Thomas Garcia
DECKERS OUTDOORAbout Thomas Garcia
Thomas Garcia, age 51, is Chief Administrative Officer at Deckers (DECK), overseeing Legal, ESG, Strategy, and Communications. He joined Deckers in 2009 and was promoted to CAO in 2021 after roles including Senior Vice President, Senior Counsel, and Compliance Officer; earlier, he was Assistant General Counsel at Mentor Corporation (2003–2009) and an associate at Hatch & Parent and Buchanan Ingersoll. He holds a B.S. in Biology (Lehigh), an M.P.H. (UMass Amherst), and a J.D. (GWU Law) . Deckers’ FY2023 performance included revenue growth of 15.1% and a 19.1% increase in diluted EPS; management’s pay programs tie to operating income and revenue for annual cash awards and to pre-tax income and revenue (with an FY2023 TSR modifier) in long-term PSUs, evidencing pay-for-performance alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Deckers Outdoor Corporation | Chief Administrative Officer | 2021–present | Oversees Legal, ESG, Strategy, and Communications |
| Deckers Outdoor Corporation | Senior VP, Senior Counsel, Compliance Officer | 2009–2021 | Legal leadership and compliance, supporting corporate strategy |
| Mentor Corporation (acquired by J&J) | Assistant General Counsel | 2003–2009 | Led legal work at a medical device company through acquisition integration |
| Hatch & Parent; Buchanan Ingersoll | Associate Attorney | Prior to 2003 | Corporate and commercial legal practice |
External Roles
- No public company board roles or external directorships disclosed in DECK’s executive bios for Mr. Garcia .
Fixed Compensation
| Metric | FY2023 | FY2024 |
|---|---|---|
| Base Salary ($) | 546,182 | 627,764 |
| Target Bonus (% of Salary) | 75% | 75% |
| Actual Annual Cash Incentive Paid ($) | 464,442 | 937,705 |
| Approved Base Salary progression (reference) | FY2023: $550,000; FY2024: $650,000; FY2025: $680,000 |
Performance Compensation
Annual Cash Incentive – FY2023 Detail
| Component | Weight (Garcia) | Threshold | Target | Maximum | Actual Performance | Component Payout |
|---|---|---|---|---|---|---|
| Consolidated Operating Income | 70% | $584.4m | $649.4m | $779.2m | $652.8m | 103% |
| Consolidated Revenue | 30% | $3,289.4m | $3,575.4m | $3,933.0m | $3,627.3m | 115% |
| ESG Modifier | — | — | — | — | — | 8% |
| Total Payout ($) | — | — | — | — | — | 464,442 |
- FY2024 Annual Cash Incentive paid at 200% of target to all NEOs based on Company results; Garcia payout: $937,705 .
Equity Awards – Grants and Vesting
| Grant Year | Grant Date | Instrument | Target/Granted Shares | Grant Date Fair Value ($) | Vesting/Performance |
|---|---|---|---|---|---|
| FY2023 | 8/15/2022 | LTIP PSUs | 1,544 | 599,690 | 3-year performance (FY2023–FY2025) based on annual targets; vest 3/31/2025; up to 200% payout; TSR modifier applies to FY2023 program |
| FY2023 | 8/15/2022 | Time-based RSUs | 1,181 | 399,922 | Vests in 3 equal annual tranches on 8/15/2023, 8/15/2024, 8/15/2025 |
| FY2024 | 8/15/2023 | LTIP PSUs | 946 (target) | 599,679 | 3-year performance (FY2024–FY2026) based on annual targets; vest 3/31/2026; up to 200% payout |
| FY2024 | 8/15/2023 | Time-based RSUs | 721 | 399,960 | Vests in 3 equal annual tranches on 8/15/2024, 8/15/2025, 8/15/2026 |
Stock vesting/realization in FY2023:
- Shares vested: 2,958; value realized on vesting: $1,212,637 (no option exercises reported for Garcia) .
Outstanding equity at FY2024 year-end (3/31/2024):
| Type | Unvested/Unearned Shares | Market Value ($) |
|---|---|---|
| Time-based RSUs | 1,749 | 1,646,264 |
| LTIP PSUs (target) | 2,490 | 2,343,737 |
Equity Ownership & Alignment
| Metric | Value |
|---|---|
| Beneficial Ownership (6/30/2024) | 5,798 shares; <1% of outstanding |
| Ownership as % of Shares Outstanding | <1% (25,425,626 shares outstanding) |
| Near-term Vesting Overhang | Time-based RSUs vest annually on Aug 15; PSUs scheduled to vest on 3/31/2025 and 3/31/2026 subject to performance (see Outstanding Equity) |
Note: Proxy footnotes reflect matching contributions and participation in NQDC/401(k) plans as part of “All Other Compensation” for NEOs, including Garcia .
Employment Terms
- Severance and change-in-control economics (hypothetical values based on stock price on March 31 of each year):
| Scenario | FY End | Cash Payments ($) | Health Benefits ($) | Accelerated Equity Value ($) | Total ($) |
|---|---|---|---|---|---|
| Termination by Company Without Cause | 3/31/2023 | 550,000 | 22,111 | — | 572,111 |
| In Connection with a Change in Control | 3/31/2023 | 1,636,935 | 33,166 | 2,038,709 | 3,708,810 |
| Termination by Company Without Cause | 3/31/2024 | 650,000 | 22,973 | — | 672,973 |
| In Connection with a Change in Control | 3/31/2024 | 1,912,739 | 34,459 | 3,990,001 | 5,937,199 |
- Program structure: Payments/vesting determined under Severance Agreements and equity award agreements by termination event; no benefits on termination for cause per proxy; values sensitive to stock price at event .
Investment Implications
- Compensation alignment: Garcia’s pay mix is heavily at-risk via annual operating income/revenue metrics and multi-year PSUs tied to pre-tax income/revenue (with an FY2023 TSR modifier), reinforcing alignment with profitability and growth; FY2024 AIP paid at 200% of target indicates strong execution against internal goals .
- Vesting/selling dynamics: Upcoming RSU vest dates (Aug 15 annually) and PSU vest dates (Mar 31, 2025/2026) suggest periodic taxable events that can create mechanical selling pressure; as of 3/31/2024 Garcia had 1,749 RSUs and 2,490 target PSUs outstanding .
- Ownership and retention: Beneficial ownership is modest (5,798 shares, <1%), but accelerating equity value under CoC scenarios is not excessive relative to CEO/CFO peers at DECK, which may limit parachute overhang at the CAO level; standard health benefit continuation applies .
- Performance linkage: DECK’s FY2023 revenue growth (+15.1%) and EPS increase (+19.1%) plus 2024’s maximum AIP payout demonstrate outcomes consistent with the incentive design, supporting pay-for-performance and reducing compensation-related governance risk .