Christopher L. Pederson
About Christopher L. Pederson
Christopher L. Pederson served as Senior Vice President and President of Specialty Engineered Materials (SEM) at Avient from November 2018 until his retirement effective June 30, 2025; he was 58 as of February 10, 2025 . His career spans advanced materials and composites leadership: Senior Engineer at Boeing (1992–2001), multiple vice president roles at Cytec including Aerospace (2004–2016), Vice President, Strategy at Hexcel (2017–2018), and he led Avient’s SEM segment through a strategic shift toward composites platforms . In 2024, Avient delivered 3% revenue growth to $3.24 billion and adjusted EPS of $2.66; SEM achieved adjusted operating income of $168.9 million, while company TSR for the five-year PVP measurement ended 2024 reached $125.38 versus peer group $137.58 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Avient Corporation | SVP & President, Specialty Engineered Materials | Nov 2018–Jun 2025 | Led SEM growth; advanced composites platform building; delivered 2024 SEM adjusted operating income of $168.9M |
| Hexcel Corporation | Vice President, Strategy | 2017–2018 | Portfolio strategy for advanced composites; value creation initiatives |
| Cytec Engineered Materials | Vice President, Aerospace | 2009–2016 | Led aerospace materials business; specialty bonding and composites growth |
| Cytec | Vice President, Research & Development | 2004–2009 | R&D leadership across specialty materials platforms |
| Boeing | Senior Engineer | 1992–2001 | Advanced materials engineering on aircraft platforms |
External Roles
- None disclosed in Avient filings .
Fixed Compensation
| Component | 2024 | Notes |
|---|---|---|
| Base Salary | $504,500 | Base set at $510,000 effective Apr 8, 2024; 2024 paid reflects proration |
| Target Bonus % | 65% of base | SEM blended corporate/segment plan |
| Actual Annual Incentive Paid (2024) | $598,101 | Payout based on 183.8% attainment under SEM plan |
| All Other Compensation (2024) | $42,539 | Includes $15,525 Qualified Savings Plan contribution; $12,470 Supplemental Retirement Plan; other benefits $14,544 |
Performance Compensation
2024 Annual Incentive – SEM Plan
| Metric | Weighting | Threshold | Target | Maximum | Actual | Payout % |
|---|---|---|---|---|---|---|
| Adjusted Operating Income (SEM) ($MM) | 59.5% | $144.5 | $151.3 | $158.5 | $168.9 | 200.0% |
| Adjusted Operating Income (Consolidated) ($MM) | 10.5% | $312.7 | $330.0 | $347.3 | $350.7 | 200.0% |
| Working Capital as % of Sales (SEM) | 20.0% | 16.9% | 16.2% | 15.7% | 16.0% | 144.2% |
| Sustainability Objectives | 10.0% | See proxy | See proxy | See proxy | Achieved (safety & landfill; energy not met) | 150.0% |
| Total Attainment | — | — | — | — | — | 183.8% |
| Annual Incentive Summary (2024) | Value |
|---|---|
| Target Opportunity ($) | $325,408 |
| Payout % | 183.8% |
| Payout ($) | $598,101 |
Long-Term Incentive Awards
| Award Type | Grant Date | Quantity | Vesting / Hurdles | Exercise Price | Expiration |
|---|---|---|---|---|---|
| Stock-Settled SARs | Feb 22, 2024 | 20,600 | One-third at 1/2/3 anniversaries; 10%/15%/20% price hurdles achieved in 2024; time-based vesting governs going forward | $39.27 | Feb 22, 2034 |
| Stock-Settled RSUs | Feb 22, 2024 | 6,400 | Vest in full on third anniversary (Feb 22, 2027) | — | — |
| Stock-Settled SARs | Feb 17, 2023 | 6,134 (unearned/exercisable mix) | Two of three price hurdles achieved in 2024; vest on anniversaries as hurdles met | $42.93 | Feb 17, 2033 |
| Stock-Settled SARs | Feb 14, 2022 | 15,650 (unearned) | No price hurdles achieved as of Dec 31, 2024 | $52.64 | Feb 14, 2032 |
| RSUs (Outstanding at 12/31/24) | Feb 14, 2022 | 4,803; market value $196,251 | Vest in full on Feb 14, 2025 | — | — |
| RSUs (Outstanding at 12/31/24) | Feb 17, 2023 | 5,731; market value $234,169 | Vest in full on Feb 17, 2026 | — | — |
| RSUs (Outstanding at 12/31/24) | Feb 22, 2024 | 6,553; market value $267,756 | Vest in full on Feb 22, 2027 | — | — |
2022–2024 Cash-Settled Performance Units
| Performance Period | Weighting | Threshold | Target | Maximum | Result | Payout % |
|---|---|---|---|---|---|---|
| FY 2022 | 25% | $2.89 | $3.26 | $3.48 | $2.93 | 55% |
| FY 2023 | 25% | $2.34 | $2.86 | $3.49 | $1.69 | 0% |
| FY 2024 | 25% | $2.41 | $3.12 | $4.29 | $2.02 | 0% |
| Cumulative 2022–2024 | 25% | $7.65 | $9.25 | $11.27 | $6.64 | 0% |
| Total Attainment | — | — | — | — | — | 14% |
| 2022–2024 Performance Unit Payout (Pederson, paid Feb 2025) | $28,000 |
Equity Ownership & Alignment
| Ownership Item | Value |
|---|---|
| Shares Owned (direct/indirect) | 27,870 |
| Right to Acquire (exercisable SARs within 60 days) | 10,066 |
| Total Beneficial Ownership | 37,936 |
| % of Shares Outstanding | <1% (based on 91,532,542 shares) |
| Retirement Savings Plan credited shares | 7,718 |
| Supplemental Retirement Benefit Plan credited shares | 4,930 |
| Stock Ownership Guideline | 20,000 shares |
| Total Share Ownership as of Feb 28, 2025 (guideline tracking) | 59,314 (above guideline) |
| Hedging/Pledging | Prohibited by Insider Trading Policy |
| Clawback Policy | NYSE-compliant; 3-year mandatory accounting restatement recovery; permissive prior policy for misconduct |
| 2024 Option Exercises & Stock Vested | Value |
|---|---|
| Options/SARs Exercised (2024) | None |
| Shares Acquired on RSU Vesting (2024) | 5,151; value $190,639 |
| Shares Withheld for Taxes on Vesting (2024) | 1,668 |
| 2024 Nonqualified Deferred Compensation (Supplemental Plan) | Value |
|---|---|
| Executive Contributions (2024) | $6,827 |
| Company Contributions (2024) | $12,470 |
| Aggregate Earnings (2024) | $700 |
| Aggregate Balance at 12/31/2024 | $202,387 |
Employment Terms
| Provision | Details |
|---|---|
| Executive Severance Plan (involuntary termination without cause) | 2x base salary paid as salary continuation; AIP for year of termination; 2 years of subsidized medical/dental/vision; 12 months outplacement; subject to release and 2-year non-compete/non-solicit |
| Continuity (Change-of-Control) Agreement (double-trigger) | 2x base salary and 2x targeted annual incentive (Pederson has 2-year protection); health benefits for up to 2 years; financial planning allowance; retirement plan contributions; no excise tax gross-ups for continuing NEOs |
| Equity Acceleration | Upon change of control: RSUs/SARs accelerate; performance units pre-2024 at actual, ongoing at target |
| Payments & Benefits (as of 12/31/2024, $40.86 stock price) – Involuntary Termination Without Cause | Cash severance $1,618,101; health/welfare $44,836; outplacement $12,000; RSUs prorated $410,643; SARs prorated $17,129; AIP for year of termination $598,101 |
| Payments & Benefits (Termination without cause or for good reason following a Change of Control) | Cash severance $1,670,816; health/welfare $44,836; financial planning $10,000; lump sum for defined contribution plans $87,914; RSUs full $698,175; SARs full $32,754; cash-settled performance units $443,000 |
Investment Implications
- Alignment and retention: Pederson exceeded Avient’s stock ownership guideline (59,314 vs 20,000); Avient prohibits hedging/pledging and maintains a robust clawback—strong pay-for-performance and shareholder alignment .
- Limited near-term selling pressure: No SAR exercises in 2024; RSU vesting delivered 5,151 shares with tax withholding, pointing to routine vesting rather than discretionary sales .
- Long-term incentive underperformance: 2022–2024 performance units paid at 14%, indicating stretch goals and muted cash LTIP payouts—reducing immediate windfalls and supporting disciplined capital allocation .
- Leadership transition risk: Retirement effective June 30, 2025; Avient appointed David N. Schneider to lead SEM in September 2025—monitor continuity of SEM strategy and margin trajectory under new leadership .
- 2024 execution: Company revenue grew 3% to $3.24B, adjusted EPS reached $2.66, and SEM adjusted operating income was $168.9M; annual incentive payout of 183.8% reflects strong segment and consolidated performance against targets .
Appendix – Additional Governance and Compensation Context
- Say-on-pay: 2024 approval >96%; 2023 approval ~94%—consistent broad investor support for compensation design .
- Consultant & peer group: Willis Towers Watson engaged; compensation decisions informed by a 15-company peer group (Ashland, Eastman, Celanese, FMC, etc.) .
- No related party transactions: None reported for 2024 .
Footnote: All data above sourced from Avient SEC filings and materials; citations embedded inline.