Paul Storey
Chief Supply Chain Officer at CELH
Executive
About Paul Storey
Paul Storey (age 56) is Chief Supply Chain Officer (since Feb 2024) at Celsius Holdings (CELH) and joined Celsius in May 2021 as SVP, Operations. He holds a degree from University College London and has over three decades of beverage operations leadership across Monster Energy, Rockstar Energy, Nestlé Waters, Coca‑Cola Enterprises, Cott Beverages, and Danone S.A. . Company performance context during his tenure includes 2024 revenue growth of 3% to $1.36B and a three‑year TSR of 25% through 12/31/2024, with gross margin expansion of 220 bps; Adjusted EBITDA remained a core pay metric in annual incentives, with a below‑target financial payout in 2024 due to revenue and EBITDA underperformance versus goals .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Celsius Holdings | Chief Supply Chain Officer | Feb 2024–present | Not disclosed |
| Celsius Holdings | SVP, Operations | May 2021–Jan 2024 | Not disclosed |
| Monster Energy | Vice President, Operations | Aug 2017–Apr 2021 | Not disclosed |
| Rockstar Energy Drink | Director of Manufacturing | Jul 2006–Aug 2017 | Not disclosed |
| Nestlé Waters | Production Manager | Jun 2004–Jul 2006 | Not disclosed |
| Coca‑Cola Enterprises | Production Manager | Feb 2002–Jun 2004 | Not disclosed |
| Cott Beverages | Operations Manager | 2000–2002 | Not disclosed |
| Danone S.A. | Production Supervisor | 1993–2000 | Not disclosed |
External Roles
None disclosed in the proxy/executive officer biographies .
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % of Salary | Target Bonus ($) |
|---|---|---|---|
| 2024 | 361,735 | 30% | 108,521 |
Performance Compensation
2024 Annual Incentive Plan – Company Metrics and Outcome
| Metric | Weight | Threshold (50% payout) | Target (100%) | Max (150%) | 2024 Actual | Payout % |
|---|---|---|---|---|---|---|
| Revenue | 25% | $1,040mm | $1,755mm | $2,036mm | Below threshold | 0% |
| Gross Profit | 25% | $681mm | $851mm | $987mm | At threshold | 50% |
| Adjusted EBITDA | 25% | $307mm | $384mm | $445mm | Below threshold | 0% |
| Financial Component Total | 75% | — | — | — | — | 17% of target |
Individual performance (25% weight) is scored 0–5 on strategic objectives; for Storey, the Committee assigned a 130% factor for implementing value chain transformation, expanding the co‑packing network, launching a logistics dashboard, and advancing global supply chain implementation .
2024 Bonus Payout – Paul Storey
| Item | Value |
|---|---|
| Target bonus ($) | 108,521 |
| Total payout as % of target | 45% |
| Actual award ($) | 48,834 |
Long‑Term Incentives (granted Mar 1, 2024 unless noted)
| Vehicle | Target/Units | Grant‑date Fair Value ($) | Vesting |
|---|---|---|---|
| RSUs | 6,812 | 539,987 | 1/3 each on 3/1/2025, 3/1/2026, 3/1/2027 |
| PSUs – 3‑yr Cumulative Revenue | 1,325 target (663 thr / 2,650 max) | 105,033 | Cliff vest Mar 2027 subject to goal achievement |
| PSUs – 3‑yr rTSR | 1,324 target (662 thr / 2,648 max) | 178,409 | Cliff vest Mar 2027 subject to goal achievement |
| One‑time PSU “Kicker” (stock price) | 1,425 target | 28,856 | Vests only if 20‑day avg price ≥ $92.49 in Mar 2027; else 0% |
Notes:
- PSU plan uses 3‑year revenue and relative TSR; 200% cap on PSUs (250% including one‑time kicker), with double‑trigger CIC terms for PSUs granted beginning in 2024 .
Special Leadership Award (PepsiCo transaction, Aug 2022)
- Final tranche vested Aug 2024 after strategic criteria were met (completion of 2024 joint business plan and ACV goals) .
Equity Ownership & Alignment
Beneficial Ownership (as of Apr 1, 2025 record date)
| Holder | Shares Beneficially Owned | Includes | % of Class |
|---|---|---|---|
| Paul Storey | 11,899 | 5,145 RSUs vesting within 60 days; 450 jointly with spouse | <1% (*) |
- Stock ownership guidelines: 3x base salary for executive officers; the company states all NEOs and directors met requirements during the annual measurement period .
- Anti‑hedging and anti‑pledging policy applies to all officers/directors; all in compliance as of proxy date .
Outstanding Awards and Vesting Cadence (as of 12/31/2024)
| Award | Unvested Units | Vesting schedule |
|---|---|---|
| RSUs (granted 3/1/2024) | 6,812 | 3/1/2025, 3/1/2026, 3/1/2027 (equal installments) |
| RSUs (granted 1/1/2023) | 11,534 | 1/1/2025 and 1/1/2026 (equal installments) |
| RSUs (granted 1/1/2022) | 8,400 | Vested 1/1/2025 |
| RSUs (granted 5/5/2021) | 10,290 | 5/5/2025 and 5/5/2026 (equal installments) |
| PSUs – Revenue (2024–2026) | Target 1,325 (range 663–2,650) | Cliff vest Mar 2027 if goals met |
| PSUs – rTSR (2024–2026) | Target 1,324 (range 662–2,648) | Cliff vest Mar 2027 if goals met |
| PSUs – Kicker (price hurdle) | 1,425 target | Vests only if price hurdle met in Mar 2027 |
| Stock options | None listed outstanding for Storey |
- Net share settlement pressure: CELH routinely withholds and repurchases shares to cover employee taxes upon vesting (e.g., 9,054 shares in Q3’25), implying periodic insider sale‑adjacent flows around vest dates .
Employment Terms
| Topic | Terms applicable to executive officers (Storey) |
|---|---|
| Employment agreement | No individual employment agreement disclosed for Storey; he has an offer letter (terms at hire) . |
| Executive Severance Plan (involuntary termination w/o Cause or for Good Reason) | Lump sum equal to (Base Salary + 100% Target Bonus) + prorated Target Bonus for year of termination; plus lump‑sum COBRA premiums for 12 months (subject to release) . |
| Executive Change‑in‑Control (CIC) Agreement (if applicable) | If terminated without Cause or resigns for Good Reason during 3 months pre‑CIC to 24 months post‑CIC: two times (Base Salary + 100% Target Bonus) + prorated Target Bonus + lump‑sum COBRA premiums for 18 months (subject to release) . |
| Equity treatment on CIC | For PSUs granted beginning in 2024, double‑trigger provisions apply under plan design; PSU plan and proposed 2025 plan adopt double‑trigger CIC features (subject to plan terms) . |
| Clawback | SEC/Nasdaq‑aligned clawback covering incentive comp tied to financial measures for the prior 3 fiscal years upon restatement; SOX 304 also applies to CEO/CFO (company‑wide policy) . |
| Hedging/Pledging | Prohibited for officers and directors . |
Multi‑Year Compensation (Summary Compensation Table)
| Year | Salary ($) | Restricted Stock/PSU Awards ($) | Non‑Equity Incentive ($) | All Other Comp ($) | Total ($) |
|---|---|---|---|---|---|
| 2022 | 316,200 | 966,437 | 75,888 | 703 | 1,359,228 |
| 2023 | 328,850 | 599,999 | 145,516 | 929 | 1,075,294 |
| 2024 | 361,735 | 852,285 | 48,834 | 17,489 | 1,280,343 |
Compensation Structure Analysis
- Mix and metrics: Storey’s 2024 pay combined fixed salary with at‑risk annual bonus (Revenue, Gross Profit, Adjusted EBITDA; 75% financial/25% individual) and a larger equity component (RSUs 70% / PSUs 30% for NEOs) with three‑year revenue and rTSR hurdles plus a one‑time price‑hurdle “kicker” .
- Pay‑for‑performance: Financial underperformance yielded a 17% financial payout factor; Storey’s strong individual score (130%) brought his total payout to 45% of target, reinforcing downside sensitivity of cash incentives .
- Governance improvements: Celsius added double‑trigger CIC for PSUs beginning in 2024, formal clawbacks, stock ownership guidelines (3x salary for executives), and adopted an executive severance/CIC framework to align with market norms after investor feedback (2022 say‑on‑pay 59.9%) .
Investment Implications
- Alignment: Storey’s incentive design ties a meaningful portion of compensation to multi‑year revenue/TSR outcomes and absolute price performance, with anti‑hedging/pledging and ownership guidelines supporting alignment; all NEOs are compliant with ownership requirements .
- Vesting overhang/flow: Material RSU vesting occurs across 2025–2026 (multiple tranches from 2021–2024 grants), with a PSU cliff in Mar 2027; investors should expect periodic net share settlements around vest dates, though options‑related selling pressure is minimal given no listed options for Storey .
- Retention and CIC economics: The Executive Severance Plan and CIC Agreement provide competitive protections (cash 1x+bonus and 2x+bonus in CIC, respectively, plus COBRA and pro‑rata bonus), reducing flight risk during strategic transactions and integration periods .
- Execution risk: 2024 bonus results reflect execution headwinds (revenue and Adjusted EBITDA misses) amid integration of Big Beverages/Alani Nu and distribution transitions; Storey’s remit includes value‑chain and co‑packing expansion, which are critical as CELH manages distributor terminations, integration costs, and synergy delivery into 2026–2027 PSU windows .