Gregory Bowen
Vice President, Chief Accounting Officer (Principal Accounting Officer) at DORM
Executive
About Gregory Bowen
Gregory Bowen, age 57, was appointed Vice President, Chief Accounting Officer and principal accounting officer of Dorman Products on May 19, 2025; he joined Dorman in August 2020 as Vice President, Controller and is a CPA who began his career at Ernst & Young . His background spans Chief Accounting Officer at CIRCOR International (2019–2020), Corporate Controller at Dentsply Sirona (2018–2019), Assistant Corporate Controller at TE Connectivity (2012–2018), with earlier finance leadership roles at Apex Tool Group and Stanley Black & Decker . Company performance context during his recent tenure includes FY2024 net sales growth of 4.1%, EPS up 49.8%, gross profit +17.6%, adjusted pre-tax income +53.1%, and free cash flow +16.3% . Dorman’s 3‑year TSR for the 2022–2024 cycle was 23.52% with RTSR at the 62.10th percentile (payout 135.5% of target) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Dorman Products, Inc. | VP, Controller | Aug 2020 – May 2025 | Led corporate controllership; prepared to assume principal accounting officer duties |
| CIRCOR International, Inc. | SVP & Chief Accounting Officer | Sep 2019 – Aug 2020 | Oversaw public company accounting, reporting and controls |
| Dentsply Sirona Inc. | VP, Corporate Controller | Apr 2018 – Jan 2019 | Led corporate accounting for global manufacturer |
| TE Connectivity plc | Assistant Corporate Controller | Aug 2012 – Mar 2018 | Supported global consolidation, reporting, and controls |
| Apex Tool Group LLC | Finance leadership roles | Pre‑2012 | Finance leadership at industrial tools supplier |
| Stanley Black & Decker | Finance leadership roles | Pre‑2012 | Finance leadership at diversified industrial company |
| Ernst & Young LLP | Auditor | Early career | Foundation in external audit; earned CPA designation |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | None disclosed in Company filings |
Fixed Compensation
| Component | Detail |
|---|---|
| Base Salary | $375,000 annualized (effective with CAO appointment) |
| Target Annual Bonus | 40% of base salary under Amended & Restated Cash Bonus Plan |
| Target Long‑Term Equity | 50% of base salary annually under 2018 Stock Option and Stock Incentive Plan |
| One‑time RSU Grant | $100,000 grant value, grant date on or about June 2, 2025; vests one‑third on each of the first, second, and third anniversaries of grant |
Performance Compensation
| Metric (Corporate Cash Plan) | Weighting | Threshold | Target | Maximum | Actual FY2024 | Payout % |
|---|---|---|---|---|---|---|
| Adjusted Pre‑Tax Income ($mm) | 50% | 187.0 | 215.1 | 233.8 | 286.3 | 200% |
| Net Sales ($mm) | 25% | 1,929.8 | 2,006.2 | 2,064.9 | 2,009.2 | 105% |
| Free Cash Flow as % of Net Income | 25% | 70% | 80% | 100% | 101% | 200% |
| Total Corporate Subplan Payout | — | — | — | — | — | 176% weighted payout |
Notes:
- Dorman’s cash incentive structure aligns to Corporate and segment subplans; Bowen’s appointment references the Cash Bonus Plan but does not specify subplan participation. Corporate subplan metrics and weights shown for context .
Long‑Term Incentives (Company design for FY2024 NEOs, indicative of plan structure):
- Mix: 50% time‑based RSUs (3‑year ratable vesting) and 50% PRSUs (3‑year cliff) .
- PRSU metrics: 50% RTSR vs Nasdaq US Benchmark Auto Parts Index and 50% average ROIC (threshold/target/max: 25th/50th/80th percentile for RTSR; 8.5%/10.5%/12.5% for ROIC) with 0–200% payout, capped at 400% of grant date value including stock appreciation .
- Historical outcome: 2022 PRSU paid 135.5% of target based on 62.10th percentile RTSR, 3‑year TSR 23.52% .
Equity Ownership & Alignment
- Beneficial Ownership: Not disclosed for Bowen in the April 7, 2025 proxy (appointment occurred May 19, 2025) .
- One‑time RSU Vesting: 1/3 annually over three years from ~June 2026, 2027, 2028; introduces scheduled vesting cadence; share count not disclosed .
- Stock Ownership Guidelines: Robust guidelines apply to executive officers; for named executive officers, CEO must hold 5x salary; other named executive officers 2x salary; measured annually; includes unvested time‑based RSUs, excludes unvested performance RSUs/options . The Compensation Committee monitors compliance for directors and executive officers .
- Anti‑Hedging & Anti‑Pledging: Company prohibits hedging, short sales, transacting in publicly traded options related to Dorman securities, holding in margin accounts or pledging as collateral; pre‑clearance and blackout windows apply to insiders .
Employment Terms
| Topic | Bowen‑Specific Term | Company Policy Context |
|---|---|---|
| Role/Appointment | Vice President, Chief Accounting Officer; principal accounting officer, effective May 19, 2025 | Item 5.02 appointment disclosure; no related‑party transactions or familial relationships |
| Employment Agreement | Not disclosed | CEO has an Amended & Restated Employment Agreement; other executives generally do not have fixed‑term agreements |
| Severance | Not disclosed | Executive Severance Plan covers designated participants, including employees with title of President or Senior Vice President; Bowen’s coverage not indicated |
| Change‑of‑Control | Not disclosed | Change‑of‑control terms disclosed for CEO in employment agreement; clawbacks mandatory per SEC/Nasdaq 10D-1 |
| Clawbacks | Subject to Company clawback policies for incentive compensation [policy applies company‑wide] | Fraud/misconduct restatement clawback and mandatory 10D‑1 recoupment for erroneously awarded incentive compensation (3‑year lookback) |
| Insider Trading | Subject to insider trading policy: pre‑clearance, blackout periods; 10b5‑1 plans permitted but not required | Anti‑hedging/anti‑pledging; compliance with listing standards |
Investment Implications
- Alignment and incentives: Bowen’s pay mix is performance‑linked via cash bonus participation in corporate metrics (adjusted pre‑tax income, net sales, free cash flow) and annual LT equity under the 2018 Plan; the one‑time RSU grant introduces near‑term vesting milestones but without disclosed share count, indicating modest incremental selling pressure primarily from tax withholding rather than directional signals .
- Governance and risk controls: Strong anti‑hedging/pledging restrictions, robust clawbacks, and monitored stock ownership guidelines support alignment and reduce risk of adverse trading behavior by insiders .
- Retention risk: No severance or change‑of‑control terms were disclosed for Bowen; absent participation in the Executive Severance Plan (which focuses on President/SVP titles), retention relies on market‑competitive cash and equity incentives rather than contractual protections .
- Performance backdrop: FY2024 outperformance (176% corporate cash bonus payout; EPS +49.8%; FCF +16.3%) indicates a favorable environment for performance‑based compensation frameworks, which should tie Bowen’s cash and equity outcomes to company execution over FY2025–FY2027 cycles .