Raymond Ho
About Raymond Ho
Raymond Ho (a.k.a. Sui Man Ho) is Interim Chief Financial Officer, principal financial officer and principal accounting officer of Universal Electronics Inc. (UEIC) since September 12, 2025; he previously served as Senior Vice President, Finance (May 2025), SVP Finance – Global Operations (September 2022), and SVP/CFO – Asia (May 2018) after joining UEI in April 2011 as CFO – Asia . He is 53, a Certified Public Accountant (Hong Kong), a fellow of ACCA, and an associate of CIMA; he holds a BBA (Accountancy, minor in Computer Science) and an Executive MBA from the Chinese University of Hong Kong . For context on the operating backdrop during his UEI tenure, company net sales declined from $614.7M (2020) to $394.9M (2024), with five-year cumulative TSR falling to $21 per initial $100 invested by year‑end 2024; UEI’s Y/E 2024 stock price was $11.00 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| UEI | Interim CFO, PFO, PAO | Sep 12, 2025–present | Leads finance during executive transitions; assumed certifications and investor communications . |
| UEI | SVP, Finance | May 2025–Sep 2025 | Oversaw corporate finance before appointment to interim CFO . |
| UEI | SVP, Finance – Global Operations | Sep 2022–May 2025 | Directed finance across global operations . |
| UEI | SVP/CFO – Asia | May 2018–Sep 2022 | Regional finance leadership for Asia . |
| UEI | CFO – Asia | Apr 2011–May 2018 | Established and scaled regional finance function . |
| Yau Lee Holdings (HKEX: 406) | Chief Financial Officer | Jun 2008–Mar 2011 | Public company CFO experience (construction sector) . |
| Trane (American Standard Companies) | Regional Financial Controller | Jan 2006–May 2008 | Operational finance leadership in HVAC . |
| American Standard Companies | Regional Audit Director; Regional Senior Audit Manager | Jan 2005–Dec 2005; Nov 2002–Dec 2004 | Internal audit leadership across APAC . |
| Arthur Andersen & Co. | Staff Accountant | Sep 1994–Jun 2002 | Foundational audit/accounting experience . |
| PricewaterhouseCoopers | Senior Manager | Jul 2002–Nov 2002 | Public accounting leadership . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed in filings reviewed | — | — | No public company directorships or external board roles disclosed for Ho; biography lists operating roles only . |
Fixed Compensation
| Item | Amount | Effective Date | Notes |
|---|---|---|---|
| Base Salary | $341,250 | Sep 12, 2025 | 5% increase upon Interim CFO appointment . |
| Target Bonus | $25,000 | Sep 12, 2025 | Subject to achievement of performance objectives; specific metrics not disclosed . |
| Indemnification Agreement | Form expected | Sep 2025 | Company expects to enter into its form of indemnification agreement with Ho . |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual/Payout | Vesting/Terms |
|---|---|---|---|---|---|
| Annual Bonus (2025 partial year) | Performance objectives (not disclosed) | Not disclosed | $25,000 | Not disclosed | Cash; contingent on meeting objectives . |
| RSUs (May 23, 2023 grant) | Service (time‑based) | N/A | 5,250 RSUs | Remaining unvested: 1,750 RSUs at Sep 24, 2025 | 3‑year ratable annual vesting beginning May 23, 2024 . |
| RSUs (Jun 17, 2024 grant) | Service (time‑based) | N/A | 5,400 RSUs | Remaining unvested: 3,600 RSUs at Sep 24, 2025 | 3‑year ratable annual vesting beginning Jun 17, 2025 . |
| RSUs (May 13, 2025 grant) | Service (time‑based) | N/A | 6,500 RSUs | Unvested: 6,500 RSUs | 3‑year ratable annual vesting beginning May 13, 2026 . |
| PSU eligibility (plan terms) | Share‑price/market‑condition PSUs (company plan) | Not disclosed | Not disclosed | Not disclosed for Ho | Company PSU agreements exist; vesting subject to service and market conditions; exhibits included in Q3’25 10‑Q . |
RSU/PSU tax and administration: UEI’s standard RSU/PSU agreements provide for dividend equivalents paid in cash upon vesting, tax withholding via share sale/withholding, and non‑transferability pre‑vesting .
Equity Ownership & Alignment
Ownership Snapshot (as of Sep 24, 2025):
| Metric | Value |
|---|---|
| Common Shares Owned (Direct) | 14,713 |
| Unvested RSUs (5/23/2023 grant) | 1,750 |
| Unvested RSUs (6/17/2024 grant) | 3,600 |
| Unvested RSUs (5/13/2025 grant) | 6,500 |
| Total Shares Outstanding (reference) | 13,366,106 (Nov 4, 2025) |
| Ownership % of Shares Outstanding | ~0.11% (14,713 / 13,366,106; based on disclosed figures) |
Alignment Policies:
- Executive stock ownership guideline: 1x base salary for executives; 4x for CEO; 5-year window to meet; time‑based RSUs count, options and unvested PSUs do not .
- Anti‑pledging: Executives prohibited from pledging UEI stock or holding in margin accounts; hedging permitted only within policy windows .
- Clawback: SEC/NASDAQ‑compliant three‑year recoupment policy for excess incentive compensation following restatements; legacy misconduct clawback also in place .
Employment Terms
| Term | Details |
|---|---|
| Appointment & Role | Appointed Interim CFO, PFO, PAO on Sep 12, 2025; serves as certifying officer on 10‑Q and 8‑K . |
| Indemnification | Company expects to enter into standard form indemnification agreement with Ho . |
| Severance & Change‑in‑Control (company practice) | Company maintains severance policy for executive officers; SCAs exist for certain executives (not disclosed for Ho); change‑in‑control definitions and scenarios presented in proxy . |
| Equity Acceleration (plan terms) | Upon termination without cause or constructive termination (e.g., change in control), unvested stock options and RSUs accelerate; PSUs remain outstanding and eligible to vest per award terms . |
| RSU/PSU Administration | Dividend equivalents accrue; tax withholding often via share sale or share withholding; RSUs/PSUs non‑transferable pre‑vesting . |
| Insider Trading & Governance | Insider Trading Policy in place; UEI prohibits pledging; hedging subject to windows; robust governance and committee oversight . |
Company Performance Context (for pay‑for‑performance alignment)
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Net Sales ($USD Millions) | $614.7 | $601.6 | $542.8 | $420.5 | $394.9 |
| Net Income (Loss) ($USD Millions) | $38.6 | $5.3 | $0.4 | $(98.2) | $(24.0) |
| Gross Margin % | 28.7% | 28.8% | 28.1% | 23.2% | 28.9% |
| Operating Margin % | 6.1% | 3.9% | 2.7% | (20.3)% | (3.9)% |
| Cash Flow from Operations ($USD Millions) | $73.4 | $40.3 | $10.9 | $25.2 | $14.8 |
| Closing Y/E Stock Price ($USD) | $52.46 | $40.75 | $20.81 | $9.39 | $11.00 |
| 5‑Year Cumulative TSR (Value of $100) | $100 baseline | $100 | $78 | $40 | $18 |
Management Transition Risk:
- UEI disclosed heightened risk tied to recent CEO/CFO departures and board changes; Interim CEO (Carnifax) and Interim CFO (Ho) currently in place; uncertainty may affect operations and talent retention .
Investment Implications
- Retention risk vs. alignment: As Interim CFO with modest direct holdings (~0.11%) and meaningful unvested RSUs, Ho’s alignment is driven more by continued service and vesting than by large ownership; upcoming annual vesting dates (May 23, June 17 each year; beginning May 13, 2026 for the 2025 grant) create potential near‑term selling pressure from tax‑withholding share sales under UEI’s RSU policy .
- Governance risk: Management transition disclosures suggest execution and recruiting risks; monitoring continuity in finance leadership and eventual permanent CFO appointment is key to de‑risking UEI’s narrative .
- Pay‑for‑performance context: Companywide incentives emphasize Adjusted non‑GAAP EPS for NEOs, equity with service/market conditions, and robust clawback—supporting alignment; Ho’s 2025 bonus metrics were not disclosed, warranting attention to future filings for visibility into CFO scorecard .
- No pledging; ownership guidelines: Anti‑pledging reduces misalignment risk, while executive ownership guidelines (1x salary within five years) encourage incremental ownership—which, given current holdings and base, implies potential additional accumulation over time .