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Our Corporate Governance Guidelines describe qualifications for directors, emphasizing the following: | | | The specific skills, experience and criteria the Board may consider, and which may vary over time depending on current needs, includes: | |
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Integrity and character
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Sound, independent judgment
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Breadth of experience
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Keen insight and knowledge
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Business acumen
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Significant professional accomplishments
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Leadership
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Experience involving technological innovation
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Relevant industry experience
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Financial expertise
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Corporate governance and other board experience
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Compensation and succession planning
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Familiarity with issues affecting global businesses
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Experience with worldwide business operations, strategy, and management
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Cybersecurity
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Environment, health, safety and sustainability
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Risk management
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Government service
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Legal and regulatory experience, including complex litigation
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Strategic planning
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2025 PROXY STATEMENT |
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12
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2025 PROXY STATEMENT |
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14
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GEORGE R. BROKAW
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George Brokaw will bring to the Board finance and capital markets expertise, with more than three decades of experience investing and advising across a broad range of industries. Through his service on several public company boards, he has developed deep insights into strategic planning, corporate governance practices that support value creation, and effective risk management.
Mr. Brokaw also has significant experience in corporate finance and mergers and acquisitions, having led transactions across global markets, including in the US, France, Germany, Japan, Korea, Canada, and Australia. His expertise includes cross-border divestitures, capital raises, leveraged buyouts, and restructurings.
Mr. Brokaw holds a Bachelor’s degree from Yale University and earned a joint JD and MBA from the University of Virginia School of Law and Darden School of Business. Mr. Brokaw is a member of the New York Bar.
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Key Skills and Experience:
Investing, Mergers & Acquisitions and Capital Markets: As a private investor, a founder and former principal at a hedge fund and as Managing Director at Highbridge Principal Strategies and Perry Capital, Mr. Brokaw has more than two decades of experience as a hedge fund and private equity investor. Before that, in his role as Managing Director at Lazard Freres & Co., Mr. Brokaw advised clients on complex cross-border financial transactions, capital structure optimization and investment strategies.
Risk Management: With over two decades of experience specializing in special situations investing, Mr. Brokaw offers valuable insight into risk management and the development of effective strategies that support growth and value creation opportunities.
Complex Litigation and Class Action Resolution: Mr. Brokaw has overseen several special litigation committees as a board member, playing a key role in providing oversight and strategic guidance on dispute resolution and navigating complex regulatory environments.
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Career Highlights:
Private investor (since 2014)
Highbridge Principal Strategies
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Managing Director (2012 – 2014)
Perry Capital LLC
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Managing Director, Head of Private Equity (2005 – 2012)
Lazard Freres & Co.
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Managing Director, Mergers & Acquisitions (1996 – 2005)
Dillon Read & Co.
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Associate, Mergers & Acquisitions (1994 – 1996)
Other Public Company Boards:
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Echostar (since 2023)
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CTO Realty Growth (since 2018; Vice Chairman since 2021)
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Alico, Inc.(since 2013; Chair 2022 – 2025)
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Dish Network Corporation (2013 – 2023)
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Alister Cowan
Independent Director Since: 2023 |
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Mr. Cowan is an accomplished executive leader with more than three decades of experience in the energy industry, including 15 years as a public company CFO. While leading Suncor Energy’s finance organization, Mr. Cowan focused on initiatives to improve capital discipline, strengthen the company’s balance sheet and return capital to shareholders.
He brings a strong track record of achieving profitable growth through market cycles and global market volatility and contributes valuable insights to Board oversight of financial reporting, risk management, capital allocation strategies and corporate development.
Mr. Cowan holds a Bachelor’s degree in accounting and finance from the Heriot-Watt University and is a member of The Institute of Chartered Accountants of Scotland.
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Board Committees:
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Audit (Chair, following conclusion of the Annual Meeting)
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Environmental, Health, and Safety & Operational Performance
Key Skills and Experience:
Financial Expertise: As a former CFO of several energy and utility companies, Mr. Cowan has developed deep expertise in all aspects of financial reporting, risk management, corporate finance and capital markets. His experience also encompasses managing the unique challenges of the energy sector, such as commodity markets volatility, navigating the regulatory environment and leading investments in new technologies.
International Operations: Acquired extensive experience in international markets through his leadership roles in multinational companies with complex global operations, as well as hands-on operational experience in Europe, New Zealand, and Canada.
Strategic Planning: In his CFO capacity, Mr. Cowan oversaw strategic planning functions at both large publicly traded entities and government enterprises. As CFO of Suncor Energy, he supported the company’s integrated business model to drive a competitive advantage and improve margin capture, leading to record shareholder dividends.
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Career Highlights:
Suncor Energy Inc.
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Executive Advisor (2023 – 2024)
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CFO (2014 – 2023)
Husky Energy Inc.
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CFO (2008 – 2014)
British Columbia Hydro and Power Authority
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EVP, Finance and CFO (2004 – 2008)
Direct Energy Services, Inc.
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VP, Finance (2003 – 2004)
TransAlta Corporation
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VP and Comptroller (2000 – 2003)
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CFO, TransAlta New Zealand Ltd. (1998 – 2000)
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Group Treasurer (1997 – 1998)
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Director, Finance (1996 – 1997)
Other Public Company Boards:
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Smiths Group plc (since 2024)
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Pembina Pipeline Corporation (since 2024)
Private Company Directorships and Other Organizations:
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Great Canadian Oil Sands Ltd. (2016)
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2025 PROXY STATEMENT |
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16
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Mary B. Cranston
Independent Director Since: 2015 |
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Ms. Cranston is a highly regarded advisor, business leader and lawyer with substantial expertise in complex antitrust, mass tort, class action and securities law. She has received numerous recognitions for her work, including being named one of the 50 most influential and effective directors by the National Association of Corporate Directors and one of the 100 Most Influential Lawyers in America by the National Law Journal. Ms. Cranston was also inducted into the Bay Area Business Hall of Fame in 2023, which recognizes individuals for their extraordinary achievements in advancing businesses and industries in the Bay Area of California to positions of national and international prominence.
During her tenure as Chair and CEO of Pillsbury Winthrop Shaw Pittman LLC, she expanded the firm into a global platform through two large mergers, more than doubling the firm’s revenue. She also oversaw efforts to innovate the client service model and streamline operations, significantly boosting the firm’s profitability. Her extensive experience as a director of global public companies allows her to provide the Board with critical insights on leading corporate governance practices, legal and regulatory risk mitigation, compliance and cybersecurity oversight.
Ms. Cranston holds a Bachelor’s degree in political science from Stanford University, a Master’s degree in education from the University of California, Los Angeles and a JD from Stanford University.
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Board Committees:
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Compensation and Leadership Development
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Nominating and Corporate Governance (Chair)
Key Skills and Experience:
Complex Litigation and Class Action Resolution: Ms. Cranston has advised on the economics of regulated industries and securities litigation, has litigated over 300 class actions in state and federal courts and is widely considered an expert on procedural and trial issues and all aspects of class action settlements. Ms. Cranston was inducted into the American College of Trial Lawyers, an honor reserved for the top trial lawyers in the United States. Ms. Cranston has also had a lead role during her service on the Board of Chemours in overseeing liability management and resolution efforts since Chemours’ launch as a publicly traded company.
Mergers & Acquisitions and Capital Markets: Ms. Cranston has over 30 years of experience advising Fortune 100 companies on M&A transactions. During her tenure as CEO of Pillsbury, she expanded the firm from a regional California base to a global platform through mergers with New York- and D.C.-based law firms and the addition of seven offices. In board roles throughout her career, Ms. Cranston has also overseen major acquisitions, both from the acquiree and acquirer sides.
Human Capital and Talent Management: Acquired experience throughout her senior executive leadership roles overseeing the operations of a global law firm. Ms. Cranston’s accomplishments include aligning talent management and growth strategies, leading change management and post-merger integration efforts, and driving employee engagement initiatives.
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Career Highlights:
Pillsbury Winthrop Shaw Pitman LLP
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Senior Partner and Chair Emeritus (2007 – 2011)
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Chair and CEO (1999 – 2006)
Other Public Company Boards:
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TPG Inc. (since 2022)
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McAfee Corp. (2018 – 2022)
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Visa Inc. (2007 – 2022)
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MyoKardia, Inc. (2016 – 2020)
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Juniper Networks, Inc. (2007 – 2015)
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Exponent, Inc. (2010 – 2014)
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International Rectifier Corporation (Infineon Technologies AG) (2008 – 2014)
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GrafTech International Ltd. (2000 – 2014)
Private Company Directorships and Other Organizations:
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Go Health Urgent Care (since 2021)
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Boardspan, Inc. (since 2016)
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CSAA Insurance Group (2006 – 2023)
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Stanford University Board of Trustees (2000 – 2010)
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Denise M. Dignam
President and CEO Director Since: 2024 |
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Ms. Dignam is an accomplished leader in the global chemicals sector with a strong track record of operational excellence and transformational leadership. She has been with Chemours since its launch as a publicly traded company. Prior to that, she spent over 26 years at DuPont, where she held several executive leadership roles overseeing various product divisions. Over her tenure at Chemours, she has refocused and strengthened its product portfolios with meaningful growth opportunities to accelerate value creation.
Prior to becoming the Company’s CEO, she led Chemours’ Titanium Technologies (“TT”) and Advanced Performance Materials (“APM”) segments, which together represented over 68% of Chemours’ net sales in 2023. During her tenure, she drove business transformation through significant operational savings, customer value initiatives, and enhancements to resource utilization across the manufacturing process. She brings a valuable perspective to the Board on the Company’s business strategy, operations, talent priorities and sustainability initiatives.
Ms. Dignam holds a Bachelor’s degree in chemical engineering from Drexel University.
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Key Skills and Experience:
Chemical Industry: Developed significant experience of more than 35 years in the chemicals sector, where she has held senior leadership roles across a range of critical functions, including operations, sales and marketing, commercialization, and global supply chain management.
Strategic Planning: Demonstrated significant acumen in developing corporate strategy throughout her leadership of Chemours’ largest business segments. While President of the APM segment, Ms. Dignam successfully restructured the Company’s product offerings, expanding access to global markets, developing clean energy and advanced electronics lines to address customer priorities and accelerate growth, and unlocking operational efficiencies to drive profitability.
Logistics and Supply Chain: Gained significant experience managing complex multinational operations, supply chains, and logistics through her leadership roles at DuPont and Chemours, where she oversaw global supply chain management and operations of Fluoroproducts divisions.
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Career Highlights:
The Chemours Company
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President and CEO (since 2024)
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President, Titanium Technologies (2023 – 2024)
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President, Advanced Performance Materials (2021 – 2023)
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VP, Global Operations, Fluoroproducts (2019 – 2021)
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Global Senior Business Director, Fluoropolymers (2016 – 2019)
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North American Business Director, Fluoropolymers (2015 – 2016)
DuPont
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Director of Global Supply Chain, Fluoroproducts (2013 – 2014)
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Global Business Manager, Sulfur Products (2009 – 2013)
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Global Sales Manager, Clean Technologies (2007 – 2009)
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Variety of management positions (1988 – 2007)
Other Public Company Boards:
▪
Kulicke & Soffa Industries, Inc. (since 2023)
Private Company Directorships and Other Organizations:
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American Chemistry Council (since 2024)
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National Mining Association (since 2023)
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Society of Chemical Industry America (since 2024)
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United States Chamber of Commerce (2022 – 2023)
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2025 PROXY STATEMENT |
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18
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Dawn L. Farrell
Chair of the Board Independent Director Since: 2015 |
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Mrs. Farrell has spent more than three decades in the energy sector in a variety of positions, including senior executive roles at Trans Mountain, British Columbia Hydro and Power Authority and TransAlta. Most recently, she served as President and CEO of Trans Mountain, transitioning to Board Chair in 2024. Over her tenure she oversaw the successful completion of the Trans Mountain Expansion Project, expanding the country’s only pipeline system to transport oil products to the West Coast, enabling Canadian energy companies to reach global markets. Mrs. Farrell brings to the Chemours Board a robust track record of successfully overseeing complex projects, a deep understanding of regulatory processes, and the ability to build effective stakeholder relations.
Mrs. Farrell holds a Bachelor’s degree in Commerce and a Master’s degree in Economics from the University of Calgary. She received an Honorary Doctor of Laws from Mount Royal University.
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Key Skills and Experience:
Strategic Planning: Proven ability to execute business transformations over 35 years in the energy sector, serving in a variety of senior executive leadership roles and leading the evolution of TransAlta from coal-fired electrical generation to a renewables-focused leader in the power industry.
Environmental, Health, Safety and Sustainability: Deep understanding of the energy transition strategies and sustainability compliance requirements for energy companies, as well as leadership experience building a safety-first operations culture.
Legal and Regulatory: Significant experience acquired from navigating TransAlta through the final stages of electricity de-regulation in Alberta and leading the realignment of the company’s strategy in response to consequential regulatory shifts. As a member and Independent Director of the Chemours Board, Mrs. Farrell has led oversight of liability management and resolution efforts since Chemours’ launch as a publicly traded company.
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Career Highlights:
Trans Mountain Corporation
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President and CEO (2022 – 2024)
TransAlta Corporation
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President and CEO (2012 – 2021)
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COO (2009 – 2011)
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Executive Vice President, Commercial Operations and Development (2007 – 2009)
British Columbia Hydro and Power Authority
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Executive Vice President, Generation (2003 – 2006)
Other Public Company Boards:
▪
ATCO Ltd. (since 2025)
▪
Portland General Electric (“PGE”) (since 2022)
▪
Canadian Natural Resources, LTD. (2021 – 2022)
Private Company Directorships and Other Organizations:
▪
Trans Mountain Corporation (since 2024)
▪
Mount Royal University, Chancellor (2020 – 2024)
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Pamela F. Fletcher
Independent Director Since: 2024 |
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Ms. Fletcher brings deep expertise driving innovation to create shareholder value in the automotive and transportation industries, key end markets for Chemours. With a career spanning three decades, she has focused on cutting-edge clean energy technologies and brings a successful track record of developing and growing new business lines, expanding markets, and innovating products to meet customer demands.
In her current role as CEO at Sion Power Corporation, Ms. Fletcher is leading the development of next-generation lithium-ion rechargeable batteries. Previously, she served as the SVP and Chief Sustainability Officer of Delta Airlines, where she developed the aviation industry’s leading sustainability strategy, focusing on reducing Delta’s climate impact and embedding eco-friendly practices throughout the company. As the leader of General Motors’ (“GM”) Global Innovation organization, she spearheaded the development and commercialization of new mobility products and solutions. Her extensive experience with leading global companies enables her to provide critical insights to the Board, particularly in overseeing strategic growth initiatives, go-to-market strategies, and the Company’s sustainability risks and impact management initiatives.
Ms. Fletcher holds a Bachelor’s degree in engineering from Kettering University and a Master’s degree in engineering from Wayne State University.
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Board Committees:
▪
Compensation and Leadership Development
▪
Nominating and Corporate Governance
Key Skills and Experience:
R&D and Technological Innovation: In her executive roles, Ms. Fletcher has applied her foundational engineering background to develop leading-edge enhancements to complex technological systems. While at GM, she played a substantial role in engineering the company’s electric vehicle offerings, including the Chevrolet Volt and the Chevrolet Bolt, the industry’s first long range, affordable EV, as well as its autonomous vehicle technology “Super Cruise.”
Environmental, Health, Safety, and Sustainability: While leading Delta Air Lines’ sustainability organization, Ms. Fletcher developed extensive environmental and climate experience, accelerating the company’s decarbonization efforts through innovative emissions reduction initiatives in both the aviation fleet and ground support fleet.
Risk Management: Ms. Fletcher gained extensive experience in managing risks related to evolving market dynamics, consumer preferences, regulatory landscapes and supply chain challenges for EVs and new automotive technologies through her current CEO role and leadership positions at GM.
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Career Highlights:
Sion Power Corporation
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CEO (since 2024)
Delta Air Lines
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SVP, Chief Sustainability Officer (2022 – 2023)
General Motors
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VP, Global Innovation (2018 – 2022)
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VP, Electric Vehicles (2017 – 2018)
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Executive Chief Engineer, Autonomous and Electric Vehicles and New Technology (2012 – 2016)
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Chief Engineer, Chevrolet Volt Propulsion System (2008 – 2011)
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Assistant Chief Engineer Hybrid and Electrified Vehicles (2005 – 2007)
Other Public Company Boards:
▪
Lumentum Holdings (since 2023)
▪
Coherent Inc. (2017 – 2022)
Private Company Directorships and Other Organizations:
▪
University of North Carolina Charlotte College of Engineering, Advisory Board member (since 2000)
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2025 PROXY STATEMENT |
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20
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Erin N. Kane
Independent Director Since: 2019 |
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Ms. Kane brings to the Board more than two decades of executive leadership experience in the chemical industry. In her current role as President and CEO of AdvanSix, she led the company through a spin-off into an independent public company and subsequent transformation into a diversified chemistry company. The company plays a critical role in global supply chains, serving approximately 400 customers spanning a wide range of industries worldwide, including building and construction, fertilizers, agrochemicals, plastics, solvents, packaging, paints, coatings, adhesives and electronics.
With a strong track record of driving operational excellence and sustainability initiatives, along with deep understanding of engineering, technology, health, safety, and environmental matters, Ms. Kane enhances the Board’s oversight of key risks, capital allocation, operational performance and strategic priorities.
Ms. Kane holds a Bachelor’s degree in chemical engineering from Bucknell University.
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Board Committees:
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Audit
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Compensation and Leadership Development
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Environmental, Health, and Safety & Operational Performance (Chair)
Key Skills and Experience:
Chemical Industry: Gained through her executive leadership roles with Honeywell’s chemicals and materials businesses and as CEO of AdvanSix, a vertically integrated manufacturer of diverse chemical products.
Marketing and Business Development: Led strategic growth initiatives and fostered key client relationships at Honeywell to enhance the company’s market positioning. Her expertise has also proven instrumental at AdvanSix, which was recently awarded a U.S. federal grant supporting the expansion of innovative American fertilizer production to strengthen domestic supply chains of fertilizers and create economic opportunities for American businesses.
R&D and Technological Innovation: Significant experience acquired throughout her early career and later applied throughout her leadership roles at chemicals companies. At AdvanSix, Ms. Kane has been responsible for high-return investments in R&D efforts, developing innovative products that meet the highest safety standards and supporting customers with more sustainable products made from post-industrial recycled nylon resin.
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Career Highlights:
AdvanSix
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President and CEO (since 2016)
Honeywell
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VP and General Manager, Resins and Chemicals (2014 – 2016)
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Business Director, Chemical Intermediates (2011 – 2014)
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Global Marketing Manager, Resins and Chemicals (2008 – 2011) and Authentication Technologies (2006 – 2008)
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Product Marketing Manager, Specialty Additives (2004 – 2006)
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Six Sigma Black Belt, Specialty Materials (2002 – 2004)
Kvaerner Process and Elementis Specialties
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Process Engineer (1999 – 2002)
Other Public Company Boards:
▪
AdvanSix Inc. (since 2016)
Private Company Directorships and Other Organizations:
▪
Manufacturers Alliance (since 2023)
▪
American Chemistry Counsel (since 2017)
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Joseph D. Kava
Independent Director Since: 2025 |
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Mr. Kava is a seasoned executive with over 30 years of experience in the commercial data center and semiconductor industries. In his current role at Google, he focuses on innovation, operations management, customer relations, and information technology. Over the course of his career, he has consistently demonstrated a successful track record of transforming business operations to drive growth and profitability.
His extensive executive career in managing global data centers — a key growth area for Chemours — brings deep understanding of operations, design, construction, and new product integration. Mr. Kava’s expertise enhances the Board’s oversight of business strategy, particularly high-growth end markets, customer experience, and operationalizing innovative technologies.
Mr. Kava received a Bachelor’s degree in Materials Engineering from California Polytechnic State University, San Luis Obispo. He holds four U.S. patents for his work in reactive ion and plasma etch technology.
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Board Committees:
▪
Audit
▪
Nominating and Corporate Governance
Key Skills and Experience
R&D and Technological Innovation: In his leadership roles at Google and Applied Materials, Mr. Kava has gained extensive experience in developing and implementing strategies to scale hardware infrastructure and drive adoption of innovative information systems and technologies that support operational efficiencies and business growth.
Global Operations: Mr. Kava has acquired extensive global operational experience through his executive leadership roles, including his current position at Google, where he oversees operations and supply chain for the company’s global data centers Previously, at Applied Materials, he was responsible for worldwide operations and several product groups for the corporate Information Technology organization.
Environmental, Health, Safety, and Sustainability: In his current role at Google, Mr. Kava oversees environmental, health and safety programs for data centers, and has led implementation of cutting-edge designs and engineering projects to drive industry-leading efficiency and sustainability performance.
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Career Highlights:
Google
–
VP, Data Centers (since 2008)
RagingWire Enterprise Solutions
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COO (2006 – 2008)
Applied Materials
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Managing Director, Global Operations, eBusiness Solutions (2003 – 2006); Business Management, Etch Product Group (2002 – 2003)
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Senior Director, Head, Service Operations, Etch Product Group (2000 – 2002)
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Director, Field Operations and Product Support, Etch Product Group (1998 – 2000)
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Variety of engineering roles, Etch Product Group (1992 – 1998)
LSI Logic
–
Process Engineer, Etch Engineering Group (1991 – 1992)
Other Public Company Boards:
▪
None
Private Company Directorships and Other Organizations:
▪
The Sean Brock Foundation (since 2014)
▪
The Tech Interactive (since 2012)
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2025 PROXY STATEMENT |
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| |
22
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Sean D. Keohane
Independent Director Since: 2018 |
| |
Mr. Keohane contributes to the Board his deep knowledge of the global chemicals industry and a proven track record of building high performing organizations with global operations. As CEO of Cabot Corporation, he successfully led the company through significant industry-wide challenges, including demand volatility during the pandemic, geopolitical risks and global supply chain realignment, achieving record earnings and a significant appreciation in shareholder value during his tenure.
He also oversaw significant enhancements to the company’s safety and sustainability efforts, including the launch of a sustainable solutions technology platform and the achievement of rigorous sustainability certifications for multiple international sites. Mr. Keohane’s extensive expertise in commercializing technology, risk management, financial strategies and investor relations offers valuable perspectives to the Board in overseeing the Company’s growth strategy and stakeholder management.
Mr. Keohane holds a Bachelor’s degree in finance from Providence College and an MBA from Harvard University.
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Board Committees:
▪
Compensation and Leadership Development (Chair)
▪
Nominating and Corporate Governance
Key Skills and Experience:
Chemical Industry: Acquired a deep understanding of the global chemicals industry over two decades of leadership experience in specialty chemicals and performance materials companies. As CEO of Cabot Corporation, he oversees a diverse portfolio of performance chemical products that serve a wide range of applications and end markets, including automotive, construction and consumer products.
International Operations: Brings significant expertise in complex global operations, supply chains, and end markets from Cabot, where he oversees manufacturing facilities and operations in 20 countries outside the U.S., including a substantial in-country manufacturing and sales presence in China.
R&D and Technological Innovation: Gained extensive experience driving innovation to meet evolving customer performance requirements and enhance sustainability. At Cabot, Mr. Keohane recently oversaw the opening of a new battery technology center in Europe and the launch of a new additive component to enhance lithium-ion battery performance, both designed to meet growing global demand for electric vehicles.
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Career Highlights:
Cabot Corporation
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President and CEO (since 2016)
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EVP and President, Reinforcement Materials (2014 – 2016)
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SVP (2012 – 2014), President (2008 – 2014) and General Manager (2003 – 2008), Performance Chemicals
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Global Marketing Director, Carbon Black (2002 – 2003)
United Technologies
–
Variety of management positions, Pratt & Whitney (1996 – 2002)
Other Public Company Boards:
▪
Cabot Corporation (since 2016)
Private Company Directorships and Other Organizations:
▪
American Chemistry Council (since 2016)
▪
Board of Trustees of Dexter Southfield School (since 2018)
▪
Trustee of The Boston Latin School Association (since 2015)
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Courtney R. Mather
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Mr. Mather will bring to the Board significant business and financial expertise and experience providing strategic advice and guidance to companies, and will contribute valuable insights to the Board’s oversight of financial reporting, risk management and capital allocation. In addition, Mr. Mather’s investor perspective and track record of helping public companies build long-term value will further strengthen the Board’s focus on shareholder value creation.
Mr. Mather holds a BA from Rutgers College. Mr. Mather holds the Chartered Alternative Investment Analyst, Chartered Financial Analyst and Certified Financial Risk Manager designations.
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Key Skills and Experience:
Financial Expertise: Mr. Mather brings a deep knowledge of accounting and financial analysis, corporate strategy, company capitalization structures and the capital markets, including from his tenure at Goldman Sachs, where he served most recently as Managing Director of private credit trading and investing, where he identified investment opportunities for both Goldman Sachs and clients.
Investor Perspective: Mr. Mather provides a first-hand investor perspective and a long track record of supporting and driving value creation at portfolio companies.
Corporate Governance: Mr. Mather has strong public board and corporate governance experience, developed through board roles at multiple public companies across a variety of industries over a period of more than ten years and his experience serving on standing board committees.
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Career Highlights:
Vision One Fund, LP
–
Chief Executive Officer and Chief Investment Officer (since 2021)
Icahn Capital LP
–
Portfolio Manager and Managing Director (2014 to 2020)
Goldman Sachs & Co. LLC (1998 to 2012)
–
Managing Director
Other Public Company Boards:
▪
Caesars Entertainment Corporation (since 2019)
▪
Triumph Group, Inc. (since 2023)
▪
Newell Brands Inc. (2018 to 2024)
▪
Cheniere Energy Inc. (2018 to 2021)
▪
Conduent Inc. (2016 to 2021)
▪
Herc Holdings Inc. (2016 to 2019)
▪
Freeport-McMoRan Inc. (2015 to 2019)
▪
Federal-Mogul Holdings Corporation (2015 to 2017)
▪
Viskase Companies, Inc. (2015 to 2016)
▪
American Railcar Industries Inc. (2014 to 2016)
▪
CVR Refining LP (2014 to 2016)
▪
CVR Energy Inc. (2014 to 2016)
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2025 PROXY STATEMENT |
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24
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Livingston L. Satterthwaite
Independent Director Since: 2024 |
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Mr. Satterthwaite has extensive experience in the global industrial technology manufacturing and power generation industries and brings a strong track record of driving innovation and business growth. He spent over 35 years with Cummins, a global leader in manufacturing power technology, holding numerous leadership positions across the company’s global businesses and operations, including 14 years in managerial and sales positions in Europe and Asia.
As a leader of Cummins’ Power Generation business, Mr. Satterthwaite drove strong top- and bottom-line growth, led several successful product launches, expanded the business internationally and pushed the company to enter the data center market. He brings to the Board a deep understanding of international operations, differentiated customer engagement strategies, information technology oversight and product innovation.
Mr. Satterthwaite holds a Bachelor’s degree in civil engineering from Cornell University and an MBA from Stanford University.
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Board Committees:
▪
Compensation and Leadership Development
▪
Environmental, Health, and Safety & Operational Performance
Key Skills and Experience:
Logistics and Supply Chain: Gained expertise in complex multinational supply chain, operations and logistics through his roles as President and COO of Cummins and as head of its Distribution business, overseeing 600 global locations in the distribution of products and aftermarket services to customers across six continents.
Information Technology and Cybersecurity: Developed expertise throughout his tenure leading the Information Technology and Digital Corporate teams at Cummins, responsible for aligning business units across IT and digital products and services.
Environmental, Health, Safety, and Sustainability: Acquired skill overseeing health, safety, and environmental programs for complex manufacturing operations while leading Cummins’ Power Generation business, where he also drove clean energy innovations in generators and diesel engine technology.
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Career Highlights:
Cummins, Inc.
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SVP, Information Technology and Digital Services (2022 – 2024)
–
Vice Chair (2021 – 2022)
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President and COO (2019 – 2021)
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President, Distribution Business (2015 – 2019) and Power Generation (2008 – 2015)
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Various leadership roles (1988 – 2008)
Schlumberger
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General Field Engineer (1983 – 1986)
Other Public Company Boards:
▪
Amprius Technologies, Inc. (since 2024)
▪
Atmus Corporation (2022 – 2024)
▪
IDEX Corporation (since 2011)
Private Company Directorships and Other Organizations:
▪
National Association of Manufacturers (2020 – 2024)
▪
Cummins Foundation (2009 – 2024)
▪
Cornell Engineering Advisory Committee (2017 – 2023)
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Leslie M. Turner
Independent Director Since: 2025 |
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Ms. Turner is an accomplished legal executive with more than three decades of experience providing strategic and policy counsel to corporate and government leaders. She has a strong track record of aligning legal and financial strategy with business and growth objectives, effectively navigating global and geopolitical risks, and managing stakeholder relations.
Having served as the General Counsel for both The Hershey Company and Coca-Cola North America, Ms. Turner has advised global growth and market entry strategies, supply chain resiliency, global partnerships and public policy. She has also overseen global political affairs during her tenure as Assistant Secretary of the Office of Territorial and International Affairs for the U.S. Department of the Interior.
Ms. Turner holds a Bachelor of Science from New York University, a JD from Georgetown University Law Center, and a Master of Laws in Law and Government from American University’s Washington College of Law.
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Board Committees:
▪
Compensation and Leadership Development Committee
▪
Nominating and Corporate Governance Committee
Key Skills and Experience:
Strategic Planning: Through her executive positions at Fortune 500 companies, Ms. Turner has overseen M&A, market, and geographical footprint expansion strategies that contributed shareholder value creation.
Legal and Regulatory: As a seasoned legal professional in both the public and private sector, Ms. Turner has significant experience in public affairs and promoting corporate governance best practices to steward company brands, reputation, compliance, and business impact initiatives for sustained growth. She started her career as a litigator at a leading law firm, representing clients in complex litigation and class action matters.
Risk Management: By spearheading the risk management function of large consumer brands, Ms. Turner oversaw enterprise risk management strategies, encompassing all aspects of business operations such as human capital management and environmental impact. At Coca-Cola North America, Ms. Turner oversaw sustainability efforts within the company’s supply chain framework.
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Career Highlights:
The Hershey Company
–
SVP, General Counsel (2012 – 2018)
Coca-Cola North America
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General Counsel (2008 – 2012)
–
Associate General Counsel, Bottling Investments Group (2006 – 2008)
United States Department of the Interior
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Associate Counselor to Secretary and Director, Office of Intergovernmental Affairs (1995 – 1996)
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Assistant Secretary, Office of Territorial and International Affairs (1993 – 1995)
Akin Gump, Strauss, Hauer & Feld, L.L.P.
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Of Counsel and Partner (1996 – 2006)
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Associate (1986 – 1993)
Other Public Company Boards:
▪
FirstEnergy Corporation (since 2018)
Private Company Directorships and Other Organizations:
▪
Georgetown University Law Center, Board of Visitors (since 2012; Chair 2021 – 2023)
▪
Georgetown University, Board of Regents (since 2019)
▪
Stillman College (2017 – 2023)
▪
Manor College (since 2021)
▪
The Bay Park Conservancy (since 2020)
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2025 PROXY STATEMENT |
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| |
26
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GEORGE R.
BROKAW |
| | |
ALISTER
COWAN |
| | |
MARY B.
CRANSTON |
| | |
DENISE M.
DIGNAM |
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DAWN L.
FARRELL |
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PAMELA F.
FLETCHER |
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ERIN N.
KANE |
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JOSEPH D.
KAVA |
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SEAN D.
KEOHANE |
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COURTNEY
MATHER |
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LIVINGSTON L.
SATTERWAITE |
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LESLIE M.
TURNER |
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Chemical Industry
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Complex Litigation and Class Action Resolution
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Corporate Governance and Other Public Board Experience
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Environmental, Health, Safety, and Sustainability
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Executive Leadership
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Human Capital and Talent Management
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Information Technology and Cybersecurity
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International Operations
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Legal and Regulatory
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Logistics and Supply Chain
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Marketing and Business Development
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Mergers & Acquisitions and Capital Markets
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R&D and Technological Innovation
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Risk Management
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Strategic Planning
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THE BOARD RECOMMENDS THAT YOU VOTE “FOR” THE ELECTION OF EACH
OF THE TWELVE DIRECTOR NOMINEES |
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2025 PROXY STATEMENT |
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28
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2025 PROXY STATEMENT |
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30
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2025 PROXY STATEMENT |
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32
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| Audit Committee | | | Compensation & Leadership Development Committee | | | Nominating & Corporate Governance Committee | | | Environmental, Health, and Safety & Operational Performance Committee | |
| Oversees the Company’s risk management processes, policies, and strategies related to the Company’s financial reporting system, internal controls, and information security and cybersecurity programs. | | | Responsible for overseeing risks that may be implicated by the Company’s incentive compensation program and risks related to the human capital management, talent recruitment, development and retention. | | | Considers risks related to corporate governance, Board composition, the Company’s political contributions and lobbying expenses and any transactions between the Company and related persons, as well as director education program and sustainability. | | | Provides oversight of the Company’s environmental, health and safety (“EHS”), programs, manufacturing operational performance, and the Company’s policies and practices for identifying, assessing, managing and mitigating such risks. | |
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2025 PROXY STATEMENT |
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34
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To view our Sustainability Report and learn more about our goals, go to:
https://www.chemours.com/en/sustainability
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2024 ENGAGEMENT
Met with shareholders representing
nearly 50%
of the total number of shares outstanding
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Key Topics of Discussion
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New executive management team introduction
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Updated corporate strategy
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Initiatives implemented to strengthen internal controls
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Governance matters, including the supermajority provisions with respect to certificate of incorporation and bylaw amendments
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Updates on our key sustainability initiatives
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2025 PROXY STATEMENT |
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36
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Meetings in 2024:
18
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CURTIS V. ANASTASIO
(Chair)(1) |
| | ALISTER COWAN | | | ERIN N. KANE | | | JOSEPH D. KAVA | | | GUILLAUME PEPY(2) | |
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2025 PROXY STATEMENT |
|
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38
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|
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Meetings in 2024:
8
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SEAN D. KEOHANE
(Chair) |
| | MARY B. CRANSTON | | | PAMELA F. FLETCHER | | | ERIN N. KANE | | | LIVINGSTON L. SATTERTHWAITE | | |
LESLIE M. TURNER
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Meetings in 2024:
5
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MARY B. CRANSTON
(Chair) |
| | CURTIS V. ANASTASIO(1) | | | PAMELA F. FLETCHER | | | JOSEPH D. KAVA | | |
SEAN D. KEOHANE
|
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Leslie M. Turner
|
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2025 PROXY STATEMENT |
|
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40
|
|
|
Meetings in 2024:
4
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ERIN N. KANE
(Chair) |
| | ALISTER COWAN | | | GUILLAUME PEPY(1) | | |
LIVINGSTON L.
SATTERTHWAITE |
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Fiscal Year 2024 Director Retainers
|
| | | | | | | |
Annual Retainer(1) | | | | | $ | 105,000 | | |
Annual Equity Award(2) | | | | | $ | 160,000 | | |
Non-Executive Chair Retainer(1) | | | | | $ | 150,000 | | |
Audit Committee Chair Retainer(1) | | | | | $ | 22,500 | | |
Compensation and Leadership Development Committee Chair Retainer(1) | | | | | $ | 17,500 | | |
Nominating and Corporate Governance Committee Chair Retainer(1) | | | | | $ | 17,500 | | |
Environmental, Health, and Safety & Operational Performance Committee Chair Retainer(1) | | | | | $ | 17,500 | | |
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2025 PROXY STATEMENT |
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| |
42
|
|
Director
|
| | |
Fees Earned or Paid
in Cash ($)(1) |
| | |
Stock Awards
($)(2) |
| | |
All Other
Compensation ($) |
| | |
Total
($) |
| |||||||||
Curtis V. Anastasio | | | | | | 127,500 | | | | | | | 160,000 | | | | | | | | | | | 287,500 | | |
Alister Cowan | | | | | | 105,000 | | | | | | | 160,000 | | | | | | | | | | | 265,000 | | |
Mary B. Cranston | | | | | | 122,500 | | | | | | | 160,000 | | | | | | | | | | | 282,500 | | |
Dawn L. Farrell | | | | | | 255,000 | | | | | | | 160,000 | | | | | | | | | | | 415,000 | | |
Pamela F. Fletcher(3) | | | | | | 105,000 | | | | | | | 199,985 | | | | | | | | | | | 304,985 | | |
Erin N. Kane | | | | | | 122,500 | | | | | | | 160,000 | | | | | | | | | | | 282,500 | | |
Sean D. Keohane | | | | | | 122,500 | | | | | | | 160,000 | | | | | | | | | | | 282,500 | | |
Guillaume Pepy | | | | | | 105,000 | | | | | | | 160,000 | | | | | | | | | | | 265,000 | | |
Sandra P. Rogers(4) | | | | | | 52,500 | | | | | | | | | | | | | | | | | | 52,500 | | |
Livingston L. Satterthwaite(5) | | | | | | 52,500 | | | | | | | 160,000 | | | | | | | | | | | 212,500 | | |
Name
|
| | |
Aggregate Awards (DSUs)
Outstanding as of December 31, 2024 |
| |||
Curtis V. Anastasio | | | | | | 79,049 | | |
Alister Cowan | | | | | | 11,534 | | |
Mary B. Cranston | | | | | | 73,782 | | |
Dawn L. Farrell | | | | | | 77,649 | | |
Pamela F. Fletcher | | | | | | 10,291 | | |
Erin N. Kane | | | | | | 50,226 | | |
Sean D. Keohane | | | | | | 43,169 | | |
Guillaume Pepy | | | | | | 12,738 | | |
Sandra P. Rogers | | | | | | 0 | | |
Livingston L. Satterthwaite | | | | | | 8,782 | | |
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2025 PROXY STATEMENT |
|
| |
44
|
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Name of Beneficial Owner
|
| | |
Direct(1)
|
| | |
Indirect(2)
|
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Right to
Acquire(3) |
| | |
Total
|
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Percent of
Class |
| |||||||||||||||
Denise Dignam | | | | | | 19,067 | | | | | | | — | | | | | | | 93,127 | | | | | | | 112,194 | | | | | | | * | | |
Shane Hostetter | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | * | | |
Kristine M. Wellman | | | | | | 20,627 | | | | | | | — | | | | | | | 66,853 | | | | | | | 87,480 | | | | | | | * | | |
Joseph Martinko | | | | | | 4,464 | | | | | | | — | | | | | | | 33,408 | | | | | | | 37,872 | | | | | | | * | | |
Gerardo Familiar | | | | | | 5,831 | | | | | | | — | | | | | | | 31,502 | | | | | | | 37,333 | | | | | | | * | | |
Curtis V. Anastasio | | | | | | — | | | | | | | 3,500 | | | | | | | 79,049 | | | | | | | 82,549 | | | | | | | * | | |
George R. Brokaw(4) | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | * | | |
Alister Cowan | | | | | | 10,200 | | | | | | | — | | | | | | | 11,534 | | | | | | | 21,734 | | | | | | | * | | |
Mary B. Cranston | | | | | | 11,381 | | | | | | | — | | | | | | | 73,782 | | | | | | | 85,163 | | | | | | | * | | |
Dawn L. Farrell | | | | | | 4,543 | | | | | | | — | | | | | | | 77,649 | | | | | | | 82,192 | | | | | | | * | | |
Pamela F. Fletcher | | | | | | — | | | | | | | — | | | | | | | 10,291 | | | | | | | 10,291 | | | | | | | * | | |
Erin N. Kane | | | | | | — | | | | | | | — | | | | | | | 50,226 | | | | | | | 50,226 | | | | | | | * | | |
Joseph D. Kava(4) | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | * | | |
Sean D. Keohane | | | | | | 5,858 | | | | | | | — | | | | | | | 43,169 | | | | | | | 49,027 | | | | | | | * | | |
Courtney Mather(4)(5) | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | * | | |
Guillaume Pepy | | | | | | 8,253 | | | | | | | — | | | | | | | 12,738 | | | | | | | 20,991 | | | | | | | * | | |
Livingston L. Satterthwaite | | | | | | — | | | | | | | — | | | | | | | 8,782 | | | | | | | 8,782 | | | | | | | * | | |
Leslie M. Turner(4) | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | * | | |
Matthew Abbott(6) | | | | | | 29,119 | | | | | | | — | | | | | | | 39,789 | | | | | | | 68,908 | | | | | | | * | | |
Mark E. Newman(7) | | | | | | 66,487 | | | | | | | 790 | | | | | | | 746,997 | | | | | | | 814,274 | | | | | | | * | | |
Jonathan Lock(8) | | | | | | — | | | | | | | — | | | | | | | 89,184 | | | | | | | 89,184 | | | | | | | * | | |
Directors, nominees and (21 persons) executive officers, as a group | | | | | | 55,276 | | | | | | | 3,500 | | | | | | | 448,253 | | | | | | | 507,029 | | | | | | | * | | |
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Name and Address of Beneficial Owner
|
| | |
Number of Shares
Beneficially Owned |
| | |
Percent of
Class(4) |
| ||||||
| BlackRock, Inc(1) 50 Hudson Yards New York, NY 10001 55 East 52nd Street |
| | | | | 16,512,174 | | | | | | | 11.05% | | |
| The Vanguard Group(2) 100 Vanguard Blvd. Malvern, PA 19355 |
| | | | | 16,028,054 | | | | | | | 10.73% | | |
| FMR LLC(3) New York, NY 10055 245 Summer Street Boston, MA 02210 |
| | | | | 15,258,748.68 | | | | | | | 10.21% | | |
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2025 PROXY STATEMENT |
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46
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Denise Dignam(1)
President and Chief Executive Officer |
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Shane Hostetter(2)
Senior Vice President, Chief Financial Officer |
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Kristine Wellman
Senior Vice President, General Counsel and Corporate Secretary |
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Joseph Martinko
President, Thermal & Specialized Solutions |
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Gerardo Familiar
President, Advanced Performance Materials |
|
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Matthew Abbott(3)
|
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Former Senior Vice President, Chief Enterprise Transformation Officer and Former Interim Chief Financial Officer
|
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Mark Newman(4)
|
| | Former President and Chief Executive Officer | |
|
Jonathan Lock(5)
|
| | Former Senior Vice President, Chief Financial Officer | |
| 1. | | | 2. | | | 3. | | | 4. | | | 5. | | | 6. | |
| Executive Summary | | | Executive Compensation Philosophy and Pay-for- Performance | | | Executive Compensation Decision Making | | | 2024 Executive Compensation Highlights | | | Company Sponsored Employee Benefits | | | Other Compensation Matters | |
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2025 PROXY STATEMENT |
|
| |
48
|
|
ELEMENT
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PURPOSE AND KEY FEATURES
|
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Salary
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▪
Salary paid in cash
▪
Provides a stable source of income and is a standard element in executive compensation packages
▪
Compensates for expected day-to-day contribution
▪
Supports equitable pay practices
|
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2025 PROXY STATEMENT |
|
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50
|
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ELEMENT
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| |
PURPOSE AND KEY FEATURES
|
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Annual Incentive Plan (“AIP”)
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▪
Cash incentive earned and awarded annually
▪
Creates a variable incentive opportunity as a portion of the executive compensation package
▪
Reinforces and rewards executives for delivering key business goals that are aligned with driving shareholder value
▪
Pays only when minimum performance criteria are met, and increases payout levels with higher performance results
▪
Primarily focuses on quantitative metrics but includes qualitative metrics when appropriate
▪
Includes a mix of corporate and business segment metrics
|
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Long-Term Incentive Plan (“LTIP”)
|
| |
▪
Equity-based incentives earned and awarded periodically in various forms: PSUs, PSOs, NQSOs, and/or RSUs
▪
Creates a compensation opportunity aligned with the interests of our shareholders
▪
Provides incentive to achieve sustained performance and growth over time
▪
Rewards executives for delivering total shareholder return
|
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WHAT CHEMOURS DOES
|
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WHAT CHEMOURS DOESN’T DO
|
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Pay-for-performance
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Provide income tax gross-ups, other than for international assignment and / or relocation
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Deliver total direct compensation predominantly through performance-based pay
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Re-price underwater stock options
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Set challenging short- and long-term incentive (“LTI”) award goals
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Allow hedging, pledging, short sales, derivative transactions, margin accounts or short-term trading
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Target pay and benefits to market competitive levels
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Have a liberal share recycling provision in our equity plan
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Maintain robust stock ownership requirements
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Provide single trigger change in control
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Maintain clawback policies for incentive-based compensation
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Offer excessive perquisites
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The Board and CLDC have the right to exercise negative discretion
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Annually review the constituents of compensation peer group and adjust as appropriate
|
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Undertake an annual review of compensation risk
|
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Regularly review compensation, especially performance-based compensation to ensure continued alignment with Chemours’ strategy
|
| | | |
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2025 PROXY STATEMENT |
|
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52
|
|
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5 Years of “Say on Pay”
|
| ||||||||||||||||
|
2020
|
| | |
2021
|
| | |
2022
|
| | |
2023
|
| | |
2024
|
|
|
94%
|
| | |
94%
|
| | |
95%
|
| | |
96%
|
| | |
95%
|
|
|
2025 PROXY STATEMENT |
|
| |
54
|
|
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Compensation and Leadership Development Committee
|
| |
▪
Establish executive compensation philosophy
▪
Approve incentive compensation programs and determine performance expectations for AIP and LTIP
▪
Review, discuss, and approve recommendations for all compensation actions for the NEOs, other than the CEO, including salary, AIP targets and actual payouts, and LTIP targets, grants and earned awards
▪
Recommend to the independent directors of the Board compensation actions for the CEO, including salary, AIP targets and actual payouts, and LTIP targets, grants and earned awards
|
|
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All Independent Board Members
|
| |
▪
Assess performance of the CEO
▪
Approve all compensation action for the CEO, including salary, AIP targets and actual payouts, and LTIP targets, grant and earned awards
|
|
|
2025 PROXY STATEMENT |
|
| |
56
|
|
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Chief Executive Officer
|
| |
▪
Provide compensation recommendations for NEOs (other than the CEO) to the CLDC; review, analysis, and final approval of compensation actions are made solely by the CLDC
▪
Make recommendations based on the CEO’s personal review of each NEO’s performance, job responsibilities, and importance to the Company’s overall business strategy, as well as the Company’s executive compensation philosophy
▪
In consultation with the CFO, after receiving detailed research and recommendations from an independent compensation consultant, recommend AIP and LTIP metrics and targets to the CLDC
|
|
|
Independent Consultant to the Compensation and Leadership Development Committee
|
| |
▪
Provide independent advice, research, and analytical services on a variety of subjects, including compensation of executive officers and executive compensation trends
▪
Lead discussions with management and the Board in incentive plan design and play a significant role in determining the definition of metrics and targets
▪
Participate in meetings as requested and communicate with the CLDC Chair between meetings
▪
Evaluate executive compensation policies and guidelines and provide information regarding best practices in the industry
▪
Is engaged by, and reports directly to, the CLDC
|
|
| Albemarle Corporation | | | | Element Solutions Inc. | |
| Avient Corporation | | | | H.B. Fuller Company | |
| Axalta Coating Systems Ltd. | | | | Huntsman Corporation | |
| Cabot Corporation | | | | Olin Corporation | |
| Celanese Corporation | | | | Trinseo PLC | |
| Dupont de Nemours, Inc. | | | | Tronox Holdings PLC | |
| Eastman Chemical Company | | | | Westlake Corporation | |
| | | |
2023
|
| | |
2024
|
| ||||||
Salary | | | | | $ | 550,000 | | | | | | $ | 975,000 | | |
Target AIP Opportunity | | | |
$412,500 (75% of salary)
|
| | |
$1,170,000 (120% of salary)
|
| ||||||
Target LTI Opportunity (Grant Value) | | | | | $ | 950,000 | | | | | | $ | 4,355,000 | | |
Target TDC | | | | | $ | 1,912,500 | | | | | | $ | 6,500,000 | | |
|
2025 PROXY STATEMENT |
|
| |
58
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NEO
|
| | |
Salary
as of December 31, 2023 |
| | |
Salary
as of December 31, 2024 |
| ||||||
Shane Hostetter(1) | | | | | | — | | | | | | $ | 630,000 | | |
Kristine Wellman | | | | | $ | 500,000 | | | | | | $ | 550,000 | | |
Joseph Martinko | | | | | $ | 465,000 | | | | | | $ | 475,000 | | |
Gerardo Familiar | | | | | $ | 465,000 | | | | | | $ | 475,000 | | |
Matthew Abbott | | | | | $ | 450,000 | | | | | | $ | 485,000 | | |
Mark Newman(2) | | | | | $ | 1,300,000 | | | | | | $ | — | | |
Jonathan Lock(2) | | | | | $ | 600,000 | | | | | | $ | — | | |
NEO
|
| | |
Bonus Target
as of December 31, 2023 |
| | |
Bonus Target
as of December 31, 2024 |
| ||||||
Shane Hostetter(1) | | | | | | — | | | | | | | 75% | | |
Kristine Wellman | | | | | | 70% | | | | | | | 70% | | |
Joseph Martinko | | | | | | 60% | | | | | | | 70% | | |
Gerardo Familiar | | | | | | 60% | | | | | | | 70% | | |
Matthew Abbott | | | | | | 65% | | | | | | | 70% | | |
Mark Newman(2) | | | | | | 130% | | | | | | | — | | |
Jonathan Lock(2) | | | | | | 75% | | | | | | | — | | |
|
2025 PROXY STATEMENT |
|
| |
60
|
|
CHEMOURS — AIP for Mses. Dignam (March-Dec) and Wellman and Mr. Hostetter (formerly Messrs. Newman, Abbott, and Lock) |
| | |
Weight
|
| |||
Chemours Sustainability | | | | | | 10.0% | | |
Chemours Adjusted EBITDA | | | | | | 50.0% | | |
Chemours Discretionary Free Cash Flow | | | | | | 10.0% | | |
Chemours Net Working Capital Days (avg) | | | | | | 10.0% | | |
Chemours Functions Cost | | | | | | 20.0% | | |
TITANIUM TECHNOLOGIES — AIP for Ms. Dignam (Jan-Feb)
|
| | |
Weight
|
| |||
Chemours Sustainability | | | | | | 10.0% | | |
Chemours Adjusted EBITDA | | | | | | 50.0% | | |
Chemours Discretionary Free Cash Flow | | | | | | 10.0% | | |
Chemours Net Working Capital Days (avg) | | | | | | 10.0% | | |
Business Segment Cost of Manufacturing | | | | | | 20.0% | | |
THERMAL AND SPECIALIZED SOLUTIONS — AIP for Mr. Martinko
|
| | |
Weight
|
| |||
Chemours Sustainability | | | | | | 10.0% | | |
Chemours Adjusted EBITDA | | | | | | 50.0% | | |
Chemours Discretionary Free Cash Flow | | | | | | 10.0% | | |
Chemours Net Working Capital Days (avg) | | | | | | 10.0% | | |
Business Segment Opteon™ refrigerants Revenue | | | | | | 20.0% | | |
ADVANCED PERFORMANCE MATERIALS — AIP for Mr. Familiar
|
| | |
Weight
|
| |||
Chemours Sustainability | | | | | | 10.0% | | |
Chemours Adjusted EBITDA | | | | | | 50.0% | | |
Chemours Discretionary Free Cash Flow | | | | | | 10.0% | | |
Chemours Net Working Capital Days (avg) | | | | | | 10.0% | | |
Business Segment Adjusted EBITDA | | | | | | 20.0% | | |
|
2025 PROXY STATEMENT |
|
| |
62
|
|
|
Corporate 84.3%, TT 59.6%, TSS 75.6%, and APM 56.4%
|
|
|
0%
|
|
Measure
|
| | |
Threshold(1)
|
| | |
Target
|
| | |
Maximum(2)
|
| | |
Actual(3)
|
| | |
Weighted
Funding Result |
| |||||||||||||||
Consolidated Adjusted EBITDA | | | | | $ | 818 | | | | | | $ | 1,004 | | | | | | $ | 1,190 | | | | | | $ | 844 | | | | | | | 28% | | |
Consolidated Discretionary Free Cash Flows |
| | | | $ | 193 | | | | | | $ | 370 | | | | | | $ | 556 | | | | | | $ | 213 | | | | | | | 6% | | |
Consolidated NWC Days (Avg) | | | | | | 76.3 | | | | | | | 69.3 | | | | | | | 62.3 | | | | | | | 73.5 | | | | | | | 7% | | |
Sustainability Metric – GPTW | | | | | | 71% | | | | | | | 75% | | | | | | | 77% | | | | | | | 68% | | | | | | | 0% | | |
Sustainability Metric – Energy Efficiency | | | | | | 1.3 | | | | | | | 1.75 | | | | | | | 2.8 | | | | | | | 1.72% | | | | | | | 5% | | |
Corporate Expenses / Functions | | | | | ($ | 538) | | | | | | ($ | 533) | | | | | | ($ | 508) | | | | | | ($ | 510) | | | | | | | 38% | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
84.3%
|
| |
Measure
|
| | |
Threshold(1)
|
| | |
Target
|
| | |
Maximum(2)
|
| | |
Actual(4)
|
| | |
Weighted
Funding Result |
| |||||||||||||||
Consolidated Adjusted EBITDA | | | | | $ | 818 | | | | | | $ | 1,004 | | | | | | $ | 1,190 | | | | | | $ | 844 | | | | | | | 28% | | |
Consolidated Discretionary Free Cash Flows |
| | | | $ | 193 | | | | | | $ | 370 | | | | | | $ | 556 | | | | | | $ | 213 | | | | | | | 6% | | |
Consolidated NWC Days (Avg) | | | | | | 76.3 | | | | | | | 69.3 | | | | | | | 62.3 | | | | | | | 73.5 | | | | | | | 7% | | |
Sustainability Metric – GPTW | | | | | | 71 | | | | | | | 75 | | | | | | | 77 | | | | | | | 68% | | | | | | | 0% | | |
Sustainability Metric – Energy Efficiency | | | | | | 1.3 | | | | | | | 1.75 | | | | | | | 2.8 | | | | | | | 1.72% | | | | | | | 5% | | |
Cost of Manufacturing(4) | | | | | $ | — | | | | | | $ | — | | | | | | $ | — | | | | | | $ | — | | | | | | | 14% | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
59.6%
|
| |
|
2025 PROXY STATEMENT |
|
| |
64
|
|
Measure
|
| | |
Threshold(1)
|
| | |
Target
|
| | |
Maximum(2)
|
| | |
Actual(4)
|
| | |
Weighted
Funding Result |
| |||||||||||||||
Consolidated Adjusted EBITDA | | | | | $ | 818 | | | | | | $ | 1,004 | | | | | | $ | 1,190 | | | | | | $ | 844 | | | | | | | 28% | | |
Consolidated Discretionary Free Cash Flows |
| | | | $ | 193 | | | | | | $ | 370 | | | | | | $ | 556 | | | | | | $ | 213 | | | | | | | 6% | | |
Consolidated NWC Days (Avg) | | | | | | 76.3 | | | | | | | 69.3 | | | | | | | 62.3 | | | | | | | 73.5 | | | | | | | 7% | | |
Sustainability Metric – GPTW | | | | | | 71 | | | | | | | 75 | | | | | | | 77 | | | | | | | 68% | | | | | | | 0% | | |
Sustainability Metric – Energy Efficiency | | | | | | 1.3 | | | | | | | 1.75 | | | | | | | 2.8 | | | | | | | 1.73% | | | | | | | 5% | | |
Opteon™ refrigerants Revenue | | | | | $ | 723 | | | | | | $ | 781 | | | | | | $ | 840 | | | | | | $ | 810 | | | | | | | 30% | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
75.6%
|
| |
Measure
|
| | |
Threshold(1)
|
| | |
Target
|
| | |
Maximum(2)
|
| | |
Actual(3)
|
| | |
Weighted
Funding Result |
| |||||||||||||||
Consolidated Adjusted EBITDA | | | | | $ | 818 | | | | | | $ | 1,004 | | | | | | $ | 1,190 | | | | | | $ | 844 | | | | | | | 28% | | |
Consolidated Discretionary Free Cash Flows |
| | | | $ | 193 | | | | | | $ | 370 | | | | | | $ | 556 | | | | | | $ | 213 | | | | | | | 6% | | |
Consolidated NWC Days (Avg) | | | | | | 76.3 | | | | | | | 69.3 | | | | | | | 62.3 | | | | | | | 73.5 | | | | | | | 7% | | |
Sustainability Metric – GPTW | | | | | | 71 | | | | | | | 75 | | | | | | | 77 | | | | | | | 68 | | | | | | | 0% | | |
Sustainability Metric – Energy Efficiency | | | | | | 1.3 | | | | | | | 1.75 | | | | | | | 2.8 | | | | | | | 1.73% | | | | | | | 5% | | |
APM Adjusted EBITDA | | | | | $ | 159 | | | | | | $ | 199 | | | | | | $ | 238 | | | | | | $ | 161 | | | | | | | 11% | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
56.4%
|
| |
NEO
|
| | |
Bonus Target
as of December 31, 2024 |
| | |
Salary
as of December 31, 2024 |
| | |
AIP
Achievement % |
| | |
Actual
Annual Incentive Payout(1)(2)(3)(4) |
| |||||||||
Denise Dignam(1) | | | | | | 120% | | | | | | $ | 975,000 | | | | |
59.6% / 84.3%
|
| | | | $ | 864,923 | | |
Shane Hostetter(2) | | | | | | 75% | | | | | | $ | 630,000 | | | | |
84.3%
|
| | | | $ | 193,873 | | |
Kristine Wellman | | | | | | 70% | | | | | | $ | 550,000 | | | | |
84.3%
|
| | | | $ | 324,555 | | |
Joseph Martinko | | | | | | 70% | | | | | | $ | 475,000 | | | | |
75.6%
|
| | | | $ | 251,370 | | |
Gerardo Familiar | | | | | | 70% | | | | | | $ | 475,000 | | | | |
56.4%
|
| | | | $ | 187,530 | | |
|
2025 PROXY STATEMENT |
|
| |
66
|
|
NEO
|
| | |
Long-Term Incentive
Target as of December 31, 2023 |
| | |
Long-Term Incentive
Target as of December 31, 2024 |
| ||||||
Shane Hostetter(1) | | | | | | — | | | | | | $ | 1,350,000 | | |
Kristine Wellman | | | | | $ | 850,000 | | | | | | $ | 850,000 | | |
Joseph Martinko | | | | | $ | 475,000 | | | | | | $ | 650,000 | | |
Gerardo Familiar | | | | | $ | 475,000 | | | | | | $ | 650,000 | | |
Matthew Abbott | | | | | $ | 550,000 | | | | | | $ | 550,000 | | |
Mark Newman(2) | | | | | $ | 1,300,000 | | | | | | $ | — | | |
Jonathan Lock(3) | | | | | $ | 425,000 | | | | | | $ | — | | |
|
2025 PROXY STATEMENT |
|
| |
68
|
|
| | | | |
Threshold
|
| | |
Target
|
| | |
Maximum
|
|
| Achieved rTSR | | | |
15th Percentile
|
| | |
50th Percentile
|
| | |
85th Percentile
|
|
| Payout | | | |
50%
|
| | |
100%
|
| | |
200%
|
|
NEO(6)
|
| | |
2024
Target LTI Award |
| | |
Share
Equivalent Value of Target PSUS on Grant Date |
| | |
Target
Number of PSU Awards(1) |
| | |
Grant Date
Fair Value of RSUS |
| | |
Number of
RSUS Granted(1) |
| | |
Grant Date
Fair Value of Stock Options |
| | |
Number of
Stock Options Granted(2) |
| | |
Grant Date
Fair Value of PSOS |
| | |
Number
of PSOS Granted(3) |
| |||||||||||||||||||||||||||
Denise Dignam | | | | | $ | 3,787,500 | | | | | | $ | 946,853 | | | | | | | 34,431 | | | | | | $ | 946,853 | | | | | | | 34,431 | | | | | | $ | 946,870 | | | | | | | 92,108 | | | | | | $ | 962,710 | | | | | | | 95,792 | | |
Shane Hostetter(4) | | | | | $ | 500,000 | | | | | | | | | | | | | | | | | | | | $ | 499,992 | | | | | | | 26,709 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Kristine Wellman | | | | | $ | 850,000 | | | | | | $ | 212,493 | | | | | | | 7,727 | | | | | | $ | 212,493 | | | | | | | 7,727 | | | | | | $ | 212,498 | | | | | | | 20,671 | | | | | | $ | 216,055 | | | | | | | 21,498 | | |
Joseph Martinko | | | | | $ | 650,000 | | | | | | $ | 162,498 | | | | | | | 5,909 | | | | | | $ | 162,498 | | | | | | | 5,909 | | | | | | $ | 162,496 | | | | | | | 15,807 | | | | | | $ | 165,212 | | | | | | | 16,439 | | |
Gerardo Familiar | | | | | $ | 650,000 | | | | | | $ | 162,498 | | | | | | | 5,909 | | | | | | $ | 162,498 | | | | | | | 5,909 | | | | | | $ | 162,496 | | | | | | | 15,807 | | | | | | $ | 165,212 | | | | | | | 16,439 | | |
Matthew Abbott(5) | | | | | $ | 1,300,000 | | | | | | $ | 324,995 | | | | | | | 11,818 | | | | | | $ | 324,995 | | | | | | | 11,818 | | | | | | $ | 324,992 | | | | | | | 31,614 | | | | | | $ | 330,434 | | | | | | | 32,879 | | |
| Albemarle Corp. | | | Eastman Chemical Co. | | | The Sherwin-Williams Co. | |
| Ashland Global Holdings Inc. | | | Huntsman Corp. | | | Trinseo S.A. | |
| Avient Corp.(1) | | | Olin Corp. | | | Tronox Holdings PLC | |
| Axalta Coating Systems Ltd | | | PPG Industries Inc. | | | Venator Materials PLC | |
| Cabot Corp. | | | RPM International Co. | | | Westlake Corp. | |
| Celanese Corp. | | | | | | | |
NEO(1)(2)(3)
|
| | |
Target Shared in 2022
|
| | |
Achievement
|
| | |
Earned Share Award
|
| |||||||||
Denise Dignam | | | | | | 11,710 | | | | | | | 0% | | | | | | | 0 | | |
|
2025 PROXY STATEMENT |
|
| |
70
|
|
Multiple of Salary
|
| | |
2024 Target
|
| |||
CEO | | | | | | 5.0x | | |
Other NEOs | | | | | | 3.0x | | |
|
2025 PROXY STATEMENT |
|
| |
72
|
|
Name and Principal Position
|
| | |
Year
|
| | |
Salary
($) |
| | |
Bonus
($) |
| | |
Stock
Awards ($)(1)(2) |
| | |
Option
Awards ($)(3) |
| | |
Non-Equity
Incentive Plan Compensation ($)(4) |
| | |
All Other
Compensation ($)(5) |
| | |
Total
($) |
| ||||||||||||||||||||||||
Denise Dignam(6)
President and Chief Executive Officer |
| | | | | 2024 | | | | | | | 904,167 | | | | | | | | | | | | | | 2,075,156 | | | | | | | 1,909,580 | | | | | | | 864,923 | | | | | | | 134,154 | | | | | | | 5,887,980 | | |
| | | 2023 | | | | | | | 531,667 | | | | | | | | | | | | | | 1,046,719 | | | | | | | 412,480 | | | | | | | 166,808 | | | | | | | 75,059 | | | | | | | 2,232,733 | | | |||
| | | 2022 | | | | | | | 462,500 | | | | | | | | | | | | | | 373,608 | | | | | | | 219,993 | | | | | | | 442,913 | | | | | | | 71,650 | | | | | | | 1,570,664 | | | |||
Shane Hostetter
Senior Vice President, Chief Financial Officer |
| | | | | 2024 | | | | | | | 305,000 | | | | | | | 50,000 | | | | | | | 499,992 | | | | | | | | | | | | | | 193,873 | | | | | | | 1,000 | | | | | | | 1,049,865 | | |
Kristine Wellman
Senior Vice President, General Counsel and Corporate Secretary |
| | | | | 2024 | | | | | | | 541,667 | | | | | | | | | | | | | | 465,706 | | | | | | | 428,553 | | | | | | | 324,555 | | | | | | | 60,164 | | | | | | | 1,820,645 | | |
| | | 2023 | | | | | | | 491,667 | | | | | | | | | | | | | | 472,018 | | | | | | | 324,993 | | | | | | | 80,850 | | | | | | | 45,367 | | | | | | | 1,414,895 | | | |||
Joseph Martinko
President, Thermal & Specialized Solutions |
| | | | | 2024 | | | | | | | 473,333 | | | | | | | | | | | | | | 356,135 | | | | | | | 327,708 | | | | | | | 251,370 | | | | | | | 24,500 | | | | | | | 1,433,046 | | |
Gerardo Familiar
President, Advanced Performance Materials |
| | | | | 2024 | | | | | | | 473,333 | | | | | | | | | | | | | | 356,135 | | | | | | | 327,708 | | | | | | | 187,530 | | | | | | | 29,291 | | | | | | | 1,373,997 | | |
Matthew Abbott(7)
Former Senior Vice President, Chief Enterprise Transformation Officer |
| | | | | 2024 | | | | | | | 589,167 | | | | | | | | | | | | | | 712,271 | | | | | | | 655,426 | | | | | | | — | | | | | | | 40,009 | | | | | | | 1,996,873 | | |
Mark Newman
Former President and Chief Executive Officer |
| | | | | 2024 | | | | | | | 287,851 | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | 10,000 | | | | | | | 297,851 | | |
| | | 2023 | | | | | | | 1,000,000 | | | | | | | | | | | | | | 3,249,640 | | | | | | | 2,999,990 | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 2022 | | | | | | | 995,833 | | | | | | | | | | | | | | 3,464,363 | | | | | | | 2,039,991 | | | | | | | 1,024,400 | | | | | | | | | | | | | | | | | |||
Jonathan Lock
Former Senior Vice President, Chief Financial Officer |
| | | | | 2024 | | | | | | | 212,483 | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | 13,245 | | | | | | | 225,728 | | |
| | | 2023 | | | | | | | 527,083 | | | | | | | | | | | | | | 570,135 | | | | | | | 212,487 | | | | | | | | | | | | | | 50,172 | | | | | | | 1,359,878 | | |
|
2025 PROXY STATEMENT |
|
| |
74
|
|
Name
|
| | |
Company Contributions
to Qualified Defined Contribution Plan ($) |
| | |
Company Contribution
to Nonqualified Defined Contribution Plan ($) |
| | |
Financial
Planning/Income Tax Preparation ($) |
| | |
Separation
Agreements ($) |
| ||||||||||||
Denise Dignam | | | | | | 23,700 | | | | | | | 95,454 | | | | | | | 15,000 | | | | | | | | | |
Shane Hostetter | | | | | | 1,000 | | | | | | | — | | | | | | | — | | | | | | | | | |
Kristine Wellman | | | | | | 21,700 | | | | | | | 36,124 | | | | | | | 2,340 | | | | | | | | | |
Joseph Martinko | | | | | | 23,700 | | | | | | | — | | | | | | | 800 | | | | | | | | | |
Gerardo Familiar | | | | | | 21,700 | | | | | | | — | | | | | | | 7,591 | | | | | | | | | |
Matthew Abbott | | | | | | 21,700 | | | | | | | 18,198 | | | | | | | 111 | | | | | | | | | |
Mark Newman | | | | | | 10,000 | | | | | | | — | | | | | | | — | | | | | | | | | |
Jonathan Lock(1) | | | | | | 6,000 | | | | | | | — | | | | | | | — | | | | | | | 7,245 | | |
| | | | | | | | | | | | | | | | | | | | | |
Estimated Possible Payouts Under
Nonequity Incentive Plan Awards(1) |
| | |
Estimated Future Shares Under
Equity Incentive Plan Awards(2) |
| | |
All
Other Stock Awards Number of Shares or Stock or Units (#) |
| | |
All
Other Option Awards Number of Securities Underlying Options(3) (#) |
| | |
Exercise
or Base Price of Option Awards ($) |
| | |
Grant Date
Fair Value of Stock and Option Awards ($) |
| ||||||||||||||||||||||||||||||||||||||||||||||
Name(4)
|
| | |
Type of
Award |
| | |
Grant
Date |
| | |
Approval
Date |
| | |
Threshold
($) |
| | |
Target
($) |
| | |
Maximum
($) |
| | |
Threshold
(#) |
| | |
Target
(#) |
| | |
Maximum
(#) |
| | |||||||||||||||||||||||||||||||||||||||||||||||||||
Denise Dignam
|
| | |
2024 AIP
|
| | | | | 5/8/24 | | | | | | | | | | | | | | 521,875 | | | | | | | 1,043,750 | | | | | | | 2,087,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Stock Options
|
| | | | | 5/8/24 | | | | | | | 4/23/24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 92,108 | | | | | | | 27.50 | | | | | | | 946,870 | | | |||
| PSO | | | | | | 5/8/24 | | | | | | | 4/23/24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 95,792 | | | | | | | 30.25 | | | | | | | 961,710 | | | |||
| PSU | | | | | | 5/8/24 | | | | | | | 4/23/24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 17,216 | | | | | | | 34,431 | | | | | | | 68,862 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,128,304 | | | |||
| RSU | | | | | | 5/8/24 | | | | | | | 4/23/24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 34,431 | | | | | | | | | | | | | | | | | | | | | 946,853 | | | |||
Shane Hostetter
|
| | |
2024 AIP
|
| | | | | | | | | | | | | | | | | | | 114,375 | | | | | | | 228,750 | | | | | | | 457,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| RSU | | | | | | 8/6/24 | | | | | | | 5/31/24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 26,709 | | | | | | | | | | | | | | | | | | | | | 499,992 | | | |||
Kristine Wellman
|
| | |
2024 AIP
|
| | | | | | | | | | | | | | | | | | | 192,500 | | | | | | | 385,000 | | | | | | | 770,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Stock Options
|
| | | | | 5/8/24 | | | | | | | 4/23/24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 20,671 | | | | | | | 27.50 | | | | | | | 212,498 | | | |||
| PSO | | | | | | 5/8/24 | | | | | | | 4/23/24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 21,498 | | | | | | | 30.25 | | | | | | | 216,055 | | | |||
| PSU | | | | | | 5/8/24 | | | | | | | 4/23/24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,864 | | | | | | | 7,727 | | | | | | | 15,454 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 253,214 | | | |||
| RSU | | | | | | 5/8/24 | | | | | | | 4/23/24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,727 | | | | | | | | | | | | | | | | | | | | | 212,493 | | | |||
Joseph Martinko
|
| | |
2024 AIP
|
| | | | | | | | | | | | | | | | | | | 166,250 | | | | | | | 332,500 | | | | | | | 665,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Stock Options
|
| | | | | 5/8/24 | | | | | | | 4/23/24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 15,807 | | | | | | | 27.50 | | | | | | | 212,498 | | | |||
| PSO | | | | | | 5/8/24 | | | | | | | 4/23/24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,439 | | | | | | | 30.25 | | | | | | | 165,212 | | | |||
| PSU | | | | | | 5/8/24 | | | | | | | 4/23/24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,955 | | | | | | | 5,909 | | | | | | | 11,818 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 193,638 | | | |||
| RSU | | | | | | 5/8/24 | | | | | | | 4/23/24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,909 | | | | | | | | | | | | | | | | | | | | | 162,498 | | | |||
Gerardo Familiar
|
| | |
2024 AIP
|
| | | | | | | | | | | | | | | | | | | 166,250 | | | | | | | 332,500 | | | | | | | 665,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Stock Options
|
| | | | | 5/8/24 | | | | | | | 4/23/24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 15,807 | | | | | | | 27.50 | | | | | | | 212,498 | | | |||
| PSO | | | | | | 5/8/24 | | | | | | | 4/23/24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,439 | | | | | | | 30.25 | | | | | | | 165,212 | | | |||
| PSU | | | | | | 5/8/24 | | | | | | | 4/23/24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,955 | | | | | | | 5,909 | | | | | | | 11,818 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 193,638 | | | |||
| RSU | | | | | | 5/8/24 | | | | | | | 4/23/24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,909 | | | | | | | | | | | | | | | | | | | | | 162,498 | | | |||
Matthew Abbott
|
| | |
2024 AIP
|
| | | | | | | | | | | | | | | | | | | 169,750 | | | | | | | 339,500 | | | | | | | 679,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Stock Options
|
| | | | | 5/8/24 | | | | | | | 4/23/24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 31,614 | | | | | | | 27.50 | | | | | | | 324,992 | | | |||
| PSO | | | | | | 5/8/24 | | | | | | | 4/23/24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 32,879 | | | | | | | 30.25 | | | | | | | 330,434 | | | |||
| PSU | | | | | | 5/8/24 | | | | | | | 4/23/24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,909 | | | | | | | 11,818 | | | | | | | 23,636 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 387,276 | | | |||
| RSU | | | | | | 5/8/24 | | | | | | | 4/23/24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 11,818 | | | | | | | | | | | | | | | | | | | | | 324,995 | | |
|
2025 PROXY STATEMENT |
|
| |
76
|
|
| | | |
Option Awards
|
| | |
Stock Awards
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Number of Securities Underlying
Unexercised Options(1) |
| | |
Shares or
Units of Stock that Have Not Vested(2) |
| | |
Equity Incentive
Plan Awards: Unearned Shares, Units or Other Rights that Have Not Vested(3) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Name
|
| | |
Grant
Date |
| | |
Exercisable
(#) |
| | |
Unexercisable
($) |
| | |
Option
Exercise Price ($) |
| | |
Option
Expiration Date |
| | |
Number
(#) |
| | |
Market
Value ($) |
| | |
Number
(#) |
| | |
(#)Market or
Payout Value ($) |
| |||||||||||||||||||||||||||
Denise Dignam
|
| | | | | 5/8/2024 | | | | | | | — | | | | | | | 95,792 | | | | | | | 30.25 | | | | | | | 5/8/2034 | | | | | | | 35,269 | | | | | | | 596,038 | | | | | | | 35,739 | | | | | | | 603,961 | | |
| | | 5/8/2024 | | | | | | | — | | | | | | | 92,108 | | | | | | | 27.50 | | | | | | | 5/8/2034 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 8/1/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,899 | | | | | | | 32,095 | | | | | | | | | | | | | | | | | |||
| | | 3/1/2023 | | | | | | | 4,593 | | | | | | | 9,184 | | | | | | | 38.32 | | | | | | | 3/1/2033 | | | | | | | 19,379 | | | | | | | 327,507 | | | | | | | 3,173 | | | | | | | 53,626 | | | |||
| | | 3/1/2023 | | | | | | | 4,476 | | | | | | | 8,951 | | | | | | | 34.84 | | | | | | | 3/1/2033 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2022 | | | | | | | 14,829 | | | | | | | 7,415 | | | | | | | 25.98 | | | | | | | 3/1/2032 | | | | | | | 781 | | | | | | | 13,205 | | | | | | | | | | | | | | | | | |||
| | | 3/1/2021 | | | | | | | 18,404 | | | | | | | — | | | | | | | 24.01 | | | | | | | 3/1/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/2/2020 | | | | | | | 11,140 | | | | | | | — | | | | | | | 14.43 | | | | | | | 3/2/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2019 | | | | | | | 3,832 | | | | | | | — | | | | | | | 38.02 | | | | | | | 3/1/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2018 | | | | | | | 2,068 | | | | | | | — | | | | | | | 48.53 | | | | | | | 3/1/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2017 | | | | | | | 2,473 | | | | | | | — | | | | | | | 34.72 | | | | | | | 3/1/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
Shane Hostetter
|
| | | | | 8/6/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 27,081 | | | | | | | 457,669 | | | | | | | | | | | | | | | | |
Kristine Wellman
|
| | | | | 5/8/2024 | | | | | | | — | | | | | | | 21,498 | | | | | | | 30.25 | | | | | | | 5/8/2034 | | | | | | | 7,915 | | | | | | | 133,763 | | | | | | | 8,020 | | | | | | | 135,545 | | |
| | | 5/8/2024 | | | | | | | — | | | | | | | 20,671 | | | | | | | 27.50 | | | | | | | 5/8/2034 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 8/1/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,279 | | | | | | | 38,520 | | | | | | | | | | | | | | | | | |||
| | | 3/1/2023 | | | | | | | 3,619 | | | | | | | 7,236 | | | | | | | 38.32 | | | | | | | 3/1/2033 | | | | | | | 3,304 | | | | | | | 55,845 | | | | | | | 2,500 | | | | | | | 42,256 | | | |||
| | | 3/1/2023 | | | | | | | 3,527 | | | | | | | 7,052 | | | | | | | 34.84 | | | | | | | 3/1/2033 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2022 | | | | | | | 10,617 | | | | | | | 5,308 | | | | | | | 25.98 | | | | | | | 3/1/2032 | | | | | | | 2,236 | | | | | | | 37,781 | | | | | | | | | | | | | | | | | |||
| | | 3/1/2021 | | | | | | | 6,390 | | | | | | | | | | | | | | 24.01 | | | | | | | 3/1/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/2/2020 | | | | | | | 11,140 | | | | | | | — | | | | | | | 14.43 | | | | | | | 3/2/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2019 | | | | | | | 4,006 | | | | | | | — | | | | | | | 38.02 | | | | | | | 3/1/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2018 | | | | | | | 2,554 | | | | | | | — | | | | | | | 48.53 | | | | | | | 3/1/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2017 | | | | | | | 5,936 | | | | | | | — | | | | | | | 34.72 | | | | | | | 3/1/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
Option Awards
|
| | |
Stock Awards
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Number of Securities Underlying
Unexercised Options(1) |
| | |
Shares or
Units of Stock that Have Not Vested(2) |
| | |
Equity Incentive
Plan Awards: Unearned Shares, Units or Other Rights that Have Not Vested(3) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Name
|
| | |
Grant
Date |
| | |
Exercisable
(#) |
| | |
Unexercisable
($) |
| | |
Option
Exercise Price ($) |
| | |
Option
Expiration Date |
| | |
Number
(#) |
| | |
Market
Value ($) |
| | |
Number
(#) |
| | |
(#)Market or
Payout Value ($) |
| |||||||||||||||||||||||||||
Joseph Martinko
|
| | | | | 5/8/2024 | | | | | | | — | | | | | | | 16,439 | | | | | | | 30.25 | | | | | | | 5/8/2034 | | | | | | | 6,053 | | | | | | | 102,291 | | | | | | | 6,133 | | | | | | | 103,654 | | |
| | | 5/8/2024 | | | | | | | — | | | | | | | 15,807 | | | | | | | 27.50 | | | | | | | 5/8/2034 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 8/1/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,610 | | | | | | | 61,002 | | | | | | | | | | | | | | | | | |||
| | | 3/1/2023 | | | | | | | 1,248 | | | | | | | 2,495 | | | | | | | 34.84 | | | | | | | 3/1/2033 | | | | | | | 1,169 | | | | | | | 19,762 | | | | | | | | | | | | | | | | | |||
| | | 3/1/2022 | | | | | | | 3,875 | | | | | | | 1,938 | | | | | | | 25.98 | | | | | | | 3/1/2032 | | | | | | | 817 | | | | | | | 13,804 | | | | | | | | | | | | | | | | | |||
| | | 3/1/2021 | | | | | | | 5,112 | | | | | | | — | | | | | | | 24.01 | | | | | | | 3/1/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/2/2020 | | | | | | | 8,368 | | | | | | | — | | | | | | | 14.43 | | | | | | | 3/2/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2019 | | | | | | | 3,658 | | | | | | | — | | | | | | | 38.02 | | | | | | | 3/1/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2018 | | | | | | | 2,189 | | | | | | | — | | | | | | | 48.53 | | | | | | | 3/1/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2017 | | | | | | | 2,308 | | | | | | | — | | | | | | | 34.72 | | | | | | | 3/1/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
Gerardo Familiar
|
| | | | | 5/8/2024 | | | | | | | — | | | | | | | 16,439 | | | | | | | 30.25 | | | | | | | 5/8/2034 | | | | | | | 6,053 | | | | | | | 102,291 | | | | | | | 6,133 | | | | | | | 103,654 | | |
| | | 5/8/2024 | | | | | | | — | | | | | | | 15,807 | | | | | | | 27.50 | | | | | | | 5/8/2034 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 8/1/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,509 | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2023 | | | | | | | 1,302 | | | | | | | 2,604 | | | | | | | 34.84 | | | | | | | 3/1/2033 | | | | | | | 1,220 | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 9/1/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,865 | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2022 | | | | | | | 3,875 | | | | | | | 1,938 | | | | | | | 25.98 | | | | | | | 3/1/2032 | | | | | | | 817 | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2021 | | | | | | | 4,089 | | | | | | | — | | | | | | | 24.01 | | | | | | | 3/1/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/2/2020 | | | | | | | 11,363 | | | | | | | — | | | | | | | 14.43 | | | | | | | 3/2/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2019 | | | | | | | 2,439 | | | | | | | — | | | | | | | 38.02 | | | | | | | 3/1/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2018 | | | | | | | 1,703 | | | | | | | — | | | | | | | 48.53 | | | | | | | 3/1/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
Matthew Abbott
|
| | | | | 5/8/2024 | | | | | | | — | | | | | | | 32,879 | | | | | | | 30.25 | | | | | | | 5/8/2034 | | | | | | | 12,105 | | | | | | | 204,582 | | | | | | | 12,267 | | | | | | | 207,309 | | |
| | | 5/8/2024 | | | | | | | — | | | | | | | 31,614 | | | | | | | 27.50 | | | | | | | 5/8/2034 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 8/1/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,849 | | | | | | | 48,150 | | | | | | | | | | | | | | | | | |||
| | | 3/1/2023 | | | | | | | 1,698 | | | | | | | 3,395 | | | | | | | 38.32 | | | | | | | 3/1/2033 | | | | | | | 1,549 | | | | | | | 26,185 | | | | | | | 1,173 | | | | | | | 19,823 | | | |||
| | | 3/1/2023 | | | | | | | 1,655 | | | | | | | 3,309 | | | | | | | 34.84 | | | | | | | 3/1/2033 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2022 | | | | | | | 8,493 | | | | | | | 4,247 | | | | | | | 25.98 | | | | | | | 3/1/2032 | | | | | | | 446 | | | | | | | 7,546 | | | | | | | | | | | | | | | | | |||
| | | 3/1/2021 | | | | | | | 12,269 | | | | | | | — | | | | | | | 24.01 | | | | | | | 3/1/2031 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2019 | | | | | | | 6,097 | | | | | | | — | | | | | | | 38.02 | | | | | | | 3/1/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2018 | | | | | | | 4,136 | | | | | | | — | | | | | | | 48.53 | | | | | | | 3/1/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2017 | | | | | | | 5,441 | | | | | | | — | | | | | | | 34.72 | | | | | | | 3/1/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
2025 PROXY STATEMENT |
|
| |
78
|
|
| | | |
Option Awards
|
| | |
Stock Awards
|
| |||||||||||||||||||||||||||||||||||||||||||
| | | |
Number of Securities Underlying
Unexercised Options(1) |
| | |
Shares or
Units of Stock that Have Not Vested(2) |
| | |
Equity Incentive
Plan Awards: Unearned Shares, Units or Other Rights that Have Not Vested(3) |
| |||||||||||||||||||||||||||||||||||||||
Name
|
| | |
Grant
Date |
| | |
Exercisable
(#) |
| | |
Unexercisable
($) |
| | |
Option
Exercise Price ($) |
| | |
Option
Expiration Date |
| | |
Number
(#) |
| | |
Market
Value ($) |
| | |
Number
(#) |
| | |
(#)Market or
Payout Value ($) |
| |||||||||||||||
Mark Newman(4)
|
| | | | | 3/1/2023 | | | | | | | 33,400 | | | | | | | — | | | | | | | 38.32 | | | | | | | 3/22/2027 | | | | | | | | | | | | | | | | | | |
| | | 3/1/2023 | | | | | | | 32,552 | | | | | | | — | | | | | | | 34.84 | | | | | | | 3/22/2027 | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2022 | | | | | | | 137,512 | | | | | | | — | | | | | | | 25.98 | | | | | | | 3/22/2027 | | | | | | | | | | | | | | | | | | | |||
| | | 7/1/2021 | | | | | | | 34,696 | | | | | | | — | | | | | | | 35.46 | | | | | | | 3/22/2027 | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2021 | | | | | | | 61,349 | | | | | | | — | | | | | | | 24.01 | | | | | | | 3/22/2027 | | | | | | | | | | | | | | | | | | | |||
| | | 3/2/2020 | | | | | | | 160,427 | | | | | | | — | | | | | | | 14.43 | | | | | | | 3/22/2027 | | | | | | | | | | | | | | | | | | | |||
| | | 6/3/2019 | | | | | | | 29,717 | | | | | | | — | | | | | | | 21.96 | | | | | | | 3/22/2027 | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2019 | | | | | | | 36,236 | | | | | | | — | | | | | | | 38.02 | | | | | | | 3/22/2027 | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2018 | | | | | | | 23,357 | | | | | | | — | | | | | | | 48.53 | | | | | | | 3/22/2027 | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2017 | | | | | | | 31,662 | | | | | | | — | | | | | | | 34.72 | | | | | | | 3/1/2027 | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2016 | | | | | | | 166,089 | | | | | | | — | | | | | | | 5.40 | | | | | | | 3/1/2026 | | | | | | | | | | | | | | | | | | | |||
Jonathan Lock(5)
|
| | | | | 3/1/2023 | | | | | | | 2,366 | | | | | | | — | | | | | | | 38.32 | | | | | | | 4/23/2027 | | | | | | | | | | | | | | | | | | |
| | | 3/1/2023 | | | | | | | 2,306 | | | | | | | — | | | | | | | 34.84 | | | | | | | 4/23/2027 | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2022 | | | | | | | 11,459 | | | | | | | — | | | | | | | 25.98 | | | | | | | 4/23/2027 | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2021 | | | | | | | 20,449 | | | | | | | — | | | | | | | 24.01 | | | | | | | 4/23/2027 | | | | | | | | | | | | | | | | | | | |||
| | | 3/2/2020 | | | | | | | 22,459 | | | | | | | — | | | | | | | 14.43 | | | | | | | 4/23/2027 | | | | | | | | | | | | | | | | | | | |||
| | | 6/3/2019 | | | | | | | 14,858 | | | | | | | — | | | | | | | 21.96 | | | | | | | 4/23/2027 | | | | | | | | | | | | | | | | | | | |||
| | | 3/1/2019 | | | | | | | 5,574 | | | | | | | — | | | | | | | 38.02 | | | | | | | 4/23/2027 | | | | | | | | | | | | | | | | | | | |||
| | | 5/1/2018 | | | | | | | 9,713 | | | | | | | — | | | | | | | 48.25 | | | | | | | 4/23/2027 | | | | | | | | | | | | | | | | | | |
GRANT DATE
|
| |
OUTSTANDING VESTING DATES
|
|
5/8/2024 | | | Vests in equal installments on May 8, 2025, 2026 and 2027 | |
3/1/2023 | | | Vests in equal installments on March 1, 2025 and 2026 | |
3/1/2022 | | | Vests on March 1, 2025 | |
GRANT DATE
|
| |
OUTSTANDING VESTING DATES
|
|
8/6/2024 | | | Vests in equal installments on August 6, 2025, 2026 and 2027 | |
5/8/2024 | | | Vests in equal installments on March 1, 2025, 2026 and 2027 | |
8/1/2023 | | | Vests in equal installments on August 1, 2025 and 2026 | |
8/1/2023 | | | RSUs with vesting date of August 1, 2026 | |
3/1/2023 | | | Vests in equal installments on March 1, 2025 and 2026 | |
3/1/2023 | | | RSUs with vesting date of March 1, 2026 | |
9/1/2022 | | | RSUs with vesting date of September 1, 2025 | |
3/1/2022 | | | RSUs with vesting date of March 1, 2025 | |
3/1/2022 | | | PSUs with performance period ended December 31, 2024, vest in first quarter 2024 | |
GRANT DATE
|
| |
OUTSTANDING VESTING DATES
|
|
5/8/2024 | | |
Performance period ending December 31, 2026. The number of PSUs reported is based on achievement of target performance
|
|
3/1/2023 | | |
Performance period ending December 31, 2025. The number of PSUs reported is based on achievement of threshold performance
|
|
| | | |
Option Awards(1)(3)
|
| | |
Stock Awards(2)(3)
|
| ||||||||||||||||||||
Name
|
| | |
Number of Shares
Acquired on Exercise (#) |
| | |
Value Realized on
Exercise ($) |
| | |
Number of Shares
Acquired on Vesting (#) |
| | |
Value Realized
on Vesting ($) |
| ||||||||||||
Denise Dignam | | | | | | — | | | | | | | — | | | | | | | 13,889 | | | | | | | 367,896 | | |
Kristine Wellman | | | | | | — | | | | | | | — | | | | | | | 5,817 | | | | | | | 123,719 | | |
Joseph Martinko | | | | | | — | | | | | | | — | | | | | | | 3,891 | | | | | | | 85,351 | | |
Gerardo Familiar | | | | | | — | | | | | | | — | | | | | | | 4,699 | | | | | | | 104,518 | | |
Matthew Abbott | | | | | | — | | | | | | | — | | | | | | | 20,717 | | | | | | | 485,342 | | |
Mark Newman | | | | | | — | | | | | | | — | | | | | | | 25,370 | | | | | | | 527,192 | | |
Jonathan Lock | | | | | | — | | | | | | | — | | | | | | | 2,385 | | | | | | | 49,570 | | |
|
2025 PROXY STATEMENT |
|
| |
80
|
|
Name
|
| | |
Executive
Contributions in Last Fiscal Year ($)(1) |
| | |
Registrant
Contribution in Last Fiscal Year ($)(2) |
| | |
Aggregate
Earning in Last Fiscal Year ($)(3) |
| | |
Aggregate
Withdrawals / Distributions in Last Fiscal Year ($) |
| | |
Aggregate
Balance at Last Fiscal Year-End ($) |
| |||||||||||||||
Denise Dignam | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RSRP
|
| | | | | 95,454 | | | | | | | 95,454 | | | | | | | 29,326 | | | | | | | | | | | | | | 315,626 | | |
Kristine Wellman | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RSRP
|
| | | | | 36,124 | | | | | | | 36,124 | | | | | | | 13,899 | | | | | | | | | | | | | | 178,349 | | |
Matthew Abbott | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RSRP
|
| | | | | 18,198 | | | | | | | 18,198 | | | | | | | 17,434 | | | | | | | | | | | | | | 220,778 | | |
Mark Newman | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RSRP
|
| | | | | — | | | | | | | — | | | | | | | 143,966 | | | | | | | -5,614 | | | | | | | 1,381,580 | | |
MDCP
|
| | | | | — | | | | | | | — | | | | | | | 133,729 | | | | | | | -893,567 | | | | | | | 201,243 | | |
Jonathan Lock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RSRP
|
| | | | | — | | | | | | | — | | | | | | | 15,240 | | | | | | | | | | | | | | 144,356 | | |
| | | |
RSRP
($) |
| | |
MDCP
($) |
| | |
Total
($) |
| |||||||||
Denise Dignam | | | | | | 174,167 | | | | | | | — | | | | | | | 174,167 | | |
Kristine Wellman | | | | | | 44,454 | | | | | | | — | | | | | | | 44,454 | | |
Mark Newman | | | | | | 848,725 | | | | | | | 856,700 | | | | | | | 1,705,425 | | |
Jonathan Lock | | | | | | 43,744 | | | | | | | — | | | | | | | 43,744 | | |
|
2025 PROXY STATEMENT |
|
| |
82
|
|
Name(9)(10)
|
| | |
Form of
Compensation(1) |
| | |
Voluntary
or for Cause ($) |
| | |
Involuntary
Termination Without Cause ($)(2) |
| | |
Retirement
($)(3) |
| | |
Death
($)(4) |
| | |
Disability
($)(5) |
| | |
Change in
Control with Assumption or Substitution(6) |
| | |
Change in
Control without Assumption or Substitution(7) |
| | |
Termination
without Cause or Resignation for Good Reason in Connection with Change in Control(8) |
| ||||||||||||||||||||||||
Denise Dignam
|
| | |
Annual Salary
|
| | | | | — | | | | | | | 487,500 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 2,925,000 | | |
| Target Annual Bonus | | | | | | — | | | | | | | 1,170,000 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 3,510,000 | | | |||
|
Target Annual Bonus (pro-rated)
|
| | | | | — | | | | | | | — | | | | | | | — | | | | | | | 1,170,000 | | | | | | | 1,170,000 | | | | | | | — | | | | | | | — | | | | | | | 1,170,000 | | | |||
| Health and Dental Benefits | | | | | | — | | | | | | | 5,133 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 61,593 | | | |||
| Outplacement Services | | | | | | — | | | | | | | 2,150 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 12,900 | | | |||
| Stock Options | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | |||
| RSUs | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 933,590 | | | | | | | 933,590 | | | | | | | — | | | | | | | 933,590 | | | | | | | 933,590 | | | |||
| PSUs | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 471,127 | | | | | | | 471,127 | | | | | | | — | | | | | | | 471,127 | | | | | | | 909,132 | | | |||
| Total | | | | |
|
—
|
| | | | |
|
1,664,783
|
| | | | |
|
—
|
| | | | |
|
2,574,717
|
| | | | |
|
2,574,717
|
| | | | |
|
—
|
| | | | |
|
1,404,717
|
| | | | |
|
9,522,215
|
| | |||
Shane Hostetter
|
| | |
Annual Salary
|
| | | | | — | | | | | | | 48,462 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 1,260,000 | | |
| Target Annual Bonus | | | | | | — | | | | | | | 472,500 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 945,000 | | | |||
|
Target Annual Bonus (pro-rated)
|
| | | | | — | | | | | | | — | | | | | | | — | | | | | | | 472,500 | | | | | | | 472,500 | | | | | | | — | | | | | | | — | | | | | | | 472,500 | | | |||
| Health and Dental Benefits | | | | | | — | | | | | | | 8,143 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 65,146 | | | |||
| Outplacement Services | | | | | | — | | | | | | | 2,150 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 8,600 | | | |||
| Stock Options | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | |||
| RSUs | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 451,382 | | | | | | | 451,382 | | | | | | | — | | | | | | | 451,382 | | | | | | | 451,382 | | | |||
| PSUs | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | |||
| Total | | | | |
|
—
|
| | | | |
|
531,255
|
| | | | |
|
—
|
| | | | |
|
923,882
|
| | | | |
|
923,882
|
| | | | |
|
—
|
| | | | |
|
451,382
|
| | | | |
|
3,202,628
|
| |
Name(9)(10)
|
| | |
Form of
Compensation(1) |
| | |
Voluntary
or for Cause ($) |
| | |
Involuntary
Termination Without Cause ($)(2) |
| | |
Retirement
($)(3) |
| | |
Death
($)(4) |
| | |
Disability
($)(5) |
| | |
Change in
Control with Assumption or Substitution(6) |
| | |
Change in
Control without Assumption or Substitution(7) |
| | |
Termination
without Cause or Resignation for Good Reason in Connection with Change in Control(8) |
| ||||||||||||||||||||||||
Kristine Wellman
|
| | |
Annual Salary
|
| | | | | — | | | | | | | 106,651 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 1,100,000 | | |
| Target Annual Bonus | | | | | | — | | | | | | | 385,000 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 770,000 | | | |||
|
Target Annual Bonus (pro-rated)
|
| | | | | — | | | | | | | — | | | | | | | — | | | | | | | 385,000 | | | | | | | 385,000 | | | | | | | — | | | | | | | — | | | | | | | 385,000 | | | |||
| Health and Dental Benefits | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | |||
| Outplacement Services | | | | | | — | | | | | | | 2,150 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 8,600 | | | |||
| Stock Options | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | |||
| RSUs | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 253,956 | | | | | | | 253,956 | | | | | | | — | | | | | | | 253,956 | | | | | | | 253,956 | | | |||
| PSUs | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 101,631 | | | | | | | 101,631 | | | | | | | — | | | | | | | 101,631 | | | | | | | 220,057 | | | |||
| Total | | | | |
|
—
|
| | | | |
|
493,801
|
| | | | |
|
—
|
| | | | |
|
740,588
|
| | | | |
|
740,588
|
| | | | |
|
—
|
| | | | |
|
355,588
|
| | | | |
|
2,737,614
|
| | |||
Joseph Martinko
|
| | |
Annual Salary
|
| | | | | — | | | | | | | 237,500 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 950,000 | | |
| Target Annual Bonus | | | | | | — | | | | | | | 332,500 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 665,000 | | | |||
| Target Annuel Bonus | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 332,500 | | | | | | | 332,500 | | | | | | | — | | | | | | | — | | | | | | | 332,500 | | | |||
| Health and Dental Benefits | | | | | | — | | | | | | | 2,197 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 17,579 | | | |||
| Outplacement Services | | | | | | — | | | | | | | 2,150 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 8,600 | | | |||
| Stock Options | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | |||
| RSUs | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 188,993 | | | | | | | 188,993 | | | | | | | — | | | | | | | 188,993 | | | | | | | 188,993 | | | |||
| PSUs | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 34,206 | | | | | | | 34,206 | | | | | | | — | | | | | | | 34,206 | | | | | | | 103,654 | | | |||
| Total | | | | |
|
—
|
| | | | |
|
574,347
|
| | | | |
|
—
|
| | | | |
|
555,699
|
| | | | |
|
555.699
|
| | | | |
|
—
|
| | | | |
|
223,199
|
| | | | |
|
2,266,326
|
| | |||
Gerardo Familiar
|
| | |
Annual Salary
|
| | | | | — | | | | | | | 206,290 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 950,000 | | |
| Target Annual Bonus | | | | | | — | | | | | | | 332,500 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 665,000 | | | |||
|
Target Annual Bonus (pro-rated)
|
| | | | | — | | | | | | | — | | | | | | | — | | | | | | | 332,500 | | | | | | | 332,500 | | | | | | | — | | | | | | | — | | | | | | | 332,500 | | | |||
| Health and Dental Benefits | | | | | | — | | | | | | | 5,518 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 44,145 | | | |||
| Outplacement Services | | | | | | — | | | | | | | 2,150 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 8,600 | | | |||
| Stock Options | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | |||
| RSUs | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 281,047 | | | | | | | 281,047 | | | | | | | — | | | | | | | 281,047 | | | | | | | 281,047 | | | |||
| PSUs | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 34,615 | | | | | | | 34,615 | | | | | | | — | | | | | | | 34,615 | | | | | | | 103,654 | | | |||
| Total | | | | |
|
—
|
| | | | |
|
546,458
|
| | | | |
|
—
|
| | | | |
|
648,162
|
| | | | |
|
648,162
|
| | | | |
|
—
|
| | | | |
|
315,662
|
| | | | |
|
2,384,946
|
| |
|
2025 PROXY STATEMENT |
|
| |
84
|
|
|
2025 PROXY STATEMENT |
|
| |
86
|
|
Element
|
| | |
Median
Employee $ |
| | |
CEO (1)
$ |
| ||||||
Salary (includes Overtime)(2) | | | | | | 104,262 | | | | | | | 975,000 | | |
Stock Awards | | | | | | 0 | | | | | | | 2,386,089 | | |
Option Awards | | | | | | 0 | | | | | | | 2,195,702 | | |
Non-Equity Incentive Plan Compensation/Bonus(3) | | | | | | 3,198 | | | | | | | 864,923 | | |
Change in Pension Value | | | | | | 0 | | | | | | | 0 | | |
All Other Compensation(4) | | | | | | 6,397 | | | | | | | 134,154 | | |
Summary Compensation Table Totals | | | | | | 113,856 | | | | | | | 6,555,868 | | |
CEO Pay Ratio | | | |
58:1
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Value of Initial Fixed $100 Investment Based on: | | | | | | | | | | | | | | | | ||||||||||
Year | | | | Summary Compensation Table Total for First PEO(1) | | | | Compensation Actually Paid to First PEO(2) | | | | Summary Compensation Table Total for Second PEO(3) | | | | Compensation Actually Paid to Second PEO(4) | | | | Summary Compensation Table Total for Third PEO(5) | | | | Compensation Actually Paid to Third PEO(6) | | | | Average Summary Compensation Table Total for Non-PEO(7) | | | | Average Compensation Actually Paid to Non-PEO NEO(S)(8) | | | | Total Shareholder Return(9) | | | | Per Group Total Shareholder Return(10) | | | | Net Income (Millions)(11)) | | | | Adjusted EBITDA (Millions)(12) | | ||||||||||||||||||||||||||||||||||||
2024 | | | | | | | | | | | | | | | | | | | | | | | | ( | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||
2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ( | | | | | | | | | | | | | | | | | | | ( | | | | | | | | | ||||||||||
2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
2025 PROXY STATEMENT |
|
| |
88
|
|
| | | | PEO 1 | | | | PEO 2 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | 2024 | | | | 2023 | | | | 2022 | | | | 2021 | | | | 2020 | | | | 2024 | | | | 2023 | | | | 2022 | | | | 2021 | | | | 2020 | | ||||||||||||||||||||||||||||||
Summary Compensation Table Total | | | | | | | | | | | | | | | | | | | | | | | $ | | | | | | $ | | | | | | $ | | | | | | $ | | | | | | $ | | | | | | $ | | | | | | | | | ||||||||||
Less: Reported Fair Value of Equity Awards(a) | | | | | | | | | | | | | | | | | | | | | | | $ | | | | | | $ | | | | | | | | | | | | $ | | | | | | $ | | | | | | $ | | | | | | | | | ||||||||||
Add: Year-End Fair Value of Equity Awards Granted in the Year(b(i)) | | | | | | | | | | | | | | | | | | | | | | | $ | | | | | | $ | | | | | | | | | | | | $ | | | | | | $ | | | | | | $ | | | | | | | | | ||||||||||
Add: Change in Fair Value of Equity Awards Granted in Prior Years and Remain Unvested(b(II)) | | | | | | | | | | | | | | | | | | | | | | | $ | | | | | | $ | ( | | | | | | | | | | | | $ | ( | | | | | | $ | ( | | | | | | $ | | | | | | | | | |||||||
Add: Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year(b(III)) | | | | | | | | | | | | | | | | | | | | | | | $ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Add: Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year(b(iv)) | | | | | | | | | | | | | | | | | | | | | | | $ | | | | | | $ | ( | | | | | | $ | ( | | | | | | $ | | | | | | $ | | | | | | $ | | | | | | | | | ||||||||
Add: Fair Value at the End of Prior Year of Equity Awards that Fail to Meet Vesting Conditions(b(v)) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | ( | | | | | | $ | ( | | | | | | | | | | | | | | | | | | | | | ||||||||
Add: Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation(b(vi)) | | | | | | | | | | | | | | | | | | | | | | | $ | | | | | | $ | | | | | | $ | ( | | | | | | $ | ( | | | | | | $ | | | | | | $ | | | | | | | | | ||||||||
Less: Reported Change in the Actuarial Present Value of Pension Benefits(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Add: Actuarially determined service cost for services rendered during the fiscal year | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Add: Entire cost of benefits granted in a plan amendment (or initiation) during the applicable year that are attributed by the benefit formula to services rendered in periods prior to the plan amendment or initiation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
CAP | | | | | | | | | | | | | | | | | | | | | | | $ | | | | | | $ | | | | | | $ | ( | | | | | | $ | | | | | | $ | | | | | | $ | | | | | | | | |
| | | | PEO 3 | | | | NEO Average | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | 2024 | | | | 2023 | | | | 2022 | | | | 2021 | | | | 2020 | | | | 2024 | | | | 2023 | | | | 2022 | | | | 2021 | | | | 2020 | | ||||||||||||||||||||||||||||||
Summary Compensation Table Total | | | | | $ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | | | | | | $ | | | | | | $ | | | | | | $ | | | | | | $ | | | ||||||||||
Less: Reported Fair Value of Equity Awards(a) | | | | | $ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | | | | | | $ | | | | | | $ | | | | | | $ | | | | | | $ | | | ||||||||||
Add: Year-End Fair Value of Equity Awards Granted in the Year(b(i)) | | | | | $ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | | | | | | $ | | | | | | $ | | | | | | $ | | | | | | $ | | | ||||||||||
Add: Change in Fair Value of Equity Awards Granted in Prior Years and Remain Unvested(b(II)) | | | | | $ | ( | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | ( | | | | | | $ | ( | | | | | | $ | ( | | | | | | $ | | | | | | $ | ( | | | |||||
Add: Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year(b(III)) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Add: Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year(b(iv)) | | | | | $ | ( | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | ( | | | | | | $ | | | | | | $ | | | | | | $ | | | | | | $ | ( | | | |||||||
Add: Fair Value at the End of Prior Year of Equity Awards that Fail to Meet Vesting Conditions(b(v)) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | ( | | | | | | $ | ( | | | | | | | | | | | | | | | | | | | | | ||||||||
Add: Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation(b(vi)) | | | | | $ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | | | | | | $ | ( | | | | | | $ | | | | | | $ | | | | | | $ | | | |||||||||
Less: Reported Change in the Actuarial Present Value of Pension Benefits(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Add: Actuarially determined service cost for services rendered during the fiscal year | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Add: Entire cost of benefits granted in a plan amendment (or initiation) during the applicable year that are attributed by the benefit formula to services rendered in periods prior to the plan amendment or initiation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
CAP | | | | | $ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | | | | | | $ | ( | | | | | | $ | | | | | | $ | | | | | | $ | | |
|
2025 PROXY STATEMENT |
|
| |
90
|
|
|
2025 PROXY STATEMENT |
|
| |
92
|
|
|
THE BOARD RECOMMENDS THAT YOU VOTE “FOR” THE APPROVAL, ON AN
ADVISORY BASIS, OF THE COMPENSATION OF THE NAMED EXECUTIVE OFFICERS AS DESCRIBED IN THIS PROXY STATEMENT. |
|
|
2025 PROXY STATEMENT |
|
| |
94
|
|
|
THE BOARD RECOMMENDS THAT YOU VOTE “FOR” THE PROPOSAL TO RATIFY THE
SELECTION OF PRICEWATERHOUSECOOPERS LLP AS INDEPENDENT PUBLIC ACCOUNTING FIRM FOR FISCAL YEAR 2025 |
|
| | | |
2024
(in Thousands) |
| | |
2023
(in Thousands) |
| ||||||
Audit fees(1) | | | | | $ | 8,018 | | | | | | $ | 9,695 | | |
Audit-related fees(2) | | | | | | 633 | | | | | | | 413 | | |
Tax fees(3) | | | | | | 233 | | | | | | | 448 | | |
All other fees(4) | | | | | | 4 | | | | | | | 3 | | |
Total | | | | | $ | 8,888 | | | | | | $ | 10,559 | | |
|
2025 PROXY STATEMENT |
|
| |
96
|
|
|
2025 PROXY STATEMENT |
|
| |
98
|
|
|
THE BOARD RECOMMENDS THAT YOU VOTE “FOR” THE PROPOSAL TO AMEND THE
COMPANY’S AMENDED AND RESTATED CERTIFICATE OF INCORPORATION TO REMOVE THE SUPERMAJORITY VOTING REQUIREMENTS WITH RESPECT TO CERTIFICATE AND BYLAW AMENDMENTS. |
|
|
2025 PROXY STATEMENT |
|
| |
100
|
|
|
If you AGREE with this proposal, please mark your proxy FOR this resolution.
|
|
|
2025 PROXY STATEMENT |
|
| |
102
|
|
|
THE BOARD RECOMMENDS THAT YOU VOTE “AGAINST” THIS SHAREHOLDER PROPOSAL.
|
|
|
2025 PROXY STATEMENT |
|
| |
104
|
|
|
IMPORTANT
|
|
|
We value the input and support of all shareholders. Whether your share holdings are large or
small, please promptly submit your proxy by telephone, through the Internet or by mail. |
|
MANAGEMENT PROPOSALS
|
| | |
BOARD VOTE
RECOMMENDATION |
|
Proposal 1 — Election of Directors
Our Board is comprised of highly qualified directors with the depth and diversity of skills to support our refreshed corporate growth strategy
|
| | |
![]()
FOR
EACH NOMINEE |
|
Proposal 2 — Advisory Vote on Executive Compensation
The CLDC believes that 2024 pay outcomes are aligned with our financial performance results and our shareholders’ experience
|
| | |
![]() FOR
|
|
Proposal 3 — Ratification of Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP is qualified to serve as our independent auditor and possesses the expertise needed to audit our corporate financial statements
|
| | |
![]() FOR
|
|
Proposal 4 — Proposal to Amend the Amended and Restated Certificate of Incorporation to Eliminate Supermajority Voting Provisions with Respect to Certificate and Bylaw Amendments
The Board has determined that it is in the best interests of the Company and its shareholders to amend the Certificate to remove the supermajority voting requirements
|
| | |
![]() FOR
|
|
Proposal 5 — Shareholder Proposal to Adopt Policy to Assess Biodiversity Impacts Prior to Commencing Mining Operations
The Board has determined that is it not in the best interests of the Company and its shareholders to approve this Proposal because it is unnecessary and duplicative.
|
| | |
![]() AGAINST
|
|
|
2025 PROXY STATEMENT |
|
| |
106
|
|
|
![]() |
| | |
![]() |
| | |
![]() |
| | |
![]() |
|
|
INTERNET
|
| | |
MAIL
|
| | |
TELEPHONE
|
| | |
DURING THE MEETING
|
|
|
Visit www.AALVote.com/CC. Have your proxy card available when you access the above website. Follow the prompts to vote your shares by Internet until 11:59 p.m., Eastern Time, on April 21, 2025.
|
| | |
Mark, sign, and date your proxy card, then detach it, and return it in the postage-paid envelope provided.
|
| | |
Use any touch-tone telephone to vote your proxy. Call 1 866-804- 9616 Have your proxy card available when you call. Follow the voting instructions to vote your shares.
|
| | |
If you wish to vote your shares electronically during the virtual Annual Meeting, go to www.AALvote.com/CC during the Annual Meeting while the polls are open. You will need the control number on your proxy materials mailed to you, as applicable.
|
|
|
2025 PROXY STATEMENT |
|
| |
108
|
|
PROPOSAL
|
| |
VOTE REQUIRED
|
| |
BROKER DISCRETIONARY
VOTING ALLOWED? |
|
Elections of Directors | | | Majority of Votes Cast | | | No | |
Advisory Approval of Executive Compensation | | | Majority of Votes Represented and Entitled to Vote | | | No | |
Ratification of PwC LLP | | | Majority of Votes Represented and Entitled to Vote | | | Yes | |
Proposal to Amend the Amended and Restated Certificate of Incorporation to Eliminate Supermajority Voting Provisions with Respect to Certificate and Bylaw Amendments | | | At least eighty percent (80%) of the voting power of the Company’s stock then outstanding | | | No | |
Shareholder Proposal to Adopt Policy to Assess Biodiversity Impacts Prior to Commencing Mining Operations | | | Majority of Votes Represented and Entitled to Vote | | | No | |
|
2025 PROXY STATEMENT |
|
| |
110
|
|
|
2025 PROXY STATEMENT |
|
| |
112
|
|
| | | |
Year Ended
December 31, |
| ||||||||||
| | | |
2024
|
| | |
2023
|
| ||||||
Income (loss) before income taxes
|
| | | | $ | 127 | | | | | | $ | (318) | | |
Net income (loss) income attributable to Chemours
|
| | | | | 86 | | | | | | | (238) | | |
Non-operating pension and other post-retirement employee benefit cost | | | | | | (3) | | | | | | | 0 | | |
Exchange losses, net | | | | | | 9 | | | | | | | 38 | | |
Restructuring, asset-related, and other charges(1) | | | | | | 58 | | | | | | | 153 | | |
Goodwill impairment charge(2) | | | | | | 56 | | | | | | | 0 | | |
Loss on extinguishment of debt | | | | | | 1 | | | | | | | 1 | | |
Gain on sales of assets and businesses, net(3) | | | | | | (3) | | | | | | | (110) | | |
Transaction costs(4) | | | | | | 2 | | | | | | | 16 | | |
Qualified spend recovery(5) | | | | | | (26) | | | | | | | (54) | | |
Litigation-related charges(6) | | | | | | (15) | | | | | | | 764 | | |
Environmental charges(7) | | | | | | 15 | | | | | | | 9 | | |
Adjustments made to income taxes(8) | | | | | | 4 | | | | | | | (19) | | |
Benefit from income taxes relating to reconciling items(9) | | | | | | (2) | | | | | | | (135) | | |
Adjusted Net Income
|
| | | | | 182 | | | | | | | 425 | | |
Net income attributable to non-controlling interests | | | | | | 0 | | | | | | | 1 | | |
Interest expense, net | | | | | | 264 | | | | | | | 208 | | |
Depreciation and amortization | | | | | | 301 | | | | | | | 307 | | |
All remaining provision for income taxes | | | | | | 39 | | | | | | | 73 | | |
Adjusted EBITDA
|
| | | | $ | 786 | | | | | | $ | 1,014 | | |
|
2025 PROXY STATEMENT |
|
| |
114
|
|
| | | |
Year Ended December 31,
|
| ||||||||||
| | | |
2024
|
| | |
2023
|
| ||||||
Numerator: | | | | | | | | | | | | | | | |
Net income (loss) attributable to Chemours
|
| | | | $ | 86 | | | | | | $ | (238) | | |
Adjusted Net Income
|
| | | | | 182 | | | | | | | 425 | | |
Denominator: | | | | | | | | | | | | | | | |
Weighted-average number of common shares outstanding – basic
|
| | | | | 149,494,462 | | | | | | | 148,912,397 | | |
Dilutive effect of the Company’s employee compensation plans(1)
|
| | | | | 677,827 | | | | | | | 1,584,958 | | |
Weighted-average number of common shares outstanding – diluted(1)
|
| | | | | 150,172,289 | | | | | | | 150,497,355 | | |
Basic earnings (loss) per share of common stock(2) | | | | | $ | 0.58 | | | | | | $ | (1.60) | | |
Diluted earnings (loss) per share of common stock(1)(2) | | | | | | 0.57 | | | | | | | (1.60) | | |
Adjusted basic earnings per share of common stock(2) | | | | | | 1.21 | | | | | | | 2.85 | | |
Adjusted diluted earnings per share of common stock(1)(2) | | | | | | 1.21 | | | | | | | 2.82 | | |
|
2025 PROXY STATEMENT |
|
| |
116
|
|