Michael Feehan
About Michael Feehan
Michael Feehan, 49, is Ecovyst’s Vice President and Chief Financial Officer (CFO) since August 2021; he previously served as Vice President of Finance & Treasurer (2016–2021) and Corporate Controller beginning in 2008 after joining the company in 2006, and earlier held finance roles at Radnor Holdings with public accounting experience at Arthur Andersen and KPMG . Under Feehan’s tenure in 2024, Ecovyst reported sales of $704.5 million versus $691.1 million in 2023 and delivered Adjusted EBITDA of $238.2 million with a 29.0% margin; the corporate EIP payout factor was 82.1% of target, while PSUs granted in 2022 were forfeited due to not meeting absolute TSR thresholds . Feehan signed SOX 302 and 906 certifications on the 2024 Form 10-K, reflecting responsibility for internal controls and fair presentation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ecovyst | Vice President of Finance & Treasurer | 2016–Aug 2021 | Corporate finance leadership; prepared transition to CFO |
| Ecovyst | Corporate Controller | 2008–2016 | Led controllership; contributed to successful Performance Materials sale (recognized with $35,000 bonus in 2020) |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Radnor Holdings Corporation | Director of Finance & Corporate Controller | Not disclosed | Senior finance/accounting leadership |
| Arthur Andersen | Public Accounting | Not disclosed | Foundational audit/accounting experience |
| KPMG | Public Accounting | Not disclosed | Foundational audit/accounting experience |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $375,000 | $400,000 | $400,000 |
| Target EIP ($) | $281,250 (75% of base) | $300,000 (75% of base) | $300,000 (75% of base) |
| Actual EIP Paid ($) | $489,023 | $19,500 | $246,416 |
| All Other Compensation ($) | $181,073 | $123,635 | $27,683 |
Notes:
- 2022 All Other Compensation for Feehan included: 401(k) match $9,150, 401(k) contribution $12,200, SERP contribution $14,941, life insurance $1,005, dividend equivalents $143,777 .
Performance Compensation
Annual EIP Design and Outcomes (Corporate participant: CFO)
| Year | Metric | Weight | Target | Actual/Payout |
|---|---|---|---|---|
| 2024 | Ecovyst Adjusted EBITDA | 65% | Company-set | Corporate factor 82.1% of target |
| 2024 | Ecovyst Adjusted Free Cash Flow | 25% | Company-set | Included in corporate factor 82.1% |
| 2024 | Ecovyst HSE Perfect Days | 10% | Company-set | Included in corporate factor 82.1% |
| 2023 | Ecovyst Adjusted EBITDA | 60% | Company-set | Not disclosed (Feehan EIP paid $19,500) |
| 2023 | Ecovyst Adjusted Free Cash Flow | 20% | Company-set | Not disclosed |
| 2023 | Ecovyst HSE Perfect Days | 10% | Company-set | Not disclosed |
| 2023 | Ecovyst Recordable Incident Rate | 10% | Company-set | Not disclosed |
- 2024 actual EIP payout for Feehan: $246,416 (82.1% of $300,000 target) .
Long-Term Equity Awards (Structure, metrics, vesting)
| Year | Instrument | Metric(s) | Weighting | Threshold | Target | Max | Vest Schedule |
|---|---|---|---|---|---|---|---|
| 2024 | PSUs | Cumulative Adjusted EBITDA; Relative TSR vs S&P 1500 Specialty Chemicals | 50% / 50% | EBITDA: undisclosed until 2027; TSR: 25th percentile | TSR: 50th percentile | TSR: 75th percentile | 3-year performance period ending 12/31/2026; payout 0–200% |
| 2024 | RSUs | Time-based | — | — | — | — | Ratable vesting over 3 years beginning 1/22/2025 |
| 2023 | PSUs | Absolute TSR | 100% | +18% | +30% | +80% | 3-year period ending 12/31/2025; payout 50–200% |
| 2023 | RSUs | Time-based | — | — | — | — | Ratable vesting over 3 years |
| 2022 | PSUs | Absolute TSR | 100% | Company-set | Company-set | Company-set | 3-year period ending 12/31/2024; actual payout 0% (forfeited) |
Grant Detail (Feehan)
| Metric | 1/17/2022 | 1/16/2023 | 1/22/2024 |
|---|---|---|---|
| RSUs (#) | 24,296 | 50,813 | 22,702 |
| PSUs (#) Target | 24,295 | 50,813 | 34,052 |
| Grant Date Fair Value ($) | RSUs $2,250,011; PSUs $217,440 | RSUs $500,000; PSUs $623,476 | RSUs $200,050; PSUs $348,216 |
Equity Ownership & Alignment
| Item | 2024 | 2025 |
|---|---|---|
| Beneficial Ownership (shares) | 267,925 (as of 3/21/2024) | 316,183 (as of 3/24/2025) |
| Ownership % of outstanding | <1% | <1% |
| Stock Ownership Guideline | 3x base salary (CFO) | 3x base salary (CFO) |
| Compliance Multiple | 8.11x (as of 12/31/2023, 90-day avg price $9.52) | Not updated |
| Hedging/Pledging | Prohibited for directors, officers, employees | |
| Options (exercisable) | 6,620 (grant 1/15/2017; strike $3.98; exp. 1/15/2027) | 6,620 (same) |
| Unvested RSUs | 24,296 (2022); 33,876 (2023); 22,702 (2024) as of 12/31/2024 | — |
| Unearned PSUs | 24,295 (2022); 50,813 (2023); 34,052 (2024) as of 12/31/2024 | — |
Employment Terms
| Scenario (as of 12/31/2024) | Cash Severance ($) | Benefits ($) | Equity Vesting ($) | Notes |
|---|---|---|---|---|
| Termination without Cause or for Good Reason (no CIC) | 1,400,000 | 62,592 | — | 2 years base + target bonus paid in installments; pro-rata EIP for year of termination; 24 months health benefits; 280G best-net/ cutback; 2-year non-compete/non-solicit |
| Termination with Change in Control | 1,400,000 | 62,592 | — | No automatic vesting of time-based RSUs/options; PSUs may vest pro-rata or be deemed earned at CoC based on Committee determination |
| Death/Disability/Retirement | — | — | 345,492 | Pro-rata PSUs deemed earned at target for death; pro-rata outstanding for disability/retirement |
Additional terms:
- No change-in-control excise tax gross-ups; clawback policy aligned with SEC/NYSE; short sales/hedging/pledging prohibited .
- Equity treatment: time-based RSUs and stock options do not accelerate upon termination prior to vesting; PSUs pro-rata based on days in performance period and actual performance on disability/retirement; pro-rata at target on death .
Performance & Track Record (Company context under Feehan’s tenure)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue ($) | 820.159 million | 691.118 million | 704.493 million |
| EBITDA ($) | 199.723 million* | 187.934 million* | 194.816 million* |
Values retrieved from S&P Global.*
- 2024 results narrative: sales $704.5m; Adjusted EBITDA $238.2m; Adjusted FCF $85.5m; Corporate EIP factor 82.1%; 2022 PSUs forfeited due to absolute TSR not met .
- 2021 PSU cycle concluded with 0% payout (absolute TSR −9.05% over period) .
Compensation Governance and Peer Benchmarking
- Peer group methodology uses chemical/specialty chemical comparables by revenue size; 2023 peer group included companies like Innospec, Orion, Quaker Chemical, Koppers; 2024 peer group adjustment noted removal of GCP Applied Technologies due to acquisition .
- Independent compensation consultant changed from WealthPoint to Willis Towers Watson in May 2024; Committee assessed independence per NYSE standards; >94% say-on-pay support at 2024 annual meeting .
Investment Implications
- Alignment: Feehan’s at-risk pay is significant, with 2024 target LTI $500,000 (60% PSUs; 40% RSUs), and corporate EIP tied primarily to Adjusted EBITDA and FCF, reinforcing operating discipline and cash conversion .
- Execution signals: Two consecutive PSU cycles (2021, 2022) failed on absolute TSR, but 2024 PSU design adds 50% cumulative Adjusted EBITDA and 50% relative TSR versus an industry index, improving balance between market-relative and financial execution and potentially reducing binary TSR risk .
- Retention/overhang: Severance provides two years of base plus target bonus and 24 months of benefits with strong restrictive covenants; lack of automatic equity acceleration and pro-rata PSU treatment reduce immediate change-of-control windfalls, while ratable RSU vesting suggests steady, predictable selling cadence upon vesting, absent Form 4s indicating discretionary sales .
- Ownership: Feehan exceeds stock ownership guidelines (8.11x vs 3x required), with hedging/pledging prohibited—supportive of alignment and reduced pledging risk .