Eric Elema
Executive Vice President, Chief Financial Officer and Assistant Secretary at 
SiteOne Landscape Supply
SiteOne Landscape SupplyExecutive
About Eric Elema
Eric Elema, age 57, was appointed to succeed John Guthrie as Executive Vice President, Chief Financial Officer and Assistant Secretary of SiteOne, effective January 1, 2026. He joined SiteOne in 2016 as Vice President, Finance and Corporate Controller and has led accounting, finance, shared services and treasury; prior roles include VP/Business Unit Controller at McKesson Technology Solutions and Region Controller at Skanska USA Building, among other finance positions over 35 years. Elema holds a BA in Finance from Michigan State University and is a Certified Public Accountant; the 8‑K notes no related‑party interests and that compensation decisions for his CFO role would be disclosed later by amendment . Company performance context: FY2024 net sales were $4.54B (+6% YoY), gross profit $1.56B (+5% YoY), and Adjusted EBITDA $378.2M (−8% YoY); SiteOne also presents a five-year TSR graph to frame long‑term value creation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SiteOne Landscape Supply | VP, Finance & Corporate Controller | 2016–present | Led accounting, finance, shared services, and treasury; built finance team and processes supporting growth |
| McKesson Technology Solutions | VP & Business Unit Controller | 11+ years (dates not disclosed) | Financial leadership roles of increasing responsibility; supported large-scale operations |
| Skanska USA Building | Region Controller | Years not disclosed | Regional financial oversight and controls |
| Various companies | Finance/Controller roles | 35 years of experience | Broad finance leadership and control functions |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed in company filings reviewed | — | — | — |
Fixed Compensation
| Component | Detail |
|---|---|
| Base Salary | Compensation decisions for Elema’s CFO role had not yet been made at announcement; material changes will be reported by amendment to the 8‑K |
| Target Bonus % | Not yet disclosed for Elema; see Company’s executive program design below |
| Actual Bonus Paid | Not applicable yet (pre‑appointment); see program results context for FY2024 |
Performance Compensation
Executive incentives at SiteOne (applies to senior leaders including CFO) are structured with a short‑term annual cash incentive (STI) and long‑term equity (RSUs/PSUs). FY2024 STI metrics and results:
| Metric | Weighting | Threshold | Target | Stretch/Max | Actual | Payout Component | Notes |
|---|---|---|---|---|---|---|---|
| Adjusted EBITDA | 70% | $429M | $480M | $536M / $620M | $376.6M | 0% of target | Goals were increased mid‑year for pre‑June acquisitions; actual below threshold |
| Customer Performance (NPS, Retention, Per‑Customer Value, equally weighted) | 5% | NPS 78; Retention 1.25; Per‑Customer 1.25 | NPS 83; Retention 1.75; Per‑Customer 1.75 | NPS 88; Retention 2.25; Per‑Customer 2.25 | NPS 85.2; Retention 1.20; Per‑Customer 1.12 | 41% of target for this component | Combined payout given mixed performance (NPS above target; others below threshold) |
| Organic Daily Sales Growth | 5% | 0% | 5% | 7% (max) | −1% | 0% of target | Defined as Organic Sales per business day; below threshold |
| Individual Strategic Goals | 20% | — | — | — | Achieved variably by NEO | NEO‑specific | Company disclosed targeted areas and assessments (e.g., safety, FP&A, strategy) |
Long‑term equity design and vesting:
- RSUs: 50% of LTIP in FY2024; vest annually in four equal installments beginning one year from grant .
- PSUs: 50% of LTIP in FY2024; 3‑year performance based on relative EBTA growth (with ROIC modifier), capped at 200%; for FY2025 grants, PSU metrics changed to 70% relative EBTA and 30% absolute ROIC (ROIC becomes independently weighted, enhancing asset efficiency accountability) .
- Change‑in‑control (CIC) equity: awards assumed/rolled over will fully vest on “without cause”/“good reason” termination within one year post‑CIC; if not assumed, all awards vest and are cancelled for CIC consideration; PSUs convert to RSUs (at target if CIC occurs before year two; based on performance‑to‑date in year three) and vest per rules or immediately upon qualifying termination .
Equity Ownership & Alignment
| Policy/Item | Detail |
|---|---|
| Stock Ownership Guidelines | CEO: 6x base salary; Covered Executives (includes those reporting directly to the CEO, such as CFO): 2x base salary; must retain 50% of shares from awards until compliant; only directly held shares count |
| Anti‑hedging/pledging | Hedging, pledging, and derivatives are prohibited; insider trading policy enforced; none of the directors or executive officers have pledged SiteOne stock |
| Beneficial Ownership | Not disclosed for Elema at time of 8‑K; Form 3/4 expected around CFO effective date |
| Options/RSUs/PSUs Vesting | Options typically vest in four annual tranches; RSUs vest in four annual tranches; PSUs vest on 3‑year performance cycle |
Employment Terms
| Topic | Key Terms |
|---|---|
| Separation Agreements | In Nov 2023, the Company entered separation benefit agreements with NEOs and other senior executives (covers senior leaders beyond NEOs) |
| Severance (no CIC) | 18 months of base salary (paid monthly beginning ~60 days post‑termination); prorated actual annual bonus; 18 months COBRA at active rates reimbursed monthly; subject to release and covenant compliance |
| Severance (with CIC, double‑trigger) | Lump sum equal to 2x (base salary + target annual bonus) paid ~40 days post‑termination; prorated actual annual bonus; benefit continuation; subject to release |
| Equity Treatment (CIC) | Awards assumed: full vesting on qualifying termination within one year post‑CIC; not assumed: immediate vesting for CIC consideration; PSUs convert to RSUs per timing rules |
| Clawback | Broad discretionary clawback for fraud/misconduct/illegal activity (including time‑based equity), plus mandatory restatement clawback per NYSE/SEC; corporate guidelines also allow three‑year lookback clawback for restatements and misconduct |
| Taxes/Perquisites | No excise tax gross‑ups on CIC; company avoids excessive perquisites; anti‑hedging/anti‑pledging enforced |
Company Performance Context (for pay‑for‑performance alignment)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues (USD) | $4,014,500,000 | $4,301,200,000 | $4,540,600,000 |
| EBITDA (USD) | $434,700,000* | $379,900,000* | $342,800,000* |
Values marked with an asterisk were retrieved from S&P Global.
Investment Implications
- Compensation alignment: As CFO, Elema’s incentives will likely follow SiteOne’s rigorously performance‑weighted design (70% EBITDA, customer/sales/strategic components in STI; PSUs tied to relative EBTA and absolute ROIC), which reduces windfalls and heightens capital efficiency accountability .
- Retention and insider selling pressure: Strong ownership guidelines and anti‑hedging/pledging policy limit short‑term share monetization and discourage misalignment; double‑trigger CIC benefits and defined severance terms support retention while avoiding single‑trigger windfalls .
- Governance/controls: Broad clawback and prohibition of hedging/pledging mitigate misconduct and risk‑taking; no excise tax gross‑ups lowers shareholder‑unfriendly costs .
- Monitoring signals: Watch for Form 3/4 filings around Jan 1, 2026 to assess Elema’s initial beneficial ownership, future sell patterns, and any 10b5‑1 plans; track PSU grant structures (EBTA/ROIC) and STI goal calibration versus macro/commodity price trends for pay‑for‑performance consistency .
Key appointment details: Elema becomes CFO on Jan 1, 2026; age 57; BA in Finance (Michigan State), CPA; compensation decisions to be disclosed by 8‑K amendment; no related‑party transactions per Item 404(a) .