Marc Prieur
APTARGROUPAbout Marc Prieur
Marc Prieur is President of Aptar Beauty (formerly Beauty + Home) and member of Aptar’s Executive Committee. He has led the global Beauty segment since December 2019 after prior leadership roles across Food + Beverage, Operational Excellence, Consumer Health Care (EMEA), and Pharma (Asia) since joining Aptar in 1998 . As of February 9, 2024 he was 58 years old . Under the current pay program, corporate TSR over the past five years lagged the S&P 500 and S&P Midcap 400 but was ahead of Aptar’s peer group; 2024 company results included record sales of $3.6B, net income of $375M, and diluted EPS of $5.53, with Beauty-specific headwinds reflected in his reduced 2024 STI payout (see below) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Aptar Beauty / Beauty + Home | President | Dec 2019–present | Leads global Beauty segment; focused on profitability improvement, innovation pipeline, and regional capability build-out . |
| Aptar Food + Beverage | President | Sep 2018–Nov 2019 | Segment leadership; transitioned to Beauty + Home presidency . |
| Aptar (Corporate) | VP, Operational Excellence | Jun 2017–Aug 2018 | Drove cross-segment operational improvements . |
| Aptar Pharma (EMEA Sales & Operations – Consumer Health Care) | President | Jun 2013–Jun 2017 | Led regional sales/ops for Consumer Health Care . |
| Aptar Pharma (Asia) | President | Jun 2008–Jun 2013 | Built regional Pharma presence across Asia . |
| Aptar Group | Various, joined 1998 | 1998–present | Long-tenured Aptar leader (seniority counts from June 1, 1998) . |
External Roles
- No external directorships disclosed for Mr. Prieur in Aptar’s filings reviewed. (Not disclosed in 10-K officer lists) .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base salary (USD) | $625,779 | $664,273 |
| Target bonus (% of base) | 75% | 75% |
| STI performance factor | 110.5% | 50.9% |
| STI cash paid | $529,491 | $248,547 |
| Notable perquisites/benefits (contract) | Swiss employment: insurance, auto/mobile per policy; non-compete consideration (see Employment Terms) | Swiss employment: insurance, auto/mobile per policy; non-compete consideration (see Employment Terms) |
Performance Compensation
Annual STI design and 2024 outcomes (Corporate/Segment-weighted)
| Metric | Weight | 2024 Target framing | 2024 Beauty actual | Payout driver |
|---|---|---|---|---|
| STI Adjusted EBITDA growth vs. prior year | 50% | Continuous improvement; year-over-year growth bands | -5.1% | Below threshold at segment level; contributed to 50.9% overall factor . |
| Core sales (organic) growth vs. prior year | 25% | Continuous improvement; year-over-year growth bands | -3.8% | Below threshold at segment level . |
| Optimization initiative (SG&A + labor cost of sales as % of sales) | 25% | Anchored to 2024 budget | Corporate actual 38.3% (threshold) | Corporate-level result at threshold; factorization into NEO payout . |
STI participants may elect up to 50% of STI in RSUs with a 20% RSU uplift; for 2024, Prieur was not listed among those who elected RSU deferral (CEO, CFO, Touya, and Gong elected) .
Long-term Incentive (LTI) structure and 2024 grants
- Mix: 50% PRSUs (Adjusted ROIC over 3 years with relative TSR modifier), 25% RSUs, 25% stock options; RSUs/options vest ratably over 3 years; PRSUs vest based on 2024–2026 performance (0–250%) .
| Award type | Grant date | #/Units | Grant date fair value (USD) | Vesting/terms |
|---|---|---|---|---|
| PRSUs | Mar 15, 2024 | 4,508 | $657,221 | 3-year performance (Adjusted ROIC; TSR modifier 75–125%) . |
| RSUs | Mar 15, 2024 | 2,229 | $307,491 | Ratable over 3 years . |
| NQ stock options (ex. price $141.00) | Mar 15, 2024 | 8,689 | $313,412 | Ratable over 3 years; 10-year term . |
| LTI target value (%/USD) | Early 2024 | 175% of salary | $1,174,093 | Target mix 50% PRSUs / 25% options / 25% RSUs . |
Historical performance vesting reference:
- 2021 PRSU (Beauty + Home) retention/recognition grant (segment ROIC and EBITDA margin) paid 0% due to below-threshold results (ROIC 3.4%, EBITDA margin 12.0% vs thresholds 9.0% and 14.0%) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 26,792 shares; options exercisable/RSUs vesting within 60 days: 16,843; <1% of shares outstanding . |
| Stock ownership guideline | Executives must hold ≥3x base salary; Prieur exceeds guideline . |
| Hedging/pledging | Prohibited for executive officers; subject to Insider Trading Policy . |
| Clawback | Standalone clawback policy for restatements; Dodd-Frank compliant . |
Vested vs unvested (as of Dec 31, 2024):
- Unvested RSUs: 5,073 ($796,968 at $157.10) .
- Unvested PRSUs (reported at maximum for table presentation): 34,770 ($5,462,288 at $157.10) .
Upcoming RSU vesting schedule (units):
| Year | RSUs vesting |
|---|---|
| 2025 | 2,794 |
| 2026 | 1,536 |
| 2027 | 743 |
Options outstanding (as of Dec 31, 2024):
| Grant | Exercisable | Unexerc. | Exercise price | Expiry | In/Out of the money vs $157.10 |
|---|---|---|---|---|---|
| Feb 5, 2016 | 3,500 | — | $71.12 | 02/05/2026 | In-the-money . |
| Feb 10, 2017 | 6,500 | — | $74.79 | 02/10/2027 | In-the-money . |
| Mar 15, 2023 | 3,955 | 7,911 | $122.52 | 03/15/2033 | In-the-money . |
| Mar 15, 2024 | — | 8,689 | $141.00 | 03/15/2034 | In-the-money (vs $157.10) . |
2024 exercises/vestings:
- Options exercised: 5,500 (value realized $486,156); RSUs vested: 5,795 ($785,737); PRSUs vested: 3,759 ($538,777) .
Employment Terms
| Provision | Key terms |
|---|---|
| Contract & role | Swiss-law employment; President, Aptar Beauty; member of ExCom . |
| Minimum salary (2025) | $659,470 (local currency translated) . |
| Target STI | 75% of base salary . |
| Non-compete / non-solicit | 2-year non-compete and 2-year non-solicit; monthly payments equal to 50% of average monthly gross salary (incl. bonus) during prior 12 months; breach penalty equals one year’s base salary (avg incl. STI) . |
| Termination (no CIC) | If terminated by Company (except for serious/gross negligence or long-term sickness/disability): cash equal to six months’ base salary plus prorated average annual gross bonus over prior 3 years . |
| Change-in-control (within 2 years) | Cash equal to one year’s base salary plus the average annual gross bonus over prior 3 years . |
| Potential payments (12/31/2024 scenarios) | Involuntary termination: $1,012,548 cash; equity acceleration (RSUs/options): $0 (—), PRSUs: n/a; After CIC involuntary/good reason: $1,344,684 cash; RSU/option acceleration $1,210,422; PRSUs (assumed at target) $1,656,777 . |
| Disability/Death benefit | Insurance policy payoff of 500,000 CHF (converted to USD at 12/31/2024 spot for table) . |
Performance & Track Record
- Beauty segment dynamics and actions: At Aptar’s 2025 Investor Day, Prieur outlined Beauty segment scale (~$1.2B sales), profitability improvements through the downturn, strong innovation portfolio, and regional capability investments (ideation centers; rapid prototyping) .
- 2024 STI outcomes reflect segment headwinds: Beauty’s 2024 STI metrics showed -5.1% EBITDA growth and -3.8% core sales growth, driving his below-target payout (50.9%) .
- 2021 segment PRSU award (Beauty + Home) paid 0% (missed ROIC and EBITDA margin thresholds), evidencing outcome-based accountability in prior period .
Governance, Policies, and Shareholder Feedback
- Hedging/pledging prohibited; robust Insider Trading Policy .
- Clawback policy for restatements .
- Say-on-pay support: 2025 advisory vote results 55,201,530 For vs. 2,167,122 Against (strong support), with equity plan amendment approved, adding 1,000,000 shares to the 2018 Plan; total authorized to 4,150,000 .
- Equity plan burn/overhang context (as of Mar 14, 2025): outstanding options 1,617,814 (WASP $94.35; 4.1 years) and full-value awards 776,370 (incl. 515,245 PRSUs at target) .
Investment Implications
- Pay-for-performance alignment: Prieur’s 2024 STI (50.9%) and prior 2021 PRSU zero vesting underscore real accountability to segment performance; 2024 LTI remains majority performance-linked (PRSUs + options = 75%) .
- Retention risk appears managed: Competitive severance, meaningful non-compete consideration (50% salary for two years), and significant unvested equity reduce near-term flight risk .
- Potential selling pressure: A visible cadence of RSU vesting (2025–2027) and in-the-money options (2016/2017/2023/2024 grants) could modestly add to insider supply around vest/exercise windows; clawback/insider trading policies mitigate governance risk .
- Dilution/overhang: 2025 equity plan share increase supports ongoing talent incentives but modestly increases potential dilution; Aptar cites a three-year average burn rate of ~1.91% .
- Alignment and safeguards: Exceeds ownership guidelines; no hedging/pledging; comprehensive clawback—favorable alignment signals for investors tracking insider incentives .