Walker Saik
POOLAbout Walker Saik
Walker F. Saik, 41, serves as Pool Corporation’s Chief Accounting Officer (CAO) and Corporate Controller. He was appointed CAO and principal accounting officer effective March 1, 2023, after joining PoolCorp as Corporate Controller in July 2021. He is a certified public accountant, with a B.A. in Economics from Davidson College and an M.S. in Accountancy from Wake Forest University; prior to PoolCorp, he spent 13 years at Ernst & Young LLP (EY) as a Managing Director in audit serving public and private clients across energy, manufacturing, and marine transportation. During his CAO tenure, company results reflected industry normalization: 2024 net sales declined 4% to $5.3B, EPS fell 15% to $11.30, and 1‑yr TSR was −13.3% as of 12/31/24; longer-term TSR CAGRs remained robust at 11.1% (5‑yr) and 19.2% (10‑yr) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Pool Corporation | Chief Accounting Officer; Principal Accounting Officer | Mar 2023 – Present | Principal accounting officer; financial reporting oversight during post‑COVID normalization |
| Pool Corporation | Corporate Controller | Jul 2021 – Present | Led corporate accounting; supported liquidity and cash flow focus through industry downcycle |
| Pool Corporation | (Aggregate) | 2021 – Present | Executive officer; CPA credential |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ernst & Young LLP | Managing Director (Audit) | ~2008 – 2021 | Led audits for public/private clients in energy, manufacturing, marine transportation; SEC/GAAP rigor |
Fixed Compensation
- Individual compensation for Mr. Saik is not disclosed in PoolCorp’s proxies; he is not a Named Executive Officer (NEO) in 2024–2025 .
- Context: in 2024, the Compensation Committee raised NEO base salaries toward peer medians (e.g., CFO to $525K; Chief Legal Officer to $475K; SVP to $525K) amid a competitive talent market, underscoring market-aligned pay levels for senior finance/legal leaders .
| NEO (Context) | 2023 Salary | 2024 Salary | Increase |
|---|---|---|---|
| Melanie M. Hart (CFO) | $450,000 | $525,000 | 16.7% |
| Jennifer M. Neil (CLO) | $325,000 | $475,000 | 46.2% |
| Kenneth G. St. Romain (SVP) | $450,000 | $525,000 | 16.7% |
Performance Compensation
Company program architecture (relevant to senior executives, including finance):
- Annual Incentive Plan (AIP): primarily Operating Income, with Operating Cash Flow for certain executives, plus individual objectives; AIP capped at 200% of target. 2024 metrics yielded 0% payout on Operating Income, 200% on Operating Cash Flow; other objectives paid 150–180% for NEOs depending on role .
- Long-term Equity: 50% time-based RSUs (50% vest at year 3; 50% at year 5) and 50% performance-based shares tied to 3‑yr adjusted diluted EPS CAGR (0–200% payout). The company currently does not expect the 2023 and 2024 EPS-based grants to vest at threshold, reflecting conservative targets amid normalization .
- Medium-term SPIP cash plan discontinued in 2023 and replaced by performance equity; the final SPIP (2022 grant, perf. period ending 2024) paid 0% .
AIP design and 2024 results (NEO framework; Saik-specific plan not disclosed):
| Metric | Weighting (example – CEO/CFO/CL0) | Threshold | Target | Max | Actual Outcome | Payout vs Target |
|---|---|---|---|---|---|---|
| Operating Income (Consolidated) | 64–67% (CEO/ CFO/ CLO) | $676.0mm | $795.0mm | $839.0mm | $617.2mm | 0% |
| Operating Cash Flow (Adjusted) | 6.7–16.0% (CEO/ CFO) | 80% NI | 90% NI | 100% NI | 136.0% NI | 200% |
| Other Specific Objectives | 15–33% | Role-specific | Role-specific | Role-specific | 150–180% | See payouts |
Performance equity framework:
| LT Grant Type | Performance Metric | Threshold | Target | Max | Vesting |
|---|---|---|---|---|---|
| Performance Shares (EPS CAGR) | 3‑yr adjusted diluted EPS CAGR | 5% → 50% | 10% → 100% | 15% → 200% | 3‑yr cliff; 2023 & 2024 cohorts not expected to vest |
| Time-based RSUs | Service | — | — | — | 50% at year 3; 50% at year 5 (e.g., 2024 grants vest Feb 2027 and Feb 2029) |
Implication: 3‑yr and 5‑yr cliffs create potential selling windows around Feb 2027/2029 for 2024 grants; EPS‑linked cohorts may not vest, reducing near-term insider supply pressure vs time-based awards .
Equity Ownership & Alignment
- Pledging/hedging: Company policy prohibits hedging, pledging, short sales, exchange funds and trading equity options by officers and directors, reducing misalignment risk and margin-call pressure . Executive officers and directors are expressly prohibited from pledging company stock as collateral .
- Stock ownership guidelines: NEOs and directors must hold stock; guideline examples include CEO 5x salary and Vice Presidents 2x salary; the company reports all NEOs and directors are in compliance (Mr. Saik’s specific requirement is not disclosed) .
- Group ownership context: Directors and executive officers as a group (14 persons) beneficially owned ~1.23M shares (≈3%) as of March 12, 2025; individual data for Mr. Saik is not disclosed in the proxy .
Employment Terms
- Severance (NEO framework; Saik-specific contract not disclosed): CEO receives 12 months base salary; other NEOs receive 6 months base salary upon termination without cause, plus ~6 months health premium reimbursement; non-compete periods are two years (CEO) and one year (other NEOs) .
- Change of Control: No cash parachutes; “double‑trigger” equity acceleration (unvested equity fully vests upon qualifying termination within two years of a change of control) .
- Clawback: Enhanced clawback policy (Oct 2023) compliant with SEC/Nasdaq requires recovery of erroneously awarded incentive pay after a restatement .
Performance, Track Record, and Governance Context
- Operating backdrop during Saik’s CAO tenure: 2024 net sales $5.3B (−4% YoY), operating income $617.2mm (−17% YoY), EPS $11.30 (−15% YoY), with strong OCF (~$660mm) from working capital, dividend growth and repurchases ($483.4mm), and net debt reduction ($103mm) .
- TSR context as of 12/31/24: 1‑yr −13.3%, 3‑yr −14.5%, 5‑yr +11.1%, 10‑yr +19.2%—illustrating long‑term value creation despite post‑COVID normalization .
- Say‑on‑pay support: 93.8% approval in 2024; 97.3% in 2023, indicating strong investor support for pay design .
- Related party transactions: None approved in 2024 .
Compensation Peer Group (benchmarking context)
- 2024 peer group (14 distributors/adjacent firms): Applied Industrial Technologies, Beacon Roofing Supply, Boise Cascade, Core & Main, Fastenal, GMS, Henry Schein, LKQ, MSC Industrial, Patterson, Resideo, SiteOne Landscape Supply, UFP Industries, Watsco .
- Design targets: total compensation aligned to peer median; heavier weighting to at‑risk/performance pay than peers .
Vesting Schedules and Potential Insider Supply Windows (structure-level view)
- Time-based RSUs: 50% at year 3, 50% at year 5 (e.g., 2024 grants → Feb 2027/Feb 2029), typically creating liquidity windows when awards vest .
- Performance shares (EPS CAGR): 3‑yr cliff (e.g., 2024 grants → Feb 2027), but current outlook suggests 2023/2024 performance awards may not vest—reducing expected supply from these cohorts .
- Anti‑hedging/pledging reduces forced‑sale dynamics and signaling risk .
Investment Implications
- Alignment and retention: Strong guardrails (anti‑hedging/pledging, clawback, ownership guidelines) and conservative severance minimize misalignment risk; double‑trigger equity and modest cash severance for non‑CEO NEOs indicate balanced retention economics. While Saik’s individual package isn’t disclosed, his role (principal accounting officer) is embedded in this governance architecture .
- Near‑term selling pressure: The company doesn’t expect EPS‑linked 2023/2024 performance awards to vest; time‑based RSUs remain the primary vesting‑related supply driver (3‑ and 5‑year cliffs). Monitor vest dates around Feb 2027/2029 for senior executives; Saik’s specific awards are not public, but program design likely similar across senior management .
- Pay‑for‑performance: 2024 AIP paid zero on Operating Income and maxed on Operating Cash Flow, with below‑target total payouts—evidence of downside sensitivity and cash discipline in a downcycle; performance equity outlook is conservative. This design limits windfalls and aligns with investor preferences (high say‑on‑pay support) .
- Execution risk: 2024 results reflect macro headwinds; nonetheless, robust OCF and capital returns support equity resilience. As CAO, Saik’s track record centers on controls, reporting quality, and cash discipline—positive for reliability of financial execution through normalization .
Notes and omissions: PoolCorp’s public filings do not disclose Mr. Saik’s individual salary, bonus targets/outcomes, equity grants, ownership totals, pledging status (beyond policy), or severance terms specific to him. All such items above referencing NEO terms or program structures are company‑wide frameworks not specific to Mr. Saik. Where quantitative details are presented, they reflect NEOs or company-level disclosures as cited.