Robert Speights
CLEAN HARBORSAbout Robert Speights
Robert E. Speights, age 55, is President, Industrial Services at Clean Harbors. He joined CLH in October 2018 as Chief Sales Officer and was promoted to President, Industrial Services in early 2021. He attended the University of Southern Mississippi and Pearl River College and previously led sales and operations across multiple industrial companies; at Aegion he implemented long-term growth plans across 12 businesses with more than $1.4 billion in revenue . Context for pay-for-performance: CLH delivered 2024 revenue of $5,889,952K, net income of $402,299K, and Adjusted EBITDA of $1,116,934K, up from $5,409,152K, $377,856K, and $1,012,570K in 2023, respectively; Adjusted Free Cash Flow rose to $357,882K from $321,902K . Over the 2020–2024 PVP horizon, CLH’s TSR index reached 268.28 versus the peer group at 191.06, underscoring strong shareholder returns during his tenure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Clean Harbors | Chief Sales Officer | Oct 2018–early 2021 | Led enterprise sales; foundation for Industrial Services leadership |
| Clean Harbors | President, Industrial Services | Early 2021–present | Oversees industrial services execution and growth |
| Aegion Corporation | SVP & Chief Sales Officer | Not disclosed | Implemented long-term growth plans across 12 companies (> $1.4B revenue) |
| Transfield Services (Safety Services) | SVP BD/Marketing/Strategy | Not disclosed | Drove business development, marketing, strategy in safety services |
| Various industrial companies | Sales, BD, operations roles | ~20 years (not specific) | Broad execution experience across industrial sectors |
External Roles
No public company board roles or external directorships disclosed for Speights in CLH’s proxy filings .
Fixed Compensation
| Metric | 2021 | 2022 | 2023 |
|---|---|---|---|
| Base Salary ($) | 446,254 | 525,000 | 525,000 |
| Target Bonus ($) | Not disclosed | Not disclosed | 682,500 (MIP+SEIP target from grants table) |
| Actual Bonus Paid ($) | 606,905 | 784,471 | 592,988 |
Performance Compensation
Annual Cash Incentives (MIP/SEIP) – Structure and 2023 Outcomes
- Program metrics: Revenue, Adjusted EBITDA, Adjusted Free Cash Flow, and TRIR (safety). For 2023, CLH adjusted results to exclude effects of the Thompson acquisition in assessing payouts. The Committee approved Annual MIP payouts at 79.9% of target for participants other than Co-CEOs/McKim, with SEIP individual goal achievement ranging 74–94% across eligible executives; Speights received $592,988 for 2023 non‑equity incentives (MIP+SEIP) .
| Component | Metric | Target Basis | Actual/Payout | Notes |
|---|---|---|---|---|
| Annual MIP | Revenue; Adj. EBITDA; Adj. FCF; TRIR | Company budget-linked (2023, adjusted for Thompson) | Aggregate payout at 79.9% of target for non-CEO participants | Targets and weightings not disclosed for 2023 |
| SEIP | Individual goals (leadership/ops) | Up to 80% of base salary potential | Achievement 74–94% range in 2023 | Applies to Speights; payout included in $592,988 |
Equity Awards and Vesting
| Grant Date | Type | Shares | Vesting Terms | Status at Dec 31 |
|---|---|---|---|---|
| 2/1/2023 | Performance-based | 2,528 target | Earn/vest only upon achieving performance goals; criteria not yet met at threshold for 2023 awards | Unearned shares 2,528 |
| 2/1/2023 | Time-based | 1,379 | 60% on 3rd anniversary; 20% on 4th; 20% on 5th anniversary | Unvested 1,379; MV $240,649 at 12/29/2023 close |
| 2/7/2022 | Time-based | 4,777 | 60%/20%/20% over years 3–5 | Unvested; MV $833,634 at 12/29/2023 close |
| 2/7/2022 | Performance-based (earned) | 6,893 | Vests ratably on March 15, 2024 and March 15, 2025 | Unvested earned; MV $1,202,897 |
| 7/1/2021 | Performance-based (earned) | 3,041 | Vests ratably on July 1, 2024, July 1, 2025, July 1, 2026 | Unvested earned; MV $530,685 |
| 7/1/2021 | Time-based | 1,382 | 60%/20%/20% schedule | Unvested; MV $241,173 |
| 7/1/2020 | Time-based | 961 | 60%/20%/20% schedule | Unvested; MV $167,704 |
| 7/1/2019 | Time-based | 354 | 60%/20%/20% schedule | Unvested; MV $61,777 |
Notes:
- CLH has not granted options for more than ten years; there are no stock options outstanding for Speights .
- 2023 performance award criteria were not achieved at threshold as of 12/31/2023; remaining eligibility depends on subsequent performance determinations .
Equity Ownership & Alignment
- Stock ownership guidelines: NEOs other than Co-CEOs must hold stock equal to 3× base salary; other executive officers 2× salary. Restricted shares subject to time vesting and earned performance shares count toward compliance; unearned performance shares do not. All directors and executive officers were in compliance as of December 31, 2024 .
- Hedging and pledging are prohibited for directors and executive officers under CLH’s Insider Trading Policy .
- Clawback policy (NYSE-compliant, effective Oct 2, 2023): recoup “excess incentive compensation” for current/former executives in event of accounting restatement; also legacy clawback for misconduct and reputational harm. Equity awards under the 2020 Stock Incentive Plan are subject to clawback .
Employment Terms
- Agreements: Speights participates in CLH’s Key Employee Retention Plan; severance requires execution of confidentiality and non‑competition agreements .
- Change-of-control economics: CLH generally uses double-trigger treatment (termination or significant adverse change following a change in control) for NEOs; accelerated vesting applies if awards are not assumed/substituted by an acquirer or upon qualifying post‑transaction termination. Unearned performance awards assumed at target for payout modeling .
| Scenario (as of 12/31/2023) | Base Salary ($) | Performance Bonus ($) | Stock Awards ($) | Other Benefits ($) |
|---|---|---|---|---|
| Termination without cause (not in CoC) | 525,000 | 592,988 | — | 22,395 |
| Involuntary termination in connection with CoC | 525,000 | 592,988 | 4,444,943 (assumes target for unearned) | 22,395 |
| Death or disability | — | 592,988 | 2,567,216 (earned awards accelerated) | — |
| Dissolution or liquidation | — | — | 4,444,943 | — |
Notes:
- Values reflect CLH modeling assumptions and closing stock price at 12/29/2023 ($174.51) .
- Non-compete and severance conditions apply under the Key Employee Retention Plan .
Investment Implications
- Alignment: Significant unvested, earned performance share tranches vest on scheduled dates (e.g., March 15, 2025; July 1, 2024/2025/2026), creating periodic windows where tax-related sales could occur; hedging/pledging prohibitions mitigate misalignment risk .
- Pay-for-performance: Cash incentives tied to revenue, Adjusted EBITDA, Adjusted FCF, and TRIR, and long-term equity tied to Adjusted EBITDA margin and ROIC drive high at-risk pay and visible capital discipline; 2023 non‑equity incentive payout of $592,988 sits below 2022, consistent with adjusted performance .
- Retention risk: Double-trigger CoC protections and severance under the Retention Plan offer meaningful stability; modeled CoC payout includes $4.44M in equity value at target for unearned awards .
- Program stability: 95.14% say‑on‑pay approval in 2024 suggests strong shareholder support for compensation design, reducing governance overhang risk .
- Company execution backdrop: 2024 revenue and Adjusted EBITDA growth vs 2023, and strong 5‑year TSR versus peers, support an incentive structure rewarding durable operating performance and cash generation .