Nikki Vaughan Maczko
Latham GroupAbout Nikki Vaughan Maczko
Nikki Vaughan Maczko is Chief Human Resources Officer (CHRO) at Latham Group (SWIM), appointed in May 2024. She brings 25 years of HR leadership across industrials and technology, including chief people officer and senior HR roles spanning North America, Europe, and Australia, and holds an MBA from the University at Albany . During 2024, Latham delivered net sales of $508.5 million, Adjusted EBITDA of $80.2 million, net loss of $17.9 million, and expanded gross margin by over 300 bps amid industry softness, reflecting execution on lean manufacturing and value engineering initiatives .
| 2024 Company Performance | Value |
|---|---|
| Net Sales ($mm) | $508.5 |
| Adjusted EBITDA ($mm) | $80.2 |
| Adjusted EBITDA Margin (%) | 15.8% |
| Gross Margin Expansion (bps) | >300 |
| Net Income (Loss) ($mm) | $(17.9) |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sedron Technologies, LLC | Chief People Officer | Apr 2023–May 2024 | Focused on scalability and organizational development for specialized water and waste cleaning machinery |
| Aggreko Ltd (Rental Solutions) | SVP of People | Feb 2017–Apr 2022 | Led HR practices for ~2,700 employees across North America, Europe, and Australia |
| Hewlett-Packard Enterprise (NYSE: HPQ) | VP of Human Resources, Enterprise Services | Jan 2011–Jan 2017 | Human capital leadership in enterprise IT services |
| Hewitt Associates (acquired by Aon) | Various roles, most recently Global HR Leader | Jun 1999–Dec 2010 | Progressive HR leadership at a compensation consulting firm |
External Roles
No public company directorships or external board roles disclosed in the 2025 Proxy biography for Ms. Maczko .
Fixed Compensation
Program design for executives (named executive officers; generally consistent with other executive officers) emphasizes a mix of base salary, annual cash bonus, and equity, evolving toward performance-based equity since IPO .
| Element | Program Details |
|---|---|
| Base Salary | Fixed cash compensation based on experience, responsibilities, performance, internal equity, and succession planning |
| Annual Cash Bonus | Target 60%–100% of base salary; two metrics with equal weighting: Net Sales (50%) and Adjusted EBITDA Margin (50%); payout capped at 0–200% of target |
| Annual Equity Awards | Mix of RSUs (70% of grant value) and PSUs (30%); RSUs vest pro rata annually over 4 years (3 years for new-hire grants); PSUs earned on Adjusted EBITDA with a 1-year performance period and 3-year cliff vest; typical grant value range 150%–250% of base salary |
| Governance | Independent Compensation Committee; independent consultant (Pearl Meyer); equity plan features include 1-year minimum vesting, no evergreen, no liberal share recycling; incentive payout cap 200% |
Performance Compensation
Company incentive program (2024) details. The proxy discloses metrics, weights, targets, and payout scale for named executive officers; other executive officers’ program is generally consistent .
| Metric | Weight | Threshold | Target | Maximum | Actual (2024) | Payout | Vesting |
|---|---|---|---|---|---|---|---|
| Net Sales ($mm) | 50% | 410.1 | 512.7 | 563.9 | 508.5 | 88.0% of target | N/A (cash bonus metric) |
| Adjusted EBITDA Margin (%) | 50% | 10.0% | 12.7% | 14.2% | 15.8% | 200% of target | N/A (cash bonus metric) |
| PSUs (Adj. EBITDA) | N/A | 20% payout threshold | 100% at target | 200% cap | Adjusted EBITDA of $80.2mm | Earned 182.3% of target | 3-year cliff vest; earned shares remain unvested until 2027 |
Notes:
- Annual cash bonuses paid out at 144.0% of target for named executive officers in aggregate (equal weighting of components) .
- PSUs first implemented in 2024 replacing SARs; RSUs retained to support retention and downside protection .
Equity Ownership & Alignment
| Policy | Requirement / Practice |
|---|---|
| Stock Ownership Guidelines | CEO: 300% of base salary; other executive officers: 100%; Controller: 50%; directors: 300% of annual cash retainer |
| Retention Until Compliance | Must retain 50% of net shares from vesting until guideline met; compliance computed annually using 60-trading-day average price; Compensation Committee enforces and may approve exceptions |
| Hedging/Pledging | Prohibited; no derivatives |
| Clawbacks | Dodd-Frank compliant clawback policy and separate policy for calculation errors applied to executive officers |
| Shares Outstanding (beneficial ownership basis) | 115,776,595 shares of Common Stock outstanding as of record date for beneficial ownership calculations |
No individual beneficial ownership amounts for Ms. Maczko are disclosed in the proxy’s beneficial ownership table (table lists named executive officers and directors; CHRO not individually enumerated) .
Employment Terms
| Provision | Terms (Officer Severance Plan; adopted July 2023) |
|---|---|
| Severance Multiple | 1.0x base salary for non-CEO participants; CEO 1.5x; paid ratably over severance period (12 months or 18 months for CEO) |
| COBRA Continuation | Company pays full cost of continuation coverage premiums under COBRA for participant and eligible dependents during severance period (subject to early termination triggers) |
| Equity During Severance | Compensation Committee may, in its discretion, allow continued vesting of equity awards during severance period |
| Change-in-Control (CIC) | If termination without cause or resignation for good reason within 12 months post-CIC: severance above paid in a lump sum; full acceleration of vesting of all outstanding equity awards; performance-based awards vest at target |
| Single vs Double Trigger | No single-trigger vesting of equity awards upon CIC per governance policy |
| Plan Term | Severance Plan expires Dec 31, 2025 unless extended; obligations for terminations before expiry continue thereafter |
| Restrictive Covenants | Offer letters for named executive officers require restrictive covenants relevant to the business (non-compete/non-solicit details not specified in proxy) |
Note: The proxy states the named executive officer program is generally consistent with other executive officers; individual offer letter terms for Ms. Maczko are not separately disclosed .
Investment Implications
- Pay-for-performance alignment: Incentives tied to Net Sales and Adjusted EBITDA Margin with a 200% cap, plus PSUs earned on Adjusted EBITDA and 3-year cliff vesting, indicate strong linkage of executive rewards to profitability and operational execution, supporting retention when performance is strong .
- Retention and selling pressure: RSUs vest over 4 years (3 years for new hires), and PSUs earned for 2024 remain unvested until 2027, reducing near-term selling pressure; stock ownership guidelines mandate retention of 50% of net shares until compliance, and hedging/pledging is banned—collectively mitigating misalignment and forced selling risk .
- CIC economics and governance: Double-trigger CIC with full acceleration at target for performance awards, no tax gross-ups, and clawbacks reinforce shareholder-friendly practices; independent committee administration and consultant oversight further reduce governance risk and pay inflation .
- Execution track record: 2024 results show outperformance vs industry, enhanced margins, and cost reduction focus, aligning HR leadership with operational initiatives; however, the company reported a net loss, signaling continued profitability execution risk in a soft demand environment .
Data gaps: The proxy does not disclose Ms. Maczko’s individual compensation amounts, grant specifics, or personal ownership; Form 4 retrieval was attempted but could not be accessed in this session (insider-trades API unauthorized). Analysis therefore relies on disclosed program design and governance policies applicable to executive officers .