Loic Eloy
Mirion TechnologiesAbout Loic Eloy
Group President, Nuclear & Safety at Mirion Technologies since February 2022, previously leading the Radiation Monitoring Systems division (2019–2022) and the Detection & Measurement division (2015–2019). Education: MBA (Universidad Panamericana) and bachelor’s in Finance/Administration/Economics/Marketing (University of Lyon) . Under his purview, Nuclear & Safety delivered 2024 GAAP revenue of $561.1M and income from operations of $78.9M; segment Adjusted EBITDA for compensation was $161.9M with a 28.509% margin and 8.83% adjusted organic revenue growth, exceeding targets in the annual incentive plan . Company-wide, 2024 revenue reached $860.8M (+7.5% y/y) and Adjusted EBITDA was $203.6M (+12.7% y/y); Mirion’s value-of-$100 TSR rose to $175 vs $103 the prior year .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Mirion Technologies | Group President, Nuclear & Safety | 2022–present | Delivered 2024 segment Adj. EBITDA margin 28.509% and 8.83% adj. organic revenue growth, beating STIP targets |
| Mirion Technologies | President, Radiation Monitoring Systems | 2019–2022 | Led RMS product and systems portfolio |
| Mirion Technologies | VP, Detection & Measurement (Health Physics) | 2015–2019 | Managed health physics detection business |
| Areva (Canberra parent) | Commercial Director | 2012–2015 | Commercial leadership at global nuclear supplier |
| Areva | Director of Finance & Accounting | 2008–2012 | Finance leadership |
| Siemens | Finance/commercial positions | pre-2008 | Various finance and commercial roles |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Mirion Technologies (MGPI H&B) GmbH (Germany) | Managing Director | current | Receives indemnity related to managing director service |
Fixed Compensation
Multi-year compensation (USD):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary | $270,706 | $302,050 | $309,600 |
| Bonus | $23,092 | $25,171 | $26,400 |
| Stock Awards | $429,594 | $215,480 | $399,994 |
| Non-Equity Incentive (STIP) | $55,141 | $199,832 | $282,410 |
| All Other Compensation | $92,927 | $99,782 | $101,127 |
| Total | $871,460 | $842,315 | $1,119,531 |
2024 fixed elements:
- Base salary: €330,000 (converted to $343,200; includes French “13th month” bonus) .
- Target bonus: 50% of base salary .
- Actual bonus paid under STIP: $271,986 (plus France “Participation/Intéressement” $10,424) .
Performance Compensation
2024 STIP – Nuclear & Safety Group (100% weighting for Eloy):
| Metric | Weight | Threshold | Target | Max | Actual | Payout level |
|---|---|---|---|---|---|---|
| Adjusted EBITDA Margin (%) | 40% | 25.13% | 27.68% | 28.41% | 28.51% | 80.00% |
| Adjusted Organic Revenue Growth (%) | 20% | 4.00% | 6.00% | 8.00% | 8.83% | 40.00% |
| Adjusted Free Cash Flow ($M) | 40% | $104.60 | $130.70 | $156.80 | $128.74 | 38.50% |
| Total payout factor | — | — | — | — | — | 158.50% |
2024 equity grants to Eloy:
| Grant type | Grant date | Amount | Grant date fair value ($) | Vesting / performance |
|---|---|---|---|---|
| RSUs | 3/1/2024 | 20,080 | $199,997 | 3 equal annual tranches from 3/1/2025, service-based |
| PSUs (target) | 3/1/2024 | 20,080 | $199,997 | 3-year (1/1/2024–12/31/2026), 50% Adjusted EBITDA and 50% Mgmt Adjusted FCF, with ±10% TSR modifier vs Russell 2000 Industrials; cap 200% |
PSU performance metrics (2024 grant):
| Component | Weight | Minimum | Target | Maximum | TSR modifier |
|---|---|---|---|---|---|
| Adjusted EBITDA ($M) | 50% | $250 | $265 | $280 | — |
| Mgmt Adjusted Free Cash Flow ($M) | 50% | $525 | $575 | $625 | -10% (<30th percentile), 0% (55th), +10% (≥80th) vs Russell 2000 Industrials |
Vesting events and realized value (2024):
- RSUs/PSUs vested (shares; value): 16,618; $188,947 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (Class A) | 114,727 shares; <1% of Class A outstanding |
| Composition | 98,109 shares held; plus 16,618 RSUs vesting within 60 days of 3/17/2025 |
| Class B ownership | None |
| Outstanding unvested awards (12/31/2024) | RSUs: 20,080 (market value $350,396 at $17.45) ; PSUs: 16,356 (2022 grant), 8,198 (2023 grant), 20,080 (2024 grant) with market values $285,412, $143,055, $350,396 respectively (target counts) |
| Ownership guidelines | Group President: 4.5x base salary; all participants currently compliant |
| Hedging/pledging | Prohibited; no outstanding pledges by officers/directors as of record date |
Employment Terms
| Term | Eloy Employment Agreement specifics |
|---|---|
| Effective date / latest amendment | April 1, 2017; amended Feb 3, 2022 |
| Base salary / target bonus | €330,000 effective 4/1/2024; target bonus 50% of base |
| Benefits | Company-leased car; French social security and AGIRC/ARRCO pension contributions; lunch vouchers; $5,000 allowances for financial planning and annual physical; GSC unemployment coverage; indemnity for German managing director role |
| Severance (employer-initiated, non-retirement) | 12 months base salary plus prorated bonus; statutory/collective indemnities per French law/sector CBA |
| Calculated cash severance (as of 12/31/2024) | $1,009,860 (components: 12 months salary $533,380, special indemnity $16,499, 3-month notice pay $133,345, statutory/collective $326,636) |
| Change-in-control (CIC) cash severance | $1,009,860 (same cash components) |
| Equity treatment on CIC | RSUs governed by French Subplan—unvested RSUs forfeited unless Compensation Committee applies specified treatment; PSUs same treatment approach |
| Death / disability | Death: 6 months average salary + special indemnity; PSUs/RSUs fully vest at target upon death (RSUs for Eloy upon heirs’ request within six months); disability: cash as calculated, equity acceleration not provided to Eloy |
| Retirement | Retirement bonus equal to 4× average monthly salary + special indemnity (total ~$194,292) |
| Non-compete | 12 months post-termination; confidentiality perpetual; IP assignment |
Performance Compensation (detail)
2024 STIP payout to Eloy:
| Target bonus | Payout factor | Actual bonus |
|---|---|---|
| $171,600 | 158.50% | $271,986 |
Compensation Structure Analysis
- Mix shift: 2024 stock awards to Eloy increased to $399,994 from $215,480 in 2023, with continued use of PSUs alongside RSUs to emphasize long-term performance .
- Company-level pay-for-performance: Mirion’s compensation program emphasizes variable, at-risk pay and uses Adjusted EBITDA, FCF, organic growth, and Relative TSR in incentive design; say-on-pay support was ~93% in 2024 .
Risk Indicators & Governance
- Clawback policy compliant with SEC/NYSE rules; recovery covers three completed fiscal years for restatements .
- Equity grant timing policy prevents awards from being timed against MNPI; no stock options granted in 2024 .
- Hedging/pledging prohibited; no pledges outstanding by officers/directors at record date .
Investment Implications
- Incentive calibration: Eloy’s group outperformed 2024 targets (margin and growth), driving a 158.5% STIP payout; forward PSUs tie to multi-year Adjusted EBITDA ($265M target) and cumulative Mgmt Adjusted FCF ($575M target) with TSR modifier—linking pay tightly to value creation .
- Upcoming vesting overhang: Unvested RSUs (20,080) vest through 2027 and PSUs (16,356/8,198/20,080 target across 2022/2023/2024 grants) resolve in 2025–2027; monitor windows around performance certification for share issuance dynamics .
- Retention dynamics: French-law severance (12 months salary plus statutory amounts) and lack of automatic equity acceleration under CIC (French Subplan) moderate immediate acceleration risk while providing baseline protection; non-compete (12 months) supports continuity .
- Alignment: Ownership is <1% of Class A, but a 4.5× salary ownership guideline (currently compliant) plus prohibited hedging/pledging and a robust clawback reduce governance risk and maintain alignment with shareholders .