Luc Bellet
CLOROX CO /DE/About Luc Bellet
Luc Bellet is Executive Vice President and Chief Financial Officer of The Clorox Company, appointed effective April 1, 2025, after 18 years across treasury, FP&A, internal audit, Global Product Supply, and business unit finance roles at Clorox . He is 47 years old and was first appointed an executive officer in 2025 . Company performance context during his tenure includes fiscal year 2025 net sales of $7.1 billion and incentive frameworks tied to economic profit and short-term sales, earnings, and margin outcomes . Clorox’s FY25 annual incentive company multiplier was 80%, and PSUs covering FY23–FY25 paid out at 133% based on economic profit performance, framing the pay-for-performance environment for the CFO’s incentives .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Clorox Company | EVP & Chief Financial Officer | 2025–present | Finance leadership during ERP transition, margin initiatives, and digital transformation |
| The Clorox Company | Vice President – Treasurer | Oct 2023–Apr 2025 | Treasury oversight and capital structure stewardship |
| The Clorox Company | Vice President – Financial Planning & Analysis | Apr 2018–Oct 2023 | Enterprise FP&A leading planning, forecasting, and performance analytics |
| The Clorox Company | Finance leadership roles (internal audit, Global Product Supply, business units) | 2006–2018 | Controls, supply chain finance, and BU execution support |
Fixed Compensation
| Component | FY2025 Amount/Term | Notes |
|---|---|---|
| Base salary (annualized as of 6/30/25) | $725,000 | Increased upon CFO appointment effective 4/1/25 |
| Target bonus (AIP) | 100% of salary | Target set by MDCC at CFO appointment |
| Actual AIP payout (FY25) | $362,301 | Prorated for promotion effective 4/1/25 |
| Perquisites (FY25 total) | $37,030 | Executive auto $13,200; Financial planning $18,970; Paid parking $3,420; Executive health $1,440 |
Performance Compensation
FY2025 Annual Incentive Plan (AIP) Metrics and Outcome
| Metric | Weight | Threshold (0%) | Target (100%) | Maximum (200%) | Actual (ex-items) | Metric payout | Company multiplier |
|---|---|---|---|---|---|---|---|
| Net Customer Sales ($mm) | 50% | $6,721 | $7,075 | $7,252 | $6,870 | 47% | 80% |
| Net Earnings Attributable to Clorox ($mm) | 30% | $571 | $635 | $711 | $650 | 103% | 80% |
| Gross Margin (%) | 20% | 42.0% | 44.0% | 46.0% | 44.7% | 126% | 80% |
Notes: AIP actuals exclude specified ERP, cyberattack insurance, divestiture, digital transformation, FX, and equity comp budgeting impacts .
Long-Term Incentive (LTI) Awards – Grants, Structure, and Vesting
| Grant date | Instrument | Target shares | Grant-date fair value ($) | Vesting terms | Performance metric |
|---|---|---|---|---|---|
| 9/17/2024 | PSUs | 2,185 | $359,848 | 3-year performance period (FY25–FY27); payout 0–200% | Economic Profit (EP) growth |
| 9/17/2024 | RSUs | 1,457 | $239,953 | 25% vest on each of first four anniversaries; Oct 5 cadence | Time-based |
| 4/1/2025 (promotion) | PSUs | 4,056 | $599,923 | 3-year performance period (FY25–FY27); payout 0–200% | EP growth |
| 4/1/2025 (promotion) | RSUs | 2,704 | $399,949 | 25% vest on each of first four anniversaries from grant date | Time-based |
Program design: NEO LTI mix at grant is 60% PSUs and 40% RSUs; PSU metric is EP growth with annual funding averaged across the 3-year period; RSUs align with stock price and retain talent .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 39,901 shares; “Percent of Class” indicated as “*” (<1%) |
| Shares outstanding | 121,683,474 as of Aug 31, 2025 |
| Right to acquire within 60 days | 6,358 shares (options/units vesting within 60 days) |
| Unvested RSUs (tranches) | 211; 479; 1,155; 1,493; 2,728 units |
| Unearned PSUs (targets) | 2,556; 2,304; 2,239; 4,092 units |
| Stock options outstanding | Exercisable: 710 @ $135.57; 5,175 @ $151.85; 10,927 @ $155.54; 4,039 @ $212.38; Unexercisable: 1,403 @ $163.77; 2,318 @ $141.30 |
| Ownership guideline | 3x base salary for NEOs; status as of 9/10/25: Not met for Bellet (recently elevated from 2x to 3x upon CFO appointment) |
| Retention requirement | Must retain 75% of net shares acquired after tax until meeting guideline |
| Hedging/pledging | Prohibited for directors and officers; options trading and derivatives are prohibited |
Employment Terms
- Appointment: EVP & CFO effective April 1, 2025; base salary increased to $725,000; AIP target increased from 50% to 100%; off-cycle RSUs $400,000 and PSUs $600,000 granted on 4/1/25 with 3-year PSU performance ending 6/30/27 .
- Severance Plan: If terminated without cause (non-CIC), CFO eligible for 2x base salary and prorated AIP; non-solicit for 2 years is required for benefits .
- Change in Control (CIC) Plan: CFO eligible for 2x base salary plus 2x target AIP upon qualifying termination in connection with a CIC; equity acceleration/vesting per award terms; excise tax cutback applies .
- Clawbacks: Amended in FY24 to comply with SEC/NYSE; “no-fault” restatement clawback for Section 16 officers; detrimental conduct clawback up to 3 years post-vesting; clawbacks also embedded in AIP and LTI agreements for misconduct .
Potential Payments Upon Termination (as of 6/30/25; $120.07 stock price assumption)
| Scenario | Cash payment | Stock options | RSUs | PSUs | Health & welfare | Financial planning | Total estimated value |
|---|---|---|---|---|---|---|---|
| Involuntary termination (without cause) | $1,993,750 | $0 | $0 | $0 | $43,525 | $0 | $2,037,275 |
| Involuntary termination after CIC | $3,625,000 | $0 | $728,345 | $1,267,579 | $43,525 | $18,970 | $5,683,419 |
| Disability or death | $0 | $75,508 | $728,345 | $1,267,579 | $43,525 | $0 | $2,071,432 |
Deferred Compensation
| Item | FY2025 Amount | Aggregate balance |
|---|---|---|
| Executive contributions (salary/AIP deferrals) | $37,710 | $721,427 |
| Registrant contributions (NQDC/Exec Retirement Plan) | $72,622 | — |
| Aggregate earnings in last FY | $39,566 | — |
Plan features: Voluntary deferrals up to 50% of base and 100% of AIP; 401(k) restoration above IRS limits; distribution elections include lump sum or up to 15 annual installments; balances are unsecured obligations of Clorox .
Performance Compensation – PSU Outcome Context
| PSU performance period | EP performance | Payout |
|---|---|---|
| FY2023–FY2025 (granted Sep 2022) | FY23 EP absolute above max; FY24 EP growth above max; FY25 EP growth below threshold (adjusted for specified events); average payout 133% | 133% |
Investment Implications
- Alignment and retention: Bellet’s package is heavily performance-based (PSUs + AIP tied to EP, sales, earnings, margin) with recent off-cycle awards at promotion; ownership guideline not yet met suggests continued net share retention until compliance, reducing near-term sell pressure from exercises/vestings .
- Selling pressure and vesting: Multiple RSU tranches and PSU cycles create scheduled vesting events; insider hedging/pledging is prohibited, and trades require preclearance or approved plans, mitigating adverse signaling risk from opportunistic sales .
- Downside/CIC protections: Severance and CIC economics are moderate (2x base and 2x AIP for CIC), balancing retention versus shareholder dilution; clawbacks provide recourse on restatements or detrimental conduct, limiting governance risk .
- Performance linkage: Company’s FY25 AIP result at 80% and recent PSU payout at 133% frame incentive sensitivity; FY2026 outlook reiterations place emphasis on navigating ERP shipment reversal and margin headwinds—key levers under CFO oversight for economic profit delivery .