Kristin B. McCoy
KRONOS WORLDWIDEAbout Kristin B. McCoy
Kristin B. McCoy, age 52, serves as Executive Vice President, Global Tax at Kronos Worldwide (KRO) since 2022; previously Senior Vice President, Global Tax (2021–2022) and Vice President, Tax (2018–2021), with tax roles across Contran-related companies since 2003 . She also holds parallel EVP Tax roles at Valhi, NL Industries, CompX International, and Contran, indicating a centralized tax leadership position across the controlled group . Company performance during her recent tenure: KRO returned to profitability in 2024 with net income of $86.2 million after a 2023 loss, alongside revenue recovery; executive compensation is not tied to specific company performance metrics under KRO’s ISA structure .
Company Performance (context for tenure)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue ($USD) | $1,930.2M | $1,666.5M | $1,887.1M |
| EBITDA ($USD) | $184.2M* | -$11.2M* | $182.1M* |
| Net Income ($USD) | $104.5M | -$49.1M | $86.2M |
- Values retrieved from S&P Global.
Total Shareholder Return (value of initial $100, cumulative)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| KRO TSR ($) | 83 | 95 | 98 |
| Peer Group TSR ($) (Chemours, Tronox) | 168 | 179 | 111 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kronos Worldwide | EVP, Global Tax | 2022–Present | Co-led tax governance; advised Audit Committee on tax sharing agreement fairness in 2024 alongside CFO |
| Kronos Worldwide | SVP, Global Tax | 2021–2022 | Senior tax leadership |
| Kronos Worldwide | VP, Tax | 2018–2021 | Corporate tax management |
| Contran-related companies | Tax roles | 2003–Present | Centralized tax service delivery across controlled group |
External Roles
| Organization | Role | Years |
|---|---|---|
| Valhi, Inc. | EVP, Tax | Current |
| NL Industries, Inc. | EVP, Tax | Current |
| CompX International Inc. | EVP, Tax | Current |
| Contran Corporation | EVP, Tax | Current |
Fixed Compensation
- Executive officers (including Kristin) are Contran employees; KRO pays Contran an annual ISA fee that includes allocated costs for executive services. Charges are based on: annualized base salary at year start, estimated annual bonus (using prior-year actual), employer payroll taxes and a fixed overhead allocation for benefits/office costs; allocations are set by estimated time devoted to KRO .
- The ISA charge is reviewed by KRO’s Management Development & Compensation Committee and approved by KRO’s independent directors annually; CFO concurs on reasonableness .
- ISA fees are not dependent on KRO’s financial performance .
- 2024 ISA fees paid to Contran: approximately $23.7 million; 2025 expected: approximately $25.8 million, inclusive of services by Contran employees who act as KRO’s executive officers .
- Contran agrees to absorb any Section 162(m) tax deduction disallowance impact for charges in excess of $1.0 million under the ISA .
Performance Compensation
| Element | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual incentives (execs via Contran) | None specific to KRO performance | N/A | N/A | N/A | N/A | N/A |
| Notes | KRO did not use specific financial performance measures to link named executive compensation to company performance in 2024 ; executive officers employed by Contran receive allocated ISA charges not tied to KRO performance . |
- KRO employees (not executive officers employed by Contran) may receive discretionary bonuses; certain key employees’ bonuses have performance targets with ceilings, but executive officers who set targets are themselves only eligible for discretionary bonuses, not target-based payouts .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Equity awards to executives | None granted; no outstanding options/equity awards; no plan-based awards in 2024 . |
| Management stock ownership guidelines | None for management; guidelines apply only to non-employee directors (≥3× base annual cash retainer for director stock acquired via annual grants) . |
| Hedging | No formal hedging policy adopted; insiders must comply with KRO’s insider trading policy (Exhibit 19.1 to 2024 10-K) . |
| Beneficial ownership (group) | Current directors and executive officers as a group (24 persons): 144,283 shares; <1% of KRO common stock . |
| Individual ownership (Kristin) | Not individually disclosed in proxy (ownership table lists directors and named executive officers only) . |
Employment Terms
| Term | Provision |
|---|---|
| Employer | Contran Corporation (provides executive services to KRO under ISA) . |
| ISA Renewal & Termination | Renews quarterly; terminable by either party with written notice delivered 30 days prior to start of next quarter . |
| Charge Basis | Base salary at year start, prior-year actual bonus as estimate, employer payroll taxes, fixed overhead for benefits/office; allocation by estimated time devoted to KRO . |
| Governance Process | Reviewed by KRO’s Management Development & Compensation Committee; approved by independent directors; CFO concurrence . |
| Performance Linkage | ISA charges are not dependent on KRO performance . |
| 2024/2025 Fees | ~$23.7M (2024) paid; ~$25.8M expected (2025) . |
| Tax Sharing | KRO part of Contran tax group; payments to Valhi under tax sharing agreement; CFO and EVP Global Tax advised Audit Committee on fairness; committee approved . |
Additional Governance and Signals
- Say-on-Pay approval at 2024 annual meeting: 87.3% in favor; KRO did not change practices following favorable vote .
- Controlled company: Valhi and NLKW collectively own ~81.0% of KRO and intend to vote for board nominees and Say-on-Pay; Valhi alone ensures quorum .
- Director equity grants only: eligible non-employee directors received 1,550 shares on May 15, 2024, valued at $19,685; director retainers increased effective July 1, 2024 .
- Section 16(a) compliance: executives/directors were compliant in 2024 .
Investment Implications
- Alignment and trading signals: Absence of executive equity awards, options, and vesting schedules materially reduces typical insider selling pressure and option-related trading signals; management has no stock ownership requirements, and KRO has not adopted a hedging policy, though insider trading policy applies .
- Pay-for-performance: Executive charges under the ISA are not linked to KRO performance, suggesting compensation stability through cycles; 2024 improved fundamentals (return to profitability) occurred under a compensation framework without explicit performance metrics, which may limit incentive-driven upside but supports continuity .
- Retention risk: Kristin’s multi-entity EVP Tax role across Contran, Valhi, NL, and CompX implies institutional embeddedness in the controlled group; ISA renewals are quarterly with 30-day notice, offering administrative flexibility but practical continuity given governance structure .
- Governance considerations: Controlled-company status centralizes decision rights; Say-on-Pay passes with strong support; tax-sharing and ISA processes are actively overseen by Audit and Compensation committees, with CFO and EVP Global Tax input—reducing execution risk in tax and intercompany arrangements .