Susan Canning
About Susan Canning
Susan M. Canning, 55, serves as Senior Vice President, Chief Legal Officer and Corporate Secretary at Hayward Holdings (HAYW). She joined Hayward in June 2021 after senior legal leadership roles at GNC, Kellogg Company (including three years in Manchester, UK as Kellogg Europe’s Regional General Counsel and seven years at Kellogg’s global HQ), and earlier legal roles at JPMorgan Chase (1991–2008) . Hayward’s executive pay programs link compensation to Adjusted EBITDA, Revenue, Gross Profit Margin, Return on Gross Invested Capital, and TSR; FY2024 AIP results were Adjusted EBITDA $277.4M (105.4% payout), Revenue $1,051.6M (82.8%), and Cash Conversion Cycle 154 days (168.6%) . FY2022 PSUs paid 0% due to below-threshold performance on organic net revenue growth (-26.6%) and adjusted EBITDA margin (26.4%)—demonstrating pay-for-performance alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| GNC | SVP, General Counsel & Corporate Secretary | 2018–Jun 2021 | Led legal, compliance, ethics, and quality functions |
| Kellogg Company (Global HQ) | Securities, governance, IR, corp dev counsel | 7 years | Counseled on governance, investor relations, and corporate development |
| Kellogg Europe (Manchester, UK) | Regional General Counsel | 3 years | Regional leadership of legal and compliance in Europe |
| JPMorgan Chase & Co. | Various legal roles (mutual funds, advising SEC-registered investment advisers) | 1991–2008 | Senior legal roles across asset management and advisory |
External Roles
No public-company board directorships disclosed for Ms. Canning in Hayward’s filings .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 416,539 | 440,192 | 457,115 |
| Target Bonus (%) | — | — | 60% |
| Annual Incentive (Non-Equity Incentive Plan) ($) | — | — | 295,872 |
| Discretionary/Sign-on Bonus ($) | 130,000 | 125,000 | — |
| All Other Compensation ($) | 91,467 | 87,966 | 108,851 |
AIP metric targets and outcomes for FY2024:
| Metric | Weighting | Threshold | Target | Maximum | Actual | % of Target Payout Achieved |
|---|---|---|---|---|---|---|
| Adjusted EBITDA ($MM) | 70% | 250.0 | 275.6 | 310.0 | 277.4 | 105.4% |
| Revenue (Net Sales) ($MM) | 20% | 1,000.0 | 1,067.1 | 1,150.0 | 1,051.6 | 82.8% |
| Cash Conversion Cycle (days) | 10% | 170 | 164 | 150 | 154 | 168.6% |
Performance Compensation
Equity Grants (FY2024)
| Grant Date | Type | Target Shares (#) | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| 3/4/2024 | RSU | 28,814 | 408,006 | 3 equal annual installments on 3/4/2025, 3/4/2026, 3/4/2027 |
| 3/4/2024 | PSU | 19,210 | 272,014 | Performance measured for FY2024; payout subject to 3-year absolute TSR modifier; vesting/settlement in early 2027 |
| 3/4/2024 | RSU (one-time) | 5,297 | 75,006 | Vests per annual RSU schedule (3 equal annual installments) |
PSU Performance (FY2024 awards – earned %, pre-TSR modifier)
| Performance Measure | Weighting | Threshold (25%) | Target (100%) | Maximum (200%) | Actual Performance | Earned % |
|---|---|---|---|---|---|---|
| Adjusted EBITDA margin | 40% | 25.0% | 25.8% | 27.0% | 26.4% | 150.0% |
| Gross Profit Margin | 40% | 48.5% | 49.6% | 52.0% | 50.5% | 137.5% |
| Return on Gross Invested Capital | 20% | 40.5% | 43.3% | 47.5% | 45.3% | 147.6% |
TSR Modifier: +/-15% adjustment based on absolute TSR for the period ending Dec 31, 2026 (>10% TSR: +15%; <0% TSR: -15%; 0–10%: no adjustment) .
Option Exercises & Stock Vested (FY2024)
| Name | Options Exercised (#) | Value on Exercise ($) | RSUs Vested (#) | Value on Vesting ($) |
|---|---|---|---|---|
| Susan Canning | — | — | 14,530 | 208,050 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (3/24/2025) | 165,771 shares; <1% of outstanding (216,189,708 shares) |
| Indirect Ownership | 535.43 shares held indirectly |
| Options Exercisable within 60 days of 3/24/2025 | 141,725 shares |
| Stock Ownership Guidelines | Other executive officers required to hold ≥1x base salary; compliance within 5 years of Feb 10, 2021 or designation as exec |
| Hedging/Pledging | Prohibited for directors, officers, employees; no margin accounts or pledging allowed |
Outstanding equity awards as of 12/31/2024:
| Grant Date | Instrument | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration | Unvested RSUs (#) | Market Value RSUs ($) | Unearned PSUs (#) | Market/Payout Value PSUs ($) |
|---|---|---|---|---|---|---|---|---|---|
| 8/4/2021 | Options | 27,323 | — | 23.29 | 8/4/2031 | — | — | — | — |
| 3/3/2022 | Options | 51,178 | 25,592 | 17.10 | 3/3/2032 | — | — | — | — |
| 3/2/2023 | Options | 18,816 | 37,633 | 11.81 | 3/2/2033 | 27,634 | 422,524 | 5,652 | 86,419 |
| 3/4/2024 | Equity | — | — | — | — | 34,111 | 521,557 | 38,420 | 587,442 |
Vesting schedule highlights:
- 2023 RSUs and options vest in two equal tranches on 3/2/2025 and 3/2/2026 .
- 2024 RSUs vest in three equal tranches on 3/4/2025, 3/4/2026, 3/4/2027; 2024 PSUs settle in early 2027 after TSR modifier .
- 2022 options/RSUs unvested portions vest on 4/3/2025; 2022 PSUs paid 0% (no shares awarded) .
Employment Terms
| Term | Detail |
|---|---|
| Employment Agreement | Executed May 12, 2021 |
| Start Date / Tenure | Joined June 2021; current SVP, CLO & Corporate Secretary |
| Non-Compete | During employment and 1 year post-termination |
| Non-Solicit | During employment and 2 years post-termination |
| Other Covenants | Perpetual confidentiality; IP assignment; mutual non-disparagement |
| Severance (general NEO terms) | If termination without cause/for good reason: earned amounts; pro-rata bonus; 12 months of salary+target bonus in installments (CEO=2x); 12 months welfare benefits/COBRA; 6 months outplacement; release required; no excise tax gross-up; cutback to avoid 4999 excise tax if beneficial |
| Change-in-Control | Double-trigger requirement for severance benefits and equity treatment |
Potential payments (as of 12/31/2024; stock at $15.29):
| Scenario | Cash ($) | Equity Acceleration ($) | Health Benefits ($) | Retirement Contributions ($) | Outplacement ($) | Total ($) |
|---|---|---|---|---|---|---|
| Death | 295,872 | — | — | — | — | 295,872 |
| Disability | 295,872 | — | 19,815 | 86,940 | — | 402,627 |
| Termination w/o Cause or for Good Reason (no CIC) | 1,031,872 | — | 19,815 | 86,940 | 6,000 | 1,144,627 |
| Termination w/o Cause or for Good Reason (with CIC) | 1,031,872 | 1,613,160 | 19,815 | 86,940 | 6,000 | 2,757,787 |
Deferred compensation (Supplementary Retirement Plan) FY2024:
| Executive Contributions ($) | Company Contributions ($) | Aggregate Earnings ($) | Balance at FYE ($) |
|---|---|---|---|
| 82,829 | 67,769 | 41,985 | 456,533 |
Perquisites (FY2024, All Other Compensation breakdown):
| 401(k) Plan ($) | Supplemental Medical ($) | NQDC Plan Match ($) | Life Insurance ($) | Other ($) | Total ($) |
|---|---|---|---|---|---|
| 20,700 | 16,512 | 67,769 | 3,870 | — | 108,851 |
Compensation Structure & Governance Notes
- Key pay elements and metrics: Base salary; AIP tied to Adjusted EBITDA, Revenue, and Cash Conversion Cycle; long-term equity RSUs and PSUs with metrics Adjusted EBITDA margin, Gross Profit Margin, and RO GIC; TSR modifier on 2024 PSUs .
- Stock ownership guidelines: CEO 5x salary; CFO 3x; other executive officers 1x; 5-year compliance window; failure prompts 50% net share retention on vest/exercise .
- Hedging/pledging prohibited; clawback policy adopted per SEC/NYSE rules covering restatements, three-year lookback .
- Compensation committee: Independent oversight; uses Pearl Meyer as consultant; peer group benchmarking at market median; no option repricing; no excise tax gross-ups .
Compensation peer group and changes:
- FY2024 peer group (selected): A.O. Smith, Aaon, Badger Meter, CSW Industrials, Generac, Lennox, Leslie’s, Latham, Mueller Industries, Mueller Water Products, Pentair, Pool Corp, SPX Technologies, SiteOne, The Toro Company, Trex, Watts Water Technologies, YETI, Azek, Zurn Elkay .
- FY2025 change: Eliminated the six largest by revenue (A.O. Smith, Generac, Mueller Industries, Lennox, SiteOne, The Toro Company); added Fluidra S.A. .
- TSR peer group for Pay vs Performance mirrors compensation peer group (with Evoqua removed; Pentair/SiteOne corrected) .
Say-on-Pay (FY2025 Annual Meeting, May 22, 2025):
| For | Against | Abstain | Broker Non-Votes |
|---|---|---|---|
| 169,630,954 | 14,205,872 | 13,138 | 20,102,078 |
Investment Implications
- Alignment: The zero payout on 2022 PSUs underscores true at-risk design; FY2024 AIP/PSU results show sensitivity to EBITDA and margin execution, with TSR modifier adding shareholder return linkage .
- Near-term vesting cadence may create selling pressure windows: RSUs and options vesting on 3/2/2025, 3/4/2025, and 4/3/2025, then again in 2026/2027; monitor Form 4 activity around these dates .
- Retention risk appears mitigated: Multi-year unvested equity, double-trigger CIC protection, and strict anti-hedging/pledging policies support long-term alignment; one-time RSU award recognizes expanded responsibilities (HR leadership through May 2024) .
- Governance support: Strong say-on-pay approval by count, independent comp committee, market-median philosophy, and no option repricing/gross-ups reduce governance red flags .