Joshua C. Hicks
About Joshua C. Hicks
Joshua C. Hicks, 46, is Senior Vice President, High Purity Cellulose (HPC) at RYAM, joining on December 6, 2021 after leadership roles at Univar Solutions, Nexeo Solutions, and Dow Chemical; he holds a B.S. in Chemical Engineering (Brigham Young University) and an MBA (Rice University) . Company performance under his tenure shows 2024 Adjusted EBITDA at $211.5 million vs a $208.0 million target, with Adjusted Operating Cash Flow $97.2 million vs a $67.1 million target; relative to 2023, Adjusted EBITDA improved from $141.4 million to $211.5 million . The 2021 PSU program tied to relative TSR and HPC EBITDA margin did not vest, indicating rigorous targets and execution risk at that time .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Univar Solutions | Vice President, Global Industrial Solutions | 2020–2021 | Global P&L for Coatings & Construction; Homecare & Industrial Cleaning; Lubricants; Aerospace; Packaging |
| Univar Solutions | Vice President, Focused Industries | 2019–2020 | North America P&L for Coatings & Construction; Pharmaceutical; Food; Personal Care; Homecare & Industrial Cleaning; Lubricants; Aerospace; Packaging |
| Nexeo Solutions | Business Director, Coatings & Construction | 2017–2019 | Commercial leadership with P&L responsibility |
| Nexeo Solutions | Business Director, Personal Care | 2015–2017 | Commercial leadership with P&L responsibility |
| Nexeo Solutions | Business Director, Oil & Gas | 2013–2015 | Commercial leadership with P&L responsibility |
| Dow Chemical | Various roles of increasing responsibility | Not disclosed | Commercial and operational experience across business units |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 445,000 | 475,000 | 495,000 |
| Target Bonus (% of Salary) | Not disclosed | 70% | 70% |
| Non-Equity Incentive Plan Compensation ($) | 340,000 | 276,000 | 533,000 |
| Stock Awards ($, grant-date fair value) | 926,375 | 537,064 | 272,825 |
| All Other Compensation ($) | 203,944 | 24,375 | 76,906 |
| Total Compensation ($) | 1,915,319 | 1,312,439 | 1,377,731 |
Nonqualified Deferred Compensation (2024):
- Executive Contributions: $16,600; Registrant Contributions: $33,860; Aggregate Earnings: $3,003; Aggregate Balance at year-end: $104,933 .
Perquisites:
- Executive Physical Program; Senior Executive Tax and Financial Planning Program (reimbursement limit $10,000 for non-CEO participants; reimbursements not grossed-up). No company cars, club dues, home-security expenses, or personal aircraft use .
Performance Compensation
Annual Incentive (2024 structure and results)
| Metric | Weighting | Threshold | Target | Maximum | Actual | Achievement Rating (%) |
|---|---|---|---|---|---|---|
| Adjusted EBITDA ($mm) | 50% | 166.4 | 208.0 | 249.6 | 211.5 | 53.7% |
| Adjusted Operating Cash Flow ($mm) | 20% | 53.7 | 67.1 | 87.2 | 97.2 | 40.0% |
| Strategic Objectives (Safety, Sustainability, Diversity) | 15% | Achieve 1 | Achieve 2 | Achieve 3 | Achieved 3 | 30.0% |
| Individual Objectives | 15% | Varies | Varies | Varies | Hicks payout 200% of target | Not applicable |
| Aggregate Metric Payout Percentage | — | — | — | — | — | 123.7% |
2023 Annual Incentive context: EBITDA metric paid 0%; Operating Cash Flow paid 200%; strategic objectives 87.5%; individual objectives payout for Hicks 200%; resulting bonus $276,000 (83.1% of target) .
Long-Term Incentive Opportunities (2024 grants; 3/1/2024)
| Component | Target Value ($) | Allocation ($) |
|---|---|---|
| PSUs (Relative TSR and Cumulative Adjusted EBITDA) | — | 245,000 |
| Performance Cash (same 3-year goals as PSUs) | — | 245,000 |
| RSUs (time-based) | — | 210,000 |
| Total LTI Target Value | 700,000 | — |
Program design notes:
- RSUs vest on the third anniversary of grant date .
- PSUs have a 36-month performance period; 2023 PSUs end 2/28/2026 and 2024 PSUs end 2/28/2027; payouts range 0–200% of target (2024 PSUs reflected at maximum for table valuation; actuals determined post-period) .
- The Company has not granted stock options since 2014 .
Stock Vested and Realized Value (2024)
| Type | Shares Acquired on Vesting (#) | Value Realized ($) | Vest Date |
|---|---|---|---|
| RSUs | 68,570 | 584,902 | March 1, 2024 (value based on $3.78) |
| LPUs (upon joining) | Not disclosed in table | Not separately disclosed in RSU row | December 6, 2024; payout 161% with value based on $8.53 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (Common Shares) | 249,946; less than 1% of class |
| Unvested RSUs (excluded from beneficial ownership) | 86,199 shares |
| Ownership Guidelines | Senior Vice President: 2x base salary; five-year compliance window |
| Compliance Status | As of January 1, 2025, each executive officer is in compliance |
| Anti-Hedging & Anti-Pledging | Hedging, short sales, and pledging prohibited; none have pledged shares under Company policies |
Outstanding Equity at FY-end (selected positions and valuation at $8.25 close on 12/31/2024):
| Grant Type | Grant Date | Units Unvested (#) | Market Value ($) |
|---|---|---|---|
| RSU | 3/1/2022 | 36,460 | 300,795 |
| RSU | 7/13/2022 | 39,623 | 326,890 |
| RSU | 3/1/2023 | 29,202 | 240,917 |
| RSU | 3/1/2023 | 14,601 | 120,458 |
| RSU | 3/1/2024 | 35,000 | 288,750 |
| RSU | 3/1/2024 | 35,000 | 288,750 |
Notes: RSUs vest on third anniversary; PSUs reflect maximum levels for 2024 in table valuation; actual PSU payouts determined post-performance period .
Employment Terms
| Scenario | Cash Severance ($) | Annual Cash Incentive Severance ($) | Pension/401(k) ($) | Medical/Welfare/Tax/Outplacement ($) | Acceleration of Equity ($) | Tier/Trigger |
|---|---|---|---|---|---|---|
| Involuntary Termination (Non-CIC) | 742,500 | 1,052,750 | — | 53,652 | 1,200,498 | Tier II multiplier (1.5x salary+target bonus) |
| Involuntary or Good Reason after CIC | 1,485,000 | 2,132,000 | 151,125 | 85,581 | 2,849,092 | Tier I multiplier (2x salary; bonus determined per highest of tests) |
Policy highlights:
- Clawback: Incentive Compensation Recovery Policy compliant with NYSE/SEC; recovery of incentive-based compensation upon certain restatements; additional clawback for detrimental conduct .
- Incentive Stock Plan recoupment: If employed by a competitor within one year after exercise/receipt of awards, repayment of gains/values may be required (except following a Change in Control) .
- Anti-hedging/anti-pledging: Strict prohibitions for officers/directors and immediate family; Rule 10b5-1 plans must be approved .
Investment Implications
- Pay-for-performance alignment: Hicks’ cash incentive is highly variable (70% target bonus) and linked to rigorous company metrics; 2024 bonus of $533,000 alongside strong company results indicates upside capture when targets are met .
- Long-term incentives mix: Blend of PSUs and performance cash (70%) plus RSUs (30%) balances performance alignment with retention; three-year windows and relative TSR/EBITDA drivers create event-linked payout convexity .
- Vesting and selling pressure: RSU vesting (March 1 anniversaries) and the December 6, 2024 LPU payout (161%) suggest discrete windows of share delivery that can drive incremental liquidity needs or tax withholding activity; anti-pledging reduces forced selling risk .
- Ownership alignment: Beneficial ownership of 249,946 shares and 86,199 unvested RSUs, coupled with 2x salary ownership guideline and full compliance, supports long-term alignment; hedging and pledging prohibitions strengthen signal quality .
- Retention and change-in-control economics: Tier I CIC severance (2x base and bonus tests) with meaningful equity acceleration ($2.85 million) underscores retention incentives but adds potential transaction costs; non-CIC severance at Tier II is moderate .
- Execution risk context: 2021 PSUs did not vest (relative TSR and HPC EBITDA margin), highlighting stringent goals; 2024 overachievement on EBITDA and OCF vs targets indicates improved operational execution under the current leadership framework .