Eric Sejourne
About Eric Sejourne
Eric Sejourne is Senior Vice President, Chief Global Operations Officer at Hayward Holdings (effective April 15, 2024). He is 58 and reports to the CEO; his remit spans global operations and supply chain across North America, EMEA and Asia . Company performance during his first fiscal year included adjusted EBITDA growth of 12.2% to $277.4M, margin expansion of 150 bps to 26.4%, and improvement in cash conversion cycle to 154 days, against a backdrop of macro headwinds in the pool industry .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Assa Abloy | President, Access & Egress Hardware Group – Americas; Chief Operations Officer – Americas; President, Architectural Accessories & Door Control Group | 2010–2024 | Led manufacturing and operations across the Americas in locks/doors and entrance automation categories . |
| Watts Water Technology | Vice President, Lean & Operational Excellence | 2008–2010 | Oversaw operations across North America, Asia and Europe; drove lean/OpEx programs in water technologies . |
| Allegion (Ingersoll Rand spin-off)/Ingersoll Rand | Engineering and Manufacturing roles; General Manager of Operations (Northeast) | Pre-2008 | Progressively senior operations roles building engineering and manufacturing leadership capability . |
External Roles
No external public company directorships or board roles disclosed in the 2025 proxy or FY2024 10-K for Mr. Sejourne .
Fixed Compensation
| Component | FY2024 | Notes |
|---|---|---|
| Base Salary | $470,000 | Set at hire (effective 4/15/2024) . |
| Target Bonus % of Salary | 60% | AIP metrics: Adjusted EBITDA (70%), Revenue (20%), Cash Conversion Cycle (10%) . |
| Signing Bonus | $133,000 | Paid per employment offer . |
| FY2024 AIP Earned (calculated) | $302,304 | Weighted payout 107.2% of target . |
| FY2024 AIP Paid (actual cash) | $280,000 | Committee exercised discretion given mid-year start and offer minimum of $141,000 . |
Performance Compensation
Annual Incentive Plan (FY2024 outcome)
| Metric | Weighting | Threshold | Target | Maximum | Actual | Payout % of Target | Vesting/Payment |
|---|---|---|---|---|---|---|---|
| Adjusted EBITDA ($M) | 70% | $250.0 | $275.6 | $310.0 | $277.4 | 105.4% | Cash bonus; paid annually . |
| Revenue (Net Sales, $M) | 20% | $1,000.0 | $1,067.1 | $1,150.0 | $1,051.6 | 82.8% | Cash bonus; paid annually . |
| Cash Conversion Cycle (Days) | 10% | 170 | 164 | 150 | 154 | 168.6% | Cash bonus; paid annually . |
| Weighted Outcome | — | — | — | — | — | 107.2% | Cash bonus; paid annually . |
Long-Term Incentives
- Structure: RSUs (time-based) and PSUs (performance-based); in FY2024, non-CEO NEO mix was ~60% RSUs / 40% PSUs . For 2025 awards, PSUs increased to 50% of equity mix for all NEOs, with 3-year metrics and a relative TSR modifier vs S&P SmallCap600 Industrials .
FY2024 PSU (granted 5/3/2024 to Sejourne)
| Performance Measure | Weight | Threshold (25%) | Target (100%) | Max (200%) | FY2024 Actual | Earned % (pre-TSR) | Vesting |
|---|---|---|---|---|---|---|---|
| Adjusted EBITDA Margin | 40% | 25.0% | 25.8% | 27.0% | 26.4% | 150.0% | Early 2027, subject to TSR modifier and continued service . |
| Gross Profit Margin | 40% | 48.5% | 49.6% | 52.0% | 50.5% | 137.5% | Early 2027, subject to TSR modifier and continued service . |
| Return on Gross Invested Capital | 20% | 40.5% | 43.3% | 47.5% | 45.3% | 147.6% | Early 2027, subject to TSR modifier and continued service . |
| TSR Modifier | ±15% (absolute TSR over 3 years) | <0% TSR → −15%; >10% TSR → +15%; 0–10% → no change | — | — | — | Applied at end of 3-year period | Early 2027, subject to TSR modifier and continued service . |
- 2022 PSU Payout History: 0% payout (below-threshold on 3-year organic net revenue growth and adjusted EBITDA margin ending 12/31/2024), evidencing pay-for-performance discipline .
Equity Awards Granted to Sejourne (FY2024)
| Grant Type | Grant Date | Target # | Notes |
|---|---|---|---|
| PSUs | 5/3/2024 | 15,570 | Earn-out per FY2024 metrics and TSR modifier; vests ~May 2027 . |
| RSUs (annual) | 5/3/2024 | 23,355 | Time-based; three annual installments (May 2025/2026/2027) subject to continued employment . |
| RSUs (new hire retention) | 5/3/2024 | 12,173 | One-time make-whole; vests May 3, 2025, subject to continued employment . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 19,957 shares/units, less than 1% of outstanding . |
| Shares Outstanding (Record Date) | 216,189,708 . |
| Unvested RSUs (12/31/2024) | 35,528 units; market value $543,223 (at $15.29) . |
| Unearned PSUs (12/31/2024) | 31,140 units (maximum opportunity reflected); market value $476,131 (at $15.29) . |
| Options | None disclosed for Sejourne (no option rows) . |
| Vesting Cadence (RSUs) | Annual installments over three years (May 2025/2026/2027), plus a one-time tranche May 3, 2025 . |
| Ownership Guidelines | Other executive officers: 1x base salary; 5-year compliance window from 2/10/2021 or designation date . |
| Hedging/Pledging | Prohibited: no hedging, short sales, margin accounts, or pledging . |
| Clawback | SEC/NYSE-compliant incentive-compensation recovery policy (3-year lookback on restatements) . |
Scheduled Vesting Details (Sejourne)
| Award | Dates | Amounts |
|---|---|---|
| RSUs (new hire) | May 3, 2025 | 12,173 RSUs . |
| RSUs (annual grant) | May 2025, May 2026, May 2027 | Three annual installments; aggregate unvested RSUs: 23,355 . |
| PSUs (FY2024 grant) | Early 2027 | Earned shares determined by FY2024 metrics and 3-year TSR modifier; maximum unearned units shown at 31,140 . |
Employment Terms
| Term | Key Provision |
|---|---|
| Employment Start | Effective April 15, 2024; SVP, Chief Global Operations Officer; based in Charlotte, NC . |
| Non-Compete | One year post-termination . |
| Non-Solicit | Two years post-termination (employees/customers/vendors) . |
| Confidentiality/IP | Perpetual confidentiality; IP assignment; mutual non-disparagement . |
| Severance (No CoC) | If terminated without cause or for good reason: 12 months of base + target bonus paid in installments; pro-rata current-year bonus (if earned); welfare benefits value; partial COBRA premium for 12 months; 6 months outplacement . |
| Change-in-Control (Double Trigger) | RSUs/options vest if terminated without cause or for good reason within 18 months post-CoC and awards are assumed; otherwise unvested awards forfeited absent qualifying termination . |
| Equity Plan Design | No option repricing; emphasis on PSUs and RSUs under 2021 Plan . |
| Tax Gross-Ups | None; parachute cutback to avoid 4999 excise tax, if beneficial . |
Investment Implications
- Alignment: Heavy use of PSUs with operational metrics (EBITDA margin, gross margin, RO-GIC) and TSR modifier reinforce pay-for-performance; 2022 PSUs paid 0% due to below-threshold outcomes, indicating discipline .
- Retention and supply overhang: Sejourne’s unvested RSUs total 35,528 units with a front-loaded tranche in May 2025 (new-hire award), creating scheduled share releases but no options; 2024 showed no option exercises or vesting activity for him, limiting near-term selling pressure .
- Governance protections: Prohibitions on hedging/pledging, robust ownership guidelines (1x salary in 5 years), and clawback policy reduce misalignment risk .
- Change-in-control economics: Standard double-trigger vesting plus 12 months cash severance (base+bonus) in a CIC termination scenario; equity acceleration values for unvested awards are quantifiable and would accrue on qualifying termination (e.g., equity acceleration modeled for peers in the table) .
- Execution track record: Deep operations background in water/security hardware and lean/OpEx across Assa Abloy, Watts, and Allegion/Ingersoll Rand supports Hayward’s FY2024 margin expansion and working capital improvements; however, AIP revenue fell below target, suggesting demand sensitivity in the pool cycle .