Steven Lee
About Steven Lee
Steven Lee, 55, is Senior Vice President, Controller and Chief Accounting Officer (principal accounting officer) of Bausch Health, effective July 14, 2025; he oversees financial reporting and corporate controllership and previously held CFO/CAO and controllership roles at BrandSafway and Mohawk Industries . Bausch Health’s incentive framework ties senior executive pay to company performance via an annual incentive plan weighted 75% to financials (Adjusted EBITDA and Revenue) and 25% to strategic priorities, and PSUs measured on Adjusted Operating Cash Flow with a relative TSR modifier, aligning compensation with TSR, revenue growth, and cash generation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BrandSafway (CD&R/Brookfield portfolio) | VP & CFO, Industrial and Energy Division; CFO, North America Division | Jun 2024–Apr 2025 | Financial leadership for major operating divisions; experience in financial transformation and operational execution |
| BrandSafway | Vice President & Chief Accounting Officer | Apr 2022–Nov 2023 | Corporate accounting leadership; public-company readiness and controls oversight |
| Mohawk Industries (NYSE:MHK) | VP, Corporate Controller & CAO | Apr 2021–Apr 2022 | Corporate controllership; SEC reporting and accounting governance |
| Mohawk Industries | VP & Assistant Corporate Controller | 2018–Mar 2021 | Consolidation/controls; finance operations |
| Mohawk Industries | VP & CFO, Ceramic Europe | 2015–2018 | Regional P&L finance leadership |
External Roles
No external public-company directorships were disclosed in Bausch Health’s July 10, 2025 8-K announcing Lee’s appointment .
Fixed Compensation
| Component | Detail |
|---|---|
| Base Salary | $450,000 per year |
| Target Annual Bonus | 50% of base salary (prorated for 2025 start date) |
| Sign-on Cash Bonus | $50,000; repay after-tax amount if voluntary resignation within first year |
| Sign-on Equity | $175,000 grant-date fair value of RSUs under the 2014 Omnibus Plan (A&R effective May 14, 2024) |
Performance Compensation
| Plan/Instrument | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Incentive Plan (AIP) | Adjusted EBITDA (non-GAAP) | Part of 75% “financial” bucket | Company-set (not publicly disclosed for FY25) | Not disclosed | Capped at 200% | Paid in cash after year-end |
| Annual Incentive Plan (AIP) | Revenue | Part of 75% “financial” bucket | Company-set (not publicly disclosed for FY25) | Not disclosed | Capped at 200% | Paid in cash after year-end |
| Annual Incentive Plan (AIP) | Strategic priorities | 25% of total AIP | Company-set (not publicly disclosed for FY25) | Not disclosed | Capped at 200% | Paid in cash after year-end |
| Sign-on RSUs | Time-based (service) | N/A | N/A | N/A | N/A | Vest 1/3 on each of first 3 anniversaries of 7/14/2025 grant |
| Company PSU Design (context) | Adjusted Operating Cash Flow with rTSR modifier | 100% of PSU calc with +/- TSR modifier | Threshold/Target/Stretch levels set (e.g., AOCF thresholds) | Not applicable to sign-on RSU | 0–200% after TSR modifier | 3-year performance period |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Initial beneficial ownership on becoming an officer (Form 3) | No securities beneficially owned as of 7/14/2025 (filed 7/15/2025) |
| RSU grant (Form 4) | 27,371 RSUs granted 7/14/2025; vests one-third annually over three years; RSUs settle in common shares |
| Shares outstanding (for % ownership context) | 369,512,514 Common Shares outstanding on 3/14/2025 |
| Ownership as % of outstanding | ~0.007% based on 27,371 vs 369,512,514 (derived from and ) |
| Vested vs. unvested | Unvested at grant; 1/3 vests on or about each of 7/14/2026, 7/14/2027, 7/14/2028, subject to continued service |
| Pledging/Hedging | Company prohibits hedging and pledging; no NEOs/directors hold securities in margin accounts or as loan collateral |
| Ownership guidelines (NEO policy) | CEO 6x salary; other NEOs 3x salary; 50% net-share retention until met; 5 years to comply |
Employment Terms
| Term | Detail |
|---|---|
| Start date | Effective July 14, 2025 (appointed July 1, 2025; effective July 14) |
| Offer letter economics | $450,000 base; 50% target bonus (prorated); $50,000 sign-on cash (repay if resign within 1 year); $175,000 sign-on RSUs |
| Severance (without cause) | One times annual base salary, subject to release/compliance |
| Change-in-control equity treatment (company policy) | Double-trigger acceleration only; no single-trigger vesting |
| Clawbacks (company policy) | Dodd-Frank Rule 10D-1 recoupment for accounting restatements; discretionary clawback for material restatements or detrimental conduct causing material harm |
| Anti-hedging/anti-pledging | Hedging and pledging prohibited; no margin accounts/pledges by NEOs/directors |
| Principal Accounting Officer status | Listed and signed SEC registration (S-8) as SVP, Controller & CAO (principal accounting officer) |
Investment Implications
- Pay-for-performance alignment and risk mix: Cash AIP is tied to Adjusted EBITDA/Revenue (75%) and strategic priorities (25%) with payout caps at 200%, while LTI design at the company level emphasizes multi-year Adjusted Operating Cash Flow and rTSR; Lee’s 2025 equity was time-vested RSUs (sign-on), suggesting initial retention focus with future annual grants likely to include PSUs under company design .
- Retention and selling pressure: The three-year ratable vesting of 27,371 RSUs and a 12‑month repayment obligation on the $50,000 sign-on bonus reduce near-term voluntary turnover risk and limit near-term selling pressure; position-level severance (1x base) is modest versus broader NEO severance norms at BHC, tempering termination cost risk .
- Governance safeguards: Strong clawbacks, anti-hedging/anti-pledging, and double-trigger change-in-control equity treatment mitigate adverse incentives and align with shareholder-friendly practices; 2024 say‑on‑pay support was ~97%, indicating shareholder comfort with pay programs .
- Alignment depth: As a new hire, Lee’s initial equity stake is small (~0.007% of shares outstanding from RSUs), but company NEO ownership guidelines (3x salary for non‑CEO NEOs with 50% net-share holding until met) promote building long-term alignment over time; the controller/CAO role was included among NEOs in 2024 disclosures .
Sources: July 10, 2025 8‑K appointment and offer letter details; Form 3 (initial ownership) and Form 4 (RSU grant/vesting); 2025 Proxy Statement (AIP/PSU design, severance framework, ownership guidelines, clawbacks, anti-hedging/pledging); S‑8 signature confirming principal accounting officer status .