Marcia Dall
Churchill DownsAbout Marcia Dall
Marcia A. Dall, age 61, is Executive Vice President and Chief Financial Officer of Churchill Downs Incorporated, serving since October 2015; she is a Certified Public Accountant and previously held senior finance roles at Erie Indemnity, CIGNA, Genworth Financial, and GE’s Financial Management Program . Under her finance leadership, CHDN has delivered multi‑year growth: net income rose from $140 million in 2019 to $427 million in 2024, Adjusted EBITDA from $451 million to $1,159 million, and diluted EPS from $1.72 (split‑adjusted) to $5.68; 5‑year TSR was 97.6% versus 97.0% for the S&P 500 .
Company performance context:
| Metric | FY 2019 | FY 2024 |
|---|---|---|
| Net Income attributable to CHDN ($mm) | $140 | $427 |
| Adjusted EBITDA ($mm) | $451 | $1,159 |
| Diluted EPS ($) | $1.72 (split-adjusted) | $5.68 |
| 5-year Total Shareholder Return | — | 97.6% |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Erie Indemnity Company | EVP & CFO | 2009–2015 | Led finance for services to Erie Insurance Exchange |
| CIGNA Corporation (Healthcare Division) | CFO | 2008–2009 | Senior finance leadership |
| Genworth Financial | Corporate officer; CFO for International & U.S. Mortgage Insurance segments | Prior to 2008 | Segment CFO roles at former GE subsidiary |
| General Electric (GE) | Financial Management Program; various finance/operations leadership roles | Began 1985; 20+ years | GE-trained finance/operator; CPA |
External Roles
No public-company board or external directorships are disclosed for Ms. Dall in the proxy’s executive officers section .
Fixed Compensation
Base salary (annual rate; Committee‑set)
| Year | Base salary (rate) |
|---|---|
| 2023 | $892,500 |
| 2024 | $919,275 (3% increase) |
Base salary paid (Summary Compensation Table)
| Year | Base salary paid |
|---|---|
| 2022 | $826,923 |
| 2023 | $885,961 |
| 2024 | $915,156 |
Other cash and benefits (2024)
| Component | Amount |
|---|---|
| All Other Compensation (401(k) match, life insurance, supplemental LTD) | $28,539 |
Say‑on‑pay and program design
- 2024 say‑on‑pay support: ~98% in favor .
- Design features include stock ownership guidelines, capped bonuses/PSU vesting, anti‑hedging/anti‑pledging, clawback policy, no option/SAR repricing, no excise tax gross‑ups .
Performance Compensation
Executive Annual Incentive Plan (EAIP) structure and 2024 outcome
| Item | Detail |
|---|---|
| Target bonus opportunity | 110% of salary; target $1,011,203 |
| Maximum opportunity | 220% of salary; max $2,022,405 |
| 2024 EAIP payout | $1,508,817 |
| EAIP weighting | 75% Adjusted EBITDA (formulaic), 25% qualitative |
| 2024 Adjusted EBITDA target/actual | $1,088.9mm target vs $1,159.2mm actual (106.5% of target) |
| Financial component payout | 132.3% of component (equals 99% of total target EAIP) |
| Qualitative component payout | 200% of component (equals 50% of total target EAIP) |
Long‑Term Incentives (2024 grants)
| Award type | Grant date | Shares | Grant date fair value |
|---|---|---|---|
| RSUs | Feb 8, 2024 | 8,946 | $1,100,358 |
| PSUs (target) | Mar 7, 2024 | 8,944 | $1,030,528 |
| Total | — | 17,890 | $2,130,886 |
PSU performance design (2024–2026 cohort)
- 50% weight: 2‑year Cumulative Adjusted EBITDA (2024–2025)
- 50% weight: 3‑year Cumulative Cash Flow (2024–2026)
- Relative TSR modifier: ±25% vs Russell 1000 over 2024–2026
- Max PSU payout: 250% of target; interpolation between goals
Prior PSU settlement choice (alignment signal)
- For the 2022 PSU cycle (performance certified Feb 2025 at 200% of target), Ms. Dall elected settlement in CHDN stock while peers accepted cash; others settled using $123.27/share on Feb 6, 2025 .
Stock vested in 2024
| Shares vested | Value realized |
|---|---|
| 28,790 | $3,643,284 |
Equity Ownership & Alignment
Beneficial ownership and guideline compliance
| Item | Value |
|---|---|
| Shares beneficially owned | 155,159 |
| Ownership % of outstanding | 0.21% (out of 73,487,843 shares) |
| Ownership guideline | 3× base salary; status: Met |
| Hedging/pledging | Prohibited by policy; company not aware of any pledge of Common Stock |
Unvested and performance awards (as of 12/31/2024)
| Type | Unvested/Unearned | Market/payout value |
|---|---|---|
| RSUs (unvested) | 8,900 | $1,188,506 (at $133.54) |
| PSUs (target unearned) | 17,752 | $2,370,602 (at $133.54) |
Vesting schedule (current cycle)
- RSUs: 5,918 on Dec 31, 2025; 2,982 on Dec 31, 2026 .
- PSUs (subject to performance): 8,808 on Dec 31, 2025; 8,944 on Dec 31, 2026 .
- Additional retention RSUs granted under the 2016 Plan: 9,028 (Dec 31, 2025), 6,092 (Dec 31, 2026), 3,110 (Dec 31, 2027) .
Deferred compensation
| Plan | 2024 activity | Ending balance |
|---|---|---|
| Equity Award Deferral Plan | Earnings (loss): $(7,726) [no 2024 RSU deferrals] | $1,046,567 |
| Legacy Nonqualified Deferred Compensation Plan | Earnings: $60,999 | $401,723 |
Employment Terms
Change‑in‑control, severance, and restrictive covenants
- Agreements: Executive Change in Control, Severance and Indemnity Agreement (executed 2020) .
- Severance multiple: 1.5× (salary + target bonus) on qualifying termination; 2× on termination within 2 years of a CIC; three‑month benefit premium; equity treated per plan/award terms; no excise tax gross‑ups; “best‑net” cutback on 280G .
- Trigger: Double‑trigger for CIC; single‑trigger benefits are not provided .
- Non‑solicit: Two‑year post‑termination non‑solicitation of employees/customers .
Potential payments (as of 12/31/2024)
| Scenario | Cash severance | Equity acceleration/continuation | Total |
|---|---|---|---|
| Involuntary or good reason termination | $2,897,185 | $2,370,780 (continued/pro‑rated; PSUs at target for disclosure) | $5,267,965 |
| Death or Disability | $1,011,203 (pro‑rated bonus at target) | $2,370,780 | $3,381,983 |
| Involuntary or good reason termination within 2 years of a CIC | $3,862,424 | $3,559,108 (100% vest, subject to to‑date performance) | $7,421,532 |
Investment Implications
- Strong pay‑for‑performance linkage: 75% of annual bonus tied to Adjusted EBITDA and multi‑year PSUs tied to Adjusted EBITDA and Cash Flow with a TSR modifier; 2024 EAIP paid 149% of target amid Adjusted EBITDA outperformance (106.5% of target) and strategic execution achievements .
- Alignment signals: Material personal share ownership (0.21% of outstanding), compliance with 3× salary ownership guideline, anti‑hedging/anti‑pledging policies, and election to settle PSUs in stock indicate skin‑in‑the‑game and alignment .
- Retention and overhang: Visible vesting schedule through 2026 and additional retention RSUs through 2027 help mitigate retention risk; severance is double‑trigger on CIC with no gross‑ups, limiting shareholder‑unfriendly outcomes .
- Selling pressure: No stock options outstanding; upcoming RSU/PSU vestings in 2025–2026 create potential liquidity events but remain subject to blackout windows and insider trading policy, reducing opportunistic selling risk .
- Program oversight: High say‑on‑pay support (98%) and use of an independent consultant (FW Cook) reduce governance risk around pay inflation; peer benchmarking centered on gaming/entertainment peers (BYD, CZR, MGM, PENN, RRR, LNW, WYNN, etc.) supports market‑competitive compensation calibration .
References:
**[20212_0001193125-25-053904_d881652ddef14a.htm:13]** Executive officers and biography (background, age, tenure, CPA)
**[20212_0001193125-25-053904_d881652ddef14a.htm:47]**–**[20212_0001193125-25-053904_d881652ddef14a.htm:49]** Company performance metrics and highlights (2019 vs. 2024; 5-year TSR)
**[20212_0001193125-25-053904_d881652ddef14a.htm:53]** Base salary (annual rate) table
**[20212_0001193125-25-053904_d881652ddef14a.htm:64]** Summary Compensation Table (base salary paid and bonus)
**[20212_0001193125-25-053904_d881652ddef14a.htm:65]** All Other Compensation breakdown
**[20212_0001193125-25-053904_d881652ddef14a.htm:54]**–**[20212_0001193125-25-053904_d881652ddef14a.htm:56]** EAIP design, targets, actual performance and payout
**[20212_0001193125-25-053904_d881652ddef14a.htm:58]** 2024 RSU/PSU grants and accounting values
**[20212_0001193125-25-053904_d881652ddef14a.htm:59]** PSU performance measures and TSR modifier
**[20212_0001193125-25-053904_d881652ddef14a.htm:68]** Stock vested (shares, value) in 2024
**[20212_0001193125-25-053904_d881652ddef14a.htm:9]** Beneficial ownership; ownership %; pledge awareness
**[20212_0001193125-25-053904_d881652ddef14a.htm:11]** Additional RSU/PSU vesting details
**[20212_0001193125-25-053904_d881652ddef14a.htm:67]** Outstanding equity awards and vesting schedule (as of 12/31/2024)
**[20212_0001193125-25-053904_d881652ddef14a.htm:58]**–**[20212_0001193125-25-053904_d881652ddef14a.htm:69]** Deferred compensation tables and plan description
**[20212_0001193125-25-053904_d881652ddef14a.htm:71]** Severance multiples, non-solicit, CIC terms, gross-up policy
**[20212_0001193125-25-053904_d881652ddef14a.htm:70]** Potential payments upon termination/CIC table (Dall rows)
**[20212_0001193125-25-053904_d881652ddef14a.htm:61]** Ownership guidelines; anti-hedging/pledging; clawback
**[20212_0001193125-25-053904_d881652ddef14a.htm:50]** Say-on-pay and executive compensation program features
**[20212_0001193125-25-053904_d881652ddef14a.htm:52]** Peer group and use of FW Cook