Nicholas Alfano
Executive Vice President and President, Global Industrial Group at ECL
Executive
About Nicholas Alfano
Ecolab’s Executive Vice President & President, Global Industrial Group since April 2023, Nicholas (Nick) Alfano leads the company’s largest segment, with prior leadership roles spanning Ecolab’s Global Light (water) sector and Global Food & Beverage businesses . Company materials list his age as 63 and show his current and recent roles and effective dates . During his tenure, Ecolab delivered record 2024 results (organic sales +4%, adjusted EPS +28%), with management highlighting accelerated performance in the Industrial segment—Alfano’s remit—as well as a 14% dividend increase, the 33rd consecutive annual raise .
Ecolab performance context
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Reported Sales Growth | 8% | 3% |
| Organic Sales Growth | 9% | 4% |
| Reported OI Margin Expansion (bps) | 200 | 480 |
| Organic OI Margin Expansion (bps) | 140 | 290 |
| Reported EPS Growth | 26% | 54% |
| Adjusted Diluted EPS Growth | 16% | 28% |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ecolab | EVP & President, Global Industrial Group | Apr 2023–present | Leads Ecolab’s largest segment; focus on water efficiency, operational performance, and sustainability outcomes in industrial end-markets . |
| Ecolab | EVP & GM, Global Light (Water) Sector | Jan 2021–Mar 2023 | Drove water-focused solutions portfolio and growth initiatives. |
| Ecolab | EVP & GM, Global Food & Beverage | ~5 years prior to 2021 | Led growth and innovation in F&B processing customers globally. |
External Roles
- No public company directorships disclosed in company materials reviewed .
Fixed Compensation
- Not individually disclosed for Alfano in the proxy; Ecolab’s program for executive officers consists of base salary calibrated near median of size-adjusted market, plus an annual cash incentive (0–200% payout range) . Long-term incentives are delivered annually, targeting 60% performance-based RSUs (PBRSUs) and 40% stock options for senior executives, aligned to market medians .
Performance Compensation
Annual cash incentive (MIP) design (executives)
| Metric | Design | Target/Actual/Payout | Notes/Vesting |
|---|---|---|---|
| Adjusted Diluted EPS | Core financial metric | CEO/NEO bonuses capped at 200% when above maximum; other executives follow role-appropriate scorecards with caps . | One-year performance period. |
| Enterprise & Business Unit Goals | Operational execution | Weighted alongside EPS depending on role (e.g., enterprise, BU, individual) . | One-year performance period. |
| Growth & Impact Modifier | ESG-linked | Potential modifier based on water impact and DEI progress (applied in recent years) . | Applies within 200% cap . |
Long-term incentives
| Instrument | Weight | Performance Metric(s) | Payout Range | Vesting Details |
|---|---|---|---|---|
| PBRSUs | ~60% | 3-year average Organic ROIC with a relative TSR modifier (vs. S&P 500) | 0%–200% of target | Vests after 3-year performance period . |
| Stock Options | ~40% | Stock price appreciation (no performance metric) | N/A | Vests 1/3 each year starting on 1st anniversary of grant . |
| Grant Timing | — | Annual grants made in December at regular committee meeting | — | — |
Equity Ownership & Alignment
Ownership, trading, and policy signals
| Item | Detail | Source |
|---|---|---|
| Beneficial interest via 401(k) Stock Fund | 3,239.340 units in the Ecolab Stock Fund (equivalent to ~5,942 ECL shares) as of Jan 31, 2025 (Form 4 footnote) [Cloudfront PDF]. | |
| Recent Form 4 activity | Filed 2/21/2025 reflecting PBRSU vesting on 2/19/2025 and tax withholding via share netting; additional Form 4 on 5/7/2025 (SEC) | |
| Hedging/Pledging | Prohibited for insiders (no short sales, margin purchases, pledging, or derivative transactions outside company plans) . | |
| Stock ownership guidelines | Robust officer ownership and retention rules; until guidelines are met, CEO/CFO/President&COO retain 100% of net shares; other officers retain 50% . |
Insider selling pressure assessment:
- Equity vests and tax withholding: The February 2025 Form 4 shows PBRSU vesting with shares withheld for taxes, a non-open-market disposition that reduces secondary market selling pressure around vest dates .
- Annual grant cadence: Long-term awards are typically granted in December, with stock options vesting in three annual tranches thereafter .
Employment Terms
Change-in-control (CIC) and severance policy for elected officers (applies to Alfano as an elected officer)
| Feature | Term | Source |
|---|---|---|
| Trigger | Double-trigger (CIC plus qualifying termination) | |
| Cash severance | 2x (base salary + target annual cash incentive) + pro-rata target annual cash incentive for year of termination . | |
| Outplacement | Up to 20% of base salary . | |
| Health benefits | Subsidized medical/dental continuation for up to 18 months . | |
| Equity | Unvested stock options and PBRSU/RSU awards eligible for acceleration per plan; intrinsic value determined at CIC . | |
| Clawback | Company maintains clawback policies beyond NYSE minimums . | |
| Hedging/Pledging | Prohibited (policy applies to executives) . | |
| Related-person transactions | Governance Committee reports no such transactions since 2004 . |
Investment Implications
- Pay-for-performance alignment: Executive incentives emphasize adjusted EPS (annual) and 3-year Organic ROIC with a relative TSR overlay (LTI), with payout caps at 200%, reinforcing capital discipline and multi-year value creation in Industrial under Alfano . High 2024 say-on-pay support (90%) and program refinements following investor feedback indicate alignment with shareholders .
- Retention and selling pressure: Ownership/retention guidelines and hedging/pledging prohibitions strengthen alignment. Recent PBRSU vesting was handled via share withholding for taxes (non-open-market), limiting technical selling overhang; annual December grant cadence implies periodic vesting cycles to monitor .
- Execution track record in remit: Management highlighted “Industrial accelerated its performance” in 2024 with strong new business and high-tech opportunities, alongside record sales and free cash flow—positive signals for Alfano’s operating scope . The Board also approved a 14% dividend increase in 2024, underscoring confidence in cash generation .
- Governance risk: CIC economics are standard double-trigger with 2x cash severance and benefit continuation; robust clawback, no hedging/pledging, and no related-party transactions mitigate governance red flags .
Sources for Role and Biography
- Appointment and remit: Ecolab press release (Apr 3, 2023) .
- Industry coverage and prior roles: ISSA industry news (Apr 5, 2023) .
- Corporate officer roster with age and role history (2024 Annual Report) .
- Executive leadership listings (Proxies 2024, 2025) .
- Form 4 filings reflecting 2025 PBRSU vesting and holdings .