John Collins
About John Collins
John Collins serves as Senior Vice President and Chief Commercial Officer (since December 2023) following his tenure as SVP, Chief Supply Chain Officer (May 2022 onward). He is 47 years old as disclosed in the FY2023 10-K; his employment agreement commenced May 16, 2022 . Prior to Hayward, he spent ~20 years at Textron Specialized Vehicles, most recently as SVP & GM of E‑Z‑GO (2020–2022), with earlier leadership roles across supply chain, parts & services, and consumer business . Company performance factors tied to his incentives include adjusted EBITDA, revenue, and cash conversion cycle (2024 actuals: adjusted EBITDA $277.4m vs $275.6m target; revenue $1,051.6m vs $1,067.1m target; CCC 154 days vs target 164), and 2023 achievements included margin expansion to a post‑IPO record 48.1% under CFO leadership and operational footprint consolidation which Collins led while heading global operations .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Hayward Holdings | SVP, Chief Commercial Officer | Dec 2023–present | Oversees global commercial responsibilities following operational leadership role |
| Hayward Holdings | SVP, Chief Supply Chain Officer | May 2022–Dec 2023 | Led global operations; drove lean/continuous improvement, right-sized production, consolidated manufacturing footprint, invested in automation |
| Textron Specialized Vehicles | SVP & GM, E‑Z‑GO | 2020–2022 | Led product management and global sales for E‑Z‑GO and Cushman vehicle lines |
| Textron Specialized Vehicles | Various leadership roles | Pre‑2020 | Plant manager; Director of Sourcing; VP Integrated Supply Chain; VP Parts & Services; VP Consumer Business |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 261,538 | 444,327 | 500,000 |
| Target Bonus (% of Salary) | 50% (approved effective Jan 12, 2022) | 70% (increased Dec 4, 2023) | 70% |
| Bonus Paid ($) | 232,500 | 125,000 (discretionary) | 375,200 (AIP payout) |
Performance Compensation
Annual Incentive Plan (AIP) – Structure and 2024 Outcomes
| Metric | Weighting | Threshold | Target | Max | Actual | Payout vs Target |
|---|---|---|---|---|---|---|
| Adjusted EBITDA ($mm) | 70% | 250.0 | 275.6 | 310.0 | 277.4 | 105.4% |
| Revenue (Net Sales) ($mm) | 20% | 1,000.0 | 1,067.1 | 1,150.0 | 1,051.6 | 82.8% |
| Cash Conversion Cycle (days) | 10% | 170 | 164 | 150 | 154 | 168.6% |
Collins' FY2024 target bonus was $350,000 and his earned/paid bonus was $375,200 at a 107.2% weighted payout . FY2023 AIP metrics were adjusted EBITDA (70%), adjusted free cash flow (20%), and ESG (10%); no AIP payout was earned, but a discretionary bonus of $125,000 was awarded to Collins .
Long-Term Equity Incentives (PSUs/RSUs/Options)
| Year | Instrument | Metric(s) | Weighting | Vesting |
|---|---|---|---|---|
| 2022 PSUs | PSU | Organic net revenue growth; Adjusted EBITDA margin | 50% / 50% | 3-year performance period |
| 2023 PSUs | PSU | Return on Gross Invested Capital; Adjusted EBITDA margin | 50% / 50% | 3-year performance period |
| 2024 PSUs | PSU | Adjusted EBITDA margin; Gross Profit margin; Return on Gross Invested Capital; TSR | Not disclosed (multi-metric) | Vest at end of 3-year period (performance generally measured over one year except TSR) |
| RSUs | RSU | Stock price value realization | — | Generally vest annually over 3 years |
| Options (2023) | Stock Options | Stock price appreciation | — | Equal annual installments over 3 years; one‑third vested Mar 2, 2024; remaining on Mar 2, 2025 and Mar 2, 2026; exercise price $11.81 |
Key Grant Detail (Shares and Grant-Date Fair Value)
| Grant Date | Type | Shares/Units | Exercise Price | Grant-Date Fair Value ($) |
|---|---|---|---|---|
| 7/29/2022 | Options | 62,044 | 11.67 | 255,000 |
| 7/29/2022 | PSUs (Target) | 5,463 | — | 63,753 |
| 7/29/2022 | RSUs | 9,426 | — | 110,000 |
| 3/2/2023 | Options | 47,041 | 11.81 | 222,504 |
| 3/2/2023 | PSUs (Target) | 9,420 | — | 111,250 |
| 3/2/2023 | RSUs | 18,840 | — | 222,500 |
| 3/4/2024 | PSUs (Target) | 21,188 | — | 300,022 |
| 3/4/2024 | RSUs | 31,780 | — | 450,005 |
| 9/13/2024 | RSUs | 221,239 | — | 3,000,001 |
Vesting events observed: Collins had 9,421 RSUs vest in FY2024 (no option exercises), with $132,269 value realized on vesting .
Equity Ownership & Alignment
| Metric | As of Mar 20, 2023 | As of Mar 24, 2025 |
|---|---|---|
| Beneficial Ownership (shares) | 276 (less than 1%) | 93,039 (less than 1%) |
| Options exercisable within 60 days (included in beneficial ownership) | — | 72,722 |
| RSUs vesting within 60 days (included) | — | Not specified for Collins |
| Policy: Hedging/Pledging | Prohibited: no hedging, margins, or pledging; no short sales or derivatives | |
| Stock Ownership Guidelines | Other Executive Officers: 1x base salary (achieve within 5 years from designation) |
Employee deferred compensation: Collins contributed $78,768; company matched $78,768; aggregate earnings $33,153; aggregate balance $351,805 as of Dec 31, 2024 .
Employment Terms
| Provision | Detail |
|---|---|
| Agreement Date | Employment agreement signed May 16, 2022 |
| Nature | At‑will employment; entitled to benefits generally provided to senior executives |
| Non‑Compete | 1 year post‑termination |
| Non‑Solicit | 2 years post‑termination (officers, employees, customers, vendors) |
| Confidentiality/IP/Non‑Disparagement | Perpetual confidentiality; assignment of IP; mutual non‑disparagement |
| Clawback | Incentive compensation clawback policy maintained |
| Repricing | 2021 Plan forbids option repricing/exchange without stockholder approval |
Potential Payments (Scenario Analysis)
Fiscal year-end valuation assumptions per proxy tables; amounts vary with timing/stock price.
| Scenario (12/31/2023) | Cash ($) | Equity Acceleration ($) | Health ($) | Retirement ($) | Outplacement ($) | Total ($) |
|---|---|---|---|---|---|---|
| Death | — | — | — | — | — | — |
| Disability | — | — | 24,918 | 101,850 | — | 126,768 |
| Termination w/o Cause or for Good Reason (no CIC) | 666,827 | — | 24,918 | 101,850 | 6,000 | 799,595 |
| Termination w/o Cause or for Good Reason (with CIC) | 666,827 | 708,143 | 24,918 | 101,850 | 6,000 | 1,507,738 |
| Scenario (12/31/2024) | Cash ($) | Equity Acceleration ($) | Health ($) | Retirement ($) | Outplacement ($) | Total ($) |
|---|---|---|---|---|---|---|
| Death | 375,200 (pro‑rata bonus) | — | — | — | — | 375,200 |
| Disability | 375,200 | — | 26,585 | 97,200 | — | 498,985 |
| Termination w/o Cause or for Good Reason (no CIC) | 1,225,200 | — | 26,585 | 97,200 | 6,000 | 1,354,985 |
| Termination w/o Cause or for Good Reason (with CIC) | 1,225,200 | 4,844,305 | 26,585 | 97,200 | 6,000 | 6,199,290 |
Severance mechanics (non‑CIC): base+target bonus paid over 12 months; welfare benefits, COBRA support, and outplacement for 6 months; double-trigger applies for CIC equity benefits; no excise tax gross‑ups and “cut‑back” provisions apply if Section 4999 excise tax would otherwise reduce after‑tax proceeds .
Multi‑Year Compensation Summary (NEO SCT Extract for Collins)
| Component ($) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary | 261,538 | 444,327 | 500,000 |
| Bonus | 232,500 | 125,000 | — (AIP shown below) |
| Stock Awards (RSUs/PSUs fair value) | 173,753 | 333,750 | 3,750,028 |
| Option Awards (fair value) | 255,000 | 222,504 | — |
| Non‑Equity Incentive Plan Compensation (AIP) | — | — | 375,200 |
| All Other Compensation | 167,148 | 93,655 | 127,590 |
| Total | 1,089,939 | 1,219,236 | 4,752,818 |
Additional Incentive/Vesting Details
| Element | Specifics |
|---|---|
| 2023 Options | 47,041 options at $11.81; vest 1/3 on Mar 2, 2024; 1/3 on Mar 2, 2025; 1/3 on Mar 2, 2026; service‑based |
| 2023 RSUs | 18,840 RSUs; vest in equal annual installments over three years; service‑based |
| 2022 RSUs | 9,426 RSUs granted at hire; vest ratably over three years; service‑based |
| 2024 RSUs | 31,780 RSUs (Mar 4, 2024) and 221,239 RSUs (Sep 13, 2024); RSUs generally vest annually over three years |
Risk Indicators & Governance Practices
- No hedging, pledging, margin accounts, short sales, or derivative trading permitted for insiders .
- Stock ownership guidelines require 1x salary for other executive officers, achieved within five years; retention of at least 50% of net shares until compliant .
- Incentive compensation clawback policy maintained .
- Option repricing prohibited under 2021 Plan without stockholder approval .
Investment Implications
- Alignment: Collins’ pay mix has shifted toward equity and PSUs, including a large RSU grant in September 2024 ($3.0m), increasing equity exposure and retention incentives; PSUs incorporate profitability and capital efficiency (Adjusted EBITDA margin, Gross Profit margin, ROGIC) and TSR, reinforcing shareholder alignment .
- Near‑term selling pressure: RSUs and options vest annually (notably from 2023/2024 awards), typically triggering tax‑related share sales; no options were exercised in 2024, but 9,421 RSUs vested, indicating ongoing vest‑related flow rather than discretionary selling .
- Retention/Severance: Non‑compete (1 year) and non‑solicit (2 years) plus double‑trigger CIC equity acceleration produce moderate retention and predictable severance economics; no excise tax gross‑ups reduces shareholder risk .
- Execution record: Collins’ operational leadership in 2023 focused on lean manufacturing, footprint consolidation, and automation; combined with 2024 AIP outperformance on adjusted EBITDA and CCC, his incentives are directly linked to operational efficiency and cash discipline, supporting margin resilience through cycle normalization .