Theodore B. Young
DORIAN LPGAbout Theodore B. Young
Theodore B. Young, 57, has served as Chief Financial Officer, Treasurer, and Principal Financial and Accounting Officer of Dorian LPG Ltd. (LPG) since July 2013; prior roles include Senior Managing Director at Irving Place Capital, Principal at Harvest Partners, and investment banking at Merrill Lynch and SBC Warburg Dillon Read, with an AB from Dartmouth and an MBA (Accounting) from Wharton . Fiscal 2025 results under his financial leadership included revenues of $353.3M, net income of $90.2M, adjusted EBITDA of $206.0M, TCE/day of $39,778, and four irregular dividends totaling $156.2M; the company also issued 2.0M shares at $44.50 in FY2025, illustrating balance-sheet management and capital returns in a volatile rate environment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Irving Place Capital | Senior Managing Director; Investment Committee member | 2004–2011 | Led investments in industrial, transportation, and business services . |
| Harvest Partners | Principal | 1997–2004 | Key role in multinational investment strategy; active in industrial transactions . |
| Merrill Lynch; SBC Warburg Dillon Read | Investment Banker | Early career | Capital markets/investment banking experience in NY, Zurich, London . |
| Eagle Ocean | Head of Corporate Development | 2011–2013 | Corporate development for Eagle Ocean prior to Dorian tenure . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| USA Wrestling | At-large member, Finance Committee | Ongoing | Financial oversight/advisory . |
| College Steps | Chairman | Ongoing | Supports post-secondary access for young adults with learning/social challenges . |
Fixed Compensation
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary ($) | 550,000 | 550,000 | 600,000 (increased effective 4/1/2024) |
| All Other Compensation ($) | 9,525 | 9,900 | 10,725 |
| Total ($) | 1,328,265 | 2,049,790 | 2,390,505 |
Compensation peer group used for benchmarking (no specific percentile target): Bristow Group, Kirby, Pangaea Logistics, Genco Shipping & Trading, Matson, SEACOR Marine, International Seaways, Overseas Shipholding Group, Tidewater .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| EBITDA | 40% | Not disclosed | Not disclosed | Part of FY2025 bonus determination | N/A (cash bonus) |
| Safety | 25% | Not disclosed | Not disclosed | Part of FY2025 bonus determination | N/A (cash bonus) |
| Individual Performance | 35% | Not disclosed | Not disclosed | Part of FY2025 bonus determination | N/A (cash bonus) |
| Annual Cash Bonus ($) | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Theodore B. Young (CFO) | 550,000 | 550,000 | 1,050,000 |
Long-Term Incentive evolution:
- FY2025 grants remained time-based restricted stock; vest one-third on grant, then annually for two years .
- Beginning FY2026 awards: 80% time-based RS, 20% PSUs tied to RONIC and relative TSR with 0–200% payout; CFO target LTI equals ~200% of base salary (using 90-day VWAP through 3/31/2025) .
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Total Beneficial Ownership | 107,179 common shares; below 1% threshold indicated by proxy . |
| Ownership % of Outstanding | ~0.25% (107,179 / 42,647,720 shares outstanding as of 7/15/2025) . |
| Unvested RS at FYE 3/31/2025 | 22,000 (8/5/2024 grant); 11,000 (8/5/2023 grant) . |
| Market Value of Unvested RS (3/31/2025) | $491,480 (22,000 @ $22.34); $245,740 (11,000 @ $22.34) . |
| Latest RS Grant | 33,000 shares on 8/5/2024; grant date fair value $1,226,280 . |
| Vesting Schedule (8/5/2024 grant) | One-third on 8/5/2024; one-third on 8/5/2025; one-third on 8/5/2026 . |
| Options | None granted since inception; no options outstanding for NEOs . |
| Hedging/Pledging | Company does not prohibit hedging but requires pre-clearance; no pledging disclosures identified in proxy . |
| Director/Officer Group Ownership | 5,820,183 shares (11 persons) = 13.6% . |
Employment Terms
| Provision | Terms |
|---|---|
| Employment Agreement | None for Mr. Young; NEOs generally at-will except specified executives (Hansen, A. Hadjipateras) . |
| Severance (No CIC) | Lump sum = 2.0× (base + “Bonus Amount”) + pro-rata bonus + 18 months COBRA + outplacement (≤$10k) . |
| Change-in-Control (CIC) Cash | Double trigger; lump sum = 2.99× (base + “Bonus Amount”) + pro-rata bonus + 18 months COBRA; better-of excise tax approach (no gross-up) . |
| Equity on CIC | 2014 Plan provides single-trigger full acceleration of outstanding and unvested equity upon CIC . |
| Potential Payments (as of 3/31/2025) | No-Cause/Good Reason: Cash $4,031,489; Pro-rata Bonus $86,184; Accelerated Equity $737,220; Total $4,854,893 (CIC scenario) . |
| Clawback | Company discloses clawback policies . |
Company Performance Context
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Revenues ($) | 560,717,436 | 353,341,476 |
| Net Income ($) | 307,446,913 | 90,170,480 |
| Adjusted EBITDA ($) | 417,429,321 | 205,969,159 |
| TCE Rate ($/day) | 62,129 | 39,778 |
| Irregular Dividends ($) | — | 156,200,000 |
Investment Implications
- Pay-for-performance is strengthening: FY2026 adds PSUs tied to RONIC and relative TSR with leveraged payout structure, increasing accountability and alignment; CFO’s LTI target is ~200% of base, indicating significant equity-at-risk .
- Insider selling pressure is likely tied to annual August 5 vesting events (one-third immediate; subsequent anniversaries) rather than option exercises; pre-clearance policy governs any trading activity .
- Retention risk is moderated by robust CIC economics (2.99× cash plus equity acceleration) and ongoing time-based equity; no employment contract suggests continued reliance on incentives and severance to retain talent .
- Ownership alignment is modest (≈0.25% beneficial ownership) but supported by ongoing RS awards and absence of options; irregular dividends and conservative hedging stance further align financial discipline with shareholder returns .