Carl Ford
Academy Sports & OutdoorsAbout Carl Ford
Earl Carlton (Carl) Ford IV is Executive Vice President and Chief Financial Officer of Academy Sports & Outdoors (ASO), serving as CFO since July 2023 after joining Academy in January 2019. He is 47 years old, a licensed CPA, and holds a master’s in accounting (University of Alabama) and a bachelor’s in accounting (University of Southern Mississippi). In fiscal 2024 (year ended Feb 1, 2025), ASO’s net sales declined 3.7% to $5.93B and Adjusted EBIT declined 18.1% to $602M, which contributed to below-target annual bonus outcomes for executives, including Ford. His disclosed 2024 achievements included returning $396M to shareholders, generating $342M Adjusted Free Cash Flow (+3.5% YoY), and delivering $25M below SG&A plan despite softer top-line results.
Profile
| Item | Detail |
|---|---|
| Current role | EVP & CFO (since July 2023) |
| Age | 47 |
| Company tenure | Joined January 2019 |
| Education | MAcc, University of Alabama; BAcc, University of Southern Mississippi |
| Credentials | Active Certified Public Accountant |
| FY2024 company performance context | Net sales $5.93B (-3.7% YoY); Adj. EBIT $602M (-18.1% YoY) |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Academy Sports + Outdoors | EVP & CFO | July 2023–present | Executive finance leadership during period of tariff mitigation, inventory pull-forward, and SG&A control; below-plan SG&A by $25M in 2024 |
| Academy Sports + Outdoors | SVP, Finance; led FP&A; also led Loss Prevention & Inventory Control | Jan 2019–July 2023; LP/IC from Feb 2020–July 2023 | Built FP&A capabilities; oversight of LP and inventory control through COVID recovery and supply chain normalization |
| Belk, Inc. | VP FP&A; VP Internal Audit; other accounting/treasury leadership (15 years) | Not disclosed (15 years at Belk) | Led FP&A and internal audit for large retailer; broad finance and controls experience |
| Deloitte & Touche | Audit (early career) | Not disclosed | Public accounting foundation (audit) |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | ASO’s 10-K executive officer section does not list external public company directorships for Mr. Ford |
Fixed Compensation
| Component | 2024 Value/Terms |
|---|---|
| Year-end base salary | $525,000 (5.0% increase from $500,000 in 2023) |
| Target annual bonus | 120% of base salary |
| Actual 2024 bonus paid | $402,681 (63.9% of target; comprised of 53.9% company metric payout and 10% individual metric payout) |
Performance Compensation
Annual Bonus Framework (2024)
| Metric | Weight | Structure | Gate/Threshold | Result vs Target | Payout Mechanics |
|---|---|---|---|---|---|
| Adjusted EBIT | 45% | Company performance | Must achieve ≥80% of Adj. EBIT target for any payout | Company achieved 85.5% of Adj. EBIT target | Linear interpolation; overall company-metric payout was 53.9% |
| Net Sales | 45% | Company performance | — | Company achieved 95.5% of Net Sales target | Included in 53.9% company payout |
| Individual goals | 10% | Strategic/leadership objectives | — | “Achieved target” for Ford | 10% added to overall payout |
Long-Term Equity (2024 grants; awarded 3/26/2024)
| Award type | Shares | Grant-date value | Metrics/vesting |
|---|---|---|---|
| Performance RSUs (target) | 9,544 | $624,941 | 3-year cliff vest; 75% Adjusted Pre-Tax Net Income and 25% ROIC; payout 0–200% with 85% target=50% payout; 115% target=200% payout (FY2024–FY2026) |
| Time-based RSUs | 9,544 | $624,941 | Vests ratably over 3 years from grant date, subject to service |
Notes:
- No stock options were granted to NEOs in 2024; prior option grants remain outstanding per award schedules.
Equity Ownership & Alignment
Beneficial Ownership
| Holder | Shares Beneficially Owned | % of Shares Outstanding |
|---|---|---|
| Carl Ford | 35,402 | <1% (asterisk indicated in table) |
Outstanding and Unvested Awards (as of FY2024 year-end, closing price $52.31)
| Grant | Instrument | Status | Quantity | Economics/Terms |
|---|---|---|---|---|
| 3/31/2021 | Stock options | Exercisable/Unexercisable | 8,526 / 2,842 | $26.99 strike; expires 3/31/2031 |
| 3/30/2022 | Stock options | Exercisable/Unexercisable | 5,086 / 5,087 | $39.17 strike; expires 3/30/2032 |
| 3/30/2022 | Time RSUs | Unvested | 499 | $26,103 market value as of 1/31/2025 |
| 3/30/2022 | Performance RSUs | Unearned | 135 | $7,062 market/payout value; subject to price-performance condition |
| 3/21/2023 | Time RSUs | Unvested | 2,577 | $134,803 market value |
| 9/6/2023 | Performance RSUs | Unearned | 9,727 | $508,819 market/payout value |
| 9/6/2023 | Stock options | Exercisable/Unexercisable | 3,279 / 6,559 | $51.40 strike; expires 9/6/2033 |
| 9/6/2023 | Time RSUs | Unvested | 3,242 | $169,589 market value |
| 3/26/2024 | Performance RSUs | Unearned | 9,544 | $499,247 market/payout value |
| 3/26/2024 | Time RSUs | Unvested | 9,544 | $499,247 market value |
Additional alignment policies:
- Executive stock ownership guidelines: Executive Vice Presidents must hold stock equal to 3.0x base salary within five years; current NEOs are in compliance or within the timeframe.
- Prohibition on hedging and pledging of company stock; pre-clearance and trading windows required under Insider Trading Policy.
Vesting/supply watch-outs:
- Time-based RSUs vest annually over three years from grant dates; performance RSUs cliff-vest after the three-year performance period (FY2024–FY2026), potentially increasing saleable share supply upon vesting (subject to trading policies).
Employment Terms
| Term | Key details |
|---|---|
| Employment timeline | EVP & CFO since July 2023; with Academy since January 2019 |
| Non-compete / non-solicit | Up to 24 months post-termination (with additional confidentiality/non-disparagement provisions) |
| Severance (without cause or good reason resignation) | Cash severance (salary+bonus): $1,248,820; pro-rata bonus: $402,681; COBRA: $36,825; equity: no acceleration; total of $1,688,326 (based on Feb 1, 2025 assumptions) |
| Change-of-control (double-trigger within 24 months) | Same cash severance and pro-rata bonus as above; equity acceleration includes options ($144,771), time RSUs ($803,639), performance RSUs ($1,034,169); total of $3,670,905 (based on Feb 1, 2025 assumptions) |
| Death/Disability | Equity acceleration values: options $108,358; time RSUs $318,568; performance RSUs $505,628; total $932,554 (based on Feb 1, 2025 assumptions) |
| Clawback policy | Recoupment for restatements/overpayments and detrimental conduct; covers cash and equity incentives |
| Tax gross-ups | No tax gross-ups on severance/change-in-control payments |
| Deferred comp/pension | No defined benefit pension or non-qualified deferred compensation plans |
Performance & Track Record
- 2024 results/context and bonus outcomes
- Net sales $5.93B (-3.7% YoY), gross margin 33.9% (vs 34.3% in 2023), Diluted EPS $5.73 (vs $6.70), Adjusted EBIT $602M (-18.1%), ROIC 23% (vs 28%), eCommerce 10.5% penetration; annual bonus paid at 63.9% of target for Ford.
- CFO execution highlights
- Shareholder capital returns and cash generation: $396M returned (buybacks + dividends); $342M Adjusted FCF (+3.5% YoY) in 2024.
- 2025 guidance update (Sept 2, 2025): narrowed sales outlook to -3.0% to +1.0% with updated EPS guidance; Ford cited tariff visibility and mitigation tactics.
- Operational levers (Sept 2025 transcript): identified supply chain and WMS-driven opportunities (load planning, cross-docking, DC staging) and described ~$100M inventory pull-forward at pre-tariff prices; indicated focus on SG&A discipline with investment in growth initiatives.
Governance, Say-on-Pay, and Peer Practices
- Compensation design and best practices: Majority of NEO pay is at-risk; annual bonus metrics are 90% company (Adj. EBIT and Net Sales) and 10% individual; 2024 eliminated options in favor of 50% PSUs and 50% time RSUs; clawback policy; ownership guidelines; no single-trigger CoC vesting; no tax gross-ups.
- Say-on-Pay support: 2024 SOP vote received over 98% support.
Investment Implications
- Pay-for-performance alignment: Ford’s 2024 bonus (63.9% of target) appropriately flexed down with below-target sales/Adj. EBIT results, while LTI is heavily performance-tied (Adj. Pre-Tax Income and ROIC over three years), reinforcing multi-year alignment.
- Retention risk vs. protection: Moderate; meaningful unvested RSUs and double-trigger equity acceleration support retention, while 24-month non-compete/non-solicit and no CoC cash enhancements temper exit incentives.
- Selling pressure watch: Time-based RSUs vest annually and PSUs cliff-vest in FY2026, creating potential supply upon vesting; however, pre-clearance, trading windows, and a hedging/pledging ban reduce aggressive monetization risks.
- Execution signals: CFO commentary and guidance suggest focus on tariff mitigation, supply chain/WMS efficiency, and disciplined SG&A—key levers for margin stabilization and FCF durability into FY2025–FY2026.