Philip Wheatley
About Philip Wheatley
Philip Wheatley is CRH’s Chief Growth Officer, age 51, re-joining the company in 2023 after previously spending 16 years at CRH across Corporate Development and Strategy roles, including Group Head of M&A; he holds a BA and is an ACA-qualified accountant . His remit centers on growth initiatives and portfolio development, aligned to CRH’s customer-connected solutions strategy and disciplined capital allocation . During 2024, CRH delivered record performance and strong TSR, providing context for incentive alignment and value creation under executive compensation structures .
CRH 2024 performance context:
| Metric | 2023 | 2024 | |---|---|---|---| | Net Income ($bn) | $3.1 | $3.5 (+15% YoY) | | Adjusted EBITDA ($bn) | $6.2 | $6.9 (+12% YoY) | | Basic EPS ($) | $4.36 | $5.06 (+16% YoY) | | 12-month TSR to 12/31/2024 | — | 35.9% |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CRH | Group Head of M&A | Not disclosed | Led M&A agenda; portfolio management and capital deployment |
| CRH | Group Strategy & Development Director | Not disclosed | Corporate strategy formulation and execution |
| CRH | Development Director, Europe Materials | Not disclosed | Regional development and inorganic growth |
| CRH | Group Development Manager | Not disclosed | Early-stage corporate development and pipeline building |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Financial services industry | Various M&A and operating roles | Not disclosed | Transaction execution and finance skillset applied at CRH |
| Building materials industry | Various operating roles | Not disclosed | Sector operating experience underpinning growth mandate |
Fixed Compensation
- CRH’s 2024 proxy discloses detailed cash and equity compensation only for Named Executive Officers (CEO, CFO, COO, Presidents); Wheatley is an executive officer but not a 2024 NEO, and his base salary and bonus targets are not individually disclosed .
Performance Compensation
CRH compensation architecture relevant to senior executives:
| Element | Metric | Weighting | Target | Actual 2024 | Payout Basis | Vesting/Hold |
|---|---|---|---|---|---|---|
| Annual Bonus Plan (Company metrics for NEOs; indicative of CRH performance levers) | EPS | 25% | 437c | 523c | 25.00% of max for EPS | 33%/25% deferred into shares; 3-year holding under 2014 DSBP (role-dependent) |
| Operating Cash Flow | 30% | $3.79bn | $4.04bn | 28.64% of max for Cash Flow | Same as above | |
| RONA | 25% | 13.1% | 14.4% | 25.00% of max for RONA | Same as above | |
| Personal/Strategic | 20% | — | — | 20.00% of max component | Same as above | |
| Annual Bonus Plan outcome (aggregate) | — | 100% | — | — | 98.64% of maximum overall | Deferred shares subject to 3-year hold; malus/clawback for 3 years |
Long-term incentives (Performance Share Plan for senior management in 2024; replaced prospectively by Equity Incentive Plan if approved):
| Metric | Weighting | Vesting Mechanism | Notes |
|---|---|---|---|
| Operating Cash Flow | 45% | 3-year cliff vest; additional 2-year holding for Executive Directors | Aligns to funding growth and shareholder returns |
| RONA | 20% | 3-year cliff vest | Capital efficiency focus |
| Relative TSR | 20% | 3-year cliff vest | Measured vs performance peer group |
| Sustainability Scorecard | 15% | 3-year cliff vest | Decarbonization and sustainability-linked |
Prospective plan design (2025 Equity Incentive Plan, subject to shareholder approval): double-trigger change-in-control vesting; no repricing; dividends accrue only post-vest; robust clawback; options/SARs at or above fair market value; non-transferability .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Ordinary shares beneficially owned | 37,436 (as of March 12, 2025) |
| Ownership as % of shares outstanding | Less than 1% |
| Hedging/Pledging | Prohibited for directors and executive officers (anti-hedging and pledging policy) |
| Clawback | Robust clawback policy for incentive compensation |
| Ownership guidelines | New 2025 guidelines apply to NEOs (CEO 6x salary; other NEOs 3x; Directors 5x); applicability to Wheatley not specified |
Employment Terms
- Role tenure: Members of the Global Leadership Team (including Chief Growth Officer) serve at the discretion of the Company rather than fixed terms .
- Award governance: Awards subject to malus and clawback; no dividends/dividend equivalents on unvested awards; double-trigger vesting on change in control under proposed 2025 Equity Incentive Plan .
- Anti-hedging/pledging and risk controls: CRH prohibits hedging/pledging by directors and executive officers; compensation practices reviewed to mitigate undue risk .
Investment Implications
- Alignment: Wheatley’s 37,436-share ownership, combined with CRH’s prohibition on hedging/pledging and clawback provisions, supports incentive alignment and reduces governance risk around insider hedging or collateral pledging .
- Pay-for-performance signals: CRH weights incentives to operating cash flow, RONA, relative TSR and sustainability—metrics that drove 2024 bonus outcomes near maximum and underpin long-term PSP design, indicating strong linkage between strategic execution and pay outcomes across senior leadership .
- Retention and CIC protections: While Wheatley’s individual employment agreement is not disclosed, plan-level double-trigger CIC and clearly articulated clawback/malus reduce windfall risk and encourage retention through multi-year vesting .
- Execution risk: As Chief Growth Officer with deep M&A background, Wheatley operates amid an active capital deployment environment ($5.0bn 2024 M&A, including Texas assets and Adbri stake); execution quality on integrations and returns will be the key driver of value and future incentive outcomes .