Robert G. Howell
MANHATTAN ASSOCIATESAbout Robert G. Howell
Robert G. Howell, age 52, is Executive Vice President, Americas at Manhattan Associates (MANH), a role he has held since January 2022 after progressing through sales leadership roles since joining the company in 2006 . Prior experience includes senior sales roles at Logility (2000–2006) and Measurex (1995–2000) . During his tenure as an NEO, Manhattan delivered record 2024 results: revenue $1.042B (+12% YoY), GAAP diluted EPS $3.51 (+24% YoY), AOI $362M, RPO $1.8B (+25% YoY), cloud revenue $337M (+32% YoY), and a 25% TSR in 2024, supported by 25% GAAP operating margin .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Manhattan Associates | EVP, Americas | Jan 2022–present | Leads Americas go-to-market; aligns enterprise sales with Manhattan Active cloud growth |
| Manhattan Associates | SVP, North America Sales; VP North America Sales; Senior Director; Director of Sales | 2006–2021 | Built and scaled NA sales; progressed through leadership roles since joining in Oct 2006 |
| Logility (American Software) | Sales Executive roles | 2000–2006 | Enterprise supply chain sales across collaborative planning solutions |
| Measurex (acquired by Honeywell) | Account Executive | 1995–2000 | Software/process control sales in industrial verticals |
Fixed Compensation
| Metric ($USD) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary | $370,000 | $390,000 | $410,000 |
| Target Bonus % of Salary | Not disclosed | 101% | 100% |
| Target Bonus ($) | Not disclosed | Not disclosed | $412,000 |
| Actual Bonus Paid | $510,600 | $620,940 | $523,240 |
Performance Compensation
| Component | Metric | Weight | 2024 Target | 2024 Actual | 2024 Payout for Metric | Vesting Mechanics |
|---|---|---|---|---|---|---|
| Annual Cash Bonus | Target Revenue | 25% | $980.0M | $1,005.3M | 133% | Cash paid per annual program rules |
| Annual Cash Bonus | New Cloud Bookings | 25% | Not disclosed | Not disclosed | 26% | Cash paid per annual program rules |
| Annual Cash Bonus | Adjusted Operating Income (AOI) | 50% | $301.0M | $360.9M | 175% | Cash paid per annual program rules |
| Performance RSUs (PSUs) | Composite of Target Revenue, New Cloud Bookings, AOI | 25% / 25% / 50% | Target thresholds set per plan | Earned at 127% of target | 127% earned overall | PSUs and service RSUs vest 25% per year over 4 years, starting the year after grant |
2024 total annual bonus payout factor was 127% [(133%×25%)+(26%×25%)+(175%×50%)] .
Equity Ownership & Alignment
- Stock ownership guidelines for EVP, Americas: 2x annual base salary; all executives met requirements as of the record date .
- Hedging and significant pledging are prohibited by policy; executives are restricted to trading windows and are subject to blackout periods .
- No options are currently granted; equity is delivered via RSUs/PSUs with four-year pro-rata vesting .
| Ownership Detail | Amount |
|---|---|
| Beneficially owned shares (Howell) | 117,546 (<1% of shares outstanding) |
| Unvested RSUs (service-based) | 29,998 |
| Unvested RSUs (performance-based) | 10,193 |
| Ownership % of shares outstanding | <1% (based on 60,684,512 shares) |
Outstanding Equity Awards (as of 12/31/2024)
| Grant Date | Unvested Shares | Market Value ($) |
|---|---|---|
| 01/28/2021 | 3,451 | $932,598 |
| 01/27/2022 (annual) | 6,929 | $1,872,493 |
| 01/27/2022 (special retention) | 18,066 | $4,882,156 |
| 01/26/2023 | 11,487 | $3,104,247 |
| 01/25/2024 (service+performance earned at 127%) | 8,321 | $2,248,667 |
Standard vesting: 25% per year; special 2022 retention grant vests 10% (Jan 2024), 20% (Jan 2025), 30% (Jan 2026), 40% (Jan 2027) .
2024 Equity Grants (new awards)
| Award Type | Grant Date | Units (Target) | Units (Max) | Grant-Date Fair Value ($) |
|---|---|---|---|---|
| Service-based RSUs | 01/25/2024 | 3,665 | — | $799,996 |
| Performance-based RSUs | 01/25/2024 | 3,666 | 6,416 | $800,214 |
Employment Terms
| Term | Detail |
|---|---|
| Agreement | At-will executive employment; eligible for salary, annual bonus, and equity; standard indemnification/D&O coverage |
| Minimum Base Salary (contract) | $323,000 (NEO-specific minimum) |
| 2024 Bonus Target | 100% of salary; target $412,000; actual payout 127% ($523,240) |
| Non-compete / Non-solicit | 12 months post-termination (or through last severance payment date), plus confidentiality/IP assignment |
| Severance (no cause / constructive) | 12 months base salary ($410,000 for Howell) and 12 months COBRA-equivalent health benefits grossed-up ($53,777) |
| Change-of-control (double trigger, within 24 months) | Cash severance $984,740; accelerated vesting value $12,772,623; health benefits $53,777; plus pro rata bonus at target and an additional annual bonus equal to greater of target or prior year; PSUs deemed at target for uncompleted performance period |
| Clawback policy | SEC/Nasdaq-compliant recoupment of incentive comp for restatements (3-year lookback; no fault required) |
| Tax gross-ups | No excise tax gross-ups; limited gross-ups provided for President’s Club-related income and company-paid term life premiums |
| Insider trading | Trading limited to windows; hedging/monetization and significant pledging prohibited |
Multi-Year Compensation Summary (NEO-level)
| Metric ($USD) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary | $370,000 | $390,000 | $410,000 |
| Stock Awards (grant-date fair value) | $3,950,103 | $1,500,020 | $1,600,210 |
| Non-Equity Incentive Plan Compensation | $510,600 | $620,940 | $523,240 |
| All Other Compensation | $31,523 | $34,401 | $34,916 |
| Total | $4,865,226 | $2,545,361 | $2,568,366 |
2024 “All Other Compensation” breakdown: 401(k) match $10,350; company-paid term life premiums $6,910; tax gross-ups $17,656 .
Compensation Structure Analysis
- Pay mix emphasizes performance-based incentives (cash bonus and PSUs) linked to revenue, AOI, and New Cloud Bookings; 2024 PSU earning at 127% underscores alignment with strong AOI overachievement and revenue beat .
- Shift to RSUs/PSUs and no options reduces risk profile for executives while maintaining multi-year retention via four-year vesting and special retention grants approved in 2022 .
- Governance safeguards include double-trigger CoC, capped incentives, clawback, prohibition on option repricing, and no excise tax gross-ups, mitigating pay inflation and risk-taking concerns .
Investment Implications
- Strong pay-for-performance alignment: 2024 payouts tied to overdelivery on AOI (175% metric payout) and revenue (133%), supporting confidence in operational execution; PSUs earned at 127% .
- Retention risk mitigated by meaningful unvested equity and special retention tranches through 2027; trading blackouts and ownership guidelines further align incentives, although vesting cadence could create periodic sell-to-cover activity windows typical for RSU programs .
- Change-of-control economics are robust (full RSU acceleration with PSUs at target plus cash components), which could influence behavior around strategic transactions; however, double-trigger structure balances shareholder interests .
- Ownership and policy posture (hedging/pledging prohibited; guideline compliance) indicate high alignment and low governance red-flag risk; 2024 say-on-pay support (~93% approval) reinforces shareholder acceptance of the framework .