Brian Millard
UNIVERSAL DISPLAY CORP \PA\About Brian Millard
Brian Millard is Vice President, Chief Financial Officer and Treasurer of Universal Display Corporation (OLED), age 42 as of February 20, 2025, and joined the company in September 2022. He holds M.S. and B.B.A. degrees in accounting from James Madison University and is a licensed CPA, with prior senior finance leadership roles at Emergent BioSolutions, Hertz Global Holdings, Hilton Worldwide, and Deloitte & Touche LLP . Company performance context: 2024 revenue was $648 million and net income was $222 million per the proxy pay-versus-performance table; the company’s 2024 value of a $100 investment (TSR) was $73.54 versus the peer group at $237.86 . In Q2 2025, Millard noted raising the low end of 2025 revenue guidance to $650–$700 million, with Q2 2025 revenue of $171.8 million and net income of $67.3 million .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Emergent BioSolutions | Senior Vice President, Finance & Corporate Controller; previously Vice President, Corporate Controller | Jan 2020–Sep 2022; Oct 2017–Jan 2020 | Corporate finance and controller leadership |
| Hertz Global Holdings | Vice President, Corporate Controller; Assistant Corporate Controller | Aug 2015–Oct 2017; Mar 2014–Aug 2015 | Corporate controller responsibilities |
| Hilton Worldwide Holdings | Financial reporting leadership roles | Not specified | Financial reporting leadership |
| Deloitte & Touche LLP | Began career | Not specified | Public accounting foundation |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public company directorships disclosed |
Fixed Compensation
Multi-year compensation summary (summary compensation table):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary ($) | $120,962 | $430,966 | $451,124 |
| Bonus ($) | $250,000 (sign-on at hire) | — | — |
| Stock Awards Grant-Date Fair Value ($) | $800,050 | $1,695,773 | $2,140,586 |
| Non-Equity Incentive Plan Compensation ($) | $195,694 | $489,090 | $677,122 |
| All Other Compensation ($) | $17,808 | $68,430 | $106,937 |
| Total ($) | $1,384,514 | $2,684,259 | $3,375,769 |
2024 annual incentive target and actual:
- Base salary used for AIP target: $464,100; target bonus 100% of base; target bonus $464,100 .
- Company exceeded revenue threshold ($648 million) and adjusted operating income target ($283 million); executives achieved ~146% of target; Millard’s AIP paid $677,122 in March 2025 .
Perquisites/other 2024 components detail:
- Includes auto allowance/reimbursements ($4,797), life/disability premiums ($2,539), employer 401(k) contribution ($10,350), and Deferred Compensation Plan (DCP) contributions ($89,250) .
Performance Compensation
Annual Incentive Plan (AIP) – FY 2024:
| Metric | Weighting | Target | Actual | Payout | Vesting/Payment |
|---|---|---|---|---|---|
| Revenue threshold | Not disclosed | Not disclosed | $648 million | ~146% of target (AIP overall) | Cash; paid March 2025 |
| Adjusted operating income | Not disclosed | Not disclosed | $283 million | ~146% of target (AIP overall) | Cash; paid March 2025 |
Long-Term Incentive – PSUs (granted Mar 4, 2024):
| Metric | Weighting | Performance Period | Target/Payout Mechanics | Vesting |
|---|---|---|---|---|
| Cumulative adjusted EBITDA | 50% | Jan 1, 2024–Dec 31, 2026 | PSU multiplier 0x–3x based on percentile achievement | End of 3-year period |
| TSR vs Nasdaq Electronics Components Index | 25% | Jan 1, 2024–Dec 31, 2026 | PSU multiplier 0x–3x based on percentile achievement | End of 3-year period |
| Cumulative total gross margin | 25% | Jan 1, 2024–Dec 31, 2026 | PSU multiplier 0x–3x based on percentile achievement | End of 3-year period |
Long-Term Incentive – RSUs (granted Mar 4, 2024):
| Grant | Shares | Grant-Date FV ($) | Vesting Schedule |
|---|---|---|---|
| RSUs (time-based) | 3,850 | $666,166 | One-third on Mar 4, 2025/2026/2027 |
Named Executive Officers’ 2022 PSU cycle result (context; CFO did not receive 2022 PSU grant):
- For NEOs employed in 2022, PSUs vested at a total of 96% of target; adjusted EBITDA portion 0%; cash from operations portion 109%; TSR portion at 72nd percentile resulted in 275% of target for that portion .
Stock vested (realized):
| Year | Shares Vested (#) | Value Realized ($) |
|---|---|---|
| 2023 | 4,151 | $651,665 |
| 2024 | 5,353 | $973,979 |
Equity Ownership & Alignment
Beneficial ownership (record date for 2025 proxy):
- Shares beneficially owned: 15,651; less than 1% of outstanding .
Outstanding equity awards as of Dec 31, 2024:
| Grant Date | Unvested RSUs (#) | Market Value ($) | Unearned PSUs (#) | Market/Payout Value ($) |
|---|---|---|---|---|
| Mar 7, 2023 | 2,404 | $351,465 (at $146.20 close) | 7,215 | $1,054,833 (at $146.20 close) |
| Mar 4, 2024 | 3,850 | $562,870 (at $146.20 close) | 7,711 | $1,127,348 (at $146.20 close) |
Ownership guidelines and policies:
- Executive stock ownership guideline for CFO: 4x base salary; newly appointed executives have five years to achieve; all NEOs currently deemed in compliance .
- Anti-hedging policy prohibits hedging/short sales in company securities .
- No pledging by Millard disclosed; proxy notes pledges by certain directors (e.g., Hartley and Lacerte), but not by Millard .
- No stock options outstanding for NEOs; company prohibits repricing without shareholder approval .
Employment Terms
| Term | Detail |
|---|---|
| Start date | September 2022 (joined company) |
| Role | Vice President, Chief Financial Officer and Treasurer |
| Change-in-control agreement | Entered Sept 6, 2022; amended May 31, 2023 to eliminate excise tax gross-up for Millard . Double-trigger: benefits only if change in control AND qualifying termination/substantial reduction . |
| Severance multiples (CIC) | Two times base salary and two times annual bonus, plus ancillary benefits (insurance, medical/dental continuation, retirement plan contributions, outplacement); accelerated vesting of unvested equity (performance awards per plan terms) . |
| Estimated CIC payout (as of Dec 31, 2024) | Total $5,225,475 including: 2x base salary $940,200; 2x annual bonus $978,180; PTO/sick time $32,947; insurance continuation $5,079; retirement plan contributions $20,700; medical/dental $40,679; accelerated equity $3,096,516; outplacement $10,000; NQDC payout $101,174 . |
| SERP participation | Not a participant; company does not plan to add new participants . |
| Clawback | Executive compensation recovery policy adopted Dec 1, 2023; applies to erroneously awarded incentive compensation tied to financial reporting measures for the prior three fiscal years in event of restatement . |
| Anti-hedging | Prohibits hedging and short sales in company securities . |
Investment Implications
- Pay-for-performance architecture centers on AIP (revenue and adjusted operating income) and multi-year PSUs with 50/25/25 weighting across cumulative adjusted EBITDA, relative TSR vs Nasdaq Electronics Components Index, and cumulative gross margin, with 0x–3x payout multipliers, and time-based RSUs vesting over three years .
- 2024 AIP paid ~146% of target following outperformance on revenue ($648 million) and adjusted operating income ($283 million); Millard’s AIP payout was $677,122 .
- Ownership alignment reinforced by a 4x salary executive stock ownership guideline (NEOs in compliance) and anti-hedging policy; no pledging disclosed for Millard .
- CIC protection is double-trigger with estimated payout of $5.23 million and equity acceleration; Millard’s agreement excludes tax gross-up .
- Millard’s public commentary in Q2 2025 emphasized raising guidance to $650–$700 million and industry expansion, aligning finance leadership with growth outlook .