Philippe Chevrier
Executive Vice President and Chief Operating Officer at SLGN
Executive
About Philippe Chevrier
Philippe Chevrier, age 49, is Executive Vice President and Chief Operating Officer (COO) of Silgan Holdings Inc. effective February 3, 2025, after leading Hexcel’s Americas and Global Fibers business and spending ~20 years at Honeywell, including senior leadership in Honeywell Aerospace Software, Services & Connectivity . Chevrier’s role places him in Silgan’s Executive Office with responsibility for operational excellence and strategic execution across global packaging businesses . Company performance context shows Adjusted EBITDA of $881.5 million in 2024 vs $870.7 million in 2023, and company TSR (value of $100) rose to $180.13 in 2024 from $154.21 in 2023 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Hexcel Corporation | President, Americas & Global Fibers | 2023–2025 | Led regional and fibers portfolio for a global composites leader; P&L and operational responsibility . |
| Honeywell International | Various management roles; President, Honeywell Aerospace Software, Services & Connectivity | 2003–2023 | Led large operating units and aerospace connectivity/software businesses; member of Honeywell Aerospace leadership team . |
| ABB Group | Management roles | Prior to 2003 | Industrial operations leadership exposure . |
| Sun Microsystems | Management roles | Prior to 2003 | Technology operations exposure . |
External Roles
No public company board directorships or external committee roles were disclosed for Chevrier .
Fixed Compensation
| Component | Detail | Amount | Notes |
|---|---|---|---|
| Base Salary | Initial annual salary | $675,000 | Increases to $715,000 upon relocation to Connecticut area . |
| Target Bonus | Percent of salary | 75% | Payable on same basis as CEO’s Senior Executive Performance Plan (SEPP) for 2025 . |
| Relocation Bonus | Lump sum | $100,000 | Plus standard officer relocation benefits . |
| Bonus Basis (2025) | Performance goal | Adjusted EBITDA | Target equals 2024 Adjusted EBITDA; pro-rata if below target . |
| Perquisites | General policy | Minimal | Company generally does not provide perquisites to executive officers . |
Performance Compensation
Annual Cash Bonus Structure (2025)
| Metric | Target | Payout at Target | Payout Basis | Weighting | Actual (2025) |
|---|---|---|---|---|---|
| Adjusted EBITDA | $881.5 million | 75% of salary | Linear formula vs prior-year Adj. EBITDA; pro-rata if below target | Not disclosed | Not disclosed . |
Notes:
- CEO’s SEPP framework for 2025 sets performance goal target equal to 2024 Adjusted EBITDA with formula X × 2025 Adj. EBITDA (X determined from max target bonus ÷ 2024 Adj. EBITDA); Chevrier’s program follows the same basis with a 75% target bonus .
Equity Awards (RSUs/PSUs)
| Award Type | Grant Date | Shares | Fair Value | Vesting | Notes |
|---|---|---|---|---|---|
| RSUs (new hire) | Approved Feb 2025; reported Mar 1, 2025 | 42,000 | Not disclosed in Form 4 | Not disclosed | Employment offer provided for grant of 42,000 RSUs; Form 4 filed for Mar 1, 2025 RSU award . |
| Company practice | — | — | — | RSUs generally vest ratably over five years for new hires and promotions | Equity plan design emphasizes RSUs vs options for alignment and retention . |
Additional equity program context:
- Silgan does not have outstanding options; equity compensation is delivered via RSUs (and performance-based RSUs), with dividend equivalent rights paid upon vesting .
Equity Ownership & Alignment
| Item | Chevrier Status | Company Policy/Context |
|---|---|---|
| Beneficial ownership (shares) | Not disclosed | Security ownership table lists execs/directors as of April 4, 2025; Chevrier not enumerated there . |
| Unvested RSUs | 42,000 granted (new hire) | As per employment offer; Form 4 filing dated Mar 1, 2025 confirms RSU award event . |
| Stock ownership guidelines | 3× base salary for non-CEO officers | 5-year transition period for new executives . |
| Anti-hedging/anti-pledging | Prohibited | No hedging, short sales, margin purchases, or pledging of company stock for directors and officers . |
| Trading windows | Restricted | Officers require approvals and must trade within windows; robust insider trading policy . |
| Clawback | Adopted Nov 1, 2023 | Must recover erroneously awarded incentive compensation after restatements; 3-year lookback starting Oct 2, 2023 . |
Employment Terms
| Term | Detail | Economics / Duration |
|---|---|---|
| Employment status | At-will | Officer Agreement; termination by either party with/without cause . |
| Severance (no cause) | Salary + target bonus | 1× annual base salary plus target bonus, paid in equal monthly installments over 12 months; conditioned on release . |
| Non-compete | Post-termination | 1 year; scope covers Company’s business segments; confidentiality obligations continue . |
| Non-solicit | Post-termination | 1 year; customer/employee non-solicitation . |
| Change-of-control (equity) | Double-trigger vesting | RSUs vest immediately if not assumed; if assumed and terminated without cause within 24 months post-CoC, awards vest . |
| Tax gross-ups | Not disclosed | No gross-ups disclosed in proxy . |
| Deferred compensation | Eligibility | Eligible for 401(k) and supplemental retirement plan benefits typical for officers . |
Company Performance Context (for pay-for-performance alignment)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Net Income ($USD thousands) | 325,965 | 276,377 |
| Adjusted EBITDA ($USD thousands) | 870,694 | 881,460 |
Company TSR (value of $100 investment)
| Period | 2023 | 2024 |
|---|---|---|
| Company TSR ($) | 154.21 | 180.13 |
Governance, Peer Benchmarking, and Shareholder Signals
- Compensation Committee membership and independence confirmed; Meridian Compensation Partners engaged in 2024 with no conflicts identified .
- Peer data reference set used for general competitiveness (not strict benchmarking): AptarGroup, Avery Dennison, Ball, Berry Global, Clearwater Paper, Crown, Graphic Packaging, Greif, O‑I Glass, Packaging Corp of America, Pactiv Evergreen, Sealed Air, Sonoco, Sylvamo .
- 2024 Say-on-Pay: approximately 98% approval of 2023 NEO compensation; no changes implemented as a result .
- Related party transaction review: no reportable related-party transactions requiring Audit Committee approval in 2024 .
Risk Indicators & Red Flags
- Hedging/pledging prohibited, reducing misalignment risk .
- Formal clawback policy in force per NYSE/SEC rules .
- No options outstanding and equity awards are RSU-based; limits risk of option repricing .
- Trading policy with window restrictions and approvals for officers .
- No disclosed legal proceedings or SEC investigations involving Chevrier .
Investment Implications
- Alignment: Chevrier’s cash bonus is directly tied to Adjusted EBITDA, consistent with CEO’s SEPP framework; initial RSU grant and 3× salary ownership guideline create long-term alignment, with anti-hedging/pledging strengthening governance signal .
- Retention risk: Severance protection of 1× salary + target bonus and multi-year RSU vesting cadence (company practice) support retention; non-compete/non-solicit terms add stability .
- Selling pressure: No Form 4 sales reported for Chevrier upon appointment; initial RSU award and anti-pledging policy reduce near-term selling pressure, though vesting events may create periodic supply over time .
- Change-of-control economics: Double-trigger treatment (assumption or termination without cause within 24 months) avoids single-trigger windfalls; RSU-heavy mix implies moderate acceleration exposure compared to option-heavy structures .
- Performance linkage: Company’s 2024 Adjusted EBITDA slightly rose vs 2023; SEPP’s use of Adjusted EBITDA supports pay-for-performance, while strong 2024 TSR adds to positive compensation optics amid lower 2024 net income (rationalization and acquisition costs elevated) .