Siddharth Manjeshwar
AdvanSixAbout Siddharth Manjeshwar
Senior Vice President and Chief Financial Officer of AdvanSix from October 1, 2024 through his termination on July 9, 2025; age 48 at appointment. He holds a B.E. in Electronics (University of Mumbai), an M.S. in Computer Science (James Madison University), and an MBA (Georgetown McDonough). His remit encompassed controllership, treasury, IR, procurement, internal audit, commercial finance, tax, and FP&A, reporting to the CEO. Company compensation programs during his tenure tied pay to Adjusted EBITDA and Free Cash Flow annually and to multi‑year EPS and ROI with an rTSR modifier for LTI; 2024 STIP paid out at 92% of target to NEOs, while 2022 PSU awards vested at 0% based on cumulative EPS of $10.38 and average ROI of 12.1%, underscoring cyclical performance risk. His separation was stated not to result from any disagreement with management or the Board.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Air Products | Vice President, Corporate Treasurer & Investor Relations | Most recent role prior to ASIX | Led corporate treasury and IR; established strategies to accelerate growth and profitability. |
| FirstLight Power | Chief Financial Officer | 2018–2021 | CFO responsibilities across strategic and financial functions. |
| Dynegy Inc. | Vice President, Corporate Finance & M&A; Treasurer | 2012–2018 | Led corporate finance and M&A; enterprise treasury. |
| Deutsche Bank; Barclays Capital/Lehman Brothers | Investment Banking | 2005–2012 | Corporate finance and advisory experience in banking. |
External Roles
No public company directorships disclosed.
Fixed Compensation
| Component | 2024 | 2025 | Notes |
|---|---|---|---|
| Annual Base Salary ($) | $525,000 | $525,000 | Effective with CFO appointment Oct 1, 2024. |
| Target Annual Bonus (% of Salary) | 70% | 70% | Unchanged from 2024 to 2025. |
| Actual STIP Payout ($) | $84,525 (prorated) | — | Company performance achievement 92% of target; payout made in Q1 2025. |
| Sign‑on Cash ($) | $25,000 (repayable if <2 years’ service) | — | Contingent repayment provision on exit before 2 years. |
Equity (Time‑Based RSUs)
| Grant Date | Instrument | Shares | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| 10/1/2024 | Sign‑on RSU | 26,437 | $799,984 (26,437 × $30.26) | Cliff vest on 3rd anniversary of grant (sign‑on) |
| 12/31/2024 (valuation ref) | RSU MV at FY‑end | — | $753,190 (based on $28.49 closing) | Outstanding at FY‑end. |
Note: 2024 LTI program changed RSU vesting from 3‑year cliff to ratable over 3 years for awards granted Feb 28, 2024; sign‑on RSUs granted Oct 1, 2024 retained 3‑year cliff vest.
Performance Compensation
Short‑Term Incentive (STIP) — 2024
| Metric | Weighting | Target | Actual | Payout | Vesting/Payment |
|---|---|---|---|---|---|
| Adjusted EBITDA | 60% | Not disclosed | Not disclosed | Company payout factor 92% of target | Paid Q1 2025 |
| Free Cash Flow | 20% | Not disclosed | Not disclosed | Company payout factor 92% of target | Paid Q1 2025 |
| Leadership Team Strategic Objectives (incl. ESG) | 20% | Not disclosed | Not disclosed | Company payout factor 92% of target | Paid Q1 2025 |
2025 STIP changes: Free Cash Flow removed (moved to LTI); Adjusted EBITDA weighting increased to 80%; threshold achievement raised to 50%; target opportunities unchanged.
Long‑Term Incentive (LTI)
| Cycle | Instrument | Metric(s) | Weighting | rTSR Modifier | Notes |
|---|---|---|---|---|---|
| 2024 LTI | PSU | Cumulative EPS; Average 3‑year ROI | 50% each | ±10% vs S&P Small Cap 600 Materials Index | Siddharth did not receive 2024 PSU award (joined Oct). |
| 2025 LTI | PSU | EPS; ROI; Free Cash Flow | 33.3% each | ±20% vs S&P Small Cap 600 Materials Index | Program modified to manage cyclical environment; PSUs remain 50% of LTI mix. |
| 2024 LTI | RSU | Time‑based | 50% | n/a | Ratable vesting over 3 years for Feb 28, 2024 grants; Siddharth’s sign‑on RSUs vest at 3 years. |
PSU vesting outcomes: 2022 PSU cycle (granted Feb 2022) paid 0% after performance period ended Dec 31, 2024; cumulative EPS $10.38 and average ROI 12.1% were below threshold targets.
Equity Ownership & Alignment
| Item | Value | Notes |
|---|---|---|
| Beneficial Ownership (Common Shares) | 0 | As of April 1, 2025; includes options exercisable. |
| Ownership % of Outstanding | <1% | Company outstanding shares 26,807,818; Siddharth <1%. |
| Options (Exercisable/Unexercisable) | 0 / 0 | No options outstanding. |
| RSUs (Unvested) | 26,437 | Market value $753,190 at 12/31/2024. |
| PSUs (Outstanding) | — | No 2024 PSU grant; eligible starting 2025 cycle. |
| Pledging/Hedging | Prohibited | Company policy prohibits pledging, hedging, short sales, and options trading. |
| Stock Ownership Guideline | 3× base salary (CFO) | Must meet within 5 years; until met, must retain 100% of net shares from vesting/exercise. |
| Guideline Compliance (as of April 1, 2025) | Not yet satisfied | New hire exception; other executives met guidelines. |
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Appointment | SVP & CFO effective Oct 1, 2024 | |
| Separation | Employment terminated effective July 9, 2025; no equity vesting upon separation; entitled to Executive Severance Pay Plan benefits contingent on separation agreement and release; departure not due to disagreement | |
| Base Salary | $525,000 | |
| Target Bonus | 70% of base salary (prorated for 2024) | |
| Sign‑on Cash | $25,000; repayable if <2 years of employment | |
| Sign‑on RSUs | $800,000 award value; cliff vest on 3rd anniversary | |
| Severance (Without Cause / Good Reason) | $892,500 cash (1× salary + target bonus); STIP for year of termination $84,525; outstanding equity awards value $753,190 | |
| Change‑in‑Control (No Termination) | Outstanding equity awards value $753,190 | |
| Change‑in‑Control (Termination) | $1,417,500 cash; STIP target $367,500; outstanding equity awards value $753,190 | |
| Clawback | Dodd‑Frank/NYSE‑compliant clawback covering incentive comp tied to financial reporting measures for prior 3 fiscal years | |
| Non‑compete / Non‑solicit | Award agreements provide cancellation/repayment upon violation of non‑competition, non‑solicitation, or non‑disclosure covenants | |
| Insider Trading | Policy prohibits trading on MNPI; pre‑clearance required for certain insiders; blackout periods observed |
Performance & Track Record
- 2024 STIP metrics and payout: Adjusted EBITDA (60%), Free Cash Flow (20%), and Strategic Objectives (20%); company performance achieved 92% of target resulting in a prorated payout to Siddharth of $84,525.
- Long‑term performance insight: 2022 PSU cycle vested at 0% after the 3‑year period (EPS $10.38; average ROI 12.1%), highlighting cyclicality and difficulty in setting multi‑year targets; led to 2025 LTI changes adding Free Cash Flow and increasing rTSR modifier to ±20%.
Investment Implications
- Alignment and retention: As a recent hire, Siddharth had not met the 3× salary ownership guideline; the sign‑on RSU grant with 3‑year cliff vest created retention value, but his termination in July 2025 resulted in no equity vesting, mitigating near‑term insider selling pressure.
- Pay‑for‑performance calibration: STIP paid at 92% of target for 2024, while PSUs from the 2022 cycle paid 0%, validating a design that can differentiate outcomes across cycles and prompting 2025 program enhancements (higher EBITDA weighting in STIP; FCF added to LTI; larger rTSR band).
- Change‑in‑control economics: Cash severance equal to 1× salary+bonus for covered terminations, and $1,417,500 under CIC termination for the CFO role; outstanding equity awards are shown in CIC tables even without termination, which investors should consider in modeling potential deal scenarios.
- Governance and risk: No disagreement cited upon departure; robust clawback and strict anti‑pledging/hedging policies reduce governance‑related red flags; however, CFO turnover presents execution risk and may warrant scrutiny of finance function continuity and STIP/LTI metric targets going forward.