Vanessa Kanu
APTARGROUPAbout Vanessa Kanu
AptarGroup appointed Vanessa Kanu as Executive Vice President and Chief Financial Officer effective January 1, 2025; she previously served as CFO of TELUS International and Mitel, and began her career at PwC. She is 46, a Canadian Chartered Accountant and U.S. CPA, and holds a BSc in International & Financial Economics (first-class honours) from the University of Hull; she also serves on Manulife Financial Corporation’s board . During the most recent fiscal year before her appointment, Aptar delivered record reported sales of $3.6B, net income of $375M, and EPS of $5.53, while five-year TSR lagged the S&P 500 and S&P Midcap 400 but exceeded the company’s peer group .
| Company Performance Snapshot | FY 2024 | Q1 2025 |
|---|---|---|
| Reported Sales | $3.6B | $887.3M |
| Net Income | $375M | $79M |
| Diluted EPS | $5.53 | $1.17 |
| Adjusted EBITDA / Margin | — | $183M / 20.7% |
| Capital Returns | 31st consecutive year of increased aggregate annual dividend | ~$110M returned; ~$80M repurchases |
Past Roles
| Organization | Role | Years | Strategic Impact / Notes |
|---|---|---|---|
| TELUS International | Chief Financial Officer | Sep 2020 – Mar 2024 | Public company CFO; led finance for global digital CX firm |
| Mitel Networks | Chief Financial Officer; prior finance leadership roles | May 2019 – Aug 2020 (CFO); ~16 years prior finance roles | Enterprise communications; global operations exposure |
| PwC | Audit & Business Advisory | ~5+ years | Foundational audit/controls expertise |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Manulife Financial Corporation | Director | Current | Large-cap financial services board experience |
Fixed Compensation
| Element | Terms |
|---|---|
| Base Salary | $720,000 initial annual base salary; may be increased, not decreased |
| Target Annual Bonus (STI) | 85% of base salary for 2025; actual payout based on goals set by the Compensation Committee |
| Long-Term Incentive (LTI) Target | 310% of base salary for calendar year 2025 |
Performance Compensation
| Short-Term Incentive (STI) Plan Design | Details |
|---|---|
| Metrics and Weighting | STI Adjusted EBITDA (profit) 50%, Core Sales 25%, Optimization initiative (SG&A + labor cost in COGS as % of sales) 25% |
| Target Setting | EBITDA and Core Sales targets based on year-over-year improvements; optimization target anchored to annual budget |
| Payout Mechanics | Pre-set achievement levels with capped payouts; plan emphasizes profit/cost control over sales growth |
| RSU Election Feature | Executives may elect to receive up to 50% of earned STI in RSUs; receive an additional 20% of the elected amount in RSUs; RSUs vest over 3 years, one-third annually |
| Long-Term Incentive (LTI) Structure | Details |
|---|---|
| Mix and Performance Orientation | The performance-based component represents 75% of annual equity grant (50% PRSUs, 25% stock options); remainder in time-based RSUs |
| PRSU Metric & Horizon | Adjusted ROIC over a three-year performance period; vesting only if threshold met |
| Grant Cadence | Ordinary-course annual equity grants generally approved around March 15 each year (or next business day) |
Equity Ownership & Alignment
| Policy / Practice | Detail |
|---|---|
| Executive Stock Ownership Guideline | Executive officers must hold company stock/RSUs equal to 3x base salary (CEO 6x); must retain 50% of net after-tax shares until guidelines met |
| Hedging & Pledging | Insider Trading Policy prohibits hedging, pledging or offsetting transactions by senior management |
| Clawback | Policy to recoup incentive comp for 3 years preceding a required restatement to the extent overpaid |
| Equity Grant Timing | Grants not timed around MNPI; typical annual cadence mid-March |
Employment Terms
| Term / Provision | Key Economics / Terms |
|---|---|
| Start / Role | EVP & CFO effective January 1, 2025 |
| Agreement Term | Agreement effective upon U.S. work authorization; the employment agreement is filed as Exhibit 10.1 (incorporated by reference in 10-K); public summaries indicate term continuing through Dec 31, 2027 with potential annual extensions |
| Base / Bonus / LTI Targets | Base $720k; 2025 STI target 85% of base; 2025 LTI target 310% of base |
| Severance (Non‑CIC) | If terminated without cause, cash severance equal to base salary through the scheduled expiration of the agreement term; benefits per agreement |
| Change in Control (CIC) | Lump-sum severance based on salary and average bonus multiples with benefits continuation; defined “Good Reason” and “Cause”; full terms in Exhibit 10.1 |
| Non‑Compete / Non‑Solicit | Post-termination non-compete and non-solicit covenants for 1–2 years depending on termination circumstances |
| Clawback / Hedging | Company-wide clawback and hedging/pledging prohibitions apply |
Additional Governance, Say‑on‑Pay, and Related‑Party Safeguards
- Say‑on‑Pay support remained strong (2024: ~97.4% approval), and in 2025 shareholders again approved the executive compensation program and amended 2018 Equity Plan; 2025 vote tallies: 55.2M For, 2.17M Against, 43.5K Abstain .
- Related‑party transactions: none requiring disclosure since January 1, 2024, under the company’s policy overseen by the Audit Committee .
- Insider trading and equity grant practices: hedging/pledging prohibited; ordinary-course equity grants typically around March 15, not timed to MNPI .
Investment Implications
- Alignment and performance orientation: Kanu’s package skews toward at‑risk pay with clear STI (profit/cost discipline focus) and PRSU ROIC metrics over multi‑year horizons, supporting shareholder alignment and cash/ROIC discipline .
- Retention and selling pressure: Three-year RSU vesting (including STI-for-equity elections with a 20% RSU kicker) plus stock ownership and hedging/pledging prohibitions reduce near‑term selling pressure and reinforce retention incentives .
- Change-in-control economics: Double‑trigger CIC protections with salary/bonus multiples and benefit continuation are market‑standard for CFOs; investors should model potential dilution/expense acceleration under CIC scenarios per the employment agreement .
- Trading cadence: Expect annual equity grant disclosures/Form 4 activity in mid‑March windows given grant timing practices; monitor for RSU/option awards and subsequent vesting schedules that could create periodic liquidity events .
- Program support: Strong say‑on‑pay outcomes and robust clawback/insider policies reduce governance risk and signal broad investor acceptance of the pay framework .
Note: As a newly appointed CFO (effective 1/1/2025), Kanu was not a 2024 NEO; therefore, individual 2024 compensation tables and beneficial ownership disclosures in the 2025 proxy focus on prior NEOs. Her compensation terms are governed by the employment agreement filed as Exhibit 10.1 on July 25, 2024 .