John Haudrich
O-I Glass, Inc. /DE/About John Haudrich
John A. Haudrich (57) is O‑I Glass’s Senior Vice President and Chief Financial Officer since April 2019, after serving as SVP Chief Strategy & Integration, Acting CFO, Corporate Controller, and VP Investor Relations (2009–2019) . During his tenure, O‑I’s long-term performance has been mixed: EBIT was $579M (2020), $680M (2021), $753M (2022), $943M (2023), and $643M (2024), while net income was $249M, $149M, $584M, $(103)M, and $(106)M, respectively; cumulative TSR vs a $100 base was 100.18 (2020), 101.26 (2021), 139.47 (2022), 137.84 (2023), and 91.20 (2024) .
Pay-versus-Performance (FY 2020–2024)
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| EBIT ($MM) | 579 | 680 | 753 | 943 | 643 |
| Net Income ($MM) | 249 | 149 | 584 | (103) | (106) |
| Cumulative TSR (Base $100) | 100.18 | 101.26 | 139.47 | 137.84 | 91.20 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| O‑I Glass, Inc. | SVP & CFO | 2019–Present | Finance leadership across Fit to Win cost program, capital allocation, and turnaround execution |
| O‑I Glass, Inc. | SVP Chief Strategy & Integration | 2015–2019 | Led enterprise strategy and integration initiatives |
| O‑I Glass, Inc. | VP & Acting CFO | 2015 | Interim finance leadership |
| O‑I Glass, Inc. | VP Finance & Corporate Controller | 2011–2015 | Corporate reporting, controls, and FP&A oversight |
| O‑I Glass, Inc. | VP Investor Relations | 2009–2011 | Capital markets engagement and disclosure |
Fixed Compensation
| Component | 2022 | 2023 | 2024 |
|---|---|---|---|
| Actual Salary Paid ($) | 703,000 | 730,000 | 759,110 |
| Base Salary In-Effect ($ as of 12/31/2024) | — | — | 766,480 |
| Target Bonus % of Salary | — | — | 80% |
| Target Bonus ($) | — | — | 607,288 |
| Actual STI Paid ($) | 1,062,936 | 733,016 | 0 (enterprise payout 0%) |
Notes: 2024 STI payout was 0% given EBIT of $643M (threshold $760M) and FCF of $(84)M (threshold $105M) .
Performance Compensation
Annual Incentive (STI) – 2024 Design and Results
| Metric | Weight | Threshold | Target | Maximum | Actual | Payout as % of Target |
|---|---|---|---|---|---|---|
| EBIT ($MM) | 80% | 760 | 950 | 1,050 | 643 | 0.0% |
| FCF ($MM) | 20% | 105 | 150 | 195 | (84) | 0.0% |
| Total | 100% | — | — | — | — | 0.0% |
Design features: individual +/-20% modifier (not used as enterprise payout was zero) .
Long-Term Incentive (LTI) – Structure and Cycle Outcomes
- Mix: 60% PSUs (EPS & ROIC), 40% time-based RSUs; r‑TSR 3‑yr modifier (±20%) vs S&P 1500 Materials .
- PSUs measure annual EPS and ROIC over three years; r‑TSR adjusts the banked result at cycle end .
2022–2024 PSU Cycle (enterprise outcome):
| Year | Measure | Threshold | Target | Maximum | Actual | Weighted Payout | r‑TSR Modifier | Final Payout |
|---|---|---|---|---|---|---|---|---|
| 2022 | EPS ($) | 1.46 | 1.95 | 2.34 | 2.30 | 94.9% | 0.94 | 165.3% |
| 2022 | ROIC (%) | 5.81 | 7.75 | 9.30 | 8.71 | 81.0% | 0.94 | — |
| 2023 | EPS ($) | 1.86 | 2.48 | 2.98 | 3.09 | 100.0% | 0.94 | 177.7% |
| 2023 | ROIC (%) | 6.80 | 9.06 | 10.87 | 10.47 | 89.0% | 0.94 | — |
| 2024 | EPS ($) | 2.57 | 3.43 | 4.12 | 0.81 | 0.0% | 0.94 | 0.0% |
| 2024 | ROIC (%) | 8.00 | 10.67 | 12.80 | 4.86 | 0.0% | 0.94 | — |
| Overall | — | — | — | — | — | 121.6% pre‑r‑TSR | 0.94 | 114.3% |
Haudrich 2024 equity grants:
- PSUs (3/7/2024): Target 67,536; grant-date fair value $1,222,402 .
- RSUs (3/7/2024): 45,024; grant-date fair value $760,005 .
- RSU vesting: three equal annual installments from the vesting commencement date (March 7) .
2024 vesting realized value (enterprise):
| Executive | Shares Vested in 2024 | Value Realized ($) |
|---|---|---|
| John A. Haudrich | 216,036 | 3,499,783 |
Equity Ownership & Alignment
- Beneficial ownership: 361,923 shares, less than 1% of outstanding .
- Outstanding awards at FY 2024:
- RSUs: 45,024 (2024 grant); 22,330 (2023); 20,425 (2022) .
- PSUs (assumed payout quantities for disclosure): 16,209 (2024–2026); 12,058 (2023–2025); 105,058 (2022–2024) .
- Ownership guidelines: Senior Business/Function Leader 2.5x salary; Haudrich at 7.0x salary as of June 30, 2024 (200‑day average price $15.08) .
- Anti‑hedging and pledging: prohibited by Insider Trading Compliance Policy .
- Insider activity: On Aug 5, 2025 Haudrich purchased 2,289 OI shares (~$29,878 at ~$13.05), bringing reported holdings to ~459,395; SEC Form 4 filed Aug 7, 2025 .
Employment Terms
- Severance (Executive Severance Policy): 2x base salary + target bonus (lump sum), plus up to 24 months company‑subsidized health benefits; 2‑year non‑compete and non‑solicit required; release of claims required .
- Change‑in‑control: double trigger vesting for equity; if awards not assumed, RSUs vest and PSUs vest at target immediately prior to closing; if assumed, vesting continues, with full vesting on qualifying termination within 24 months .
- Clawback: SEC/NYSE‑compliant policy adopted effective Oct 2, 2023 for recovery of erroneously awarded incentive compensation after an accounting restatement (supersedes 2014 policy for pre‑effective date awards) .
- Perquisites (2024): life insurance premiums ($4,683), qualified and non‑qualified savings plan contributions ($24,372 and $73,008), other items including financial planning/car service ($18,049); total “All Other Compensation” $120,112 .
Potential payments (illustrative, assuming 12/31/2024 termination):
| Scenario | Total ($) | Key Components |
|---|---|---|
| Involuntary Not for Cause | 4,403,113 | Severance 2,759,328; PSUs 1,603,464; RSUs 951,524; Health & Welfare 35,321; Outplacement 5,000 |
| CIC with Involuntary Termination | 6,024,234 | Same structure with CIC terms |
| Disability | 4,481,570 | Disability income 1,040,742; health benefits 216,243; equity per plan |
| Death | 5,533,089 | Life insurance 2,299,440; equity per plan; health benefits |
Performance Context (Financials under CFO Tenure)
| Metric ($MM) | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Revenues* | — | — | — | — | — |
| EBITDA* | — | — | — | — | — |
*Values retrieved from S&P Global.
Additional operational commentary: O‑I’s 2024 enterprise STI payout was 0% amid sluggish demand, overcapacity in Europe, and inventory normalization; Fit to Win cost actions are expected to drive improvements, with PSUs reflecting strong 2022–2023 performance but no payout for 2024 and a r‑TSR modifier at 0.94 . In Q1 2025, the company reaffirmed FY 2025 adjusted EPS guidance ($1.20–$1.50) and flagged tariff uncertainties; Fit to Win benefits and inventory reductions were highlighted by management, including the CFO .
Investment Implications
- Pay-for-performance alignment: 2024 STI paid zero, PSUs for 2022–2024 paid 114.3% after r‑TSR moderation; metrics (EBIT, FCF for STI; EPS, ROIC with r‑TSR for PSUs) are rigorous and aligned to value creation .
- Retention and selling pressure: Significant RSU/PSU holdings with three‑year vesting cadence and robust ownership (7x salary vs 2.5x guideline) reduce near-term selling pressure; hedging/pledging prohibitions further support alignment .
- Downside protections and change-in-control economics: Double‑trigger equity vesting and 2x salary+bonus severance create balanced retention incentives but also event‑driven payout risk; CIO scenarios are standard for industrial peers .
- Execution risk: Mixed TSR and negative net income in 2023–2024 underscore turnaround dependence on Fit to Win and market normalization; management (including CFO) reaffirmed 2025 EPS rebound guidance but noted tariff uncertainty .
Note: Where “*” appears, figures are from S&P Global; all other figures/policies are from O‑I’s definitive proxy statement, 10‑K/10‑Q filings, and SEC Form 4 filings as cited.