Glenn F. Hickey
About Glenn F. Hickey
Glenn Hickey is Executive Vice President and President, Callaway Golf at Topgolf Callaway Brands (MODG), age 63, overseeing global sales and marketing for Callaway golf clubs, balls, branded apparel, and performance gear; he has served as EVP since January 2019 and was named President, Callaway Golf in March 2023 . He joined the company in 1991 after four years as a bond trader at First Interstate Bank/Wedbush and holds a B.S. in Business Administration from San Diego State University with a certification in Financial Analysis for Non-Financial Managers from the University of Chicago Graduate School of Business . Company performance context: 2024 company-wide Adjusted EBITDA was $587.7 million, down 1.5% YoY, and annual incentives for his business unit (Callaway Equipment & Soft Goods) paid zero due to below-threshold performance; long-term PRSUs are tied to relative TSR over 3-year periods versus a defined peer group . MODG’s TSR is tracked cumulatively since January 1, 2020 against the S&P 1500 Consumer Discretionary Index; 2022 saw strong business momentum with net revenue of $3,995.7 million (+27.5% YoY) and Adjusted EBITDA of $558.1 million (+25.3% YoY) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Topgolf Callaway Brands (MODG) | Executive Vice President | Jan 2019–present | Senior leadership for Callaway Golf, culminating in President role |
| Topgolf Callaway Brands (MODG) | President, Callaway Golf | Mar 2023–present | Leads global sales and marketing for clubs, balls, apparel, performance gear |
| Topgolf Callaway Brands (MODG) | SVP, Americas Sales | Jul 2012–Jan 2019 | Sales leadership across the Americas |
| Topgolf Callaway Brands (MODG) | VP, Special Markets & Mass Merchants | Aug 2008–Jul 2012 | Expanded distribution and special markets |
| Topgolf Callaway Brands (MODG) | Director, Special Markets | Jun 2006–Aug 2008 | Special markets channel management |
| Topgolf Callaway Brands (MODG) | Regional Sales Manager – East U.S. | Nov 2002–Jun 2006 | Regional sales leadership |
| Topgolf Callaway Brands (MODG) | Inside Sales – National Account Manager | Mar 1997–Nov 2002 | National account management |
| Topgolf Callaway Brands (MODG) | Inside Sales Representative | 1991–1997 | Top-producing sales performance |
| First Interstate Bank → Wedbush Securities | Bond Trader | ~1987–1991 | Fixed income trading experience |
External Roles
| Organization | Role | Years |
|---|---|---|
| San Diego Junior Golf Association | Board Member | Ongoing |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Annualized Base Salary ($) | $500,000 | $520,000 | $536,000 |
| Salary Paid (Summary Comp) ($) | $498,835 | $518,306 | $534,645 |
| Target Bonus % of Salary | 75% | 75% | 75% |
| Actual Annual Incentive ($) | $750,000 | $239,850 | $0 |
| All Other Compensation ($) | $17,966 | $20,726 | $21,776 |
| Stock Awards (Grant-Date Fair Value) ($) | $984,930 | $1,272,940 | $1,179,278 |
| Option Awards ($) | $0 | $0 | $0 |
| Total Compensation ($) | $2,251,731 | $2,051,822 | $1,735,699 |
Performance Compensation
Annual Incentive – Structure and Outcomes
| Metric | Weighting/Target Basis | 2024 Target | 2024 Actual | Vesting/Timing |
|---|---|---|---|---|
| Contribution to Profit – Callaway Equipment & Soft Goods | Target incentive 75% of base salary | $402,000 (75% of $536,000) | $0 (below-threshold business unit performance; plan underfunded) | Annual cash; approved post-year by the Compensation Committee |
- Company-wide Adjusted EBITDA metric funded the plan; 2024 actual $587.7m decreased 1.5% YoY and fell below threshold after accounting for incentive payments, contributing to zero payout for Hickey .
Long-Term Equity Incentives – Grants, Metrics, Vesting
| Grant Type | Grant Date | Metric | Target Shares | Threshold/Max | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|---|---|
| PRSUs | 2/6/2024 | rTSR vs LTIP Reference Group over 3 years | 39,484 | 19,742 / 78,968 | $750,591 | Cliff vest on 3rd anniversary, subject to performance; no dividends |
| RSUs | 2/6/2024 | Time-based service | 32,305 | N/A | $428,687 | Ratable vesting, one-third on each of the first three anniversaries; dividend equivalents accrue |
- 2024 targeted long-term incentive value was $1,000,000, allocated 55% PRSUs and 45% RSUs; share counts were determined using a 20-day average stock price prior to grant approval to mitigate single-day aberrations .
Equity Ownership & Alignment
| Ownership Item | Value |
|---|---|
| Beneficially Owned Shares | 83,367; less than 1% of shares outstanding (183,749,328) |
| Unvested RSUs (Count; Market Value at $7.86) | 32,305 ($253,917) from 2/6/2024; 12,443 ($97,802) from 2/22/2023; 4,989 ($39,214) from 2/17/2022 |
| Unearned PRSUs (Count; Market/Payout Value) | 39,484 ($310,344) from 2/6/2024; 22,813 ($179,310) from 2/22/2023; 18,296 ($143,807) from 2/17/2022 |
| Options (Exercisable/Unexercisable) | None disclosed; Option awards $0 in 2022–2024 |
| Stock Ownership Guidelines | Other Executive Officers: 2x base salary; compliance assessed annually; all execs compliant in 2024 |
| Anti-Hedging/Pledging Policy | Executives prohibited from hedging, short sales, and pledging; margin accounts prohibited |
RSUs vesting from 2024 grant on 2/6/2025, 2/6/2026, and 2/6/2027, subject to continued employment; PRSUs from 2024 vest on 2/6/2027 contingent on rTSR outcomes .
Employment Terms
| Scenario | Pro-rated Short-Term Incentive ($) | RSUs/PRSUs ($) | Salary + Target Incentive Portion ($) | COBRA ($) | Tax/Financial Planning ($) | Outplacement ($) | Incentive Payments ($) | Total ($) |
|---|---|---|---|---|---|---|---|---|
| Termination w/o cause, good reason, or failure to renew | — | $172,763 | $469,000 | $18,243 | $15,980 | $25,000 | $469,000 | $1,169,986 |
| Termination within 1 year following change-in-control | — | $880,587 | $938,000 | $36,485 | $31,960 | $25,000 | $938,000 | $2,850,032 |
| Change-in-control (no termination) | — | $880,587 | — | — | — | — | — | $880,587 |
| Permanent Disability | — | $172,763 | $268,000 | $18,243 | — | — | — | $459,006 |
| Death | — | $390,933 | — | $18,243 | — | — | — | $409,176 |
- Agreements include clawback provisions compliant with SEC and NYSE, prohibit pension benefits for executives, and explicitly avoid excise tax gross-ups; change-in-control payments are reduced to avoid 4999 excise tax exposure .
- Annual incentive mechanics allow adjustments for individual performance up to +33%, with payouts capped at 200% of target; company-wide metric is Adjusted EBITDA, while Hickey’s business unit metric is Contribution to Profit .
Compensation Structure Analysis
- Pay mix emphasizes at-risk pay: ~52% of non-CEO NEO targeted total compensation is short- and long-term incentives (annual cash + PRSUs) and ~55% is long-term equity (PRSUs + RSUs), supporting pay-for-performance alignment .
- Long-term incentives majority in PRSUs tied to rTSR with three-year performance periods; RSUs provide retention via service-based vesting .
- No excise tax gross-ups, no single-trigger CoC severance, and no re-pricing of stock options; robust clawback and anti-hedging/pledging policies reduce governance risk .
- 2024 business unit underperformance resulted in zero annual incentive for Hickey; equity remained the primary compensation lever via RSUs/PRSUs .
Say-on-Pay & Peer Benchmarking
- Say-on-pay approval was ~98% in May 2024; MODG maintained its compensation program structure given shareholder support .
- Compensation Comparison Group for 2024 included Acushnet, Columbia Sportswear, Deckers, Under Armour, Peloton, Vista Outdoor, Brunswick, EA, Polaris, Darden, Texas Roadhouse, Yum!, Vail Resorts, Dave & Buster’s, Bloomin’ Brands, Brinker; the company does not target a specific percentile versus market data .
Investment Implications
- Alignment and retention: Hickey’s compensation skews to equity with PRSUs linked to rTSR and RSUs vesting through 2027, reinforcing retention and stock-price alignment; anti-hedging/pledging and stock ownership guidelines require 2x salary in holdings and 50% net share retention until compliant .
- Near-term selling pressure: RSUs vest ratably on 2/6/2025, 2/6/2026, and 2/6/2027; while executives often withhold/sell shares for taxes, MODG’s policy requires net share retention if guidelines are unmet, tempering discretionary sales .
- Incentive cyclicality: Annual bonus can range from 0–200% of target; 2024’s below-threshold unit performance and plan underfunding produced a $0 payout for Hickey, underscoring sensitivity to business unit CTP and company-wide Adjusted EBITDA funding constraints .
- Change-in-control economics: Double-trigger CoC protection with equity acceleration (RSUs/PRSUs) and salary/target incentive multiples creates retention but also potential dilution upon a qualifying termination; excise-tax cutback mitigates gross-up risk .