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    Paul Keel

    President and Chief Executive Officer at Envista Holdings
    Board
    Since May 1, 2024
    Age
    55 years
    Education
    Holds a Bachelor of Arts from Carleton College and an MBA from Harvard Business School.
    Tenure
    Joined NVST as President and Chief Executive Officer on May 1, 2024 through an extensive appointment process following his leadership at Smiths Group plc.

    Also at Envista Holdings

    EH
    Eric Hammes
    Senior Vice President and Chief Financial Officer (Principal Financial Officer)
    MEN
    Mark E. Nance
    Senior Vice President, General Counsel, and Secretary
    MMR
    Mischa M. Reis
    Senior Vice President, Strategy and Corporate Development

    About

    Paul Keel, born in 1969 and currently 55 years old , has developed a strong foundation in leadership through an impressive educational background and extensive industry experience.

    Over his career, he has held several senior leadership positions, including serving as CEO at Smiths Group plc and contributing in key roles at 3M, General Electric, and other notable organizations. This diverse experience has equipped him with a deep understanding of operations, strategy, and sustainable growth practices.

    Since joining NVST on May 1, 2024, he has been tasked with driving a transformational strategy as the President and Chief Executive Officer, implementing initiatives to enhance performance across various business segments.

    $NVST Performance Under Paul Keel

    Past Roles

    OrganizationRoleDate RangeDetails
    Smiths Group plc Chief Executive Officer May 2021 to March 2024 Led the organization to record growth and profitability
    3M Company Group President, Consumer Business Group March 2019 to August 2020 Also served as President of 3M Medical and President of 3M Unitek
    General Electric (GE) Held positions of increasing responsibility N/AN/A
    McKinsey & Company Held positions of increasing responsibility N/AN/A
    General Mills Held positions of increasing responsibility N/AN/A

    Fixed Compensation

    Data from  FY 2024
    Component NameAmountPayment ScheduleAdditional Details
    Base Salary$1,100,000 AnnualAnnual base salary
    Annual Equity Awards – Time-Based RSUs$1,300,039 N/ATime-based restricted stock units
    Annual Equity Awards – Stock Options$1,300,024 N/AExercise price: $18.25 per share
    One-Time Equity Awards – Time-Based RSUs$5,500,003 N/AOne-time award
    One-Time Equity Awards – Stock Options$5,500,059 N/AExercise price: $18.25 per share
    Cash Make-Whole Award$281,466 2024Cash payment in 2024
    Relocation Expenses$196,862 (relocation costs) + $152,131 (gross-up) 2024Reimbursement cap up to $650,000
    Company 401(k) Contribution$13,800 2024401(k) contribution
    Miscellaneous Compensation$3,150 + $2,635 (gross-up) = $5,785 2024Tax advisory fees
    Termination Benefits – Without Cause/With Good Reason$653,848 (Stock Options) + $5,249,754 (RSUs) + $3,959,562 (PSUs) Contingent upon eventAcceleration of unvested awards following change in control
    Termination Benefits – Due to Death$940,399 (Stock Options) + $3,746,485 (RSUs) + $1,319,860 (PSUs) Contingent upon eventAcceleration of unvested awards

    Performance Compensation

    Data from  FY 2024

    Annual Incentive Compensation

    MetricValueDetails
    Target Bonus Opportunity150% of base salary Based on annual performance
    Target Bonus Amount$1,034,423 Prorated for fiscal year 2024
    Final Payout$1,086,144 105% of target bonus
    Core Sales GrowthThreshold: 2.0%; Target: 2.5%; Maximum: 3.5% Actual: 1.5% (0% payout)
    Adjusted EBITDA MarginThreshold: 16.0%; Target: 16.5%; Maximum: 17.5% Actual: 11.8% (0% payout)
    Adjusted Free Cash Flow to Adjusted Net Income RatioThreshold: 85.0%; Target: 105.0%; Maximum: 135.0% Actual: 239.4% (200% payout)
    Company Financial Factor (CFF)105% Weighted achievement factor
    Personal Performance Factor (PPF)100% Based on operational and leadership performance

    Annual Equity Awards – Performance-Based RSUs (PSUs)

    MetricValueDetails
    Performance Units – Threshold76,974 units Estimated threshold units
    Performance Units – Target205,265 units Estimated target units
    Performance Units – Maximum410,530 units Estimated maximum units
    Vesting Schedule3-year performance period Vest upon performance measures
    Grant DateMay 25, 2024 Equity grant date
    Grant Date Fair Value$3,900,035 Fair value of PSUs
    Additional ConditionsAdjusted based on TSR versus S&P 400 Health Care Sector Index Confidential performance goals

    Special Performance-Based Stock Options

    MetricValueDetails
    Performance Condition33% increase in stock price sustained for 20 consecutive trading days Must meet condition during option term
    Vesting Schedule3-year cliff 100% vesting after three years if condition met
    Grant DateAugust 25, 2024 Grant date for special options
    Grant Date Fair Value$3,900,010 Fair value of the option grant
    Grant Date Stock Price$18.70 Price at time of grant
    Additional DetailsPerformance-based; condition not yet met Designed to mitigate retention risks under the new CEO