Ulrich F. Kabelac
KRONOS WORLDWIDEAbout Ulrich F. Kabelac
Ulrich F. Kabelac is Vice President and Controller, Global Operations at Kronos Worldwide (KRO), appointed in May 2024; he is 61 and has served in various accounting roles at the company since 2003 . He previously held a managing director role at the German subsidiary Kronos Titan GmbH, evidenced by his signature on a 2021 credit agreement . Kronos’ recent performance context: 2024 TSR value of $100 investment was 98 vs peer 111, and net income was $86.2 million (2023: TSR 95, net loss $49.1 million) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kronos Worldwide, Inc. | Vice President & Controller, Global Operations | May 2024–present | Senior leadership of global operations accounting; executive officer listing in proxy |
| Kronos Titan GmbH (Germany) | Managing Director | 2021 | Signatory to company credit agreement; indicates operational and legal authority within EU subsidiary |
| Kronos Worldwide, Inc. | Various accounting positions | 2003–2024 | Long-tenured finance roles across operations; continuity in internal accounting leadership |
External Roles
No external directorships or outside board roles disclosed for Ulrich F. Kabelac .
Fixed Compensation
| Element | Ulrich-Specific Disclosure | Company Policy/Practice |
|---|---|---|
| Base salary | Not individually disclosed for Kabelac | KRO’s named executive officers (NEOs) are compensated via Intercorporate Services Agreements (ISA) with Contran; example 2024 salaries: CEO $2,247,000, COO $1,856,000, CFO $1,017,000, CIO $954,000 . ISA charges are allocated by estimated time devoted and are not tied to KRO performance . |
| Cash bonus | Not individually disclosed for Kabelac | KRO uses discretionary cash bonuses for key employees without specified weighted metrics; determinations consider results, liquidity, macro conditions, and individual performance . |
| Equity awards | None for officers | No equity grants to executive officers; no plan-based awards in 2024; no outstanding equity awards; no option exercises or stock vesting in 2024; equity grants are restricted to non-employee directors . |
| Pension | Not disclosed for Kabelac | No defined benefit pension plans for NEOs; none disclosed . |
| Deferred comp | Not disclosed for Kabelac | No nonqualified deferred compensation for NEOs . |
Performance Compensation
| Metric/Vehicle | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Discretionary cash bonus (key employees) | No formal weighting | No preset financial targets | Determined via discretionary evaluation (results, liquidity, macro, strategic progress, individual performance) | Cash; amounts not disclosed for Kabelac | N/A (cash) |
| Performance-based equity (PSUs/RSUs) | N/A | N/A | N/A | None for officers | N/A; company does not grant equity to officers |
| Pay-versus-performance linkage | N/A | N/A | N/A | Company did not use specific financial measures to link NEO pay to performance for 2024 | N/A |
Equity Ownership & Alignment
| Item | Status |
|---|---|
| Beneficial ownership (individual) | Not individually disclosed for Kabelac in security ownership tables (tables list directors and NEOs; group total shown) . |
| Directors and executive officers as a group | 144,283 KRO shares, less than 1% of outstanding . |
| Equity awards outstanding (officers) | None; no stock options or restricted stock held by NEOs at 12/31/2024 . |
| Stock ownership guidelines (management) | None; guidelines apply to non-employee directors (≥3x base cash retainer) . |
| Hedging policy | No hedging policy adopted; insider trading policy applies to hedging transactions . |
| Pledging policy/disclosures | No pledging policy or pledging disclosures identified in proxy materials . |
Employment Terms
| Term | Disclosure |
|---|---|
| Employment start date at KRO | Serving in accounting roles since 2003; appointed VP & Controller, Global Operations in May 2024 . |
| Employer arrangement | Many executive officers (NEOs) are employed by Contran and provide services to KRO under the ISA; ISA charges are based on estimated time allocation and are not performance-linked . |
| Contract term, auto-renewal | Not disclosed for Kabelac . |
| Severance provisions | Not disclosed for Kabelac; no severance/change-in-control terms found in proxy disclosures . |
| Change-of-control triggers | Not disclosed; no golden parachute terms identified in proxy . |
| Clawbacks | Not disclosed in proxy . |
| Non-compete / non-solicit | Not disclosed . |
Performance Context (Company-Level)
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| TSR – Value of initial $100 (KRO) | 118 | 125 | 83 | 95 | 98 |
| TSR – Value of initial $100 (Peer Group) | 141 | 210 | 168 | 179 | 111 |
| Net Income (Loss) – $ millions | 63.9 | 112.9 | 104.5 | (49.1) | 86.2 |
Additional governance signals:
- Say-on-Pay approval: 87.3% in 2024; no material changes to compensation practices were made thereafter .
- Compensation consultants: none engaged by board, committee, or management per recent proxies .
- Executive officers are not paid director fees or equity for board service; equity grants reserved for non-employee directors .
Investment Implications
- Alignment: Absence of management equity grants and no ownership guidelines for officers reduce traditional pay‑for‑performance alignment and eliminate vesting-driven sell pressure for insiders; hedging policy not adopted is a governance caution .
- Retention/continuity: Kabelac’s 20+ year tenure and elevation to VP & Controller, Global Operations in May 2024 indicate deep institutional knowledge and operational continuity in European and global operations .
- Compensation linkage: Executive compensation under ISA is time-allocation based and not tied to KRO performance metrics; discretionary bonuses for key employees lack formal metrics and weights, limiting direct incentive alignment to TSR/financial outcomes .
- Trading signals: With no officer equity awards outstanding or vesting schedules, near-term insider selling pressure from scheduled vest events is minimal; monitor any future changes to equity practices or ownership disclosures that could alter supply dynamics .
- Shareholder sentiment: Strong 2024 Say‑on‑Pay (87.3%) suggests current practices are accepted by the shareholder base despite limited performance linkage, but ongoing TSR underperformance vs peers in several periods warrants vigilance on incentive design evolution .