Christopher Laden
National Vision HoldingsAbout Christopher Laden
Christopher Laden is Senior Vice President and Chief Financial Officer (principal financial and accounting officer) of National Vision Holdings, Inc. (“EYE”), appointed by the Board on February 24, 2025 and effective March 31, 2025 . He has signed SOX certifications for EYE’s Q2 and Q3 2025 10-Qs and is part of investor communications (Investor Day, Nov. 17, 2025) . Company performance context under which his compensation will be aligned: FY 2024 net revenue from continuing operations was $1,823.3 million, Adjusted Operating Income rose to $65.5 million, and Adjusted Diluted EPS was $0.52; cumulative TSR (from a fixed $100 starting December 27, 2019) stood at $31.93 at FY 2024 year-end .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| National Vision Holdings, Inc. | SVP & Chief Financial Officer (Principal Financial and Accounting Officer) | 2025–present | Finance leadership through transformation; margin expansion focus via SG&A and indirect spend initiatives |
| Veterinary hospital consolidation (company unspecified) | Executive/finance leadership | Prior to 2025 (not disclosed) | Consolidation experience and operational rigor relevant to cost optimization |
Fixed Compensation
- Stock ownership guidelines: executive officers must hold shares equal to 3x annual base salary; CEO 6x; directors 5x. Until met, executives and directors must retain 50% of vested shares, net of taxes and option exercise .
- Hedging/pledging: hedging and short positions are prohibited; pledging is discouraged and requires General Counsel approval .
- Clawback: SEC/Nasdaq-compliant clawback policy covers erroneously paid incentive compensation for three years preceding a restatement; includes discretionary recovery for misconduct causing financial/reputational harm .
Performance Compensation
EYE’s executive incentive architecture that applies to the CFO role:
| Metric | FY 2024 Threshold | FY 2024 Target | FY 2024 Maximum | FY 2024 Actual | FY 2024 Payout |
|---|---|---|---|---|---|
| STIP AOI ($mm) | $72.1 | $90.1 | $108.1 | $67.7 | 0% of target (STIP unfunded) |
| PSU Metric | Weighting | Performance Period |
|---|---|---|
| Adjusted Operating Income (AOI) | 75% | 3-year (FY 2024–FY 2026) |
| Return on Invested Capital (ROIC) | 25% | 3-year (FY 2024–FY 2026) |
| Program update (2025) | New Metric/Feature | Weighting | Notes |
|---|---|---|---|
| STIP (annual cash) | Adds Adjusted Comparable Same Store Sales Growth | — | Added alongside Annual Incentive Adjusted Operating Income |
| PSUs (long-term) | Adds Relative TSR | 25% | Remaining PSUs: AOI growth 50%, ROIC 25%; AOI growth <0% over period → AOI tranche forfeits |
- RSU vesting cadence: three equal annual installments, subject to continued service .
- PSU vesting: earned based on three-year AOI/ROIC (and from 2025, TSR) performance; payout 0–200% of target .
Equity Ownership & Alignment
- Beneficial ownership: Laden is not listed among named executive officers/directors in the beneficial ownership table as of April 1, 2025, reflecting his recent appointment and non-director status .
- Ownership guidelines: CFO must reach 3x salary; until met, 50% net after-tax vested shares must be retained .
- Hedging/pledging prohibited/discouraged as above .
Employment Terms
Key severance, change-in-control (CIC), and restrictive covenant design applicable to NEOs (illustrated using 2024 NEO terms, including the CFO role then held by Melissa Rasmussen):
| Scenario | Cash Severance Multiplier | Pro‑rata Bonus | Health Benefits Duration | Equity Vesting |
|---|---|---|---|---|
| Qualifying Termination (no CIC) | CEO 2.0x; CFO/other NEOs 1.5x; Banner 1.0x | Actual (year of termination) | CEO 24m; CFO/other NEOs 18m; Banner 12m | RSUs/PSUs generally forfeit except as below |
| Qualifying Termination within 2 years after CIC | CEO 2.5x; CFO/other NEOs 2.0x; Banner 1.5x | Target (year of termination) | CEO 30m; CFO/other NEOs 24m; Banner 18m | RSUs vest; PSUs convert at ≥target or actual-to-date, then vest; full vest if award not assumed or upon Qualifying Termination post‑CIC |
| Death or Disability | — | — | — | RSUs vest; PSUs vest at 100% of target |
| Retirement (plan definition applies) | — | — | — | Pro‑rata portion of next RSU tranche vests; PSUs not specified for retirement |
- Restrictive covenants (NEOs): confidentiality, non-disparagement; non-compete/non-solicit durations vary by role (e.g., CFO Rasmussen and other NEOs 18 months; CEO 24 months; Banner 12 months) .
Performance & Track Record
| Metric | FY 2024 |
|---|---|
| Net Revenue from continuing operations ($mm) | $1,823.3 |
| Adjusted Operating Income ($mm) | $65.5 |
| Adjusted Diluted EPS (continuing ops) | $0.52 |
| Cumulative TSR (Value of initial $100 from 12/27/2019) | $31.93 |
- Management commentary: CFO emphasizes operating margin expansion (≈180 bps leverage YTD at the time of the Sept. 2025 discussion) and SG&A/indirect spend review through a strategic partnership to unlock savings; pricing actions showed minimal elasticity impact (exam-to-materials conversion and NPS stable/improving) .
Compensation Governance and Benchmarking
- Peer group used to benchmark executive compensation (2024 cycle): Align Technology, Caleres, Columbia Sportswear, Dentsply Sirona, Embecta, Five Below, Fossil, ICU Medical, Acadia Healthcare, Merit Medical Systems, Ollie’s Bargain Outlet, Oxford Industries, Surgery Partners, Cano Health, Tandem Diabetes Care, The Cooper Companies, Warby Parker, West Pharmaceutical Services; Cano later replaced with RadNet for 2025 .
- Say‑on‑Pay: 2024 approval was 89.26% in favor .
- No excise tax gross‑ups, double‑trigger CIC vesting, independent comp consultant (Meridian), and annual risk assessment of compensation programs .
Investment Implications
- Alignment: The addition of Relative TSR to PSUs (25% weighting) and continued AOI/ROIC focus tighten linkage between realized pay and shareholder value creation; clawback, ownership guidelines, and anti-hedging/pledging policies further align incentives .
- Retention risk: Robust Executive Severance Plan with double‑trigger CIC protections reduces unwanted turnover risk; CFO-level non-compete/non-solicit standards historically at 18 months support retention without excessive lock‑in .
- Execution signals: CFO’s margin-expansion and cost-control posture, coupled with pricing elasticity resilience, suggest potential operating margin leverage; monitor forthcoming disclosures for CFO-specific grant details (RSU/PSU) and any Form 4 activity to gauge selling pressure around vesting events, as 2025 proxy did not detail Laden’s compensation terms .
- Governance: Strong say‑on‑pay support and independent oversight lower governance risk; continued transformation and store fleet optimization provide context for performance-based payouts and potential upside if AOI/ROIC targets are achieved .