Molly Kannan
About Molly Kannan
Molly D. Kannan is Ryerson’s Chief Accounting Officer and Corporate Controller, a role she has held since January 2020; she also served as Interim Principal Financial Officer from January 2020 to January 2021. She is 43 years old (as of the 2025 proxy), and holds both bachelor’s and master’s degrees in accounting from the University of Illinois at Urbana-Champaign . Her Ryerson tenure includes Corporate Controller since 2015 and elevation to CAO in 2020 . During her tenure, Ryerson’s revenue rose from $3,466.6 million in FY2020 to $4,598.7 million in FY2024, after peaking at $6,323.6 million in FY2022; EBITDA moved from $123.9 million in FY2020 to $112.4 million in FY2024, after peaking at $634.1 million in FY2022 (values retrieved from S&P Global)*.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ryerson | Corporate Controller | 2015–2019 | Led corporate accounting functions |
| Ryerson | Chief Accounting Officer & Corporate Controller | Jan 2020–Present | Oversight of accounting, reporting; continuity through pandemic period |
| Ryerson | Interim Principal Financial Officer | Jan 2020–Jan 2021 | Bridged CFO transition; stewardship of financial controls |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (%) | Actual AIP Bonus Paid ($) |
|---|---|---|---|
| 2020 | 248,325 | 50% | — (no payout; below threshold) |
| 2020 (Discretionary) | — | — | 56,323 (one-time discretionary bonus) |
Notes:
- 2020 temporary salary reduction from 4/20/2020 to 11/2/2020: $198,660 (20% reduction) restored to $248,325 on 11/2/2020 .
Performance Compensation
Annual Incentive Plan (AIP) — 2020 Design and Outcomes
- Metrics: Corporate Adjusted EBITDA, excl. LIFO, and corporate EVA (50/50 weighting for Kannan) .
- Payout scales: Threshold/Target/Maximum with actual performance and payout below.
| Metric (Corporate) | Threshold | Target | Maximum | 2020 Actual | Payout % |
|---|---|---|---|---|---|
| Adj. EBITDA, excl. LIFO ($mm) | 170.0 | 215.0 | 275.0 | 125.7 | 0.0% |
| EVA ($mm) | (35.0) | 5.0 | 50.0 | (55.4) | 0.0% |
Result: No AIP payout for 2020; Compensation Committee approved a one-time discretionary cash bonus of $56,323 for Kannan to address extraordinary efforts and retention amid COVID-19 .
Long-Term Incentive Plan (LTIP) — 2020 Grants and Vesting
- Equity Mix: One-third RSUs, two-thirds PSUs to emphasize performance .
- RSU vesting: 1/3 on each of the first three anniversaries of grant; dividend equivalents accrue .
- PSU vesting: On/after 3rd anniversary subject to Compensation Committee certification of 3-year performance; no dividend equivalents .
| Grant Type | Grant Date | Shares (Threshold/Target/Max) | Grant-Date Fair Value ($) | Vesting Terms |
|---|---|---|---|---|
| RSU | 3/31/2020 | 3,300 | 17,556 | 1/3 annually over 3 years |
| PSU | 3/31/2020 | 3,350 / 6,700 / 13,400 | 35,644 | 3-year performance period; vest subject to goals |
Realized Value from 2020 vesting events:
- RSU vesting in 2020: 2,475 shares vested; value realized $13,167 (based on $5.32 close on vest date) .
Equity Ownership & Alignment
| Data Point | Value |
|---|---|
| Beneficial ownership (as of 2/24/2021) | 15,735 shares; includes 12,985 jointly held with spouse and 2,750 RSUs vesting on 3/31/2021 |
| Percent of class | * (less than 1%) |
| Stock ownership guidelines | Other executive officers: 1x base salary; 5 years to comply; vested RSUs/PSUs count |
| Compliance status (as of 12/31/2020) | All executives in compliance |
| Hedging/short sales policy | Prohibits short sales and certain speculative transactions |
| Pledging | No pledge disclosure in cited sections |
Employment Terms
| Provision | Terms |
|---|---|
| Employment arrangement | At-will; initial Ryerson employment arrangement in Oct 2008 (senior staff accountant), with subsequent modifications over time |
| Involuntary termination (without cause) | Base salary for 52 weeks; 12 months medical/dental benefits at active rate; mutual release; non-compete during severance period (to extent permitted by law) |
| Potential Payments (Modeled at 12/31/2020) | Involuntary termination: $248,325 severance + $165 benefits continuation = $248,490 total |
| Death/Disability | $19,102 (severance per Ryerson Severance Plan) |
| Equity treatment on termination | Unvested RSUs/PSUs forfeited on termination; Committee retains discretion re: acceleration upon change in control under plan (not modeled in table) |
Compensation Structure Analysis
- Cash vs Equity Mix: For 2020, Kannan’s compensation design emphasized fixed pay relative to equity (Base 58.34%, Target Annual Bonus 29.17%, LTIP 12.50%), consistent with role level .
- AIP Metrics: Corporate Adj. EBITDA excl. LIFO and EVA; rigorous thresholds led to zero payout in 2020, with a one-time discretionary award applied for retention under pandemic conditions .
- Equity Awards: Shift towards PSUs (2/3 of LTIP) places greater weight on multi-year performance certification .
- Ownership Alignment: Compliance with ownership guidelines; prohibition of speculative trading strengthens alignment .
Performance & Track Record
| Metric | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|---|
| Revenues ($mm) | 4,501.6 | 3,466.6 | 5,675.3 | 6,323.6 | 5,108.7 | 4,598.7 |
| EBITDA ($mm) | 250.6* | 123.9* | 492.5* | 634.1* | 293.6* | 112.4* |
Values retrieved from S&P Global*.
Investment Implications
- Pay-for-performance alignment: AIP tied 50/50 to corporate Adj. EBITDA and EVA; zero payout in 2020 underscores rigor, while PSUs dominate LTIP to reinforce multi-year value creation .
- Retention risk: Severance economics are modest (12 months base + benefits; no automatic equity acceleration), which limits golden parachute risk but could elevate external pull risk; however, compliance with ownership guidelines and long-run PSUs enhances retention .
- Insider selling pressure: 2020 RSU vesting was modest for Kannan (2,475 shares; $13,167 realized), suggesting limited forced-selling dynamics from vesting cycles .
- Governance/controls: Prohibitions on speculative transactions and structured stock ownership guidelines support alignment; no pledging noted in cited materials .
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