Ryan O’Herrin
About Ryan O’Herrin
Ryan O’Herrin is Chief Financial Officer of Steel Partners Holdings L.P. (SPLP) since August 7, 2023, reporting to Executive Chairman Warren Lichtenstein . He is 46 years old (2025 proxy), with an MBA and BS in Computer Science from the University of Wisconsin–Madison, Harvard Business School’s AMP, and professional credentials as a CPA and CMA . Prior roles include Division Finance Director at Eastman Chemical (2022–2023), Division CFO at Genus PLC (2016–2022), and a 13-year tenure at Weir Group culminating as EVP Strategy & IT for Minerals North America . Company performance over his tenure shows year-over-year growth in revenue and EBITDA in 2024 vs 2023, and higher net income, contextually supportive for pay-for-performance assessments (see table below; values from S&P Global*) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Eastman Chemical Company | Division Finance Director | 2022–2023 | Led divisional finance; supported efficiency and capital allocation |
| Genus PLC | Division CFO | 2016–2022 | Drove divisional financial management and performance oversight |
| Weir Group | EVP Strategy & IT, Minerals North America; earlier roles in IT, finance, strategy | 13 years (dates not disclosed) | Built data/IT-enabled operating leverage; strategic execution across Minerals NA |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | No external public company boards or disclosed committee roles for O’Herrin |
Fixed Compensation
| Component | Terms | Start/Grant Date | Notes |
|---|---|---|---|
| Base Salary | $375,000 annually | Aug 7, 2023 | Subject to annual review by Compensation Committee |
| Sign-on Bonus | $10,000 lump sum | Aug 2023 | Paid first available pay cycle after start |
| Short-Term Incentive Plan (STIP) | Target 50% of base salary (not prorated for 2023) | Annual | Subject to Compensation Committee discretion under applicable Bonus Plan |
Performance Compensation
| Incentive | Metric | Weighting | Target | Actual/Payout | Vesting/Timing |
|---|---|---|---|---|---|
| STIP (Annual) | Company STIP metrics (not publicly detailed) | Not disclosed | 50% of base salary | Not disclosed | Annual cash; subject to Compensation Committee discretion |
| LTIP (2012–2024 framework) | “Total 3-Year Accumulated Net Income” (plan-defined) | Not disclosed | Award equal to 0.15% of the plan metric over 2022–2024; participation begins 2023–2025 period as well | Pays after audit at period end | Paid after performance period post audit (e.g., 2025 for 2022–2024 period) |
| LTIP (offer letter terms) | Long-Term Incentive Plan | Not disclosed | $450,000 target for 2022–2024 performance period, pro-rated to start date; plus LTIP 2023–2025 participation | Not disclosed | Cash payment after period and audit |
Notable plan features and design context:
- O’Herrin participates in LTIPs measured on multi-year net income, reinforcing alignment to profitability and capital discipline .
- SPLP does not grant stock options/SARs; equity usage is primarily restricted LP units for directors and certain executives, which suggests lower risk of option repricing and reduced “underwater option” dynamics .
Equity Ownership & Alignment
- LP Unit ownership guidelines: Executive officers participating in LTIP are expected to hold SPLP LP Units equal to 3x base salary, with a 5-year compliance window; until compliant, 100% of net after-tax units from awards must be retained .
- Hedging policy: Prohibits hedging/monetization transactions (e.g., collars, forwards) without prior approval; enhances alignment and reduces adverse trading signals .
- Beneficial ownership: No specific disclosure of O’Herrin’s SPLP LP Unit holdings in 2024–2025 proxies; no pledging disclosed .
- Outstanding options: SPLP indicates it does not grant options/SARs generally .
Employment Terms
- Appointment and role: Appointed CFO effective Aug 7, 2023; no related-party transactions under Item 404(a); reports to Executive Chairman .
- Nature of employment: At-will employment; no disclosed severance agreement in the offer letter .
- Change-of-control/acceleration: SPLP’s Second Amended & Restated 2018 Incentive Award Plan provides full vesting/accelerability of outstanding equity awards upon qualified termination without Cause or for Good Reason within 2 years post-Change in Control; applicable to equity award recipients generally (not CFO-specific grants disclosed) .
- Culture requirement: Completion of Steel Sports Foundations of Positive Coaching coursework as part of cultural alignment and team leadership expectations .
Company Performance Context (during O’Herrin’s tenure)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($USD) | $1,488.5M* | $1,573.6M* |
| EBITDA ($USD) | $221.8M* | $290.9M* |
| Net Income ($USD) | $154.0M | $271.2M |
*Values retrieved from S&P Global.
Risk Indicators & Red Flags
- Related party transactions: None involving O’Herrin as per 8-K Item 404(a) statement .
- Hedging/pledging: Hedging prohibited by policy; no pledging disclosure for O’Herrin .
- Equity option repricing: Not applicable given SPLP’s practice of not granting options/SARs .
- Governance structure: Internal Audit reports functionally and administratively to CFO and directly to Audit Committee—enhances control environment oversight under O’Herrin’s purview .
Investment Implications
- Pay-for-performance alignment: O’Herrin’s STIP (annual) and LTIP (multi-year net income) tie compensation to profitability outcomes, reinforcing cash generation and disciplined capital allocation .
- Selling pressure and vesting: LTIP payouts occur after multi-year periods and audit completion, reducing near-term equity sale pressure; absence of option grants minimizes “underwater” repricing risk .
- Ownership alignment: Executive ownership guidelines (3x salary for LTIP participants) and hedging restrictions strengthen alignment; lack of disclosed personal LP Unit holdings limits visibility into his current “skin-in-the-game” .
- Execution risk: CFO remit includes oversight of internal controls and audit liaison—positive for financial discipline; performance trends in 2024 (rev/EBITDA/net income up) provide a supportive backdrop for incentive realizations, but continued delivery on multi-year net income is critical for LTIP outcomes .
Overall: Compensation structure emphasizes cash incentives (annual STIP, multi-year LTIP) linked to profitability with governance features that limit adverse trading signals (no options, hedging prohibitions). Visibility to personal equity ownership is limited, but mandated ownership guidelines and retention rules partially mitigate alignment concerns .