Sanjeev Bahl
Latham GroupAbout Sanjeev Bahl
Chief Operating Officer of Latham Group, Inc. (SWIM); appointed effective January 2022. Age 54 as of March 21, 2025. Background in global operations, supply chain, and procurement: VP Global Operations at Newell Brands (2019–2021), VP Global Procurement & Supply Chain at Danaher (2015–2019); early-career consulting engineer at SPECS; prior roles across United Technologies, Stanley, and Black & Decker. Education: B.S. in Electrical Engineering (Delhi College of Engineering) and MBA (York University, Canada) . Company performance context during his tenure: net sales declined from $566.5M in 2023 to $508.5M in 2024, while Adjusted EBITDA decreased from $88.0M to $80.2M; Adjusted EBITDA margin expanded slightly from 15.5% to 15.8% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Newell Brands | Vice President, Global Operations | 2019–2021 | Led multi-site global manufacturing, distribution, transportation, procurement, customer service, inventory management, complexity reduction, supplier quality |
| Danaher | Vice President, Global Procurement & Supply Chain | 2015–2019 | Drove global procurement and supply chain excellence across diversified industrial operations |
| SPECS | Consulting Engineer | Not disclosed | Designed electrical systems for chemical processing plants |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed | — | — | No public company or non-profit board roles disclosed for Mr. Bahl |
Fixed Compensation
- Named Executive Officer (NEO) status: Mr. Bahl is an executive officer but was not included among NEOs in the 2023 and 2024 Summary Compensation Tables; therefore individual base salary, target bonus, and equity grant values for Mr. Bahl were not disclosed .
- Offer Letter structure (applies to named and specified executive officers, including COO): at‑will employment; continuation of existing base salary and target bonus initially; eligibility for annual equity and cash incentives and broad-based benefits; execution of Confidentiality, Non‑Competition, Non‑Solicitation, and binding arbitration agreements .
Performance Compensation
- Annual Cash Bonus Plan (2024 onward): metrics changed from solely Adjusted EBITDA to an equally weighted mix of Revenue and Adjusted EBITDA Margin; payout range 0–200% with a 20% threshold (2025 framework) .
- Annual Equity Program: introduction of PSUs in 2024 with Adjusted EBITDA as the performance metric; 2025 weighting revised to RSUs 60% and target PSUs 40%; PSUs have 0–200% payout opportunity with cliff vest at three‑year anniversary; RSUs vest pro‑rata annually over four years .
| Metric | 2024 Program | 2025 Program | Vesting |
|---|---|---|---|
| Annual Cash Bonus – Revenue | 50% weighting (added) | 50% weighting; 0–200% payout; 20% threshold | Paid in following year (company plan standard) |
| Annual Cash Bonus – Adj. EBITDA Margin | 50% weighting (added) | 50% weighting; 0–200% payout; 20% threshold | Paid in following year (company plan standard) |
| RSUs | 70% of grant value in 2024 (company-wide) | 60% of grant value | Pro‑rata annual over 4 years |
| PSUs (Adj. EBITDA) | 30% of grant value in 2024; earned based on FY performance; vest on 3rd anniversary | 40% of grant value; 0–200% payout opportunity | Cliff vest on 3rd anniversary |
| SARs (granted in 2023) | Not granted in 2024; legacy SARs exist | Legacy SARs continue vesting | 25% annually on each March 1, starting 2023 |
Clawbacks: Equity awards may be canceled and value forfeited/repayable for detrimental activity, restatements, or violations of restrictive covenants under the 2021 Omnibus Equity Plan .
Equity Ownership & Alignment
- Stock Ownership Guidelines: CEO 300% of salary; other executive officers 100%; controller 50%; directors 300% of annual cash retainer. Executives must retain 50% of net shares from vesting until compliant; unvested RSUs and earned (but unvested) PSUs count toward compliance .
- Hedging and pledging policy: hedging, margin purchases, pledging, short sales, options/warrants/derivative speculation prohibited; blackout periods and Rule 10b5‑1 compliance required under Securities Trading Policy and Corporate Governance Guidelines .
- Equity grant timing policy: annual grants occur on first trading day after blackout following year‑end results release; not timed around MNPI .
- Insider selling pressure indicators: a Form 4 for Mr. Bahl was filed late reporting vesting and sale of SARs, indicating potential mechanical sales upon vesting (monitor vesting calendars for flow) .
Employment Terms
| Provision | Standard Terms (Officer Severance Plan) | Change‑in‑Control (within 12 months) | Notes |
|---|---|---|---|
| Employment | At‑will (Offer Letter) | — | Confidentiality, Non‑Compete, Non‑Solicitation, Arbitration agreements |
| Severance Cash | CEO: 1.5x base salary; Others: 1.0x base salary, paid over 18 months/12 months | Same multiples, paid in lump sum | Subject to release; ceases if “Detrimental Activity” |
| Benefits | COBRA premiums for participant & dependents during severance period | Same | Committee may allow continued equity vesting during severance period |
| Equity Acceleration | For terminations generally: unvested forfeited unless Committee decides otherwise | Full acceleration; performance awards vest at target | Death/Disability: pro‑rated vesting; options/SARs expire no later of option/SAR period or 1 year post‑termination |
Performance & Track Record
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Net Sales ($USD Millions) | $566.5 | $508.5 |
| Adjusted EBITDA ($USD Millions) | $88.0 | $80.2 |
| Adjusted EBITDA Margin (%) | 15.5% | 15.8% |
| Gross Margin (%) | 27.0% | 30.2% (press release) |
- 2024 operational highlights: gross margin expanded 320 bps to 30.2%, driven by lean manufacturing, value engineering, improved procurement, and modest deflation; performance-based compensation increased alongside higher sales/marketing investments .
- Management uses Adjusted EBITDA and margin as key metrics for incentive plans and performance evaluation .
Compensation Structure Analysis
- Shift toward performance-based pay: 2024 plan moved annual bonus to Revenue and Adj. EBITDA Margin, and introduced PSUs with Adj. EBITDA metric; 2025 increased PSU weighting to 40% of annual equity value .
- Equity timing discipline: grant policy reduces opportunistic timing around MNPI .
- Clawback rigor: broad forfeiture/repayment triggers under Omnibus Plan for misconduct or restatements .
Risk Indicators & Red Flags
- Hedging/pledging: prohibited by policy (alignment-positive) .
- Severance/change-of-control: single trigger severance; double-trigger acceleration and lump sum payout (monitor for deal-driven retention risk) .
- Section 16 compliance: one late Form 4 for Mr. Bahl (SAR vest/sale) noted in 2024 filings (administrative risk indicator; suggests sales may cluster around vest dates) .
Investment Implications
- Alignment: Executive pay now tied to revenue growth and EBITDA margin; PSUs based on Adjusted EBITDA with cliff vesting, plus strict anti‑hedging/pledging and stock ownership guidelines—generally supportive of shareholder alignment .
- Retention risk: Standardized severance (1x base for non‑CEO) and potential continued vesting during severance period, with full acceleration under double‑trigger CIC, mitigate attrition risk but could create event‑driven turnover incentives—watch for M&A signals .
- Trading signals: Equity grant timing policy and blackout protocols reduce opportunistic trading; observe SAR/RSU/PSU vest calendars since Bahl reported SAR vest/sale activity—potential predictable supply around anniversaries .
- Execution track record: Despite market down ~15% in 2024, company expanded gross margin by 320 bps via operational efficiencies and procurement—areas under COO remit—though net sales and Adjusted EBITDA declined YoY; incentive metrics tied to these levers should motivate continued operational gains .