Justin Keisel
NU SKIN ENTERPRISESAbout Justin Keisel
Executive Vice President and President of Global Sales at Nu Skin Enterprises (appointed March 2024). He first joined Nu Skin in 1998 (14 years focused on North Asia and Southeast Asia), rejoined in 2019 as GM of U.S. & Canada, became President of the Americas in 2021, and was promoted to his current role in March 2024; age 50 as of April 1, 2024; holds B.S. and M.B.A. degrees from Brigham Young University . Company performance during 2024 included revenue of $1.73B and Adjusted EPS of 0.84, with the value of a $100 TSR investment at $20.30 vs peer group $155.83, informing incentive outcomes and equity vesting near minimum thresholds .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nu Skin Enterprises | Various roles supporting North Asia & Southeast Asia | 1998–2012 | Regional growth support across Asian markets |
| Rodan + Fields | VP, Global Programs & Field Development | 2017–2019 | Led global programs and field development for social-commerce oriented beauty brand |
| Rodan + Fields | Various positions | 2012–2019 | Progression through roles culminating in VP responsibilities |
| Nu Skin Enterprises | GM, U.S. & Canada | 2019–2021 | Led U.S./Canada markets operations |
| Nu Skin Enterprises | President, Americas | 2021–Mar 2024 | Oversaw Americas region; groundwork for global sales leadership |
| Nu Skin Enterprises | EVP & President, Global Sales | Mar 2024–present | Drives global sales strategy; recognized by discretionary bonus tied to strategic goals |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Rodan + Fields | VP, Global Programs & Field Development | 2017–2019 | Preceded return to Nu Skin executive leadership |
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Base Salary | $375,000 | Increased upon promotion in March 2024 |
| Perquisites & Other Personal Benefits | $14,806 | Incremental cost of perqs; additional “Other” $5,911 (insurance, tax on business-related guest travel, etc.) |
| Company 401(k) Contributions | $13,800 | 2024 contribution |
| Company Deferred Compensation Contributions | $18,312 | 2024 DCP contribution; aggregate balance $130,629 at year-end |
Performance Compensation
Annual Cash Incentives – 2024 (Sales Executive Cash Incentive Plan)
| Metric | Weight | Minimum | Goal | Stretch | Actual 2024 | % of Goal Achieved | Payout (% of Target) |
|---|---|---|---|---|---|---|---|
| Adjusted Nu Skin Revenue | 70% | $1,721,379K | $1,774,190K | $1,826,902K | $1,494,637K | 84.2% | 0.0% |
| Aggregate Nu Skin Segment Contribution | 30% | $426,290K | $453,166K | $484,831K | $389,057K | 85.9% | 0.0% |
| Aggregate payout | — | — | — | — | — | — | 0.0% |
Additional 2024 cash items:
- Non-executive program payout for Jan–Feb 2024 prior to promotion: $11,854 .
- Discretionary bonus (aligned to strategic goal outcomes in Executive Cash Incentive Plan): $58,594 .
- Mavely Value Creation Bonus (paid 2025): $100,000 recognizing value creation and successful divestiture .
Long-Term Equity Incentives – Grants and Vesting
| Grant Type | Grant Date | Shares | Grant Date Fair Value | Vesting / Performance |
|---|---|---|---|---|
| Performance RSUs (PRSUs) | 2/27/2024 | 12,836 | $153,647 | 3 annual tranches on Adjusted EPS (2024–2026); 2024 tranche earned at 28% |
| Time-Based RSUs | 2/27/2024 | 19,254 | $228,352 | Vests 25% annually starting 2/15/2025 (four-year schedule) |
| Performance Stock Options (PSOs) | 2/15/2020 | 9,031 (exercisable) | — | Strike $30.45, expire 2/15/2027; out-of-the-money at 12/31/2024 |
| Performance Stock Options (PSOs) | 2/15/2021 | 719 (exercisable) | — | Strike $48.81, expire 2/25/2028; out-of-the-money at 12/31/2024 |
| Historical PRSUs | 2/25/2022 | 272 (unearned at year-end) | — | 2024 tranche goal missed; terminated per plan rules |
| Historical RSUs | 2/22/2023 | 9,095 (unvested) | — | Vests per standard schedule |
2024 PRSU outcomes across cohorts (context):
- 2024 PRSUs tranche: 28% earned; 2023 and 2022 PRSU tranches measuring 2024 results: 0% earned .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 26,569 shares; <1% of outstanding |
| Right to acquire within 60 days | 9,750 shares (primarily RSUs vesting/settling) |
| Unvested RSUs (examples) | 380 (2/15/2021); 3,707 (2/25/2022); 9,095 (2/22/2023); 19,254 (2/27/2024) |
| Unearned PRSUs (at year-end) | 272 (2022 grant); 506 (2023 grant); 12,836 (2024 grant at target eligibility) |
| Options | 9,031 (2020 PSOs; $30.45 strike; exp. 2027); 719 (2021 PSOs; $48.81 strike; exp. 2028); out-of-the-money at 12/31/2024 |
| Ownership guidelines | Execs must hold shares equal to 2.5× base salary; retention of 50% net shares until compliant; all NEOs in compliance as of 3/31/2025 |
| Hedging / pledging | Prohibited for officers and directors |
Employment Terms
| Provision | Terms for Justin Keisel |
|---|---|
| Severance (involuntary not for cause) | Lump-sum 1.25× salary; example value $468,750; 12 months health coverage $25,202; pro-rata earned bonus |
| Change-in-control (double trigger) | Lump-sum 1.5× (salary + target bonus); example value $984,375; accelerated vesting of target unvested equity $333,359 |
| Death / Disability | Pro-rata earned bonus; disability salary continuation up to 90 days; disability example $92,466 |
| Non-compete / non-solicit | Required under Executive Severance Policy; obligations generally remain for one year post-employment |
| Clawback | Executive Officer Incentive Compensation Recovery Policy (Nov 2023) compliant with NYSE/Exchange Act §10D; 3-year recoupment of incentive-based comp upon restatement; no recoveries required to date |
| Indemnification | Standard D&O indemnification agreements with advancement of expenses; D&O insurance maintained |
Performance & Track Record
- 2024 operating backdrop included macro headwinds and transformation impacts; revenue $1.73B, negative FX impact $76M; Rhyz segments +32% YoY; Adjusted EPS 0.84 .
- 2024 incentive results: Keisel’s sales plan paid 0% (both financial metrics below minimum); he received a discretionary bonus recognizing his role in achieving strategic goals under the broader Executive Cash Incentive Plan .
- Company TSR: value of $100 investment was $20.30 in 2024 vs peer group $155.83; underscores equity awards earned near minimum and options remaining out-of-the-money .
Compensation Committee & Peer Benchmarking
- Committee uses peer groups in consumer products/social commerce and connected devices; 2025 peer group included Herbalife, USANA, Beyond (Overstock), Sonos, Edgewell, Hain, Spectrum Brands, Helen of Troy, Prestige Consumer Healthcare, Sally Beauty, Sensient, Olaplex; Coty removed in Aug 2024 .
- Say-on-pay support: 96% approval in 2024; program maintained pay-for-performance design for 2025 with strategic goals tied to Nu Skin margin and Rhyz revenue .
Risk Indicators & Red Flags
- Hedging/pledging of company stock prohibited; reduces misalignment risk .
- No excise tax gross-ups for NEOs; strong governance practices (double-trigger CIC, clawbacks) .
- Options currently out-of-the-money at year-end 2024; selling pressure more likely tied to RSU settlements than option exercises .
Performance Compensation – Detailed Structure and Outcomes (2024)
| Component | Metric | Weight | Target Design | 2024 Outcome | Payout |
|---|---|---|---|---|---|
| Cash – Sales Executive Plan | Adjusted Nu Skin Revenue | 70% | Annual (constant currency, adjusted for non-recurring items) | $1,494,637K vs $1,774,190K goal | 0% |
| Cash – Sales Executive Plan | Aggregate Nu Skin Segment Contribution | 30% | Annual (constant currency; excludes Rhyz segments and corporate items) | $389,057K vs $453,166K goal | 0% |
| Cash – Discretionary | Strategic Goals (Company-wide ECIP) | — | Weighted goals (new product revenue, SKU reduction, paid affiliates, Rhyz revenue) | Partial achievement; ECIP paid 25% for NEOs | $58,594 (Keisel) |
| Equity – PRSUs | Adjusted EPS (2024 tranche) | 50% of annual grant mix | Three 1-year tranches set at grant | 28% of target earned for 2024 | 28% for tranche |
| Equity – RSUs | Time-based | 50% of annual grant mix | 25% per year over four years | Ongoing vesting schedule | N/A |
Investment Implications
- Alignment: Strong retention/alignment mechanisms (ownership guidelines at 2.5× salary, clawbacks, no hedging/pledging) with equity-heavy mix; however 2024 TSR underperformance led to minimal PRSU vesting and options out-of-the-money, limiting realized pay and reinforcing pay-for-performance .
- Near-term selling pressure: RSU vest schedules (2014–2024 grants) suggest periodic settlements; monitor Form 4s for scheduled RSU releases rather than option exercises given option strikes above market as of year-end 2024 .
- Retention: CIC double-trigger and severance multiples are moderate (1.5× salary+bonus in CIC; 1.25× salary otherwise), with DCP balances modest for Keisel; discretionary recognition and Mavely value bonus support engagement while 2025 plan brings him under company-wide ECIP, further tying pay to consolidated performance .
- Performance levers to track: Adjusted revenue/operating income (annual cash), Adjusted EPS (PRSUs), and 2025 strategic goals (Nu Skin gross margin, selling expense, and Rhyz revenue) as key drivers of pay realization and potential insider activity around vesting windows .