Vincent Retort
Executive Vice President, Modules R&D and New Product Design and Development at 
Lumentum Holdings
Lumentum HoldingsExecutive
About Vincent Retort
Vincent Retort, 71, is Executive Vice President, Modules R&D and New Product Design and Development at Lumentum (LITE). He has been a core operator and technologist since Lumentum’s 2015 spin from JDSU, leading R&D, operations, the Transmission BU, and 3D Sensing at various times; prior roles include COO/EVP (2016–2023), President of Industrial Tech (2023–2024), and President of Cloud & Networking Product Development (Dec 2024–May 2025). He holds an M.S. in Biological Sciences (Stanford) and a B.A. in Biology (West Virginia University). Company performance context: FY2025 revenue rose 21% to $1.645B; the company highlighted an 86% one‑year TSR and significant margin expansion, which drove an FY2025 AIP payout at 132.19% after negative discretion and FY2023–2025 PSU payout at 24% of target .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lumentum | EVP, Modules R&D and New Product Design & Development | 2025–present | Directs R&D and new product design; long-standing leader across R&D, operations, Transmission BU, and 3D Sensing . |
| Lumentum | President, Cloud & Networking Product Development and Business Operations | Dec 2024–May 2025 | Supported pivot into AI/datacenter; operational leadership during CEO transition . |
| Lumentum | President, Industrial Tech Platform & Chief Business Officer | Sep 2023–Dec 2024 | Drove industrial laser platform and profitability improvements . |
| Lumentum | COO & EVP | Feb 2016–Sep 2023 | Ran operations through industry downturn and manufacturing consolidation; execution across segments . |
| Lumentum | SVP, R&D | Jul 2015–Feb 2016 | Led post‑spin R&D foundation . |
| Lumentum | GM, 3D Sensing BU | Dec 2018–Apr 2020 | Led 3D sensing commercialization . |
| JDSU (pre‑spin) | VP/SVP R&D, CCOP | 2008–2015 | Built CCOP R&D leadership pipeline . |
| NeoPhotonics | VP Product Engineering, Reliability & Quality | 2004–2008 | Advanced PIC module engineering rigor . |
| Seagate | Sr. Director, Development Engineering (Magnetic Recording Performance) | 2002–2004 | Led recording performance development . |
| Lightwave Microsystems | VP Product Engineering | 2000–2002 | Managed product engineering in communications equipment . |
External Roles
- Not disclosed for Retort (no public company directorships listed) .
Fixed Compensation
Multi‑year summary compensation (SCT):
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Salary ($) | 549,077 | 515,904 | 556,000 |
| Stock Awards ($) | 5,164,915 | 4,573,905 | 4,905,479 |
| Non‑Equity Incentive ($) | 159,427 | 69,852 | 178,976 |
| All Other Comp ($) | 19,478 | 23,981 | 24,405 |
| Total ($) | 5,892,897 | 5,183,642 | 5,664,860 |
FY2025 annual incentive plan (AIP) target and cash payout:
| Component | Value |
|---|---|
| Target bonus % of salary | 100% for Retort |
| FY2025 AIP payout | 132.19% of target (after −27.2% negative discretion) |
| FY2025 AIP cash paid | $178,976 (amounts above 100% paid in cash; first 100% in PSUs) |
Performance Compensation
Annual Incentive Plan (FY2025) – metrics, weighting, targets/actuals, payout, vesting:
| Metric | Weight | Target | Actual | Payout | Vesting Mechanics |
|---|---|---|---|---|---|
| Adjusted Organic Operating Income | 60% | Not disclosed | $160.1M | 120.00% | First 100% of total AIP paid in PSUs; >100% paid in cash; AIP PSUs vest at earlier of achievement determination or first anniversary . |
| Consolidated Organic Revenue | 40% | Not disclosed | $1,645M | 61.51% | Same as above; PSUs for AIP were granted 8/21/2024 . |
| Discretionary Reduction | — | — | — | −27.2% applied to total | Committee negative discretion to align with business performance . |
| Total AIP Payout | — | — | — | 132.19% | As above . |
Long‑Term Incentive Plan (FY2025–FY2027) – PSU design:
| LTIP PSU Metric | Weight | Design Notes |
|---|---|---|
| Total Revenue (FY2027) | 67% | Banking removed; vest after FY2027 determination or 3rd anniversary of grant . |
| Relative TSR (FY2025–FY2027) | 33% | rTSR vs peers; vest after 3‑year period . |
Long‑term cycle outcomes:
| Cycle | PSU Earnout |
|---|---|
| FY2023–FY2025 LTIP PSUs | 24% of target |
Equity Ownership & Alignment
Beneficial ownership and guidelines:
| Item | Detail |
|---|---|
| Shares beneficially owned (Aug 29, 2025) | 46,857; <1% of shares outstanding . |
| Shares outstanding basis | 70,843,924 . |
| Executive stock ownership guideline | 2× base salary for executive officers; CEO 5×; Directors 5× annual cash retainer . |
| Compliance status (FY2025) | All continuing directors and executive officers were in compliance or on track . |
| Hedging/pledging | Strictly prohibited under insider trading policy . |
Outstanding unvested awards (FY2025 year‑end; price reference $94.75):
| Grant Date | Type | Units (Unvested/Unearned) | Market/Payout Value ($) | Vesting Schedule |
|---|---|---|---|---|
| 08/24/2022 | RSU (time‑based) | 2,140 | 202,765 | 1/3 at 1‑year; remainder equal quarterly over 2 years . |
| 08/24/2022 | PSU (FY2023–FY2025) | 25,671 | 2,432,327 | Earn vs FY23–FY25 goals; then vest . |
| 08/23/2023 | RSU (time‑based) | 16,401 | 1,553,995 | 1/3 at 1‑year; remainder equal quarterly over 2 years . |
| 08/23/2023 | PSU (FY2024–FY2026) | 39,357 | 3,729,076 | Earn vs FY24–FY26 revenue/objectives; vest by cycle end or 3rd anniversary . |
| 08/21/2024 | PSU (FY2025 AIP) | 10,169 | 963,513 | Earn vs FY2025 AIP; vest at determination or first anniversary . |
| 08/21/2024 | PSU (FY2025–FY2027) | 38,411 | 3,639,442 | Earn vs FY2025–FY2027 revenue & rTSR; vest per cycle/anniversary . |
| 08/21/2024 | RSU (time‑based) | 38,412 | 3,639,537 | 25% at 1‑year; remaining 75% quarterly over ~6 quarters . |
Employment Terms
Severance and change‑in‑control economics (as of June 28, 2025):
| Scenario | Salary Multiple | AIP Multiple | Equity Vesting Value | COBRA | Total |
|---|---|---|---|---|---|
| Termination w/o Cause or for Good Reason (outside CIC) | 2× salary ($1,112,000) | 1× AIP target ($556,000) | $7,479,337 | $25,437 | $8,616,774 |
| Termination upon Death/Disability (outside CIC) | — | — | $14,078,429 | — | $14,078,429 |
| Termination w/o Cause or for Good Reason (within CIC period) | 2× salary ($1,112,000) | 2× AIP target ($1,112,000) | $14,078,429 | $38,155 | $16,340,584 |
Key plan terms and governance:
- Double‑trigger treatment; no single‑trigger acceleration—only awards not assumed/replaced accelerate on change in control .
- No tax gross‑ups; robust clawback policy for restatements; hedging/pledging prohibited .
- Options are generally not granted; recent equity grants are RSUs/PSUs; options mainly related to Cloud Light scheme conversion (not applicable to Retort) .
Investment Implications
- Pay‑for‑performance alignment: Retort’s FY2025 AIP tied 100% to financials (adj. operating income and revenue) with negative discretion applied, signaling disciplined governance; LTIP PSU mix emphasizes revenue (67%) and rTSR (33%) to align with multi‑year value creation .
- Retention vs selling pressure: Significant unvested RSUs and PSUs across 2022–2024 grants with one‑year cliffs and quarterly vesting thereafter may create periodic liquidity events; hedging/pledging prohibitions and ownership guidelines mitigate misalignment risk .
- Change‑in‑control economics: Double‑trigger protections with substantial equity acceleration under CIC keep executives focused on shareholder value during strategic transactions, with no gross‑ups reducing governance risk .
- Performance backdrop: FY2025 revenue growth (21%) and strong stock performance (86% TSR) improved incentive outcomes (AIP 132.19%) but prior LTIP cycle paid only 24%—suggesting momentum is recent; watch for continued delivery on AI/datacenter strategy and rTSR metrics driving PSU earnouts through FY2027 .