Seamus Grady
FabrinetAbout Seamus Grady
Seamus Grady is Chief Executive Officer and Chairman of the Board at Fabrinet, serving as CEO since September 2017 and appointed Chairman in October 2025; he is 58 and holds a B.Tech in Manufacturing Technology from the National University of Ireland, Galway . Under his leadership, Fabrinet delivered its fifth successive year of record revenue in fiscal 2025 ($3,419.3 million, +18.6% YoY), net income ($332.5 million, +12.3% YoY), and diluted EPS ($9.17, +13.2% YoY) . Pay-versus-performance disclosures show a cumulative total shareholder return value of $498.10 (initial $100 investment framework) in 2025, alongside revenue and net income of $3.419 billion and $332.5 million, respectively . Grady’s board credentials emphasize deep EMS operations across global facilities and multi-decade supply chain leadership .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sanmina Corporation | EVP & COO, Mechanical Systems Division | Oct 2012 – May 2017 | Oversaw operations across multiple international facilities; deep EMS execution experience |
| Sanmina Corporation | SVP, Medical Division | Jun 2011 – Oct 2012 | Led medical division operations with global scope |
| Sanmina Corporation | SVP, Global Medical Operations | Mar 2009 – Jun 2011 | Directed global medical operations; scaling operational rigor |
| Lucent Technologies (formerly Ascend Communications) | Director of Materials & Supply Chain Management | 1999 – 2000 | Led materials and supply chain during telecom growth cycle |
| Manufacturers Services Limited (now Celestica) | Various Operations Roles | 1989 – 1999 | Built foundational manufacturing operations expertise |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | No other public company board service listed for Grady |
Fixed Compensation
Multi-year CEO compensation and salary overview:
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary ($) | $1,150,000 | $1,250,000 | $1,350,000 |
| Non-Equity Incentive (Actual) ($) | $1,794,000 | $1,944,313 | $2,208,654 |
| Stock Awards ($) | $7,499,721 | $7,799,780 | $7,950,249 |
| All Other Compensation ($) | $83,887 | $88,098 | $435,232 |
| Total Compensation ($) | $10,527,608 | $11,082,191 | $11,944,135 |
FY25 bonus plan targets and payout:
| Item | Value |
|---|---|
| Target Bonus % of Salary | 140% |
| Target Bonus ($) | $1,890,000 |
| Maximum Bonus Opportunity (% of Salary) | 168% |
| Maximum Bonus Opportunity ($) | $2,268,000 |
| Actual Bonus Paid ($) | $2,208,654 |
| Actual Payout vs Target (%) | ~117% |
Key FY25 perquisites (CEO):
| Perk | Amount ($) |
|---|---|
| Housing Allowance (Thailand) | $300,000 |
| Transportation (incl. auto allowance and driver) | $34,668 |
| Health Insurance Premiums | $79,564 |
| Company-paid Provident Fund/401(k) | $21,000 |
| Total Other Compensation | $435,232 |
Performance Compensation
FY25 cash bonus metrics and attainment:
| Metric | Weight | Minimum Threshold | Target | Maximum | Actual | Actual (% of Target) |
|---|---|---|---|---|---|---|
| Revenue | 50% | $2,763.0m | $3,070.0m | $3,223.5m | $3,419.3m | 111.4% |
| Non-GAAP Operating Margin | 50% | 9.2% | 10.2% | 10.7% | 10.55% | 103.4% |
| Overall CEO Payout | — | — | — | Max 120% of Target | 117% of Target | 117% |
FY25 equity grants (CEO) and vesting design:
| Equity Type | Grant Date | Shares | Intended Value at Grant ($) | Vesting |
|---|---|---|---|---|
| Time-Based RSUs | Aug 22, 2024 | 10,121 | $2,650,000 | 3 annual tranches over 3 years |
| PSUs (FY25–26 performance cycle) | Aug 22, 2024 | 10,121 | $2,650,000 | Earned over cumulative FY25–26 goals; vest on certification |
| Stretch PSUs (FY25–26) | Aug 22, 2024 | 10,121 | $2,650,000 | Higher thresholds; vest on certification |
PSU performance structure:
- FY25–26 PSUs: 50% cumulative revenue, 50% cumulative non-GAAP operating margin; 90% threshold earns 20% of allocated shares; 100% earns 100%; linear interpolation between 90–100% .
- Stretch PSUs: Targets 5% higher revenue and 5 basis points higher margin than base PSUs; vest only if PSU targets exceeded; linear interpolation up to 100% .
Results of prior FY24–25 PSUs:
| Award | Date of Grant | CEO Target/Max Shares | Actual Vesting | Performance Outcome |
|---|---|---|---|---|
| FY24–25 PSUs | Aug 24, 2023 | 16,361 | 100% vested | Cumulative revenue $6,302.3m; non-GAAP op margin 10.58% |
| FY24–25 Stretch PSUs | Aug 24, 2023 | 16,361 | 100% vested | Exceeded stretch thresholds |
Shares vested in FY25 (CEO):
| Metric | Shares | Value Realized ($) |
|---|---|---|
| Stock Awards Vested | 63,077 | $14,209,396 |
Equity Ownership & Alignment
Beneficial ownership and guidelines:
| Item | Value |
|---|---|
| CEO Beneficial Ownership (Shares) | 22,451 |
| % of Shares Outstanding | <1% (footnoted in proxy) |
| Shares Outstanding (Voting) | 35,826,315 (record date) |
| CEO Stock Ownership Guideline | 5x annual base salary |
| Compliance Status (Execs & Directors) | Met or within permitted attainment period as of Sept 30, 2025 |
| Pledging/Hedging Policy | Prohibited; no short sales, hedging, or pledging |
Outstanding equity awards at FY25 year-end (CEO):
| Award | Shares Unvested | Market Value ($) |
|---|---|---|
| RSUs (8/22/2024) | 10,121 | $2,991,970 |
| PSUs (8/22/2024; FY25–26 cycle) | 10,121 | $2,991,970 |
| Stretch PSUs (8/22/2024; FY25–26) | 10,121 | $2,991,970 |
| RSUs (8/24/2023) | 10,908 | $3,224,623 |
| PSUs (8/24/2023; FY24–25 cycle) | 16,361 (pre-certification) | $4,836,639 |
| Stretch PSUs (8/24/2023; FY24–25) | 16,361 (pre-certification) | $4,836,639 |
Insider trading and selling pressure indicators:
- A late Form 4 filing by Seamus Grady on Aug 28, 2024 reported the sale of 26,650 shares on Aug 23, 2024, indicating periodic liquidity events; company policy prohibits hedging/pledging .
Employment Terms
Change-in-control and severance arrangements (CEO):
- Grady Agreement (effective Feb 26, 2019; amended Aug 10, 2022) auto-renews annually unless notice of non-renewal at least 90 days prior .
- Qualifying termination outside change-in-control period: lump sum 100% base salary, earned but unpaid bonus, 2x annual COBRA cost, continued tax equalization benefits if applicable .
- Qualifying termination within change-in-control period (double-trigger): lump sum 200% base salary, 200% target bonus, earned but unpaid bonus, 2x annual COBRA, 100% acceleration of unvested time-based equity; performance awards treated per award terms and may convert and remain scheduled subject to service through original period .
- No excise tax gross-up; “best net” cutback vs full pay under 280G .
Estimated CEO benefits (as of June 27, 2025):
| Scenario | Total Value ($) |
|---|---|
| Termination without Cause / Good Reason (unrelated to CiC) | $3,662,897 |
| Termination without Cause / Good Reason (within CiC period) | $32,765,905 |
Clawback:
- Mandatory recovery (cash and equity incentive compensation) in case of accounting restatements per Rule 10D-1 and NYSE listing standards .
Board Governance
Board service and roles:
- Grady is CEO and Chairman (since Oct 2025), not independent; seven of eight directors (continuing and nominees) are independent under NYSE/SEC rules .
- Lead Independent Director role established with Dr. Frank H. Levinson (since June 2025) to mitigate dual-role governance concerns; independent directors hold executive sessions at each regular Board meeting .
- Committee structure: Audit (Chair Thomas F. Kelly); Compensation (Chair Dr. Frank H. Levinson); Nominating & Corporate Governance (Chair Dr. Homa Bahrami); Grady does not sit on committees .
- Board/committee meeting attendance averaged 99% among incumbents in FY25; full Board met six times .
Director compensation (context; CEO receives no additional director pay):
- Non-employee director cash retainers: Board $85,000; Audit $14,000 ($33,000 chair); Compensation $10,000 ($24,000 chair); Nominating $7,000 ($16,000 chair); Board Chair $200,000 if non-employee; Lead Independent Director $45,000 if Chairman not independent .
- Annual RSU grants ~ $220,000 grant-date value; vest on Jan 1 following annual meeting .
- CEO received no incremental director compensation in FY25 .
Say-on-Pay, Peer Group, and Shareholder Feedback
- Say-on-pay support: ~97% (2024), ~96% (2023), ~83% (2022), ~99% (prior year indicated) .
- Shareholder outreach annually to top holders; invited 25 largest holders (~70% of shares) for calls with committee chairs in 2024 and planned again post-2025 proxy .
- Compensation peer group refreshed for FY25 (added Entegris, F5, Jabil, Qorvo, Trimble, Zebra; removed six prior names); no targeting specific percentiles; Compensia engaged as independent consultant .
Investment Implications
- Pay-for-performance alignment: CEO equity mix is 67% performance-based (PSUs/Stretch PSUs) and 33% time-based RSUs, with multi-year cumulative revenue and margin hurdles; prior cycle (FY24–25) paid out at 100% on both PSUs and Stretch PSUs, evidencing calibration to robust performance .
- Retention and change-in-control economics: Double-trigger protection with 200% salary and 200% target bonus plus time-based acceleration in CiC scenarios; no 280G gross-up reduces shareholder-unfriendly optics but overall benefits are substantial and could influence negotiation dynamics in strategic events .
- Trading signals and selling pressure: Significant annual vesting (63,077 shares vested for CEO in FY25) and at least one disclosed sale (26,650 shares on Aug 23, 2024) suggest periodic liquidity events; hedging/pledging prohibited and ownership guidelines enforced (5x salary) which supports alignment .
- Governance risk and mitigants: CEO-Chairman dual role may elevate independence concerns; appointment of a Lead Independent Director and regular executive sessions aim to balance oversight .
- Execution track record: Five consecutive years of record revenue, net income and EPS; fiscal 2025 revenue up 18.6%, net income up 12.3%, diluted EPS up 13.2%, and TSR metrics supportive in pay-versus-performance disclosures, underscoring sustained value creation under current leadership .