Yann Etienvre
About Yann Etienvre
Yann Etienvre, age 52, is Celestica’s Chief Operations Officer (COO) since January 1, 2022 (joined as an advisor in November 2021). He leads operations excellence, supply chain, IT, and technology innovation across the company; he holds a BSc in Mechanical Engineering from INSA Lyon and an EMBA from Marquette University . Celestica’s 2024 results reflected strong execution during his tenure: revenue grew 21% to $9.65B vs. 2023, GAAP EPS rose 78%, adjusted EPS rose 58%, and cash from operations increased 45%; the stock price rose 215% in 2024, with 3-year TSR of 775% (outperforming the S&P Americas BMI Technology Hardware & Equipment Index) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Celestica | Chief Operations Officer | Jan 2022–Present | Leads operations excellence, supply chain, IT, and technology innovation to enable value creation |
| Celestica | Advisor | Nov 2021–Dec 2021 | Supported transition into COO role |
| Sensata Technologies | EVP & Chief Supply Chain Officer | 2019–2021 | Led global operations, sourcing, logistics, and compliance |
External Roles
- No public company board roles noted in Etienvre’s biography in the proxy filings reviewed .
Fixed Compensation
| Component | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $485,000 | $485,000 | $503,784 |
| Annual Base Salary Schedule (HRCC table) | $485,000 | $485,000 | $510,000 (effective Apr 1, 2024) |
| Target Bonus (% of Salary, CTI) | 80% | 80% | 80% |
| All Other Compensation (2024 breakdown) | — | — | Supplementary Plan $81,974; 401(k) match $20,700; medical $3,350; tax equalization $707; tax prep $500 |
Notes: 2024 base salary increased 5% to $510,000 effective April 1, 2024 to align with market medians; the Summary Compensation Table shows $503,784 reflecting the effective date mid-year . Target bonus percentages were unchanged from 2023 .
Performance Compensation
Annual Incentive (CTI) – 2024 Design and Outcome
| Metric | Weight | 2024 Achievement | Corporate Performance Factor (CPF) | Individual Target (% of Salary) | Amount Awarded ($) | Award as % of Salary |
|---|---|---|---|---|---|---|
| IFRS Revenue | 40% | Maximum (as per AOP-based assessment) | 185% (HRCC-approved) | 80% | $806,055 | 160% |
| Non-IFRS Operating Margin | 40% | Maximum | 185% | — | — | — |
| Non-IFRS Adjusted Free Cash Flow | 20% | Maximum | 185% | — | — | — |
Notes: CTI payouts are capped at 2x target; 2024 target bonus for Etienvre was 80% of base salary and paid at the cap (160% of base) given CPF of 185% . The CTI parameters require minimum corporate profitability and cap revenue above-target payouts unless margin meets target—both conditions were met in 2024 .
Long-Term Incentives (LTI)
| Grant Date | Award Type | Shares/Units | Grant-Date FV ($) | Vesting/Performance | Year-end Market Value Basis |
|---|---|---|---|---|---|
| 2/2/2024 | RSU | 20,487 | $740,000 | Time-based: 1/3 on 2/2/2025; 1/3 on 2/2/2026; remainder on 12/1/2026 | $92.30 as of 12/31/24 (NYSE close) |
| 2/2/2024 | PSU (Target) | 30,731 | $1,329,780 | 3-year performance to 12/31/2026; primary metric: non-GAAP adjusted EPS with TSR modifier (±30%), 0–200% payout | $92.30 as of 12/31/24 |
| 1/31/2023 | RSU (Unvested) | 35,583 | — | 1/3 vested 1/31/2024; 1/3 vesting 1/31/2025; remainder 12/1/2025 | Market value $3,284,311 at 12/31/24 |
| 1/31/2023 | PSU (Target/Unvested) | 80,063 | — | 3-year performance to 12/31/2025; non-GAAP adjusted EPS with TSR modifier (±30%), 0–200% payout | Market value $7,389,815 at 12/31/24 |
| 2/1/2022 | PSU (Target/Settled 2/1/2025) | 154,216 (unearned at 12/31/24) | — | 3-year performance to 12/31/2024; settled at 200% of target (maximum) on 2/1/2025 based on non-IFRS operating margin, modified by average annual non-IFRS adjusted ROIC and relative TSR | Market value $14,234,137 at 12/31/24 |
Mix and design: 2024 equity mix was 40% RSUs / 60% PSUs; no stock options were granted (Stock Options (#) “—”), aligning with pay-for-performance and retention .
Equity Ownership & Alignment
| Item | Policy/Status | Detail |
|---|---|---|
| Executive Share Ownership Guideline | 3× salary | Requirement: $1,530,000; Etienvre’s ownership value $19,409,398 (38.1× salary) as of 12/31/2024, including common shares, unvested RSUs, and PSUs settled 2/1/2025 at 200% |
| Anti-hedging/Anti-pledging | Prohibited | Officers may not hedge, purchase on margin, borrow against, or pledge Celestica securities as collateral |
| Unvested Equity (12/31/2024) | RSUs and PSUs | RSUs unvested: 35,583 (2023 grant) and 20,487 (2024 grant); PSUs unvested/target: 80,063 (2023 grant) and 30,731 (2024 grant); see vesting schedules above |
| Options | None outstanding (NEO awards) | NEO equity awards table shows no options granted in 2024 |
| Deferred Compensation | U.S. Supplementary Plan | 2024 registrant contribution $81,974; aggregate earnings $24,359; year-end balance $222,560 |
Ownership guidelines are reviewed annually; executives have 5 years from hire/promotion to reach the required multiple; compliance includes common shares, unvested RSUs, and near-term PSUs expected to vest .
Employment Terms
| Scenario | Cash Severance (Salary) | Cash Severance (Bonus) | Benefits Continuation | Equity Acceleration (RSUs) | Equity Acceleration (PSUs) | Total |
|---|---|---|---|---|---|---|
| Death | — | — | — | $3,750,782 | $20,110,143 | $23,860,925 |
| Disability | — | — | — | $3,750,782 | $20,110,143 | $23,860,925 |
| Retirement | — | $408,000 | — | — | — | $408,000 |
| Involuntary Termination without Cause or Resignation with Good Reason | $1,020,000 | $816,000 | — | $1,368,455 | $20,110,143 | $23,314,599 |
| Termination without Cause or Resignation for Good Reason during Change in Control Period | $1,020,000 | $816,000 | $46,619 | $5,175,261 | $24,460,423 | $31,518,303 |
- Change-in-control treatment is “double trigger” for outstanding equity under LTIP and CSUP .
- NEOs (including Etienvre) serve under offer letters with no fixed term; eligibility includes CTI, annual equity, and defined contribution plans as approved by the Board .
- Severance entitlements are contingent on compliance with confidentiality, non-solicitation, and non-competition obligations .
- Clawback: policy consistent with SEC/NYSE rules for recoupment of excess incentive compensation on certain restatements and for material breach of post-employment provisions; Sarbanes-Oxley clawback also applies .
Investment Implications
- Strong pay-for-performance alignment: 2024 CPF of 185% reflects outperformance on revenue, margin, and free cash flow; 2022 PSUs vested at 200% based on operating margin, ROIC, and relative TSR, reinforcing a performance link likely to continue to influence LTI outcomes .
- High retention value: Significant unvested equity into 2025–2026 (e.g., 2023 RSUs and PSUs; 2024 RSUs and PSUs) and large CIC equity acceleration create strong incentives to remain, reducing near-term departure risk .
- Limited insider selling pressure: Anti-hedging/anti-pledging policies prohibit pledging and margin transactions; while vesting events in 2025–2026 may trigger liquidity needs, Etienvre’s ownership stands at ~38× salary, well above the 3× requirement, indicating meaningful alignment and capacity to hold .
- Severance economics: In a non-CIC termination, cash severance totals $1.836M plus equity treatment; in a CIC-related termination, cash severance ($1.836M) plus benefits continuation and full acceleration values materially increase total package, signaling balanced but sizable change-in-control protections .
- Execution track record: Under current leadership, Celestica delivered 2024 revenue growth of 21%, GAAP EPS up 78%, adjusted EPS up 58%, and a 215% stock rise in 2024; three-year TSR of 775% supports confidence in continued operational execution tied to incentive design .