De'Mon Wiggins
PENTAIRAbout De'Mon Wiggins
De’Mon L. Wiggins is Executive Vice President and President of Pentair’s Flow reportable segment, a role he has held since January 1, 2023; he previously served as Group President of Pentair’s Pool business (2021–2022), Vice President of Pentair’s Pool business (2017–2021), and Vice President/SBU leader for Pentair’s Fluid Motion platform (2016–2017) . He is 50 years old per Pentair’s 2024 Annual Report on Form 10-K . Wiggins holds an MBA from Pfeiffer University and a BS in Mechanical Engineering from North Carolina A&T State University . Company performance context for FY2024: adjusted operating income rose 12.2% to $959.2 million, adjusted EPS increased 15.5% to $4.33, and free cash flow reached $693.1 million .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Pentair | EVP & President, Flow segment | 2023–present | Leads Flow segment operations and performance . |
| Pentair | Group President, Pool | 2021–2022 | Led Pool business P&L and execution . |
| Pentair | Vice President, Pool | 2017–2021 | Business unit leadership . |
| Pentair | VP & Strategic Business Unit leader, Fluid Motion | 2016–2017 | Platform leadership . |
| Pentair | Various leadership positions | 2010–2016 | Cross-functional leadership . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| YMCA of the North | Board member | 2023–present | Community non-profit board service . |
Fixed Compensation
| Component | 2023 | 2024 | Notes |
|---|---|---|---|
| Base Salary ($) | $525,000 | $550,000 | +4.8% YoY . |
| Target Bonus (% of Salary) | 80% (role-based) | 80% | Segment presidents at 80% . |
| Target Bonus ($) | $420,000 | $440,000 | Derived from base × target % . |
| Actual Annual Incentive ($) | — | $626,384 | Paid per 2024 MIP outcomes . |
Performance Compensation
2024 Management Incentive Plan (MIP) – Flow Segment
| Metric | Weight | Threshold (payout) | Target (payout) | Max (payout) | Actual payout % | Weighted payout % |
|---|---|---|---|---|---|---|
| Flow Income | 40% | 50% | 100% | 200% | 161.72% | 64.69% |
| Flow Revenue | 20% | 50% | 100% | 200% | 67.91% | 13.58% |
| Pentair Free Cash Flow | 20% | 50% | 100% | 200% | 200.00% | 40.00% |
| Pentair Adjusted Operating Income | 20% | 50% | 100% | 200% | 120.43% | 24.09% |
| Total | 100% | — | — | — | — | 142.36% |
| ESG modifier | ±10% | Applied only for exceptional progress; none applied in 2024 | — | — | — | 100% (no change) |
Notes:
- Wiggins’ MIP design uses segment-specific income and revenue, plus company-wide free cash flow and adjusted operating income; payouts scale 0.5× to 2.0× and include an ESG modifier up to ±10% subject to financial thresholds .
Long-Term Incentives – Grants and Vesting (2024 awards)
| Instrument | Grant date | Quantity | Grant date fair value ($) | Strike ($) | Vesting |
|---|---|---|---|---|---|
| Performance Share Units (2024–2026) | 1/2/2024 | 8,460 target | $599,983 | — | Earn after 3-year performance on Adjusted EPS (75%) and ROIC (25%) . |
| Restricted Stock Units | 1/2/2024 | 4,230 | $299,992 | — | Vest ratably over first three grant anniversaries . |
| Stock Options | 1/2/2024 | 10,988 | $265,878 | $70.92 | Vest ratably over first three grant anniversaries; 10-year term . |
Multi-year PSU results:
- 2022–2024 PSU payout achieved 107.72% of target (Adjusted EPS 78.21% weighted; ROIC 29.51% weighted) .
2024 realized vesting and exercises:
- Shares vested: 9,488; value realized: $864,184 .
- Options exercised: none in 2024 for Wiggins .
Outstanding awards (as of 12/31/2024):
- Unvested RSUs: 8,989; MV $904,653 .
- Unearned PSUs: 19,899; MV $2,002,635 .
- Options outstanding include tranches expiring 2029–2034 with strikes $42.68–$70.92; most recent 1/2/2034 grant unexercisable 12,398 options at $70.92 .
Equity Ownership & Alignment
| Measure | Value | Detail |
|---|---|---|
| Beneficial ownership (ordinary shares) | 14,641 | As of 3/7/2025; excludes RSUs deferred and options not exercisable . |
| Share units (deferred) | 25 | RSUs deferred under non-qualified plan . |
| Right to acquire (60 days) | 28,056 | Options exercisable within 60 days . |
| RSIP stock | 196 | Shares held in Retirement Savings Plan . |
| Total reported holdings | 42,918 | Aggregate per SEC table . |
| Ownership guideline | 2.5× base salary ($1,375,000) | Segment Presidents have 2.5× salary guideline . |
| Guideline compliance | Meets guideline; $1,466,828 MV at 12/31/2024 | Share ownership 14,575 × $100.64 price = $1,466,828 . |
| Hedging/pledging | Prohibited by policy | No hedging, margin, or pledging permitted; trading windows and pre-clearance apply . |
Potential selling pressure indicators:
- Upcoming RSU vestings on 1/2/2025, 1/2/2026, 1/2/2027 (ratable over three years for 2024 grant) .
- Options from 2024 grant become exercisable ratably over three years; 10-year term to 1/2/2034 .
Deferred compensation (Sidekick Plan):
- 2024 executive contributions: $148,126; registrant contributions: $13,037; aggregate earnings: $41,535; year-end balance: $313,434 .
Employment Terms
| Provision | Key terms |
|---|---|
| Change-in-control (KEESA) | Double-trigger equity vesting upon termination for reasons other than death, disability, or cause, or resignation for good reason within 2 years post-CIC; cash severance = 200% of base + greater of target/actual bonus; medical/dental/life coverage; outplacement; advisor fees; accelerated pension accrual where applicable; no excise tax gross-ups; CIC definitions of “cause”, “good reason” detailed . |
| Executive Severance Plan | For qualifying termination without cause or resignation for good reason (absent CIC): lump-sum cash severance per multiplier (1.5× for execs appointed after Jan 1, 2021), benefits and outplacement, subject to release and restrictive covenants . |
| Incentive plan termination treatment | Options continue to vest up to five years post-termination; RS/RSUs vest in full; PSUs vest based on actual performance (prorated for executives appointed/hired on/after Jan 1, 2021) . |
| Non-compete | 2023 amendments conditioned certain severance on non-compete compliance (reflecting state law changes) . |
| Clawback | SEC/NYSE-aligned clawback: recoup excess incentive-based compensation upon required restatement (3-year lookback) . |
| Insider trading policy | Trading window/pre-clearance; prohibition on hedging, short sales, collars, and pledging/margin accounts . |
Estimated payments (as of 12/31/2024):
- Termination without cause/for good reason (no CIC): cash $1,485,000; equity vesting values and benefits total $4,619,686 .
- CIC followed by qualifying termination: cash $2,453,324; total package $7,047,271 .
Investment Implications
- Pay-for-performance alignment: 2024 Flow segment MIP paid at 142.36% of target, driven by strong segment income and company free cash flow, indicating above-target operational execution in Wiggins’s remit; ESG modifier not applied, reflecting baseline progress expectations .
- Retention risk moderate: KEESA and severance plans provide robust double-trigger protections and continued/accelerated vesting, which reduce flight risk; non-compete conditions and equity holding requirements further align incentives .
- Equity alignment and trading signals: Wiggins meets the 2.5× ownership guideline with ~14.6K shares; upcoming RSU and option vesting schedules create periodic liquidity windows, but company policy bans hedging/pledging, mitigating misalignment risk .
- Performance context: Company-level adjusted operating income (+12.2%), adjusted EPS (+15.5%), and free cash flow strength support incentive outcomes; TSR since 2019 reflects meaningful equity value creation used in pay-versus-performance disclosures .