Cormac Twomey
About Cormac Twomey
Cormac Twomey (age 55) is Executive Vice President, Customer Success at Concentrix, serving in this role since September 2023 after four years leading Global Operations & Delivery; prior roles include senior commercial and operations leadership at Convergys and Stream Global Services . Concentrix delivered FY2024 revenue of $9,618.9 million (+35.2% reported; +2.7% pro forma constant currency), adjusted EBITDA of $1,554.9 million (+31.6% YoY), and non-GAAP operating income of $1,317.9 million, anchoring performance-linked pay programs; 2022 PRSUs paid out at 34.92% based on three-year revenue/EBITDA growth, with Twomey vesting 866 shares . Twomey’s remit spans client success and execution across CX operations, with earlier public remarks highlighting scaled deployment of AI and automation across Concentrix’s operations .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Concentrix | EVP, Customer Success | Sep 2023 – present | Leads client success; previously ran global delivery, aligning execution to growth and margin goals . |
| Concentrix | EVP, Global Operations & Delivery | Jan 2019 – Sep 2023 | Drove global operations standardization and delivery efficiency post-Convergys acquisition . |
| Convergys | Chief Commercial Officer | Oct 2017 – Oct 2018 | Led commercial strategy pre-acquisition by Concentrix . |
| Convergys | SVP, Operations | Jan 2017 – Oct 2017 | Managed global operations . |
| Convergys | SVP, EMEA & Intelligent Contact | Mar 2014 – Dec 2016 | Led EMEA and intelligent contact solutions . |
| Stream Global Services | Managing Director | 2013 – 2014 | Ran regional business; pre-Stream integration path . |
| Stream Global Services | SVP, Sales & Client Management, EMEA | 2011 – 2013 | Led EMEA sales/client management . |
Fixed Compensation
| Metric (FY2024) | Value | Notes |
|---|---|---|
| Base Salary | $549,475 | Converted from £431,432 at 1 GBP = $1.2736; +6.9% YoY . |
| Target Bonus (SMIP) | 100% of base | Set at start of FY2024 . |
| Actual Bonus Paid (SMIP) | $497,274 | 90.5% of target after committee reduction (earned 93.0%); paid in FY2025 . |
| All Other Compensation | $65,802 | UK defined contributions $43,365; dividends on unvested equity $22,437 . |
Multi-year compensation (USD):
| Component | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| Salary | $476,170 | $509,559 | $545,998 |
| Stock Awards (Grant-date fair value) | $892,800 | $1,158,148 | $1,607,108 |
| Non-Equity Incentive (SMIP) | $419,917 | $655,803 | $497,274 |
| All Other Compensation | $56,400 | $59,589 | $65,802 |
| Total | $1,845,287 | $2,383,099 | $2,716,182 |
Performance Compensation
Annual Cash Incentive (SMIP) – FY2024 design and outcome
| Metric | Weight | Threshold | Target | Stretch | Actual | Payout basis |
|---|---|---|---|---|---|---|
| Non-GAAP Operating Income | 65% | $1,124m | $1,405m | $1,686m | $1,318m | 84.5% of target; contributes 54.9% of total award . |
| Revenue | 35% | $9,197m | $9,580m | $9,772m | $9,614m (neg. FX adj. $4.9m) | 108.9% of target; contributes 38.1% of total award . |
| Total Earned | — | — | — | — | — | 93.0% earned; paid at 90.5% to reinvest . |
Twomey-specific SMIP parameters:
| Parameter | Value |
|---|---|
| Target (% of base) | 100% |
| Actual payout (% of target) | 90.5% |
| Actual bonus (USD) | $497,274 |
Long-Term Incentives (PRSUs and RSUs)
2024 PRSUs (3-year performance ending Nov 30, 2026):
| Item | Value |
|---|---|
| Target shares | 9,184 |
| Opportunity range | 4,592 (50%) – 18,368 (200%) |
| Target value | $819,948 (9,184 × $89.28) |
| Metrics & weights | Revenue growth 30%; Adjusted EBITDA growth 50%; FCF conversion 20% |
| Earn-out mechanics | Annual measurement with cumulative 3-year check; payout at end of period |
2024 Time-based RSUs:
| Item | Value |
|---|---|
| Granted | 9,184 RSUs on Feb 1, 2024 |
| Vesting | One-third annually over 3 years (first 3 anniversaries of grant date) . |
Historical 2022 PRSUs (paid in Jan 2025):
| Item | Value |
|---|---|
| Target shares (Twomey) | 2,480 |
| Aggregate payout | 34.92% |
| Vested shares (Twomey) | 866 |
Policy features:
- At least 50% of executive long-term compensation in performance-based RSUs; CEO at 60% for 2024, increasing PRSU mix in 2025 with added Adjusted EPS and TSR metrics .
Equity Ownership & Alignment
Beneficial ownership (as of Jan 28, 2025):
| Item | Shares | Notes |
|---|---|---|
| Shares owned directly/indirectly | 13,965 | Sole voting/investment power unless noted . |
| May be settled within 60 days | 3,927 | Includes near-term vesting units . |
| Total beneficial ownership | 17,892 | <1% of shares outstanding . |
| Options exercisable within 60 days | — | None listed for Twomey . |
| Shares pledged as collateral | — | “Unless otherwise indicated… no securities have been pledged.” . |
Unvested and unearned awards (Nov 30, 2024):
| Item | Count |
|---|---|
| Unvested RSUs/restricted stock | 13,581 |
| Unearned PRSUs (at plan basis; see footnote) | 12,154 |
Ownership policies and compliance:
- Stock ownership guideline: 3× base salary for NEOs; 5-year compliance window; Twomey has exceeded the requirement; until met, must retain at least 50% of net shares from vesting .
- Anti-hedging policy: hedging, short sales, and derivative transactions are prohibited for officers and directors .
- Clawback policy: three-year recoupment upon restatement; aligned with Nasdaq standards (amended Dec 1, 2023) .
Employment Terms
| Provision | Details |
|---|---|
| Employment agreement | UK agreement (Jan 2019) . |
| Severance – termination without cause | Six months’ notice or pay in lieu; pro rata target SMIP through notice period . |
| Change-of-control severance plan | Not eligible as a non-U.S. person . |
| Equity – change-of-control | Double-trigger acceleration if involuntary termination within 24 months post-CoC . |
| Restrictive covenants | Non-compete and employee/client non-solicit provisions . |
Illustrative potential payments (assuming Nov 30, 2024 event):
| Scenario | Salary | Target SMIP | Equity vesting | Total |
|---|---|---|---|---|
| Termination without cause (no CoC) | $824,213 | $549,475 | — | $1,373,688 |
| Involuntary termination following CoC | $824,213 | $549,475 | $1,082,351 | $2,456,039 |
Compensation Structure Notes
- Peer group for benchmarking includes technology-enabled CX and adjacent firms (e.g., Cognizant, Genpact, Teleperformance, ExlService, EPAM, FICO), with revenue and market cap positioning disclosed; peer group maintained for FY2025 .
- Say-on-Pay support: 93.4% approval at 2024 Annual Meeting; program emphasizes pay-for-performance and prudent governance .
- Program features: no single-trigger CoC benefits; no tax gross-ups; no excessive perquisites; robust clawback; strong stock ownership requirements .
Performance Compensation Detail (Metric-Level)
| Metric | Weighting | FY2024 Target | FY2024 Actual | Payout Impact |
|---|---|---|---|---|
| Non-GAAP Operating Income | 65% | $1,405m | $1,318m | Below target; contributes to 93.0% earned/90.5% paid . |
| Revenue | 35% | $9,580m | $9,614m (after FX adjustment) | Above target; contributes to 93.0% earned/90.5% paid . |
| PRSU (2024–2026) metrics | 30% Rev; 50% Adj. EBITDA; 20% FCF conversion | Challenging multi-year targets | Annual and cumulative measurement; payout at period end | Aligns multi-year value creation . |
Investment Implications
- Alignment: High proportion of performance-based equity (PRSUs) tied to revenue, EBITDA, FCF conversion, with 2025 additions of Adjusted EPS and TSR; strong ownership guidelines and anti-hedging; no pledging observed—signals alignment and disciplined governance .
- Retention risk: UK severance provides six months’ salary plus pro rata bonus but lacks U.S.-style CoC cash multiples; however, double-trigger equity acceleration and substantial unvested RSUs/PRSUs support retention through 2026–2027 .
- Pay-for-performance: 2024 SMIP cut from 93.0% to 90.5% to fund reinvestment (signal of capital discipline); 2022 PRSUs paid 34.92%, reflecting demanding long-term goals and macro integration headwinds—suggests conservatism in LTI realizations .
- Trading signals: Scheduled RSU vesting and potential PRSU earn-outs create predictable supply; absence of pledging and anti-hedging policy mitigates adverse alignment risks; monitor any future Form 4 activity around vest dates for selling pressure indicators .