Jonathan Baksht
About Jonathan Baksht
Jonathan H. Baksht is Executive Vice President and Chief Financial Officer of Fortune Brands Innovations (FBIN), appointed effective May 5, 2025 (age 50). He previously served as CFO of Pactiv Evergreen (2022–Apr 2025) and CFO of Valaris (2015–2021); earlier roles include Goldman Sachs (investment banking) and Andersen Consulting. He holds a B.S. in Electrical Engineering (High Honors) from the University of Texas at Austin and an MBA from Northwestern’s Kellogg School of Management . Since his appointment, he has signed FBIN’s SOX 302/906 certifications for Q1–Q3 2025 and served as the signatory on earnings 8-Ks . For context, company 2024 results (pre‑hire) included $4.6B net sales, 16% operating margin, and $668M operating cash flow; EPS before charges/gains was $4.12 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Pactiv Evergreen Inc. | Chief Financial Officer | May 2022 – Apr 2025 | Public company CFO experience in North American packaging; led finance for cash flow and balance sheet management . |
| Valaris Limited | EVP & Chief Financial Officer; prior VP Finance; VP Treasurer | Nov 2015 – Sep 2021; prior roles before 2015 | Public company CFO in cyclical energy services; senior finance and treasury leadership . |
| Goldman Sachs | Investment Banking | ~7 years (prior to 2013) | Capital markets and advisory grounding . |
| Andersen Consulting | Management Consultant | Early career | Early-stage consulting experience . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public company directorships or external roles disclosed in FBIN filings at appointment . |
Fixed Compensation
| Component | Terms | Notes |
|---|---|---|
| Base salary | $800,000 | Per offer letter (effective 2025) . |
| Target annual bonus | 85% of base salary | Per offer letter (2025 plan year) . |
| Benefits/perquisites | Eligible for standard executive officer plans/programs | As disclosed in appointment 8‑K . |
Performance Compensation
Annual Incentive Plan (Company design; applies to NEOs)
| Metric | Weight | Threshold | Target | Maximum | Actual (2024) |
|---|---|---|---|---|---|
| EPS (before charges/gains; FX-adjusted) | 60% | $3.56 | $4.30 | $5.04 | $4.14 |
| Operating Income Margin % (OIMP) | 20% | 16.1% | 17.1% | 18.0% | 16.9% |
| Working Capital Efficiency (WCE; 13‑month avg) | 20% | 23.9% | 21.7% | 19.9% | 21.5% |
- 2024 plan-level payout for NEOs: 92.9% of target (illustrative for structure; Baksht joined 2025) .
Long-Term Equity (LTI)
| Award type | Target mix / value | Performance metrics | Vesting/term | Notes |
|---|---|---|---|---|
| PSAs | 50% of LTI (for 2025; part of $2.0M total target) | For 2024 cycle: EBITDA Margin % (75%) and ROIC (25%) . For 2025 cycle: reverts to EBITDA dollars as primary metric to emphasize growth . | Vests at end of 3‑year performance period; 0–200% payout typical (300% max applied only to 2023–2025 cycle) . | PSA outcomes not yet applicable for Baksht. |
| Stock options | 25% of LTI (2025 plan) | Stock price appreciation | 3‑year ratable vesting; 10‑year term . | Exercise price at grant; no repricing without shareholder approval . |
| RSUs (annual) | 25% of LTI (2025 plan) | — | 3‑year ratable vesting . | Time‑based retention. |
| Sign‑on RSUs | $750,000 grant date fair value | — | Vest 1/3 annually (subject to Comp Committee approval) . | One‑time new‑hire award. |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Initial beneficial ownership (Form 3) | 0 shares of common stock as of 5/5/2025 (no derivative holdings disclosed) . |
| Stock ownership guidelines | Officers reporting to CEO: 3x base salary; 5 years to comply; must hold 50% of net shares from PSA/RSU vesting until met . |
| Hedging/pledging | Company policy prohibits hedging and pledging of Company stock . |
| Clawback | Company maintains an incentive compensation clawback policy for certain financial restatements (applies to current/former executive officers) . |
Employment Terms
| Term | Summary |
|---|---|
| Start date / role | May 5, 2025; Executive Vice President & Chief Financial Officer . |
| Severance (non‑CIC) | 1.5× (base salary + target annual bonus + prior‑year qualified/non‑qualified DC contribution amounts), paid over 18 months; continuation of certain benefits for 18 months; pro‑rated current‑year bonus at actual performance; subject to release and restrictive covenants . |
| Change‑in‑control (double trigger) | If terminated without cause/for good reason within 2 years post‑CIC: multiple increases to 2.0× for non‑CEO NEOs (and benefits coverage extends to 24 months); no excise tax gross‑ups . |
| Equity on qualifying CIC termination | PSAs paid at target; RSUs vest; stock options vest (Board retains discretion to accelerate on CIC) . |
| Restrictive covenants | One‑year non‑compete, one‑year non‑solicitation, and non‑disparagement under Severance Agreements . |
| Policies | No options backdating/repricing; anti‑hedge/pledge; robust ownership guidelines . |
Investment Implications
- Alignment and pay-for-performance: 50% PSAs plus 25% options in his $2.0M target LTI concentrate value on multi-year EBITDA/ROIC and share price appreciation; sign‑on RSUs add retention but are time‑based .
- Vesting/selling pressure: The $750K sign‑on RSUs vest in equal thirds over three years, creating predictable vest events that can coincide with insider selling windows; monitor Form 4s around vest dates once grants are made .
- Governance quality: Double‑trigger CIC, no tax gross‑ups, anti‑hedging/pledging, and a restatement clawback indicate shareholder‑friendly structures that limit downside governance risk .
- Ownership build: Initial Form 3 shows zero holdings; 3× salary guideline over five years and 50% net‑share hold requirement should drive equity accumulation and increase alignment over time .
- Performance context and scrutiny: 2024 Say‑on‑Pay support dipped to 71% and the Compensation Committee reverted long‑term metrics back to growth (EBITDA dollars) for 2025, suggesting continued investor focus on rigorous goals and payout calibration; expect conservatism in early‑tenure awards and disclosures .
- Execution watch items: As CFO, he has emphasized disciplined capital allocation and narrowed 2025 guidance; track working capital efficiency, free cash flow delivery, and PSA metric trajectory as potential leading indicators for his incentive outcomes and signaling effects .