Benjamin H. Gliklich
Element SolutionsAbout Benjamin H. Gliklich
Benjamin H. Gliklich is President & CEO of Element Solutions Inc and a director since 2019; he became CEO in January 2019 and added the President title in July 2020; he is 40 years old and holds an A.B. cum laude from Princeton and an MBA with distinction from Columbia Business School . Under his leadership, ESI delivered record 2024 results: net sales of $2.4569B (+5% YoY), adjusted EBITDA of $534.7M (+11% reported; +13% constant currency), and adjusted EPS of $1.44 (vs. $1.29 in 2023), with 2025 adjusted EBITDA guidance of $520–$540M . Management highlighted execution in high-value electronics consumables niches, margin recovery toward prior peaks, and portfolio optimization via the Graphics business sale agreement; sustainable products reached ~$820M of net sales in 2024 (vs. ~$720M in 2023) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Element Solutions Inc | President & CEO | Jan 2019–present | Led record 2024 results; focus on electronics growth, margin expansion, portfolio optimization |
| Element Solutions Inc | President | Jul 2020–present | Expanded remit over operations and strategy execution |
| Element Solutions Inc | EVP – Operations & Strategy | Apr 2016–Jan 2019 | Drove operating discipline and strategic planning |
| Element Solutions Inc | Chief Operating Officer | Oct 2015–Apr 2016 | Oversaw operations during transition period |
| Element Solutions Inc | VP – Corp Dev, Finance & IR | Jan–Oct 2015 | Led capital markets, investor relations, corporate development |
| Element Solutions Inc | Director – Corporate Development | May 2014–Jan 2015 | M&A and strategic initiatives |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| General Atlantic | Investment professional | Pre-2014 | Growth equity experience; capital markets exposure |
| Goldman Sachs & Co. | Investment banking | Pre-2014 | Transaction execution and financing skills |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $968,750 | $1,000,000 | $1,037,500 (rate $1,050,000 as of Apr 1, 2024) |
| All Other Compensation ($) | $23,322 | $46,625 | $186,248 (dividend equivalents $153,059; life insurance $1,080; 401(k) $20,700; additional life premium $11,409) |
Performance Compensation
Annual Bonus Plan (2024)
| Component | Metric | Weighting | Target | Actual | Payout |
|---|---|---|---|---|---|
| ESI Bonus Pool | Adjusted EBITDA (pre-bonus) | 25% | $535M | $580M | 135% pool factor |
| ESI/Business Pool | Adjusted EBITDA (corporate for CEO) | 50% | $535M | $580M | Included in total payout |
| Individual Performance | Adjusted EPS | 25% | $1.40 | $1.44 | Capped at 125% |
| CEO total bonus payout | — | — | — | — | 129% of target (target 110% of salary) |
| 2024 Cash Bonus Paid ($) |
|---|
| $1,486,823 |
Long-Term Incentives (granted 1/19/2024)
| Award Type | Metric(s) | Weight | Performance Levels | Grant Date | Target Units | Vesting |
|---|---|---|---|---|---|---|
| PRSUs | 3-yr constant currency Adjusted EBITDA CAGR; CRI | 50% / 50% | EBITDA CAGR: 3.5%/5.0%/8.0% for 50% payout/100%/200%; CRI: 37.6%/38.2%/38.8% for 50%/100%/200% | Jan 19, 2024 | 125,169 target (max 250,338) | Cliff vest after 3 years (12/31/2026), subject to metrics |
| RSUs | Time-based | 33% | — | Jan 19, 2024 | 62,583 | 1/3 annually on 2/13/2025, 2026, 2027 |
Executive Stretch Awards (granted 2/15/2022)
| Award Type | Metric(s) | Target | Vesting |
|---|---|---|---|
| PRSUs (Executive stretch) | Adjusted EPS and relative TSR | Adjusted EPS target $2.72 by 12/31/2026; TSR over 5-year period | End of 5-year performance period (12/31/2026) |
2025 LTI Program Changes
- CRI replaced with adjusted EPS; added relative TSR modifier vs ESI Peer Group, with TSR modifier range 50%–150% of earned award based on percentile (below 25th=50%; 25th–75th=100%; above 75th=150%) .
Equity Ownership & Alignment
Beneficial Ownership (as of Apr 7, 2025)
| Holder | Shares Owned (#) | Rights to Acquire (#) | Total Beneficial (#) | % of Shares Outstanding |
|---|---|---|---|---|
| Benjamin H. Gliklich | 801,035 | 181,123 | 982,158 | <1% (of 242,504,073 shares) |
| Pledging/Hedging | — | — | None pledged; hedging, short sales prohibited by policy | — |
Stock Ownership Guidelines Compliance
| Guideline | Requirement | Actual (as disclosed) |
|---|---|---|
| CEO ownership multiple | 5x base salary | 19x base salary (excluding unvested RSUs/PRSUs) at $25.43 stock price |
Outstanding Equity (at 12/31/2024)
| Award | Unvested Units (#) | Market Value ($) |
|---|---|---|
| RSUs (2024 grant) | 62,583 | $1,591,486 (62,583 × $25.43) |
| PRSUs (2024 target) | 125,169 | $3,183,048 (125,169 × $25.43) |
| RSUs (2023 grant) | 39,123 | $994,898 (39,123 × $25.43) |
| PRSUs (2023 target) | 117,372 | $2,984,770 (117,372 × $25.43) |
| RSUs (2022 grant) | 16,718 | $425,139 (16,718 × $25.43) |
| PRSUs (2022 target) | 100,316 | $2,551,036 (100,316 × $25.43) |
| PRSUs (Executive stretch 2022) | 1,000,000 | $25,430,000 (1,000,000 × $25.43) |
| Stock Options (exercisable) | 74,564 @ $12.25 exp. 2/19/2030; 64,227 @ $11.34 exp. 2/20/2029; 21,695 @ $13.30 exp. 2/21/2027; 20,637 @ $7.95 exp. 3/16/2026 | — |
Stock Vested in 2024 (pre-tax value realized)
| Award | Shares Vested (#) | Value Realized ($) |
|---|---|---|
| PRSU (2019–2021 cycle) | 137,156 | $3,182,019 |
| RSU (2023 grant, 1/3) | 19,562 | $453,838 |
| RSU (2022 grant, 1/3) | 16,719 | $387,881 |
| RSU (2021 grant, 1/3) | 15,764 | $376,129 |
Employment Terms
| Term | Details |
|---|---|
| Employment Agreement | None; compensation set via plans and annual committee review |
| Change-in-Control (CIC) | Double trigger; CEO receives 3× base salary + 3× target bonus; no excise tax gross-up |
| Non-compete/Confidentiality | Non-compete for 18 months post-termination; confidentiality protections; breach can forfeit/repay severance |
| Potential Payments upon CIC (as of 12/31/2024) | Salary $3,150,000; Bonus $3,465,000; LTI awards valuation $37,160,377; Total $43,775,377 (assumes 100% PRSU target, $25.43/share) |
| Clawback Policy | Adopted 2023; compliant with SEC/NYSE; applies to NEO equity incentives |
| Hedging/Pledging | Prohibited; caution on margin accounts |
| Stock Options Repricing | Not permitted without shareholder approval |
Board Governance
- Board service: Director since 2019; no committee memberships; not independent due to executive status .
- Roles separation: CEO and Executive Chairman roles are separated; independent Lead Director in place; 75% of Board independent; all Board committees fully independent .
- Committee leadership: Audit (Chair Elyse Filon); Compensation (Chair Michael F. Goss); Nominating & Policies (Chair Ian G.H. Ashken) .
- Attendance: Each director attended >75% of Board/Committee meetings in 2024; five Board meetings held .
Compensation Peer Group
| Peer Group (2024) |
|---|
| Albemarle; Ashland Global; Avient; Axalta; Chemours; Entegris; H.B. Fuller; Ingevity; Innospec; Minerals Technologies; NewMarket; Quaker Chemical; RPM International; Sensient; Stepan |
| ESI vs Peer Group (2024) | Revenue ($M) | Adjusted EBITDA ($M) | Market Cap ($M) |
|---|---|---|---|
| 75th Percentile | 4,411 | 847 | 6,811 |
| Median | 2,698 | 535 | 3,735 |
| 25th Percentile | 2,096 | 378 | 2,514 |
| Element Solutions | 2,457 | 535 | 6,158 |
| ESI Percentile | 43% | 50% | 71% |
Say-on-Pay & Shareholder Feedback
- 2024 Say-on-Pay approval: ~78% support; continued outreach led to 2025 LTI changes (EPS replaces CRI; TSR modifier added) .
Performance & Track Record (2024 snapshot)
| Metric | FY 2024 | YoY |
|---|---|---|
| Net Sales ($M) | 2,456.9 | +5% |
| Adjusted EBITDA ($M) | 534.7 | +11% reported; +13% constant currency |
| Adjusted EBITDA Margin (%) | 21.8% | +110 bps |
| GAAP Diluted EPS ($) | 1.00 | Up from 0.48 in 2023 |
| Adjusted EPS ($) | 1.44 | Up from 1.29 in 2023 |
| Free Cash Flow ($M) | 293.6 | Up from 282.3 |
CEO commentary emphasized secular growth in HPC/data storage, EV power electronics penetration, and improving portfolio quality; 2025 guide mid-point implies ~8% adjusted EBITDA growth excluding FX and Graphics divestiture impact .
Investment Implications
- Alignment: High “at-risk” pay mix and multi-year PRSUs (incl. 2022 stretch award) tightly link realized compensation to EBITDA/EPS growth and relative TSR, reinforcing long-term value creation focus; CEO exceeds ownership guidelines at 19× salary and holds significant unvested equity, indicating strong alignment and reduced voluntary departure risk .
- Near-term selling pressure: 2024 vesting events (PRSU and RSU tranches) created sizable realized value; ongoing annual RSU vesting (Feb each year) and PRSU cliffs (2025–2026) are predictable potential supply events, though hedging/pledging is prohibited and no shares are pledged .
- Retention and change-in-control economics: No fixed-term employment agreement; CIC double-trigger payout for CEO totals ~$43.8M at 12/31/2024 assumptions, plus 18-month non-compete—supporting CEO stability but representing material cost in an acquisition scenario; absence of tax gross-ups and presence of clawback mitigate governance concerns .
- Governance: Separation of CEO and Executive Chairman roles, independent Lead Director, and fully independent committees help offset dual-role concerns from CEO also serving as a director; continued investor engagement yielded LTI metric enhancements with a peer-relative TSR modifier, a positive signal for pay-for-performance integrity .