Daniel Rabbitt
About Daniel Rabbitt
Daniel J. Rabbitt is Chief Financial Officer of Ball Corporation, appointed CFO on November 10, 2025 after serving as interim CFO since May 2025; he joined Ball in 2004 and has held senior roles including SVP, Corporate Planning & Development (2016–2025) and VP/GM of Ball’s Aerosol business; age 57 at appointment . Prior to Ball, Rabbitt was CFO and co‑founder of Mountain Union Telecom, LLC . Under his interim/CFO tenure, Ball reaffirmed full‑year 2025 guidance (12–15% comparable diluted EPS growth) and highlighted strong free cash flow and EVA growth, with 2024 net sales of $11.8B excluding aerospace; Rabbitt also emphasized capital returns and execution discipline as interim CFO in Q3 2025 commentary . Company context: management reported 2024 comparable diluted EPS growth of 9.3% YoY and significant deleveraging and buybacks following the Aerospace sale .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ball Corporation | Interim Chief Financial Officer | May 2025 – Nov 10, 2025 | Led finance through guidance reaffirmation; messaged strong FCF, EVA growth; executed capital return and balance sheet discipline . |
| Ball Corporation | Senior Vice President, Corporate Planning & Development | 2016 – 2025 | Oversaw strategy/M&A; “successfully closed a number of strategic transactions” including acquisitions, JVs, dispositions . |
| Ball Corporation | Vice President & General Manager, Aerosol business | Prior to 2016 | Operated Ball’s aerosol unit; senior operating leadership experience . |
| Ball Corporation | Various executive roles since joining | 2004 – Present | Worked closely with CEO and Board; corporate strategy and development leadership . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Mountain Union Telecom, LLC | Chief Financial Officer and Co‑Founder | Pre‑2004 | Co‑founded and led finance; entrepreneurial capital formation and operations experience . |
Fixed Compensation
| Component | Terms |
|---|---|
| Base Salary | $700,000 per year (effective upon CFO appointment Nov 10, 2025) . |
| Target Annual Cash Incentive | 90% of base salary (prorated for FY2025) . |
| Long‑Term Equity Target | 200% of base salary annually beginning in FY2026 under shareholder‑approved plans . |
| Perquisites | Company discloses “nominal” perquisites and no tax gross‑ups on perquisites for executives . |
Performance Compensation
Ball’s executive incentive architecture (applies to NEOs) emphasizes EVA and multi‑year value creation; as CFO, Rabbitt participates in the same programs, with 2025 design changes noted by management.
- Annual Incentive (2024 design reference): 80% based on consolidated EVA dollars; 20% on Individual Performance Objectives; 0–200% payout range; hurdle rate ≥9% after‑tax; 2024 EVA over target by $212.1M led to 200% factor on EVA component .
- Long‑Term Incentives mix (2024): 20% Long‑Term Cash (LTCIC), 40% Stock Options, 40% Performance‑Contingent RSUs (PC‑RSUs) .
- LTCIC metrics: 50% three‑year relative TSR vs S&P 500 subset; 50% three‑year ROAIC (7%/9%/11% = threshold/target/max); 2022–2024 cycle paid 100% overall (0% TSR, 200% ROAIC) .
- PC‑RSUs metric: absolute corporate EVA dollars in year 3, with 0%/100%/200% payout aligned to threshold/target/max growth (4% target CAGR, 8% max) over three years .
| Metric | Weight | Target | Actual (latest disclosed) | Payout | Vesting |
|---|---|---|---|---|---|
| Annual EVA Dollars (2024 plan) | 80% | EVA target for 2024 | Actual +$212.1M vs target | 200% EVA component | Annual cash payout early following year . |
| Individual Performance Objectives (2024) | 20% | Board‑approved IPOs | CEO IPO examples disclosed; NEO outcomes ranged 178%–188% overall | Contributes to overall payout | Annual . |
| LTCIC: Relative TSR (3‑yr) | 50% of LTCIC | 50th percentile (37.5%/75% threshold/max) | 13.8th percentile (2022–2024) | 0% | Cash settled after 3 years . |
| LTCIC: ROAIC (3‑yr) | 50% of LTCIC | 9% (7%/11% threshold/max) | 11.1% (2022–2024) | 200% | Cash settled after 3 years . |
| PC‑RSUs (3‑yr EVA$) | 100% of PC‑RSU tranche | Target EVA$ (4% CAGR) | 2022–2024 EVA$: $365.6M (above max) | 200% | Shares vest at end of 3‑yr performance . |
Compensation governance: anti‑hedging and anti‑pledging policies; robust clawback policy (cash and equity) including shareholder‑approved recoupment; change‑in‑control agreements are double‑trigger and limited to ≤2× pay; excise tax gross‑ups eliminated for current executives .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| RSU Grant (service‑based) | 6,253 RSUs awarded 08/15/2025; vest on third anniversary (08/15/2028), subject to continued employment . |
| Reported Disposition | Form 4 reports a disposition of 7,700 common shares on 08/15/2025 (transaction code details not characterized here) . |
| DSP‑related RSU Conversion | 1,600 RSUs converted into common on 09/15/2025 upon vesting of Deposit Share Program grant; DSP RSUs vest on fourth anniversary of grant date . |
| Ownership Guidelines | Executives subject to “rigorous” stock ownership guidelines (multiples not specified in proxy excerpts) . |
| Anti‑hedging/Anti‑pledging | Executives prohibited from hedging or pledging Ball stock . |
| Clawback | Cash and stock awards (service‑ and performance‑based) subject to robust recoupment policy . |
Employment Terms
| Term | Detail |
|---|---|
| Appointment | Appointed CFO effective November 10, 2025; interim CFO since May 2025 . |
| Base Salary | $700,000 . |
| Target Bonus | 90% of base salary (prorated for FY2025) . |
| Annual Equity Target | 200% of base salary beginning FY2026; under shareholder‑approved equity plans . |
| Severance/CoC Framework | Company policy: CoC multiples ≤2× pay; double‑trigger required; excise tax gross‑ups eliminated for current executives; clawback policy in effect . |
| Non‑compete/Non‑solicit | Not specifically disclosed for Rabbitt in filed materials reviewed. |
| Deferred Compensation | Participation available under company’s non‑qualified deferred comp plans . |
Compensation Structure Analysis
- Strong at‑risk mix: CFO package ties majority of target compensation to annual incentive (EVA‑driven) and multi‑year equity/cash performance plans (ROAIC/TSR/EVA$), aligning with shareholder value creation .
- Governance strength: Double‑trigger CoC, anti‑hedging/pledging, robust clawback and no excise tax gross‑ups reduce governance risk; say‑on‑pay averaged 93% approval over last three years, indicating broad investor support .
- 2025 incentive context: Company reaffirmed 2025 EPS growth guidance (12–15%) amid continued capital returns, creating potential for above‑target annual bonus outcomes if EVA and IPOs track positively .
Performance & Track Record
- 2024 outcomes: Management reported 9.3% YoY growth in comparable diluted EPS, deleveraging to ~2.5× net debt/EBITDA, and nearly $2B returned via buybacks/dividends following the Aerospace divestiture .
- 2025 trajectory: Interim CFO Rabbitt communicated resilience and progress toward 2025 objectives, including strong free cash flow and return of capital; company reiterated EPS growth guidance and strategic focus on EVA growth .
Say‑on‑Pay, Peer Group, and Benchmarking
- Say‑on‑Pay: Average 93% approval over the last three years .
- Peer group and benchmarking: Compensation benchmarked to a defined industry peer set and general industry; pay set around median with discretion based on tenure/performance; peer group includes packaging, food & beverage, chemicals, and related manufacturers (e.g., Crown, Silgan, Graphic Packaging, PPG, Sherwin‑Williams) .
Investment Implications
- Alignment and incentives: Rabbitt’s package (90% target bonus; 200% equity target) and the firm’s EVA/ROAIC/TSR framework align CFO incentives with cash generation, returns on capital, and shareholder returns, supporting disciplined capital allocation and cost control .
- Retention and selling pressure: Recent RSU grant (6,253) with three‑year cliff vesting and DSP‑related RSU vesting promote retention; a reported disposition of 7,700 shares on 08/15/2025 is noted, but Form 4 coding should be monitored to distinguish sale vs. tax withholding; continued tracking of 10b5‑1 plans and vesting calendars is prudent .
- Governance risk low: Double‑trigger CoC ≤2× pay, anti‑pledging/hedging, and robust clawbacks mitigate downside governance risks; high say‑on‑pay support indicates low compensation friction with shareholders .
Block quotes and citations:
- “On November 10, 2025, the Board approved the appointment of Daniel Rabbitt, 57, as Chief Financial Officer… initial base salary of $700,000… annual cash incentive target of 90%… annual equity awards with a target value of 200% of base salary beginning FY2026” .
- 2025 Q3 outlook quotes and Rabbitt commentary on returning at least $1.5B to shareholders and 12–15% EPS growth expectation .
- Governance practices: anti‑hedging/pledging, clawback, double‑trigger CoC ≤2× pay, no excise tax gross‑ups .