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    Mark J. Costa

    Chair of the Board and Chief Executive Officer at Eastman Chemical Co
    Board
    Since January 2014
    Age
    58 years
    Tenure
    Joined EMN in June 2006 and advanced from Chief Marketing Officer to Executive Vice President, President, and ultimately became CEO in January 2014 and Chair of the Board in July 2014.

    Also at Eastman Chemical Co

    BAL
    Brad A. Lich
    Executive Vice President and Chief Commercial Officer
    SGC
    Stephen G. Crawford
    Executive Vice President, Methanolysis Operations and Worldwide Engineering & Construction Transformation
    WTMJ
    William T. McLain, Jr.
    Executive Vice President and Chief Financial Officer

    About

    Mark J. Costa, 58 years old, has established himself as a transformative leader with extensive experience in corporate strategy and marketing. His early career included senior consulting roles where he honed his expertise in business transformation and capability building.

    After joining EMN in June 2006 as Chief Marketing Officer, he quickly demonstrated his ability to drive growth and operational excellence. His progression through key leadership roles, including Executive Vice President and President, highlights a career marked by strategic foresight and a commitment to developing innovative growth strategies.

    Since ascending to the role of CEO in January 2014 and later being named Chair of the Board in July 2014, he has steered the company through significant strategic and operational milestones. His leadership has been characterized by an emphasis on sustainability, innovation, and efficiency, ensuring that the company remains competitive in a dynamic market environment.

    $EMN Performance Under Mark J. Costa

    Past Roles

    OrganizationRoleDate RangeDetails
    Eastman Chemical Company President and Member of the Board of DirectorsMay 2013 - January 2014Served as President before transition to CEO
    Eastman Chemical Company Executive Vice President, Specialty Products and Chief Marketing OfficerMay 2009 - May 2013Expanded role to lead specialty products while continuing as CMO
    Eastman Chemical Company Executive Vice President, Specialty Plastics and Performance Polymers Head and Chief Marketing OfficerAugust 2008 - May 2009Assumed profit and loss responsibilities for these businesses
    Eastman Chemical Company Chief Marketing Officer and Leader of Corporate Strategy and Business DevelopmentJune 2006 - August 2008Responsible for marketing and corporate strategy initiatives
    Monitor Group Senior Partner1988 - Pre-2006Worked at a global management consulting firm and developed corporate strategies

    External Roles

    OrganizationRoleDate RangeDetails
    International Flavors & Fragrances Inc. Board of DirectorsN/ACurrent board position

    Fixed Compensation

    Data from  FY 2023
    Component NameAmountPayment ScheduleAdditional Details
    Base Salary$1,360,810 AnnualFixed cash salary
    Company Contributions to Nonqualified Deferred Compensation Plan$51,212 AnnualPart of total contributions of $67,711 which also includes $16,500 to the 401(k) plan
    All Other Compensation$415,273 AnnualIncludes company contributions and additional non-itemized components

    Performance Compensation

    Data from  FY 2023

    Unit Performance Plan (UPP) Payout

    Metric (Unit/Scale)ThresholdTargetMaximum/CapWeight (%)Actual Performance FactorCitations
    Adjusted EBIT (USD Billions)$1.097B $1.30B Payout multiplier capped at 200% at or above 115% of target 500.61
    Operating Cash Flow (USD Billions)$1.374B $1.40B Payout multiplier capped at 200% at or above 115% of target 500.95

    Safety Modifier:

    • OSHA Recordable Incident Rate of 0.42 leads to no adjustment.

    Total Payout Factor:

    • Sum of weighted factors: 0.305 + 0.475 = 0.78 (78%).

    Payout Details:

    • Target Payout: $2,047,500 (150% of base salary).
    • Actual Payout: $1,597,050 (78% of target payout).

    Evaluation Period & Vesting:

    • The performance period for the related performance share awards is 2023-2025.
    • Vesting is contingent on meeting the specified performance metrics over this period.

    Stock Awards (Performance Share Awards)

    Detail (Unit/Scale)ValueCitations
    Grant DateJanuary 1, 2023
    Grant Date Fair Value$11,208,310
    Grant Date Stock Price / Exercise Price$83.84 per share
    Estimated Shares at Threshold19,258 shares
    Estimated Shares at Target89,868 shares
    Estimated Shares at Maximum222,532 shares

    Performance Metrics & Conditions:

    • Awards vest based on achieving performance conditions including relative TSR and Return on Capital over the 2023-2025 period.
    • Payout percentages: 25% at threshold (40% of target performance), 100% at target, and up to 200% at or above 115% of target.

    Option Awards

    Detail (Unit/Scale)ValueCitations
    Grant DateFebruary 24, 2023
    Grant Date Fair Value$2,472,937
    Grant Date Stock Price / Exercise Price$83.84 per share
    Number of Options Granted114,118 options

    No specific performance metrics or targets have been provided for the Option Awards.