Matt McCabe
Academy Sports & OutdoorsAbout Matt McCabe
Matt McCabe is Executive Vice President and Chief Merchandising Officer (CMO) at Academy Sports + Outdoors (ASO), appointed effective June 25, 2023 after joining the company in December 2016; he was 52 at appointment and holds a Bachelor of Science from Miami University . Company performance that drives his pay-for-performance incentives: FY2024 net sales were $5.93B (-3.7% YoY), Adjusted EBIT was $602M (-18.1% YoY), eCommerce penetration 10.5%, ROIC 23%, diluted EPS $5.73; Academy returned $396M to shareholders (buybacks + dividends) . Executive bonus outcomes aligned with results: in FY2024, CMO bonuses paid 63.9% of target on 53.9% achievement of company metrics plus 10% individual goals; in FY2023 he earned 8% of target (including a merchant-specific plan with inventory-aged modifier) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Academy Sports + Outdoors | EVP, Chief Merchandising Officer | Appointed Jun 25, 2023 | Leads merchandising; succession from CMO to CEO unlocked; directly accountable to CEO |
| Academy Sports + Outdoors | SVP, General Merchandise Manager – Footwear | Sep 2017–Jun 2023 | Led footwear growth and brand differentiation |
| Academy Sports + Outdoors | VP, Divisional Merchandise Manager – Athletics & Licensed Apparel | Dec 2016–Sep 2017 | Managed athletics/licensed apparel merchandising |
| Golfsmith International | Vice President | Prior to Dec 2016 (date not specified) | Led apparel, footwear, consumables buying and private brand business |
| The Bon-Ton, Bachrach, Sears & Roebuck Co., Mark Shale | Various leadership roles | Not disclosed | Retail merchandising and leadership experience |
External Roles
No public-company directorships or external roles disclosed .
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Year-end Base Salary ($) | $500,000 | $525,000 (5.0% increase) |
| Target Bonus (%) of Salary | 120% (raised upon promotion mid-2023) | 120% (unchanged from YE2023) |
| Actual Annual Bonus Paid ($) | $36,454 (combined Non-Executive and Executive plans) | $402,681 |
| All Other Compensation ($) | $20,374 | $15,330 (401k match; perqs < $10k) |
Performance Compensation
Annual Incentive Design (Executive Bonus Plan)
| Element | Weighting | Targeting/Structure | FY 2024 Outcome |
|---|---|---|---|
| Company Adjusted EBIT | 45% | Stretch goals; linear interpolation; bonus eligibility requires ≥80% of Adj. EBIT target | 53.9% of target payout contribution |
| Company Net Sales | 45% | Stretch goals; linear interpolation | 53.9% of target payout contribution |
| Individual Strategic Initiatives | 10% | CEO-approved goals; values-aligned assessment | 10.0% of target payout |
| Overall Achievement Factor | — | Sum of company and individual components | 63.9% of target; final bonus $402,681 |
Equity Incentives
| Grant | Date | Structure | Metrics | Target/Count | Vesting |
|---|---|---|---|---|---|
| Annual PSUs | Mar 26, 2024 | 50% of LTI | Adj. Pre-Tax Net Income (≈75%); ROIC (≈25%); 0–200% earn-out; linear; performance below 85% earns 0% | 9,544 PSUs ($624,941) | 3-year cliff (FY2024–FY2026) |
| Annual Time RSUs | Mar 26, 2024 | 50% of LTI | Time-based | 9,544 RSUs ($624,941) | Ratable over 3 years |
| Promotion LTI (Special) | Sep 6, 2023 | Mix of PSUs/Options/RSUs | Same PSU metrics as 2023 program | 9,727 PSUs; 9,838 Options (@ $51.40); 4,863 RSUs | Options 25% annually; RSUs ratable; PSUs 3-year FY2023–FY2025 |
FY 2023 Non-Executive Bonus Plan (pre-promotion) – Merchant Metrics
| Metric | Weight | Threshold | Target | Maximum | Actual | Payout % of Target |
|---|---|---|---|---|---|---|
| Company Merchant Net Sales ($B) | 50% | 6.12 | 6.80 | 7.48 | 6.13 | 1.6% |
| Company Merchant Gross Margin $ ($B) | 30% | 2.61 | 2.90 | 3.19 | 2.61 | 2.0% incl. +10% modifier for 12.7% aged inventory reduction |
| Adjusted EBIT ($M) | 20% | 748.0 | 880.0 | 1,012.0 | 735.1 | 0.0% |
| Overall Achievement Factor | — | — | — | — | — | 8.0%; final bonus $36,454 |
Equity Ownership & Alignment
| Category | As of FY2024 Year-End | Detail |
|---|---|---|
| Options – Exercisable (#) | 3,279 (9/6/2023 grant @ $51.40; exp. 9/6/2033) | Options vest 25% annually |
| Options – Unexercisable (#) | 6,559 (9/6/2023 grant @ $51.40; exp. 9/6/2033) | — |
| RSUs – Time-based (unvested #) | 3,725 (4/15/2022); 2,577 (3/21/2023); 3,242 (9/6/2023); 9,544 (3/26/2024) | Market values at $52.31: $194,855; $134,803; $169,589; $499,247 respectively |
| PSUs – Unearned (#) | 135 (3/30/2022); 9,727 (9/6/2023); 9,544 (3/26/2024) | Market/payout values $7,062; $508,819; $499,247 at $52.31 where applicable |
| RSUs – Earned (service vesting outstanding #) | 499 (3/30/2022 performance RSUs earned at 93.7%) | Market value $26,103 |
| Ownership Guidelines | EVP requirement: 3.0x base salary; all currently employed NEOs are in compliance or within 5-year window | Eligible securities include time RSUs and earned PSUs; options excluded until earned |
| Hedging/Pledging | Prohibited by Insider Trading Policy (including options trading/shorting/margin/pledging) | Pre-clearance required; trading confined to open windows |
Employment Terms
| Provision | Terms |
|---|---|
| Severance (Without Cause / Good Reason) | Cash severance = 2.0x (current base salary + average annual bonus of prior 2 years); pro-rata current year bonus (assumed 100% for individual goals); lump-sum COBRA equivalent (24 months) |
| Restrictive Covenants | Non-compete, non-solicit/no-hire of team members, and non-solicit of customers for up to 24 months post-termination; confidentiality and non-disparagement; IP assignment |
| Change-of-Control | Equity acceleration requires qualifying termination within 24 months; no enhanced cash severance vs. non-CoC termination |
| Clawback | Company-wide clawback covers cash and equity (time and performance) awards for restatements, errors, and detrimental conduct |
Estimated Payments (as of FY2024 year-end; illustrative)
| Scenario | Cash Severance ($) | Pro-Rata Bonus ($) | COBRA ($) | Equity Acceleration – Options ($) | Equity Acceleration – Time RSUs ($) | Equity Acceleration – PSUs ($) | Total ($) |
|---|---|---|---|---|---|---|---|
| Death/Disability | — | — | — | 108,358 | 513,423 | 505,628 | 1,127,409 |
| Without Cause / Good Reason | 1,226,628 | 402,681 | 36,825 | — | — | — | 1,666,134 |
| Without Cause / Good Reason following CoC | 1,226,628 | 402,681 | 36,825 | 144,771 | 998,493 | 1,034,169 | 3,843,567 |
Compensation Structure Analysis
- Pay mix shifted to more RSUs and performance equity in 2024: options eliminated; 50/50 split between PSUs and time RSUs with 3-year PSU cliff vesting, increasing equity-at-risk and longer-term alignment .
- Target bonus maintained at 120% for EVP; payouts flexed with performance (63.9% in 2024), reinforcing pay-for-performance discipline in a challenging year (Adj. EBIT down 18.1%) .
- Ownership guidelines and clawback, plus hedging/pledging prohibitions, strengthen alignment and reduce risk of misaligned incentives .
Related Party Transactions and Governance Red Flags
- No related-party transactions disclosed specific to McCabe; director/NEO compensation administered by independent Compensation Committee and independent consultants (FW Cook) .
- No option repricing/modification disclosed; hedging/pledging prohibited; no tax gross-ups on perquisites (financial planning, executive physicals) .
Compensation Peer Group (Benchmarking)
| Peer Companies (2023/2024) |
|---|
| American Eagle; Bath & Body Works; Caleres; Carter’s; Designer Brands; DICK’s Sporting Goods; Five Below; Foot Locker; Hibbett; Ross Stores; Sally Beauty Holdings; Signet Jewelers; The Gap; Tractor Supply Company; Ulta Beauty; Urban Outfitters; Williams-Sonoma |
Say-on-Pay & Shareholder Feedback
- Annual say-on-pay policy with Board recommendation “FOR” FY2024 NEO compensation; stockholder engagement expanded off-season in 2024 leading to governance proposals (declassification; remove supermajority) .
Expertise & Qualifications
- Retail merchandising leadership across Academy, Golfsmith, and department store chains; demonstrated execution in inventory management and brand differentiation; education: B.S., Miami University .
Work History & Career Trajectory
| Organization | Role | Time at Company |
|---|---|---|
| Academy Sports + Outdoors | EVP, CMO; SVP GMM Footwear; VP DMM Athletics & Licensed Apparel | Dec 2016–present; EVP since Jun 25, 2023 |
| Golfsmith International | Vice President | Prior to Dec 2016 |
| The Bon-Ton, Bachrach, Sears, Mark Shale | Various leadership roles | Not disclosed |
Investment Implications
- Alignment: Strong pay-for-performance mechanics (PSUs on multi-year Adjusted Pre-Tax Income and ROIC; annual bonus tied to Adj. EBIT and Net Sales) foster multi-year value creation; 2024 payout compression confirms sensitivity to profit underperformance .
- Retention/pressure: Severance at 2x salary+bonus and equity acceleration upon CoC termination reduce near-term attrition risk; trading windows, pre-clearance, and no hedging/pledging mitigate opportunistic selling pressure; ownership guidelines enforce continued skin-in-the-game .
- Execution signals: FY2023 merchant plan showed inventory-aged reduction improving payout; FY2024 individual achievements included inventory management, brand scaling, and leadership succession—positive for merchandising execution, but overall company profit softness reduced variable pay, keeping incentives tight .