Iké Adeyemi
EASTMAN CHEMICALAbout Iké Adeyemi
Iké Adeyemi is Senior Vice President, Chief Legal Officer and Corporate Secretary of Eastman Chemical Company (EMN), appointed effective September 2024; she is 47 years old and leads Eastman’s global legal organization (corporate governance, commercial law, litigation, IP), product stewardship and regulatory affairs, global business conduct, trade compliance, and public affairs . Prior roles include vice president, corporate secretary and associate general counsel at The Clorox Company; head of legal, corporate/M&A at BHP Billiton; and attorney at Skadden, Arps, Slate, Meagher & Flom (U.S.) and White & Case LLP (London), underpinning deep corporate and cross-border transactional expertise . Company performance context: FY2024 revenue was ~$9.38B with EBIT ~$1.28B and adjusted EBIT ~$1.30B, and diluted EPS $7.67; operating cash flow was ~$1.29B . Eastman’s pay-versus-performance disclosure shows cumulative TSR value of $136 (vs peer group $145) for 2024, with net income $908M and adjusted EBIT $1,298M .
Company performance (pay-versus-performance view):
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| TSR index value of $100 | 131 | 163 | 113 | 130 | 136 |
| Net Income ($USD Millions) | $489 | $867 | $796 | $896 | $908 |
| Adjusted EBIT ($USD Millions) | $1,216 | $1,635 | $1,339 | $1,097 | $1,298 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Clorox Company | Vice President, Corporate Secretary, Associate General Counsel | Not disclosed | Corporate governance and legal leadership for a public company |
| BHP Billiton | Head of Legal, Corporate/M&A | Not disclosed | Complex cross-border corporate/M&A legal execution |
| Skadden, Arps, Slate, Meagher & Flom (U.S.) | Attorney | Not disclosed | High-caliber corporate legal training and transactions |
| White & Case LLP (London) | Attorney | Not disclosed | International legal experience in London market |
External Roles
No public company board service disclosed; prior roles were executive legal positions and law firm experience .
Fixed Compensation
Iké Adeyemi was not a Named Executive Officer (NEO) in the 2025 proxy; specific base salary, target bonus %, and actual bonus paid were not disclosed in public compensation tables .
| Component | 2024 | Notes |
|---|---|---|
| Base Salary | Not disclosed | Adeyemi is not listed among NEOs; company does not disclose compensation for non‑NEO executive officers in proxy tables |
| Target Bonus % | Not disclosed | Same as above |
| Actual Bonus Paid | Not disclosed | Same as above |
Performance Compensation
Eastman’s executive incentive architecture (applicable to NEOs and certain executive officers) emphasizes pay-for-performance and multi-year equity alignment.
Long-term incentive structure (2024–2026 LTI plan):
| Metric/Instrument | Weighting | Targets | Actual/Payout | Vesting |
|---|---|---|---|---|
| Performance Share Awards (PSAs) – rTSR | 60% | Threshold/Target/Max set; forward targets withheld | Not disclosed by individual; 2022–2024 PSAs paid at 135% of target for NEOs based on ROIC/TSR matrix and modifier outcomes | 3-year performance period; payout in stock |
| Performance Share Awards (PSAs) – ROIC | 40% | Threshold/Target/Max set; forward targets withheld | Not disclosed by individual; see prior row | 3-year performance period; payout in stock |
| Stock Options | 20% | N/A | Appreciation-based; not disclosed by individual | Time-vest with exercise price at grant; graduated vesting with full vesting over 3 years |
| RSUs | 20% | N/A | Delivers value on vest; not disclosed by individual | 3-year cliff vest, pays in shares |
Annual incentive plan (Unit Performance Plan, UPP) framework:
| Measure | Description | Weighting |
|---|---|---|
| Financial metrics (adjusted) | Company financial performance, weighted by Committee updates in 2024 | Majority weight (exact split not itemized) |
| Strategic & operational goals | Safety improvements, new business from innovation, and culture objectives | 20% |
Governance features:
- Clawbacks: Dodd‑Frank-compliant restatement clawback; additional “Detrimental Conduct Policy” enabling recovery for misconduct .
- Change-in-control vesting: Double-trigger required for outstanding stock-based awards .
Equity Ownership & Alignment
| Item | Disclosure | Policy/Status |
|---|---|---|
| Beneficial ownership (shares) | Not individually disclosed for Adeyemi in proxy tables (list covers NEOs and directors) | N/A |
| Ownership as % of shares outstanding | Not disclosed | N/A |
| Stock ownership guideline | 2.5x base salary for executive officers (5x for CEO; 5x annual retainer for directors) | Executives are expected to meet guidelines within 5 years |
| Hedging/Pledging | Prohibited for directors, executive officers, and employees | Reduces misalignment risk |
| Compliance status | Company discloses that all directors and NEOs have met or are on schedule to meet guidelines; Adeyemi-specific compliance not disclosed | N/A |
Employment Terms
| Term | Detail |
|---|---|
| Appointment | Effective September 2024 as SVP, Chief Legal Officer and Corporate Secretary |
| Responsibilities | Leads legal, product stewardship & regulatory affairs, global business conduct, trade compliance, and public affairs |
| Contract term length/expiration | Not disclosed |
| Change-of-control economics | Company maintains change-in-control agreements for NEOs and certain other executive officers: 3x salary+target bonus for CEO; 2x salary+target bonus for other executive officers; no tax gross-ups |
| Equity vesting on CoC | Double-trigger vesting required for outstanding stock-based awards |
| Clawbacks | DF restatement clawback; separate misconduct clawback adopted December 2024 |
| Non-compete / non-solicit / garden leave | Not disclosed |
| Insider trading policy | Company-wide policy governs purchase/sale of securities, promoting compliance with laws and listing standards |
Investment Implications
- Alignment appears strong: executive ownership guidelines (2.5x salary), double-trigger CoC vesting, and prohibitions on hedging/pledging support long-term alignment and mitigate pledging/hedging red flags .
- Pay-for-performance design: 2024–2026 LTI emphasizes rTSR (60%) and ROIC (40%), with annual plan adding safety/innovation/culture goals (20%), signaling balanced focus on returns and operational execution; 2022–2024 PSAs paid at 135% of target based on ROIC/TSR matrix, evidencing formulaic linkage .
- Retention and severance: as a covered executive officer, change-in-control protection (2x salary+target bonus, no gross-ups) reduces departure risk while avoiding shareholder‑unfriendly gross‑ups; double-trigger reduces windfall risk .
- Disclosure gaps: individual compensation, vesting details, and ownership for Adeyemi are not provided (non‑NEO), limiting precision on potential insider selling pressure; rely on insider policy and ownership guidelines for risk assessment .
- Company backdrop: FY2024 revenue $9.38B, adjusted EBIT $1.30B, OCF ~$1.29B, and TSR value-of-$100 at 136 (peer 145) contextualize compensation metrics and suggest improved fundamentals with innovation-driven strategy and circularity investments (e.g., methanolysis) .
Supporting governance and compensation program disclosures:
- Say‑on‑Pay: 2025 meeting results show advisory approval of executive compensation passed (votes for 87.8M vs 6.18M against), reflecting improved investor support after program changes .
- Program changes: added RSUs (20%), clarified rTSR/ROIC formulas, moved strategic goals to annual plan, and adopted broader clawback—addressing shareholder feedback on discretion and target transparency .