Scott Leff
Senior Vice President, Chief Human Resources Officer at DORM
Executive
About Scott Leff
Senior Vice President and Chief Human Resources Officer (CHRO) at Dorman Products (DORM); joined April 2019. Prior to Dorman, he held senior global HR roles at HP Inc. and Hewlett‑Packard Enterprise, including CHRO of Hewlett‑Packard Financial Services (2010–2018) and VP, HPE Pointnext (2018–2019); earlier career as a lawyer in a New Jersey County Prosecutor’s office and a New Jersey law firm . Company performance under the current leadership team in 2024: net sales $2.009B (+4.1% YoY), diluted EPS $6.14 (+49.8% YoY), gross profit +17.6% YoY, free cash flow $191.6M; adjusted pre‑tax income $286.3M (+53.1% YoY) . Multi‑year incentives reference market TSR: for the 2022–2024 PRSU cycle, Dorman’s TSR was 23.52% (62nd percentile), driving a 135.5% payout of target .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Dorman Products, Inc. | SVP, Chief Human Resources Officer | Apr 2019–present | Executive HR leadership during multi‑segment reorganization and performance upturn . |
| Hewlett‑Packard Financial Services | Chief Human Resources Officer | Mar 2010–Mar 2018 | Led global HR for HP’s financing arm across cycles and separation . |
| Hewlett‑Packard Enterprise (HPE) Pointnext | Vice President | Mar 2018–Apr 2019 | Senior HR leadership for services organization post spin‑off . |
| Various companies | CHRO/divisional HR and employee relations roles | Prior to 2010 | Progressive HR leadership roles across public/private companies . |
| NJ County Prosecutor’s Office; NJ law firm | Attorney | Early career | Legal foundation in prosecution and private practice . |
External Roles
- No public company board service disclosed for Scott Leff in company filings reviewed .
Fixed Compensation
| Component (FY2024) | Value |
|---|---|
| Base Salary | $430,500 |
| Target Bonus % (Corporate subplan) | 60% of base salary |
| Target Bonus ($) | $258,300 |
| Actual Bonus Paid (FY2024 performance, paid Q1’25) | $454,608 |
| All Other Compensation (Total) | $29,310 |
| • 401(k) company contribution | $20,700 |
| • 401(k) company matching | $8,540 |
Performance Compensation
Annual Incentive (FY2024 – Corporate Subplan for Leff)
| Metric | Weight | Threshold | Target | Maximum | Actual | Payout % |
|---|---|---|---|---|---|---|
| Adjusted Pre‑Tax Income ($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% |
| Weighted Payout (Corporate Subplan) | — | — | — | — | — | 176% |
- Leff’s annual bonus target was 60% of base; actual payout reflected the 176% Corporate Subplan result (he participated in Corporate) .
Long‑Term Incentives
- 2024 grant mix: 50% PRSUs (3‑year performance), 50% time‑based RSUs (3‑year ratable) .
- PRSU metrics and vesting:
- 50% based on relative TSR vs Nasdaq US Benchmark Auto Parts Index: 0%/50%/100%/200% vesting at <25th/25th/50th/≥80th percentile .
- 50% based on 3‑year average ROIC: 0%/50%/100%/200% at <8.5%/8.5%/10.5%/≥12.5% .
- Overall PRSU value capped at 400% of grant‑date target value, inclusive of price appreciation .
- 2024 awards to Leff (grant date 3/4/2024):
- PRSUs (RTSR half): 1,859 target units (929 threshold/3,718 max); grant date fair value $257,620 .
- PRSUs (ROIC half): 1,859 target units (929 threshold/3,718 max); grant date fair value $168,184 .
- Time‑based RSUs: 3,718 units; vest 33.33% annually starting 3/4/2025; grant date fair value $336,367 .
- Prior cycle outcome:
- 2022 PRSUs (RTSR vs S&P Mid‑Cap 400 Growth): Leff target 1,204; payout certified at 135.5% = 1,631 units (Feb 2025) .
Equity Ownership & Alignment
Beneficial Ownership and Guidelines
| Item | Detail |
|---|---|
| Beneficial Ownership (3/26/2025) | 13,422 shares; less than 1% of outstanding |
| Options exercisable within 60 days (included above) | 4,168 shares |
| Shares outstanding (for reference) | 30,558,021 (record date) |
| Stock Ownership Guidelines | NEOs (other than CEO) must hold ≥2x base salary in stock; measured annually |
| Compliance Status | All NEOs comply or are within time to comply |
| Hedging/Pledging | Company prohibits hedging, short sales, publicly traded options, margin accounts, and pledging |
Outstanding Equity Awards (as of 12/31/2024)
- Stock Options (four‑year ratable vesting beginning first anniversary) :
- 3/2/2021: 1,317 exercisable / 440 unexercisable; exercise $101.45; exp. 3/2/2029
- 3/2/2022: 896 exercisable / 898 unexercisable; exercise $96.36; exp. 3/2/2030
- 3/2/2023: 533 exercisable / 1,601 unexercisable; exercise $91.28; exp. 3/2/2031
- Unvested time‑based RSUs and status:
- 3/2/2021 grant: 137 unvested; 25%/yr schedule
- 3/2/2022 grant: 302 unvested (25%/yr) and separate 2,594‑unit grant vests 100% on 3/2/2025
- 3/2/2023 grant: 632 unvested (25%/yr; 33.33%/yr applies to a 2023 Darby grant; Leff’s is 25%)
- 3/4/2024 grant: 3,718 unvested; 33.33% annually starting 3/4/2025
- Unvested PRSUs (shown at maximum where applicable per proxy presentation) :
- 2022–2024 cycle: 2,408 units (vested at 135.5% in Feb 2025)
- 2023–2025 cycle: 3,368 units (performance cycle ends FY2025)
- 2024–2026 cycle: 3,718 (RTSR) + 3,718 (ROIC) (performance cycle ends FY2026)
Potential trading dynamics: large scheduled RSU vesting dates include 3/2/2025 (2,594 units) and 3/4/2025 (first third of 3,718 units), which often coincide with withholding-related share sales; policy prohibits hedging/pledging .
Employment Terms
Severance and Change‑in‑Control (CIC)
- Plan participation: As a Senior Vice President, Leff participates in Dorman’s Executive Severance Plan (not CEO’s contract) .
- Non‑CIC termination (without cause/for good reason): 1.0× (base + target bonus) paid over 12 months; pro‑rated bonus; 12 months COBRA; up to $50,000 outplacement; restrictive covenants apply .
- CIC termination (3 months before to 24 months after CIC): 2.0× (base + target bonus) lump sum (portion equal to standard cash severance may be in installments if required); pro‑rated bonus; 18 months COBRA; up to $50,000 outplacement; restrictive covenants apply .
- Non‑compete/non‑solicit terms: greater of 12 months or the number of months of base salary covered by severance, capped at 18 months .
- 280G treatment: best‑net cutback vs full pay, whichever yields higher net after tax; no excise tax gross‑ups .
- Clawbacks: SEC‑compliant mandatory recoupment and misconduct‑based clawback covering cash and equity .
- Insider trading: pre‑clearance required; blackout restrictions; Rule 10b5‑1 plans permitted .
Estimated Payouts (Hypothetical as of 12/31/2024)
| Scenario | Cash (Salary + Target Bonus) | Health Benefits | Equity Acceleration (RS/RSU) | Options Acceleration | Pro‑rated Actual Bonus | Outplacement | Total |
|---|---|---|---|---|---|---|---|
| Non‑CIC termination | $688,800 | $29,705 | — | — | $454,608 | $50,000 | $1,223,113 |
| CIC termination | $1,377,600 | $44,558 | $2,668,082 | $103,439 | $454,608 | $50,000 | $4,698,287 |
| CIC (no termination) | — | — | $2,668,082 | $103,439 | — | — | $2,771,521 |
| Death/Disability | — | — | $1,418,443 | $103,439 | $454,608 | — | $1,976,490 |
- Equity plan CIC terms: all unvested RSUs vest immediately; PRSUs vest at maximum; options/SARs accelerate (single‑trigger equity acceleration) .
Investment Implications
- Pay‑for‑performance alignment is strong: 2024 bonuses tied to adjusted pre‑tax income, net sales, and FCF conversion with a 176% corporate payout; long‑term PRSUs balanced between RTSR and ROIC with a 400% value cap and clawbacks, and 2022–2024 PRSUs paid at 135.5% on above‑median RTSR .
- Retention vs dilution: 2024 shift away from options toward RSUs lowers leverage but improves retention; sizable unvested RSU/PRSU pipeline (notably Mar 2025 and annual cliffs) supports retention but can create episodic supply from tax withholding around vest dates .
- Governance risk/mitigants: Single‑trigger equity vesting on CIC is shareholder‑unfriendly, but severance multiples are moderate (2× base+bonus on CIC) with no tax gross‑ups and robust anti‑hedging/pledging and clawback policies; 2024 say‑on‑pay passed with ~95% support, indicating broad investor alignment .
- Ownership alignment: Beneficial ownership is <1% with 2× salary ownership guidelines for NEOs and compliance/timing status affirmed; anti‑pledging reduces forced‑sale risk .