Philip Eigenmann
Match GroupAbout Philip Eigenmann
Philip D. Eigenmann, age 53, is Match Group’s Chief Accounting Officer (CAO) since November 2017; he joined the company in May 2006 after earlier roles at AMX Corporation and Ernst & Young, and holds a BBA in Accounting from Texas A&M University and is a Texas CPA . In 2024, Match Group delivered 3% revenue growth to $3.5B, AOI Margin of 36%, operating income down 10% to $823M, and Free Cash Flow of $882M, with executive pay programs tied to revenue, AOI margin, and 3‑year rTSR among Nasdaq companies, aligning incentives with shareholder outcomes . The 2024 annual bonus program for NEOs weighted revenue (35%), AOI margin (35%), and individual performance (30%), reflecting pay-for-performance emphasis and stockholder feedback from the low 2023 say‑on‑pay support (29.4%) and subsequent improvement to over 93% support in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Match Group | Vice President & Global Controller | Dec 2009 – Feb 2016 | Led global controller function; foundational for reporting scale |
| Match Group | SVP & Global Controller | Feb 2016 – Nov 2017 | Managed global accounting/reporting; prepared for CAO transition |
| Match Group | Chief Accounting Officer | Nov 2017 – present | Oversees global accounting and financial reporting; contributions to enterprise planning |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AMX Corporation | Finance & Accounting leadership roles | Not disclosed | Leadership in advanced control/automation; relevant systems expertise |
| Ernst & Young (Dallas) | Audit practice | Not disclosed | Big Four audit grounding; controls and reporting rigor |
Fixed Compensation
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Base Salary ($) | $300,000 | $400,000 | $400,000 | $400,000 |
| Bonus Paid ($) | $240,000 | $205,000 | $225,000 | $111,000 |
| Annual Bonus Parameters | FY 2023 | FY 2024 |
|---|---|---|
| Target Bonus % of Salary | 60% | 60% |
| Target Bonus ($) | $240,000 | $240,000 |
| Actual Bonus Paid ($) | $225,000 | $111,000 |
Performance Compensation
Annual Bonus Mechanics and Outcomes (FY 2024)
| Component | Weighting | Threshold | Target | Maximum | Actual Performance | Payout % |
|---|---|---|---|---|---|---|
| Revenue | 35% | $3,533M | $3,615M | $3,800M | $3,479M | 0% |
| AOI Margin | 35% | 36.0% | 36.5% | 38.0% | 36.0% | 25% |
| Individual | 30% | 0% | 100% | 125% | 125% for Eigenmann | 125% |
| Eigenmann FY 2024 Bonus Payout Breakdown | Amount ($) |
|---|---|
| Weighted Revenue Performance Payout | $0 |
| Weighted AOI Margin Performance Payout | $21,000 |
| Weighted Individual Performance Payout | $90,000 |
| Total Payout % of Target | 46% |
| Total Bonus Paid | $111,000 |
Long-Term Incentives Design
- Company LTI emphasizes RSUs and PSUs; PSUs vest after 3 years with payout solely based on 3‑year rTSR (2024 PSUs vs Nasdaq composite; 2023 PSUs vs Nasdaq‑100); linear interpolation from threshold to max; if absolute TSR is negative, payout capped at 100% .
- Eigenmann did not receive PSUs in 2023 or 2024; his LTI was time-based RSUs in both years .
| Eigenmann Equity Grants | Grant Date | Type | Units (#) | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|---|
| Annual LTI | 3/1/2024 | RSUs | 14,780 | $530,750 | 1/3 on 1st anniversary; 1/12 every 3 months thereafter |
| Annual LTI | 3/1/2023 | RSUs | 11,845 | $492,989 | 1/3 on 1st anniversary; 1/12 every 3 months thereafter |
Equity Ownership & Alignment
Beneficial Ownership (as of April 11, 2025)
| Holder | Beneficial Shares | % of Outstanding | Components (Footnote) |
|---|---|---|---|
| Philip D. Eigenmann | 44,525 | <1% (*) | Direct shares; 21,994 vested options; 2,224 RSUs vesting within 60 days |
- Stock ownership guidelines require All Other NEOs (including CAO) to hold 2x base salary in shares (unvested RSUs/PSUs and unexercised options excluded); compliance is assessed annually, with 5‑year window to meet requirements .
Outstanding Equity at FY 2024 Year-End (12/31/2024)
| Instrument | Grant Date | Status | Quantity | Terms / Value |
|---|---|---|---|---|
| Stock Options | 2/9/2017 | Exercisable | 11,133 @ $16.4819; exp. 2/9/2027 | Options |
| Stock Options | 11/7/2017 | Exercisable | 10,861 @ $24.7680; exp. 11/7/2027 | Options |
| RSUs (unvested) | 2/19/2021 | Unvested | 537 | $17,565 market value at $32.71 |
| RSUs (unvested) | 3/1/2023 | Unvested | 4,934 | $161,391 market value at $32.71 |
| RSUs (unvested) | 3/1/2024 | Unvested | 14,780 | $483,454 market value at $32.71 |
- Hedging and pledging of Match Group securities are prohibited for directors, officers, employees; includes derivatives, short sales, margin accounts, and any pledges .
Employment Terms
- Change-in-control: Company equity plans use double-trigger protection (no automatic vesting on change-in-control); employee awards vest only upon a Qualifying Termination within two years post change-in-control, with PSUs deemed earned at target .
- Potential payments for Eigenmann (12/31/2024 assumptions): Upon a Qualifying Termination during the one- or two‑year period post change-in-control, RSUs that would vest have market value of $662,410 (at $32.71 stock price); total estimated incremental value is $662,410 (no separate salary/bonus continuation amounts disclosed for Eigenmann) .
Clawback & Recoupment
- Company policy allows forfeiture/cancellation of unvested RSUs/PSUs and recovery of amounts realized post an underlying “cause” event; restatement-related recovery applies to incentive compensation for current/former executive officers regardless of misconduct, consistent with SEC/Nasdaq rules .
Compensation Structure Analysis
- Year-over-year mix shifts: Eigenmann’s LTI remains entirely RSUs (no PSUs in 2023–2024), indicating retention-focused design with less performance-contingent equity at his level .
- 2024 annual bonus added formulaic revenue and AOI margin metrics (70% combined), with capped payout scales; Eigenmann’s payout was driven solely by AOI margin and individual performance as revenue was below threshold .
- Program governance: No option repricing without stockholder approval; no single-trigger vesting; prohibition on hedging/pledging; annual say‑on‑pay vote; and stock ownership guidelines to reinforce alignment .
Compensation Peer Group (for benchmarking)
| Criteria | Target Range |
|---|---|
| Revenue | ~0.5x–2.0x of ~$3.2B (Aug 2023) |
| Market Cap | ~0.33x–3.0x of ~$12.6B (Aug 2023) |
| Qualitative Factors | Growth, profitability, IPO proximity, business relevance |
- 2024 updates removed DASH, EA, SPOT (exceeded ranges) and added DKNG, CART, LNW, LYFT; peer group used for 2025 assessments and 2024 bonus determinations .
Say‑on‑Pay & Shareholder Feedback
- 2023 say‑on‑pay support: 29.4%; Company engaged 25 holders (56% O/S), met with 13 (29% O/S), and implemented formulaic metrics, payout caps, and commitments on special awards/modifications .
- 2024 say‑on‑pay support: over 93%, reflecting improved alignment with investor expectations .
Investment Implications
- Alignment and retention: Eigenmann’s LTI is time-based RSUs with staggered vesting (post 1-year cliff then quarterly), creating ongoing retention hooks and predictable vest-related tax events; absence of PSUs reduces direct linkage to rTSR at his level versus CEO/CFO .
- Ownership skin-in-the-game: Beneficial ownership is <1% with 21,994 vested options and near-term RSU deliveries; stock ownership guidelines (2x salary) reinforce alignment, though specific compliance status is not disclosed .
- Change-in-control economics: Double-trigger acceleration for unvested equity (PSUs at target) limits retention risk through transaction periods; for Eigenmann, disclosed incremental RSU value at $662k under illustrative assumptions .
- Governance and risk controls: Robust clawback, hedging/pledging bans, and no single-trigger vesting or repricing mitigate governance risk; program reforms and high 2024 say‑on‑pay support reduce near-term pay-related overhang .