Charles Cashman
MARINEMAXAbout Charles Cashman
Charles A. Cashman (61) is Executive Vice President and Chief Revenue Officer of MarineMax (HZO). He joined MarineMax in 1992 and has served as EVP/CRO since October 2016, after progressing through regional and corporate revenue leadership roles . During his recent tenure, MarineMax revenue was relatively stable around $2.3–$2.4B annually, while EBITDA declined as the cycle normalized post-pandemic; TSR for the company improved modestly from FY2022 to FY2024 on a $100 base, reflecting a mixed but recovering environment .
Company performance context:
| Metric | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue ($USD) | $2,308,098,000 | $2,394,706,000 | $2,431,008,000 | $2,309,288,000 |
| EBITDA ($USD) | $284,622,000* | $244,206,000* | $169,683,000* | $124,266,000* |
Values with asterisk retrieved from S&P Global.
TSR context (Value of initial $100 investment):
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| HZO Total Shareholder Return | $189.01 | $116.05 | $127.85 | $137.40 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MarineMax (HZO) | Executive Vice President & Chief Revenue Officer | 2016–present | Leads company-wide revenue operations, manufacturer relations and pricing; supports mix shift toward premium brands and margin-resilient services . |
| MarineMax (HZO) | EVP Sales, Marketing & Manufacturer Relations | 2015–2016 | Centralized sales/marketing with OEM engagement to optimize allocations and incentives . |
| MarineMax (HZO) | Vice President, East Operations | 2012–2015 | Oversaw multi-state retail operations, inventory, and service execution . |
| MarineMax (HZO) | Regional President, East Florida | 2008–2012 | Drove regional P&L, brand portfolio, and service capacity . |
| MarineMax (HZO) | District Manager, East Coast of Florida | 2007–2008 | Managed district sales and operations . |
| MarineMax (HZO) | Sales Consultant, Sales Manager, General Manager | 1992–2007 | Ground-up field leadership across sales and store management . |
External Roles
No public company directorships or external board roles for Mr. Cashman are disclosed in MarineMax filings .
Fixed Compensation
| Component | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($USD) | $425,000 | $490,000 | $510,000 |
| Target Bonus (% of Base) | 75% | 75% | 75% |
| Actual Annual Bonus Paid ($USD) | $582,755 | $367,500 | $364,614 |
| All Other Compensation ($USD) | $9,150 | $9,900 | $7,674 |
Notes:
- Target cash incentive percentages are set annually; Cashman’s target was 75% in FY22–FY24 .
Performance Compensation
Cash Incentive Plan (FY 2024):
- Metrics/Weighting: Pretax income (50%), Aged Inventory Targets Tier 1 (15%) and Tier 2 (15%), Net Promoter Score (20%) .
- Payout curves: Threshold 50% at 85% of pretax target; max 200% at 125% of pretax target; aged inventory tiers 100/105/115%; NPS 80/100/140% .
- Quarterly actuals (for quarterly-measured metrics): Aged Inventory Tier 1—200% each quarter; Tier 2—200%, 75%, 200%, 200%; NPS—200% each quarter; Pretax income measured annually .
Equity Incentives (FY 2024 grants):
| Award Type | Grant Date | Target Shares | Earned (% of target) | Vesting |
|---|---|---|---|---|
| PBRSUs (performance-based) | 11/17/2023 | 20,178 | ~87.5% of target | Cliff vest 9/30/2026 after one-year performance determination . |
| TBRSUs (time-based) | 11/17/2023 | 13,452 | N/A | Equal annual installments over 3 years; vests on 9/30 each year . |
Grant-date fair values (FY2024):
| Award | Shares | Grant-date Fair Value ($USD) |
|---|---|---|
| PBRSUs | — | $611,999 |
| TBRSUs | — | $407,999 |
Equity Ownership & Alignment
Ownership, vesting, and policies:
- Beneficial ownership: 67,380 shares as of record date (Dec 30, 2024); excludes 79,998 RSUs issuable upon vesting .
- Unvested RSUs (as of 9/30/2024):
- 11/17/2023: 17,656 units ($622,727 market value at $35.27 close) .
- 11/17/2023: 8,089 units ($285,299) .
- 11/18/2022: 13,747 units ($484,857) .
- 11/18/2022: 3,492 units ($123,163) .
- 2024 stock vesting realized: 24,814 shares; value realized on vesting $875,190 .
- Hedging/Pledging: Company prohibits director/officer hedging and pledging of shares .
- Stock ownership guidelines: Executives expected to hold one to five times base salary; compliance expected within five years of appointment .
Employment Terms
Key Executive Retention Agreement (Feb 25, 2021):
- Termination without “good cause” or resignation for “good reason”: 18 months of bi-weekly severance equal to the average base salary + cash bonus over the prior 2 fiscal years; continued option vesting for 18 months; time-based RSUs vest .
- Change-in-control termination (within 12 months): 18 months of bi-weekly severance equal to average base + cash bonus over prior 3 fiscal years; continued option vesting; time-based RSUs vest (double-trigger) .
- Disability: Lump-sum equal to average base + cash bonus over prior 2 fiscal years; options vest to full term (subject to 409A limits); time-based RSUs vest .
- Death: Lump-sum to estate equal to 150% of base salary; options vest to full term (subject to excise tax limits); time-based RSUs vest .
- Clawback policy: Adopted Oct 2, 2023, compliant with SEC Rule 10D-1/NYSE, requiring recovery of incentive-based compensation upon restatement .
Estimated separation benefits (hypothetical as of 9/30/2024):
| Scenario (as of 9/30/24) | Cash Severance ($USD) | Equity Awards (ASC 718, $USD) |
|---|---|---|
| Involuntary Not for Cause | $1,299,086 | $800,967 |
| Involuntary for Good Reason (Change-in-Control) | $1,369,935 | $800,967 |
| Death | $765,000 | $800,967 |
| Disability | $866,057 | $800,967 |
Compensation Structure Notes
- Cash incentive metrics emphasize operational discipline (aged inventory tiers), customer satisfaction (NPS), and profitability (pretax income), balancing quarterly and annual horizons .
- Performance share design: PBRSUs measured on pretax income percent and inventory aging, aligning awards to operational and financial outcomes; recent PBRSU payout at ~87.5% of target .
- Company does not currently grant stock options to NEOs; options outstanding are limited, and repricing is prohibited without shareholder approval under the 2021 Plan .
Compensation peer group (FY 2024 reference set):
- Brunswick Corporation; Polaris; Malibu Boats; H&E Equipment Services; Hibbett Sports; Sportsman’s Warehouse; Topgolf Callaway; Kforce; Vail Resorts; Cavco Industries; LCI Industries; Winnebago; Big 5 Sporting Goods; M/I Homes; OneWater Marine; RH .
Say-on-pay support:
- Shareholders approved pay program with ~99% support at the 2024 annual meeting, indicating strong investor endorsement of pay-for-performance alignment .
Investment Implications
- Alignment: Cashman’s pay design tightly links cash and equity to pretax profitability, inventory discipline, and customer experience, with PBRSUs earned below target in FY2024, reflecting cycle normalization; upcoming PBRSU vesting in 2026 may create modest event-driven liquidity but pledging and hedging are prohibited, reducing misalignment risk .
- Retention risk: Double-trigger severance protections (18 months) and time-based RSU vesting upon qualified separation support retention but also ensure continuity during strategic events; estimated severance amounts are moderate relative to market, limiting parachute risk .
- Selling pressure: 2024 vesting of 24,814 shares and substantial unvested RSUs (multiple grants) suggest periodic vest events; monitoring Form 4s near 9/30 vest dates could reveal incremental supply, though governance policies limit hedging/pledging .
- Governance signals: Robust clawback and no option repricing, strong say-on-pay approvals, and explicit ownership guidelines support shareholder-friendly practices .
Overall, Cashman’s incentives prioritize operational execution and customer outcomes; with balanced severance protections and stringent governance, compensation appears reasonably aligned to shareholder value creation in MarineMax’s current operating environment.