Jeewat Bijlani
QUAKER CHEMICALAbout Jeewat Bijlani
Jeewat Bijlani is Executive Vice President, Global Specialty and Chief Growth Officer at Quaker Houghton (KWR), appointed effective March 1, 2025, after serving as EVP, Chief Strategy Officer since 2023; he has been with the company since August 2019 and is 48 years old . His pay mix emphasizes performance: 2024 AIP tied to adjusted EBITDA (60%), new business wins (25%), and ESG safety (TRIR, 15%); the company missed the EBITDA goal but exceeded NBW and safety targets, yielding a 77% payout of his target bonus; long-term incentives are PSUs tied to RTSR vs a peer group and adjusted ROIC, plus time-based RSUs . Shareholders supported executive pay strongly with 97% say‑on‑pay approval in May 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Quaker Houghton | EVP, Global Specialty and Chief Growth Officer | Mar 2025–present | Growth strategy leadership across specialty businesses |
| Quaker Houghton | EVP, Chief Strategy Officer | Apr 2023–Feb 2025 | Corporate strategy, portfolio and long-term value creation |
| Quaker Houghton | SVP, Managing Director – Americas | Aug 2019–Mar 2023 | Regional leadership and commercial execution in Americas |
| Houghton International | President, Americas and Global Strategic Businesses | Mar 2015–Jul 2019 | Led Americas region and strategic businesses pre‑combination |
External Roles
No external public company directorships or committee roles disclosed for Bijlani .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary Paid ($) | 464,459 | 500,000 | 512,173 |
| All Other Compensation ($) | 24,692 | 34,840 | 42,806 |
| Perquisites detail (2024) | — | — | Retirement savings contributions: 20,700; Dividends on time‑based awards: 5,306; Financial planning: 12,500; Executive physical/concierge: 4,300 |
| 2024 AIP Parameters | Value |
|---|---|
| Base Salary Level ($) | 515,000 |
| Target Bonus % of Base | 65% |
| Target Award ($) | 334,750 |
| Actual Award ($) | 256,502 |
| % of Target Achieved | 77% |
Performance Compensation
| AIP Metric (2024) | Weight | Threshold | Target | Maximum |
|---|---|---|---|---|
| Adjusted EBITDA | 60% | $320m | $340m | $375m |
| New Business Wins | 25% | 2% | 3% | 4% |
| ESG: Safety (TRIR) | 15% | 0.37 | 0.35 | 0.33 |
| Individual Modifier | — | 0–110% range; 100% for “Successful” | — | Cap 200% |
| LTIP Grants (2024) | Grant Date | Type | Shares/Units | Vesting & Performance | Grant Date Fair Value ($) |
|---|---|---|---|---|---|
| Annual PSU (2024–2026) | 3/15/2024 | PSUs | Target 1,948; Max 3,896 | 50% RTSR vs peer group; 50% 3‑yr avg adjusted ROIC; 3‑yr performance period | Included in 2024 stock awards total $1,639,537 |
| Annual RSU | 3/15/2024 | RSUs | 1,298 (annual) | Ratable vesting over 3 years (33%/yr starting 3/15/2025) | Part of $1,639,537 2024 total |
| Retention RSU | 3/15/2024 | RSUs | 1,286 (retention) | Ratable vesting over 3 years beginning 3/15/2025 | Included in $257,406 component and overall 2024 total |
| Special RSU w/ RTSR Modifier | 12/15/2024 | RSUs | Threshold 3,191; Target 4,255; Max 5,319 | Cliff vest 12/15/2027; RTSR vs S&P 1500 Chemicals adjusts payout to 75–125% of target | $699,267 |
| Stock/Option Vesting & Realizations (2024) | Quantity | Value ($) |
|---|---|---|
| Options exercised | 645 | 7,134 |
| Stock awards vested (time‑based) | 1,278 | 255,804 |
Equity Ownership & Alignment
| Ownership Detail (as of Mar 4, 2025) | Quantity | Notes |
|---|---|---|
| Aggregate beneficially owned shares | 9,101 | <1% of class (17,871,224 shares outstanding) |
| Options currently exercisable (≤60 days) | 4,294 | Included in beneficial ownership |
| Stock ownership guideline | 2.5× base salary for NEOs | All NEOs compliant as of 6/30/2024 |
| Hedging/Pledging policy | Prohibited for directors/executives | Alignment safeguard |
| Outstanding Equity (12/31/2024) | Units Not Vested | Market Value ($) |
|---|---|---|
| Time‑based RSUs (vest 3/16/2025) | 691 | 97,265 |
| Time‑based RSUs (annual/retention tranches) | 902; 961; 1,308; 1,295 | 126,966; 135,270; 184,114; 182,284 |
| PSUs/Performance awards (unearned) | 974; 1,081 | 137,100; 152,162 |
| Special RSU (RTSR‑modified) – maximum unearned | 5,319 | 748,702 |
| Options (strike/expires) | 731 @ $136.64 exp 3/30/2027; 1,319 @ $245.49 exp 3/15/2028; 1,496 @ $178.29 exp 3/16/2029 (748 unexercisable) | All options underwater at 12/31/2024 (no intrinsic value) |
Employment Terms
| Scenario | Cash Severance | AIP Bonus Treatment | Equity Treatment | Benefits/Other |
|---|---|---|---|---|
| Involuntary termination without cause (non‑CIC) | 12 months of base salary: $515,000 | Prorated based on performance | 2024 Plan: time‑based RSUs prorated or continued vesting; PSUs prorated to performance; 2016 Plan awards vest at Committee discretion | Medical/dental continuation; estimated medical $4,753; outplacement assistance $25,000 |
| Qualifying termination in connection with Change in Control (double‑trigger) | Estimated cash severance $1,276,448 ; agreement formula = 1.5× highest base salary + average AIP over relevant 3 years | Pro‑rata AIP at target for year of termination (estimated $334,750) | PSUs prorated to performance (estimated $391,547); time‑based RSUs vest (estimated $723,225); options $0 (underwater) | Medical/dental/life insurance $4,753; outplacement $25,000; total estimated package $2,755,723 |
Additional governance and protections:
- Change‑in‑control severance arrangements are double‑trigger; equity acceleration is not single‑trigger .
- Clawback/recoupment policy maintained; no option backdating/repricing; no tax gross‑ups; no SERP .
Compensation Structure Analysis
| Element | Observation | Evidence |
|---|---|---|
| Cash vs equity mix | 2024 total compensation $2,451,018, with $1,639,537 equity awards; equity is the dominant component, reinforcing long‑term alignment | |
| Shift toward RSUs | 2024 grants include significant time‑based RSUs (annual + retention) and special RSUs subject to RTSR modifier; options remain but are underwater | |
| AIP rigor and alignment | EBITDA shortfall capped payouts; NBW and safety outperformance led to 77% payout; 2025 AIP adds cap if EBITDA misses threshold | |
| Peer benchmarking | Committee benchmarks around the market 50th percentile using a 16‑company specialty chemicals peer group and WTW data | |
| Say‑on‑pay support | 97% approval in 2024 indicates strong shareholder endorsement of pay design |
Related Party Transactions
In 2023, as part of escrow releases from the 2019 Quaker–Houghton combination, Bijlani received $18,053 in cash and 9 shares; these are reviewed under the company’s related party transaction policy .
Investment Implications
- Pay‑for‑performance is credible: AIP tied to EBITDA/NBW/safety paid 77% amid EBITDA miss; LTIP is majority PSUs linked to RTSR and ROIC, with added 2025 cap ensuring profitability gating—reduces risk of misaligned payouts .
- Retention risk appears mitigated: 2024 retention RSUs (1,286 units) and a special RTSR‑modified RSU grant (target 4,255; cliff vest 2027) create meaningful unvested equity, anchoring Bijlani through 2027 .
- Selling pressure: Time‑based RSUs vest annually; options are currently underwater (zero intrinsic value), lowering near‑term exercise‑driven selling; watch RSU vest dates for potential liquidity events .
- Alignment safeguards: Ownership guideline (2.5× salary) compliance, anti‑hedging/pledging, clawback policy, and double‑trigger CIC reduce governance risk; estimated CIC payout for Bijlani is ~$2.76M, not excessive relative to peers .