Patraic Reagan
CrocsAbout Patraic Reagan
Patraic Reagan is Executive Vice President and Chief Financial Officer of Crocs, Inc., appointed August 29, 2025, effective September 22, 2025; age 53, reporting to CEO Andrew Rees . He previously served as CFO of SharkNinja, Inc. (Apr 2024–Aug 2025), and held senior finance and planning roles at Nike, Inc. including VP & CFO, Asia Pacific and Latin America (Feb 2022–Apr 2024), VP Global Business Planning (Jul 2020–Feb 2022), and Senior Director, North America Business Planning (Mar 2018–Jun 2020); earlier career stops include Coach/Tapestry, Ralph Lauren, Kraft Foods, and Chiquita Brands; he holds a B.A.A. in Accounting and Finance from the University of Cincinnati and an MBA from Indiana University’s Kelley School of Business . Crocs’ recent performance context underpinning executive pay includes 2024 revenue of $4,102.1 million (+3.5% YoY), net income of $950.1 million, diluted EPS of $15.88, and a 5-year TSR at the 83rd percentile vs. compensation peers through Dec 31, 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SharkNinja, Inc. | Chief Financial Officer | Apr 2024–Aug 2025 | Led finance for high-growth consumer products; public company CFO experience . |
| Nike, Inc. | VP & CFO, Asia Pacific & Latin America | Feb 2022–Apr 2024 | Oversaw regional finance, strengthened international operations and growth control systems . |
| Nike, Inc. | VP, Global Business Planning | Jul 2020–Feb 2022 | Enterprise planning leadership; disciplined execution and resource allocation . |
| Nike, Inc. | Sr Director, North America Business Planning | Mar 2018–Jun 2020 | Drove NA planning; supported double-digit online growth enablement . |
| Coach/Tapestry; Ralph Lauren; Kraft Foods; Chiquita | Various finance roles | Not disclosed | Built consumer/retail finance toolkit across blue-chip brands . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed | — | — | No public board roles disclosed in Crocs filings/press materials . |
Fixed Compensation
| Component | Amount | Terms |
|---|---|---|
| Base Salary | $750,000 | Annualized, paid bi-weekly . |
| Target Bonus (STIP) | 100% of eligible earnings | For 2025 plan year; guaranteed no less than 100% of eligible earnings for period from Start Date to Dec 31, 2025 . |
| Sign-on Bonus | $800,000 | Paid after Start Date; subject to 12-month service clawback if voluntary departure or termination for Cause before 12 months . |
Performance Compensation
| Incentive Type | Target/Value | Metrics | Payout/Status | Vesting |
|---|---|---|---|---|
| 2025 STIP (pro-rated) | 100% of eligible earnings from 9/22/25–12/31/25 | Company scorecards (Enterprise adjusted EBIT, adjusted FCF; plus strategic/CRS objectives)—company program design | Minimum payout floor of 100% for pro-rated 2025 period (per offer letter) . | Cash, per STIP terms . |
| 2026 LTIP Eligibility | Target equity value 267% of base salary | Subject to then-current plan metrics set by Compensation Committee . | Determined under 2026 LTIP design (not yet disclosed) . | Per 2026 LTIP award agreements . |
| Sign-on RSUs | $3,500,000 | Time-based RSUs (no performance metrics) | N/A—time-vested | 21.43% at 6, 12, 18, 24 months; 14.28% at 36 months post Start Date; continuous employment required to each vest date . |
Company-wide 2024 incentive calibration reference: STIP paid 117.6% (Enterprise), 120.7% (Crocs Brand), 80.8% (HEYDUDE), and 2024 Adjusted EBITDA operating margin PSUs earned at 102.1% of target—indicative of pay-for-performance alignment .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Initial beneficial ownership | Form 3 filed 9/22/2025 indicates “No securities are beneficially owned” as of the event date . |
| Sign-on RSUs | Grant value $3.5 million; time-based vest schedule as above . |
| Ownership guidelines | Executive officers must own stock equal to 3x base salary (CEO 5x) within 5 years of hire; applies to Reagan given CFO role . |
| Hedging/pledging | Prohibited for directors and executive officers . |
| Clawbacks | Company has SEC Rule 10D-1-compliant incentive compensation recovery policy and a discretionary clawback tied to restatements and misconduct . |
Employment Terms
| Term | Detail |
|---|---|
| Start Date | September 22, 2025; EVP & CFO, Westwood, MA office; reports to CEO Andrew Rees . |
| Severance (non-CIC) | If terminated without Cause or resigns for Good Reason, lump-sum equal to then-current base salary, subject to release . |
| Change-in-Control Plan | Eligible under CIC Plan with a Severance Payment Percentage of 200% (as defined in CIC Plan); double-trigger vesting structure Company-wide . |
| Restrictive covenants | Confidentiality, non-solicitation, non-competition and assignment of inventions agreement consistent with other NEOs (scope/duration not specified) . |
| Governance best practices | No excise tax gross-ups; no hedging/pledging; robust stock ownership guidelines; clawbacks; no option repricing . |
| Say-on-Pay context | 98% support at 2024 annual meeting, indicating shareholder endorsement of pay program design . |
| Related party transactions | None since January 1, 2024 involving executives/directors >$120,000 . |
| Certifications | SOX 302 and 906 certifications signed in Q3 2025 10-Q as EVP & CFO (Principal Financial & Accounting Officer) . |
Vesting Schedule and Potential Insider Selling Pressure
- Sign-on RSUs vest 21.43% at approximately 6, 12, 18, and 24 months post Start Date, and 14.28% at 36 months; these create structured liquidity windows that historically can align with insider sale filings, subject to trading windows and policy compliance .
- Ban on hedging/pledging and Company’s securities trading policy (insider trading controls) limit risk behaviors; ownership guideline phase-in over five years encourages accumulation rather than near-term disposition .
Compensation Structure vs Performance Metrics
- Company STIP/PSU metrics emphasize Enterprise Adjusted EBIT, Enterprise Adjusted Free Cash Flow, Revenue, Adjusted EBITDA Operating Margin, and corporate responsibility/sustainability strategic initiatives; 2024 payouts (above) demonstrate alignment with financial outcomes .
- Compensation Committee uses an independent consultant (Meridian), maintains multiple non-overlapping performance metrics, emphasizes at-risk pay, and prohibits repricing; peers benchmarked across 15 footwear/apparel names (Deckers, Lululemon, Skechers, Under Armour, VF, etc.) to calibrate competitiveness without targeting a fixed percentile .
Performance & Track Record
- Crocs 2024 operational results included record revenue of $4,102.1 million (+3.5% YoY), gross margin expansion to 58.8% (+300 bps), net income of $950.1 million, diluted EPS of $15.88, and 5-year TSR in the 83rd percentile vs. compensation peers—establishing a performance baseline as Reagan assumes CFO duties in late 2025 .
- Corporate governance and risk oversight frameworks, including cybersecurity posture and enterprise risk management, are robust and Board-led—important for a CFO accountable for controls and disclosures .
Investment Implications
- Pay-for-performance architecture is strong and shareholder-friendly (clawbacks, no hedging/pledging, ownership guidelines, no gross-ups), with metrics tied to EBIT, FCF, revenue, and EBITDA margin; Reagan’s guaranteed pro-rated 2025 STIP ensures near-term compensation floor during transition but preserves full at-risk alignment from 2026 LTIP onward .
- The front-loaded, time-based sign-on RSUs ($3.5M) with 6–24 month heavy vest tranches may introduce periodic selling windows, though Company policies and 3x salary ownership guidelines mitigate misalignment; initial Form 3 showed no beneficial ownership at start, suggesting accumulation still ahead .
- CIC protection at a 200% Severance Payment Percentage and base-salary severance for non-CIC terminations reduce retention risk; combined with Reagan’s Nike/SharkNinja track record in disciplined execution and international finance, this strengthens confidence in execution on Crocs’ growth and margin agenda .