Steve Dassing
QUAKER CHEMICALAbout Steve Dassing
Steve Dassing, 39, is Quaker Houghton’s (Quaker Chemical Corp., ticker KWR) Principal Accounting Officer and Vice President, Corporate Controller (appointed PAO effective July 18, 2025; VP Corporate Controller since July 2024). He joined Quaker Houghton on May 31, 2022 as Corporate Controller and is a licensed certified public accountant with prior roles in financial accounting, controllership and SEC reporting . Under company-wide performance during his tenure, Quaker Houghton delivered 2024 net sales of $1.84 billion and adjusted EBITDA of $310.9 million, with 2024 operating cash flow of $204.6 million . The company’s cumulative total shareholder return (TSR) measure in its 2019–2024 comparison framework stood at $89.60 for Quaker Houghton versus $161.74 for the S&P 400 Materials Group Index and $144.62 for the S&P Composite 1500 Chemicals Index as of 12/31/2024 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Quaker Houghton (KWR) | Principal Accounting Officer (in addition to VP, Corporate Controller) | Effective July 18, 2025 – present | Assumes principal accounting officer responsibilities; oversight of financial reporting controls; continues as VP, Corporate Controller |
| Quaker Houghton (KWR) | VP, Corporate Controller | Since July 2024 | Corporate controllership leadership; SEC reporting responsibilities |
| Quaker Houghton (KWR) | Corporate Controller | Start date May 31, 2022 | Led corporate controllership following hire; supports external reporting |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| FXI | Assistant Controller | Sept 2020 – Jun 2022 | Led accounting at a leading provider of comfort solutions |
| Dorman Products | Director of Accounting | 2018 – 2020 | Directed accounting for aftermarket automotive products manufacturer |
| Dorman Products | Internal Audit Manager | 2015 – 2018 | Oversight of internal audit activities |
| Dorman Products | Senior Financial Analyst | 2014 – 2015 | Financial analysis supporting business decisions |
Fixed Compensation
| Effective date / Year | Base salary | Notes |
|---|---|---|
| May 31, 2022 (initial offer) | $215,000.24 | Bi‑weekly $8,269.24; eligible for 2022 AIP at 25% target of base salary; potential LTIP eligibility subject to plan approvals |
| July 20, 2025 (adjustment with PAO role) | $300,000.22 | Bi‑weekly $11,538.47; 2025 AIP target 35% of base salary; reports to CFO |
Performance Compensation
Annual Incentive Plan (AIP) design (Company-wide, FY2024)
| Metric | Weight | Threshold | Target | Maximum | 2024 Result | 2024 Payout factor |
|---|---|---|---|---|---|---|
| Adjusted EBITDA | 60% | $320m | $340m | $375m | $310.9m | 0% |
| New Business Wins (NBW) | 25% | 2% | 3% | 4% | 6.8% | 200% |
| ESG: Safety (OII/TRIR) | 15% | 0.37 | 0.35 | 0.33 | 0.3345 | 178% |
| Individual performance modifier | — | — | — | Cap 200% | Applied to participants | Company-wide payout guidance below |
- FY2024 global AIP payout guidance equated to 77% of target for global participants (subject to individual modifiers) .
- AIP metrics and weights are established annually; 2025 adds a cap such that if Adjusted EBITDA is below threshold, other measures are capped at target to strengthen alignment with profitability .
Long‑Term Incentive Plan (LTIP) – Structure and Dassing’s eligibility
| Component | Weight | Performance/vesting design | Notes |
|---|---|---|---|
| Performance Stock Units (PSUs) | 60% | Two equally weighted metrics: Relative TSR vs S&P 1500 Chemicals Index, and 3‑yr average adjusted ROIC; each metric measured 25% per year (years 1–3) plus 25% cumulative; 0–200% payout | Company plan design for 2024–2026 cycle |
| Restricted Stock Units (RSUs) | 40% | Time‑based; vest ratably over 3 years | Company plan design |
- As PAO for 2025, Mr. Dassing remains eligible for the Company’s LTIP with an aggregate 2025 target value of $110,000 across RSUs and PSUs .
- AIP target for 2025 equals 35% of base salary under his updated compensation terms .
Equity Ownership & Alignment
- Hedging and pledging: The Company prohibits directors, officers and employees from hedging transactions in Company stock and prohibits hedging/pledging by directors or executive officers, enhancing alignment with shareholders .
- Compensation recoupment: A clawback policy applies to erroneously awarded incentive compensation in the event of a restatement, with additional discretionary recoupment in cases of fraud or willful misconduct .
- Stock ownership policy: The Company maintains ownership guidelines for Named Executive Officers (CEO 5x salary; other NEOs 2.5x salary; NEOs were in compliance as of mid‑2024). The filing does not disclose whether these thresholds apply to non‑NEO officers like the PAO .
Employment Terms
- Employment basis and covenants: Mr. Dassing’s employment is at‑will and subject to confidentiality, non‑competition/conflict‑of‑interest, and best‑efforts provisions; the Company may require pre‑employment and random drug/alcohol testing under its safety program .
- Role change compensation: Upon assuming the PAO role (effective July 18, 2025), his base salary was set at $300,000 and AIP target at 35%; LTIP eligibility continues with a $110,000 target; no arrangements or family relationships were disclosed in connection with the appointment .
- Reporting line: With expanded PAO responsibilities, he reports directly to the CFO .
- Severance/change‑in‑control: The filings reviewed do not disclose PAO‑specific severance or change‑in‑control economics for Mr. Dassing. An employment agreement with Mr. Dassing (amended July 21, 2025) is listed among exhibits, with certain portions redacted .
Investment Implications
- Pay‑for‑performance linkage: The corporate AIP’s 60% weighting to Adjusted EBITDA produced a 0% payout on that metric in 2024, while NBW and Safety over‑achieved, resulting in a 77% global payout before individual modifiers—demonstrating downside–upside sensitivity and balanced incentives across growth and safety objectives .
- Alignment and risk controls: Prohibitions on hedging/pledging and an SEC/NYSE‑compliant clawback policy reduce misalignment and reputational risk; no tax gross‑ups or single‑trigger CIC acceleration are hallmarks of the broader program’s governance .
- Role transition/stability: His elevation to PAO followed a voluntary CAO resignation and was not tied to disagreements; compensation was adjusted to reflect expanded scope, supporting retention and continuity in financial reporting leadership .
- Company performance context: 2024 net sales of $1.84B and adjusted EBITDA of $310.9M provide the backdrop for finance/accounting execution; TSR underperformance versus industry indices in the 2019–2024 frame intensifies the importance of ROIC- and RTSR‑linked LTIP metrics for finance leadership .
Sources: Proxy statement (DEF 14A, 3/31/2025); 8‑K Item 5.02 (7/22/2025); Q3 2025 10‑Q exhibits/letters. All citations inline.