Michael Carlet
RESIDEO TECHNOLOGIESAbout Michael Carlet
Michael Carlet (age 57) is Executive Vice President, Chief Financial Officer of Resideo, appointed August 9, 2024; he was additionally designated Principal Accounting Officer effective March 14, 2025 . He previously served as CFO of Snap One (2014–2024), COO/CFO of Sears Automotive (2013–2014), CFO of Driven Brands (2002–2013), and began his career at Ernst & Young; he holds a BA in Accounting (Catholic University of America) and an MBA (Wake Forest University) . Company performance context for FY2024: net revenue $6.8B (+8% YoY), gross margin 28.1% (+90 bps), and record $444M cash from operations; TSR (value of $100 from 2019) was $193 vs S&P 600 at $138 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Snap One Holdings Corp. | Chief Financial Officer | 2014–2024 | Led finance at a smart-living products/software provider acquired by Resideo in June 2024 . |
| Sears Holdings – Automotive Division | COO & CFO | 2013–2014 | Senior operating and finance leadership in automotive services . |
| Driven Brands, Inc. | Chief Financial Officer; Controller | CFO 2002–2013; Controller 1997–2000 | Multi-brand automotive services finance leadership . |
| Ernst & Young | Public Accounting | Early career | Audit/accounting foundation . |
External Roles
No public company directorships disclosed for Mr. Carlet .
Fixed Compensation
| Component | FY2024 Detail | Notes |
|---|---|---|
| Base Salary | $575,000 target rate (appointed CFO Aug 9, 2024); actual paid $482,692 (partial year) | 2024 increase from prior Snap One role; eligible for annual adjustment . |
| Target Bonus % | 100% of base (prorated: 85% for Snap One period; 100% post-Aug 9) | Proration across pre/post-acquisition periods . |
| Actual Annual Incentive Paid | $382,854 (paid early 2025) | Based on blended metrics (see next section). |
Performance Compensation
| Metric | Weighting | Target/Goal | Actual | Payout | Vesting / Period |
|---|---|---|---|---|---|
| Annual Incentive – Net Revenue (constant currency) | 50% | Company Goal: $6.540B; Threshold: $5.886B; Max: $7.194B | $6.596B (100.9% of goal) | 109% for metric; contributes 54% to total payout | FY2024 (cash, paid early 2025) . |
| Annual Incentive – Operating Income Margin | 50% | Goal: 8.8%; Threshold: 7.5%; Max: 10.1% | 9.5% (107.5% of goal) | 150% for metric; contributes 75% to total payout | FY2024 (cash, paid early 2025) . |
| Carlet FY2024 Annual Incentive Result | — | Blended: Snap One metrics (Adj. EBITDA, Contribution Margin, Control4 Connect Attach Rate) Jan 1–Aug 8; Resideo consolidated metrics Aug 9–Dec 31 | — | 73.2% payout; $382,854 | FY2024 payout . |
| PSUs (granted Aug 9, 2024) | 50% of 2024 LTI | rTSR vs S&P 600; Threshold: 25th pct=50%; Target: 55th=100%; Max: 75th=200% | 3-year period ending Dec 31, 2026 | Earnout per rTSR rank | Vests/settles Feb 2027 if earned . |
| RSUs (granted Aug 9, 2024) | 50% of 2024 LTI | — | — | — | 1/3 vesting on Aug 9, 2025/2026/2027 . |
| 2025 PSU Design Change | 50% ROIC (3-yr avg) + 50% rTSR (3-yr); cap at 100% if absolute TSR <0% | — | — | — | Effective for 2025 annual awards . |
| FY2024 LTI Grants | Target Value | PSU Target Value | RSU Target Value |
|---|---|---|---|
| Michael Carlet | $400,000 | $200,000 | $200,000 |
Equity Ownership & Alignment
| Ownership Item | Amount | Notes |
|---|---|---|
| Shares owned (common) | 25,277 | As of April 8, 2025. |
| Rights to acquire (within 60 days) | 5,339 | RSUs/options vesting within 60 days . |
| Total beneficial ownership | 30,616 | Below 1% of class (company disclosure) . |
| Shares outstanding (common) | 148,493,879 | For percent context. |
| Unvested equity (RSUs/PSUs) | 141,879 units; $3,270,311 market value at 12/31/2024 | Based on $23.05 stock price . |
| Stock ownership guideline | 3x base salary | All executive officers met as of 12/31/2024 . |
| Hedging/pledging | Prohibited (including margin pledging) | Policy applies to officers. |
Vesting schedules (key awards):
- RSUs from Snap One conversion: multiple tranches vesting quarterly to Feb 15, 2026/2027/2028; some vest 1/4 at first anniversary then quarterly thereafter .
- RSUs (Aug 9, 2024 grant): vest one-third on Aug 9, 2025, 2026, 2027 .
- PSUs (Aug 9, 2024 grant): 3-year rTSR performance, measured to Dec 31, 2026, settle Feb 2027 if earned .
- Section 16 note: a Form 4 for Mr. Carlet was filed Jan 6, 2025 for tax-withholding forfeiture upon RSU vesting on Aug 15, 2024 (late filing) .
Employment Terms
| Item | Provision |
|---|---|
| Employment agreement (CFO) | Effective Aug 9, 2024; base salary $575,000; target bonus 100% of base; initial equity $400,000 (50% RSU / 50% PSU); from 2025, annual LTI target $2,000,000 . |
| Severance plan (without cause) | 18 months of base salary cash (e.g., $862,500), plus continuation benefits (e.g., $24,737) . |
| Change-in-control (double-trigger) | 24 months base salary cash (e.g., $1,150,000) + 2x target annual incentive ($1,150,000), benefits continuation (e.g., $32,983), full acceleration per plan terms (PSUs vest on target if CIC during performance period; RSUs/options vest in full if terminated within 24 months) . |
| Equity award forfeiture/conditions | Breach of non-compete/non-solicit causes forfeiture; certain vested shares may need to be returned or reimbursed at FMV . |
| Clawback | Recovery of excess incentive-based compensation upon accounting restatement (3-year lookback) . |
| Insider trading policy | Compliant with SEC/NYSE; separate meetings with CFO are part of audit oversight . |
| Principal Accounting Officer designation | Appointed March 14, 2025 (succeeded SVP/CAO) . |
Compensation Structure Analysis
- Pay mix and alignment: Equity-heavy structure with PSUs and RSUs; 2025 PSUs split between ROIC and rTSR, with an absolute TSR cap, strengthening pay-for-performance linkage .
- Annual incentive metrics: Shifted to Net Revenue and Operating Income Margin (removed cash flow from operations to intensify focus on growth/margin in 2024) .
- Governance safeguards: Double-trigger CIC vesting; clawback policy; hedging/pledging prohibitions; ownership guidelines at 3x salary for executives .
Investment Implications
- Alignment: Significant unvested equity ($3.27M market value, 141.9k units) and performance-based PSUs tied to rTSR/ROIC align CFO incentives to shareholder returns and capital discipline; ownership guidelines and anti-hedging reinforce alignment .
- Retention and vesting cadence: Multi-year RSU tranches (including quarterly vesting from Snap One conversions) suggest steady vesting through 2026–2028, potentially contributing to regular Form 4 activity but constrained by anti-pledging/hedging policies .
- Severance/CIC economics: In a CIC, cash severance (2x base and 2x target bonus) plus full equity acceleration provide security but preserve discipline via double-trigger requirements, mitigating single-trigger windfalls .
- Execution focus: FY2024 operating performance exceeded AIP goals (company payout math 129.2%), while Carlet’s blended payout was 73.2% due to proration and Snap One-specific metrics—watch continued integration KPIs and 2025 ROIC PSU performance for evidence of value creation .
Note: All figures and provisions above are extracted from Resideo’s 2025 Proxy Statement and related 8-K filings; table values reflect company disclosures and award terms as of the noted dates **[1740332_0001140361-25-015189_ny20041812x1_def14a.htm:1]** **[1740332_0001140361-25-015189_ny20041812x1_def14a.htm:6]** **[1740332_0001140361-25-015189_ny20041812x1_def14a.htm:43]** **[1740332_0001140361-25-015189_ny20041812x1_def14a.htm:60]** **[1740332_0001140361-25-015189_ny20041812x1_def14a.htm:62]** **[1740332_0001140361-25-015189_ny20041812x1_def14a.htm:63]** **[1740332_0001140361-25-015189_ny20041812x1_def14a.htm:64]** **[1740332_0001140361-25-015189_ny20041812x1_def14a.htm:65]** **[1740332_0001140361-25-015189_ny20041812x1_def14a.htm:66]** **[1740332_0001140361-25-015189_ny20041812x1_def14a.htm:67]** **[1740332_0001140361-25-015189_ny20041812x1_def14a.htm:68]** **[1740332_0001140361-25-015189_ny20041812x1_def14a.htm:73]** **[1740332_0001140361-25-015189_ny20041812x1_def14a.htm:74]** **[1740332_0001740332-25-000013_rezi-20250314.htm:1]** **[1740332_0001740332-25-000003_rezi-20250115.htm:1]**.