Gregory Hewett
Acushnet HoldingsAbout Gregory Hewett
Independent director (age 56) at Acushnet Holdings (GOLF) since 2016; Chair of the Audit Committee and member of the Nominating & Corporate Governance Committee. Principal of GH Consulting LLC since March 2015; previously Senior Managing Director at The Blackstone Group (Aug 2005–Feb 2015), Director at Credit Suisse First Boston after DLJ acquisition (joined DLJ as Associate), and practiced law at Bryan Cave LLP. The Board has determined he is independent under NYSE standards and meets Rule 10A‑3 audit committee independence and “audit committee financial expert” qualifications. Acushnet is a controlled company, but the Board maintains majority independent directors and fully independent Compensation and Nominating committees .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Blackstone Group L.P. | Senior Managing Director | Aug 2005–Feb 2015 | Senior finance/strategy leadership |
| Credit Suisse First Boston (acquired DLJ) | Director, Investment Banking | From 2000 (post-acquisition) | M&A and capital markets |
| Donaldson, Lufkin & Jenrette | Associate, Investment Banking | Pre‑2000 (dates not disclosed) | Transaction execution |
| Bryan Cave LLP | Attorney | Dates not disclosed | Legal training; corporate law experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| GH Consulting LLC | Principal | Mar 2015–present | Private consultancy for businesses and institutional investors |
| Other public company boards | — | — | Not disclosed in proxy biography |
Board Governance
- Committee assignments: Audit Committee Chair; members Leanne Cunningham and Steven Tishman. Hewett, Cunningham, and Tishman are independent and designated “audit committee financial experts.” The Audit Committee’s remit includes internal controls, legal/regulatory compliance, auditor oversight, and cybersecurity risk oversight .
- Nominating & Corporate Governance Committee: Member (Chair: Jan Singer; member: Keun Chang “Kevin” Yoon). Committee leads director selection, governance policies, board/management evaluation, succession planning, and ESG/social responsibility oversight .
- Independence and controlled company context: All directors except the CEO (Maher) are independent; Acushnet is a “controlled company” (Magnus >50%) but maintains majority independent directors and fully independent Compensation and Nominating committees .
- Attendance and engagement: 2024 meeting cadence—Board (5), Audit (7), Compensation (5), Nominating (4); each director attended ≥75% of aggregate Board and committee meetings; all directors in office attended the 2024 Annual Meeting of Stockholders .
- Executive sessions: Non‑management directors meet regularly in executive session; independent directors meet privately at least annually if any non‑independent directors are present .
- Audit Committee Report: As Chair, Hewett signed the Audit Committee’s report recommending inclusion of audited financials in the 2024 Form 10‑K .
Fixed Compensation
| Component (2024) | Amount | Notes |
|---|---|---|
| Fees Earned or Paid in Cash | $125,000 | Actual 2024 cash fees for Hewett |
| Stock Awards (Fully vested common stock) | $140,000 | Aggregate grant-date fair value; immediately vesting |
| Total | $265,000 | 2024 director compensation total |
Director program schedule (2024; applies to all non‑employee directors):
| Retainer/Fee | Chair ($) | Member ($) | Notes |
|---|---|---|---|
| Annual Board Cash Retainer | 175,000 | 90,000 | 2024 schedule |
| Annual Board Equity Retainer | 170,000 | 140,000 | Immediately vesting common stock |
| Audit Committee Cash Retainer | 30,000 | 12,500 | |
| Compensation Committee Cash Retainer | 22,500 | 10,000 | |
| Nominating & Corporate Governance Cash Retainer | 20,000 | 10,000 |
Program changes: In April 2024, equity retainer +$5,000; Audit Chair cash retainer +$5,000; Compensation Chair cash retainer +$2,500, aligning positions with peer market levels per Pearl Meyer review .
Perquisites: Access to Company products; new policy entitles non‑employee directors to up to $5,000 of products annually; personal use remained ≤$10,000 in 2024 for each director .
Performance Compensation
- Director equity awards are time‑based and immediately vest; no director PSUs or option awards; no performance metrics tied to director compensation .
Board‑overseen executive LTI metrics (context for pay‑for‑performance program):
| Metric (2021–2023 PSUs) | Threshold | Target | Max | Achievement | Payout (%) |
|---|---|---|---|---|---|
| 3‑yr Cumulative Adjusted Operating Income ($) | 498.4M | 547.7M | 597.0M | 826.4M | 200% |
| 3‑yr Average ROIC (%) | 7.8% | 9.3% | 10.8% | 14.0% | 200% |
Other Directorships & Interlocks
| Company | Role | Committee Roles | Notes |
|---|---|---|---|
| Not disclosed | — | — | No other public boards disclosed for Hewett in proxy biography |
Controlled company context: Board includes executives/affiliates of the controlling shareholder (Magnus/Misto), and related‑party share repurchase agreements with Magnus occurred in 2024 and April 2025; the Audit Committee oversees related‑party transactions under a written policy requiring recusal of interested directors .
Expertise & Qualifications
- Skills matrix indicates Hewett brings Finance, M&A, International Business, Operations, Public Company Governance, Strategic Planning, Consumer Products/Apparel, and ESG/Sustainability experience to the Board .
- The Board designates Hewett as an “audit committee financial expert” under Reg S‑K Item 407(d)(5) .
Equity Ownership
| Holder | Shares Beneficially Owned | Ownership % | Notes |
|---|---|---|---|
| Gregory Hewett | 39,799 | <1% | Beneficial ownership at record date |
| Outstanding RSUs Deferred (Independent Directors Deferral Plan) | 29,434 | — | As of Dec 31, 2024; includes dividend equivalents |
Stock ownership policy (applies to non‑employee directors): minimum ownership of 5× annual cash retainer; retain ≥50% of net shares from equity until guideline met . Securities trading policy prohibits hedging and short‑selling; pledging requires pre‑clearance by the Chief Legal Officer; no pledging disclosures identified for directors in the proxy .
Governance Assessment
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Strengths
- Independent director; Audit Chair; designated financial expert; signed Audit Committee report supporting financial statement integrity .
- Robust committee charters and oversight (cybersecurity, related‑party, risk management); regular executive sessions; strong attendance discipline (≥75%) .
- Director compensation aligned to market via independent consultant (Pearl Meyer); transparent schedule; modest 2024 retainer adjustments .
- Ownership alignment via 5× cash retainer guideline and retention requirement; prohibitions on hedging/short‑selling; controlled pledging with pre‑clearance .
-
Watch‑items / potential red flags
- Controlled company risk: Magnus holds ~50.8% voting power; board composition includes controlling shareholder affiliates; potential influence on governance outcomes despite independence commitments .
- Related‑party transactions with Magnus (open‑market paired repurchases and 2025 repurchase); continued need for strict Audit Committee oversight and recusal compliance .
- Immediate‑vesting director equity (common across issuers) lacks performance gates; alignment relies on ownership guidelines and market exposure rather than award performance conditions .
Overall, Hewett’s independence, audit leadership, and financial expertise support board effectiveness in a controlled company setting; continued vigilance around related‑party oversight and maintaining rigorous committee independence mitigates structural control risks .