Chris Killian
EASTMAN CHEMICALAbout Chris Killian
Chris M. Killian is Senior Vice President, Chief Technology Officer and Chief Sustainability Officer at Eastman Chemical. He joined Eastman in 1996 as a research chemist and held multiple technology and business leadership roles (including Director of the Tritan Growth Platform), becoming SVP and Chief Technology Officer in June 2021 and assuming the combined CTO and CSO role effective January 2025 . Eastman disclosed on October 9, 2025 that Dr. Killian plans to retire effective December 31, 2025, with Stephen G. “Steve” Crawford returning to assume the CTO/CSO role on January 1, 2026 to ensure continuity . Under his technology leadership, Eastman executed on its circular economy strategy, including commercial progress and operational learnings at the Kingsport methanolysis facility; the company delivered 2024 adjusted EPS of $7.89 and operating cash flow of approximately $1.29 billion . At Eastman’s November 2024 circular economy deep-dive, Dr. Killian outlined 2024 operational outcomes and 2025 expectations for methanolysis performance, highlighting Eastman’s scale and differentiation in molecular recycling .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Eastman Chemical | SVP, Chief Technology Officer | Jun 2021 – Dec 2024 | Led global technology/innovation; advanced methanolysis platform and circular strategy execution . |
| Eastman Chemical | SVP, CTO & CSO | Jan 2025 – Dec 2025 (planned retirement) | Combined leadership of technology and sustainability to align innovation with ESG and growth strategy . |
| Eastman Chemical | VP, Technology (AFP, CI, AM segments) | Pre–Jun 2021 | Drove segment technology agendas; enabled innovation pipeline across key businesses . |
| Eastman Chemical | Director, Tritan Growth Platform | Earlier career | Scaled new-to-world polymer platform (Tritan) cited as one of specialty polymers’ fastest-growing franchises . |
| Eastman Chemical | Research Chemist | 1996 – early career | Foundation in polyester chemistry and process know-how supporting molecular recycling leadership . |
External Roles
No public company directorships or external board roles disclosed for Dr. Killian in recent filings .
Fixed Compensation
| Component | 2024 (if disclosed) | 2025 (if disclosed) | Notes |
|---|---|---|---|
| Base Salary | Not disclosed for Killian | Not disclosed for Killian | Eastman discloses NEO-level detail; Killian was not an NEO in 2024 proxy tables . |
| Target Bonus % (UPP) | Not disclosed for Killian | Not disclosed for Killian | UPP design applies company-wide; NEO targets vary by role but individual non-NEO targets not provided . |
| Perquisites | Not disclosed for Killian | Not disclosed for Killian | Perq detail shown for NEOs only in proxy . |
Performance Compensation
Company program design (applies to executive officers; Killian’s individual award levels not disclosed):
- Annual Incentive (UPP): 2024 weighting adjusted; primary financial measures plus 20% strategic/operational goals (safety, innovation new business, culture). Committee approved 106% payout for 2024 UPP based on company results .
- Long-Term Incentive (LTI): Mix introduced in 2024 of Performance Share Awards (60%), Restricted Stock Units (20%), and Stock Options (20%); PSUs measured on rTSR (60%) and ROIC (40%) using continuous formulas; removed prior payout modifier .
| Metric/Instrument | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| UPP (annual) – financial metrics | Not disclosed for Killian | Company-set | 2024 company-wide UPP paid at 106%; individual Killian amount not disclosed | 1-year performance; cash . |
| UPP (annual) – strategic/operational goals | 20% (program) | Company-set | As above | 1-year performance . |
| PSUs (2024–2026) – rTSR | 60% (of PSU) | Undisclosed | Undisclosed | 3-year performance; payout by formula . |
| PSUs (2024–2026) – ROIC | 40% (of PSU) | Targets not disclosed (forward-looking) | Undisclosed | 3-year performance . |
| RSUs | 20% of LTI | n/a | n/a | Graduated vesting over 3 years; example RSUs vest Feb 28, 2027 in 2024 grant cycle . |
| Stock Options | 20% of LTI | n/a | n/a | Typically graded vesting; 10-year term (see NEO grant example at $86.15 strike) . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Ownership guidelines | Executive officers expected to hold 2.5x base salary; CEO 5x; directors 5x retainer . |
| Hedging/pledging | Prohibited for directors, executive officers, and employees . |
| 10b5-1 plan | Dr. Killian adopted a Rule 10b5‑1 trading plan on August 6, 2024 to sell up to 5,310 shares through July 31, 2025, indicating pre-arranged sales for diversification/liquidity under policy . |
| Beneficial ownership | Not separately disclosed for Killian in the stock ownership table (NEOs and directors shown) . |
Employment Terms
| Provision | Summary (Eastman policy; applies to NEOs and certain other executive officers) |
|---|---|
| CIC cash severance | Double-trigger; CEO at 3x base + target bonus; other executives at 2x base + target bonus upon qualifying termination within 2 years after CIC . |
| Equity upon CIC | Unvested awards vest on double trigger or if stock no longer publicly traded; PSUs payout at target if CIC in first half of period or based on actual-to-date if in second half . |
| Benefits continuation | Health and welfare benefits continued for 18 months post-termination under CIC agreements . |
| Clawback policy | Dodd-Frank compliant restatement clawback; plus a separate “Detrimental Conduct” policy adopted Dec 2024 allowing recovery of incentive comp for detrimental conduct . |
| Ownership/derivative use | Stock ownership expectations and ban on hedging/pledging as noted above . |
Performance & Track Record
- Technology execution and circular leadership: At Eastman’s November 2024 circular economy deep-dive, Dr. Killian presented 2024 operational outcomes at the Kingsport methanolysis facility and set expectations for improved 2025 performance, emphasizing Eastman’s unique scale and purification capabilities vs. mechanical recycling, and highlighting progress from “garbage to pristine Tritan” output at world scale .
- Corporate results context: Eastman reported 2024 adjusted EPS of $7.89, operating cash flow of approximately $1.29 billion, and continued progress mainstreaming circularity (Kingsport start-up), providing backdrop for technology-led value creation during his tenure in the CTO/CSO office .
- Transition risk mitigation: The company announced a planned year-end 2025 retirement for Dr. Killian and a structured handover to Steve Crawford (prior tech/manufacturing leader) to ensure continuity in technology and sustainability leadership .
Compensation Committee/Peer Group Context (Program drivers)
- 2024 say-on-pay support declined to approximately 75.4%, prompting changes: introducing RSUs (20% of LTI), adjusting AIP weighting, and simplifying PSU formulas (rTSR/ROIC) .
- Peer group realigned toward specialty chemicals and advanced materials in 2024 (adds include Albemarle, Axalta, Corteva, Huntsman, IFF, RPM; removals include Danaher, Goodyear, Mosaic, Rockwell, Eaton) .
Investment Implications
- Retention/continuity: Announced retirement of the CTO/CSO introduces near-term key-person risk in technology and sustainability; however, Eastman’s succession plan brings back an experienced executive (Crawford) with detailed knowledge of methanolysis and operations, reducing disruption risk .
- Incentive alignment: Executive program emphasizes at-risk pay with PSU focus on rTSR (60%) and ROIC (40%) and ownership requirements, alongside prohibitions on hedging/pledging and robust clawbacks—supportive of shareholder alignment and downside protection .
- Selling pressure: Dr. Killian’s 10b5‑1 plan permitted sales up to 5,310 shares through July 2025; pre-arranged plans reduce information asymmetry but can modestly add supply; no Form 4 executions were identified in the document set reviewed .
- Execution focus: Technology leadership is central to the circular growth vector (Kingsport and subsequent facilities). Continuity of the tech roadmap, learning curve benefits, and ROIC discipline within the PSU design are critical monitoring points for value realization in 2026+ .