Michael Maher
About Michael Maher
Michael Maher, age 51, is Chief Financial Officer and Treasurer of Savers Value Village, Inc., appointed May 13, 2024. He brings 25+ years of retail/consumer finance leadership, including Interim CFO of Nordstrom (Dec 2022–May 2023), SVP Chief Accounting Officer (Jan 2020–Jun 2023), and prior senior finance roles, plus earlier roles at Longs Drug Stores, 24 Hour Fitness, and Deloitte & Touche; he holds a B.A. in Business Economics from UCLA . During fiscal 2024, Savers reported Net Income of $29.0 million and Adjusted EBITDA of $296.2 million, while cumulative TSR (initial $100) reached $45 at year-end, framing the pay-for-performance context for Maher’s incentive outcomes (payout at 10% of target on Adjusted EBITDA) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nordstrom, Inc. | Interim Chief Financial Officer | Dec 2022–May 2023 | Guided the company through transformation; led finance, accounting, reporting, treasury, tax, IR |
| Nordstrom, Inc. | SVP, Chief Accounting Officer | Jan 2020–Jun 2023 | Oversaw accounting/reporting; senior finance leadership |
| Nordstrom, Inc. | SVP Finance; VP Finance (Nordstrom BU) | 2011–2020 | Senior finance roles supporting business development and FP&A |
| Longs Drug Stores | Vice President, Retail Division Controller | — | Division finance leadership |
| 24 Hour Fitness | Assistant Corporate Controller | — | Corporate accounting leadership |
| Deloitte & Touche LLP | Manager, Assurance & Advisory; CPA | — | Audit/advisory grounding in controls/reporting |
External Roles
No public-company directorships disclosed for Maher in the proxy .
Fixed Compensation
| Item | 2024 |
|---|---|
| Base Salary ($) | $525,000 |
| Target Bonus (% of Salary) | 75% |
| Actual AIP Bonus Paid ($) | $25,067 |
Performance Compensation
Annual Incentive Plan (AIP) – Fiscal 2024
| Metric | Weighting | Target | Actual | Payout | Notes |
|---|---|---|---|---|---|
| Adjusted EBITDA | 100% | $345,410,637 | $298,154,397 (86% of target) | 10% of target | Threshold 86%→10%; Target 100%→100%; Max 120%→200% |
| Executive | Target (% Salary) | Target ($) | Actual Earned ($) | Actual as % of Target |
|---|---|---|---|---|
| Michael Maher | 75% | $250,666 | $25,067 | 10% |
Long-Term Equity – Fiscal 2024 Grants
| Award Type | Grant Date | Shares/Options (#) | Exercise Price ($) | Grant-Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|---|---|
| Stock Options | 6/5/2024 | 45,523 | 13.78 | $299,997 | Equal installments on 1st, 2nd, 3rd anniversaries (time-based) |
| RSUs | 6/5/2024 | 21,770 | — | $299,991 | Equal installments on 1st, 2nd, 3rd anniversaries |
Equity Ownership & Alignment
| Component | Detail |
|---|---|
| Beneficial Ownership (as of 3/31/2025) | — shares; less than 1% of class |
| Unvested RSUs (#) and Market Value ($) | 21,770 RSUs; $224,449 market value at $10.31 close on 12/27/2024 |
| Options – Unexercisable (#) | 45,523 unexercisable as of 12/27/2024 |
| Hedging/Pledging | Prohibited for executives and directors |
| Stock Ownership Guidelines | 2x base salary for executives; compliance by 5th anniversary of adoption or appointment; includes owned and unvested RSUs; excludes options/performance awards |
| Rule 10b5-1 Plans | Company strongly encourages use with cooling-off; entered only in open windows |
Employment Terms
- Agreement Term & Pay Elements: Executive agreements provide base salary, AIP eligibility (Maher 75% target), and standard benefits .
- Severance (Involuntary Termination Without Cause or Good Reason): Cash benefits estimated at $808,439 for Maher, comprising $561,000 base, $247,439 AIP target, $26,000 COBRA, $10,000 outplacement; pro-rated equity vesting as applicable .
- Change-of-Control: Post-IPO awards follow “double-trigger” vesting; Maher’s estimated accelerated value on CIC was $224,449 (RSUs/options per plan terms) .
- Non-Compete/Restrictive Covenants: Up to 18-month non-compete (12 months for CEO); confidentiality, non-disparagement, non-solicit covenants apply .
- 280G “Better-of” Provision: Applies to NEOs other than CEO; no tax gross-ups .
- Clawback: Three-year lookback for incentive recoupment upon material restatement .
2024 Compensation Mix (Disclosed Values)
| Component | Amount ($) |
|---|---|
| Salary | $312,981 |
| Stock Awards (RSUs) | $299,991 |
| Option Awards | $299,997 |
| AIP (Non-Equity Incentive) | $25,067 |
| All Other Compensation | $100 |
| Total | $938,136 |
Compensation Structure Analysis
- Year-over-year context: Maher joined in 2024; 2024 pay comprises balanced equity (RSUs/options) with modest AIP payout due to 86% of Adjusted EBITDA target (10% payout) .
- Equity design: Transition to public-company annual LTI; 50% options and 50% RSUs, with front-end 1/3-1/3-1/3 vesting for Maher to support retention and alignment .
- Governance safeguards: No hedging/pledging; clawback; ownership guidelines; encouraged Rule 10b5-1 use .
Performance & Track Record
- Company performance under Maher’s tenure (2024): Net Income $29.0 million; Adjusted EBITDA $296.2 million .
- Market context: Cumulative TSR since listing shows initial $100 investment valued at $45 at FY2024 end (and $76 at FY2023 end) .
- Prior impact: At Nordstrom, Maher held interim CFO and CAO roles across transformation periods; broad finance expertise spanning FP&A, accounting, treasury, tax, and IR .
Equity Ownership & Alignment Details
| Category | Vested | Unvested | Notes |
|---|---|---|---|
| RSUs (Maher) | 0 | 21,770; $224,449 MV at 12/27/2024 close ($10.31) | |
| Options (Maher) | 0 | 45,523 unexercisable at YE; $13.78 strike | |
| Ownership Guidelines | — | Must reach 2x salary within 5 years of guideline adoption/role appointment | |
| Pledging/Hedging | — | Prohibited |
Employment & Contracts Summary
| Term | Provision |
|---|---|
| Severance (Maher) | $808,439 cash incl. salary continuation, AIP target portion, COBRA, outplacement; plus applicable equity treatment |
| Change-of-Control | Double-trigger vesting under Omnibus Plan; estimated accelerated value $224,449 |
| Non-Compete | Up to 18 months post-termination for NEOs (12 months for CEO) |
| Clawback | Three-year recovery on material restatement |
| 280G/4999 | “Better-of” cut to avoid excise tax; no gross-ups (non-CEO) |
Investment Implications
- Pay-for-performance alignment: AIP solely on Adjusted EBITDA with tight payout curve; 2024 payout at 10% due to 86% of target, indicating discipline and limited discretionary bonuses .
- Near-term vesting cadence: 1/3-1/3-1/3 vesting for 2024 RSUs/options may create periodic settlement windows; hedging/pledging prohibitions and encouraged 10b5-1 plans mitigate trading-risk optics .
- Ownership alignment: Maher had no beneficial shares as of 3/31/2025 and is subject to 2x salary ownership guidelines with a five-year compliance runway, suggesting accumulating equity over time is expected .
- Retention risk moderated: Clear severance, non-compete, and double-trigger protections provide continuity, while balanced equity mix supports retention; absence of tax gross-ups is shareholder-friendly .
- Corporate control context: Ares controlled-company status and board consent rights may influence compensation structures and governance; investors should monitor evolution as control levels change .