Alberto Uggetti
About Alberto Uggetti
Executive Vice President and Chief Commercial Officer of UL Solutions since July 2023; age 53. His background spans global commercial leadership roles across Environment & Sustainability, Global Environment, Global Furniture, and Lighting/Appliances/HVAC, with executive education certificates from MIT Sloan, AMA, Yale SOM (UL Executive Leadership Program), and Northwestern University School of Continuing Studies . UL Solutions’ 2024 performance context: revenue grew 7.2% to $2.9B, operating income rose 26% to $462M, net income increased 25% to $345M, diluted EPS reached $1.62, and cash from operations was $524M . Pay-versus-performance data shows 2024 cumulative TSR value of $143.88 for a $100 initial investment and AOI at $502M .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| UL Solutions | EVP & Chief Commercial Officer | Since Jul 2023 | Company-wide commercial leadership |
| UL Solutions | SVP Global & Strategic Accounts | 2020–2023 | Global enterprise account management and growth |
| UL Solutions | VP & GM, Environment & Sustainability (Global) | 2019–2020 | Led global environment and sustainability offerings |
| UL Solutions | VP & GM, Global Environment | 2015–2019 | Managed global environment segment |
| UL Solutions | VP & GM, Global Furniture | 2013–2015 | Led global furniture certification/services |
| UL Solutions | VP & GM, Lighting/Appliances/HVAC (Global) | 2011–2013 | Led global lighting, appliances, HVAC industry |
External Roles
No external directorships or outside board roles disclosed for Mr. Uggetti in the 2025 proxy biography section .
Fixed Compensation
| Program Component | Design |
|---|---|
| Base Salary | Fixed annual compensation set by the HCC Committee with market benchmarking; reviewed annually . |
| Broad-Based Benefits | Health/welfare, life/disability insurance, defined contribution plan, paid leave; market-based perquisites (e.g., executive physical; U.S. execs receive $18,000 annual cash allowance for planning/tax prep) without tax gross-ups except for expatriate assignments . |
Performance Compensation
| Metric/Vehicle | Weighting | Target/Structure | Actual/Payout | Vesting/Settlement |
|---|---|---|---|---|
| AEIP 2024 – Company AOI | Program-level metric | Target $498M; Threshold $473M (50%); Max $588M (200%) | Actual $502M; 104.6% payout | AEIP paid in cash; employment-on-payment required; pro-rata exceptions for death/disability/retirement . |
| AEIP 2024 – TIC AOI (segments) | Program-level metric | Target $462M; Threshold $433M (50%); Max $565M (200%) | Actual $489M; 125.7% payout; combined 115.2% for TIC-weighted execs | AEIP as above . |
| AEIP 2024 – S&A AOI (segment) | Program-level metric | Target $36M; Threshold $31M (50%); Max $56M (200%) | Actual $18M; 0% payout; combined 52.3% for S&A-weighted execs | AEIP as above . |
| AEIP 2025 – Short-term metrics | 75% adj. EBITDA; 25% revenue | Shift from AOI to adj. EBITDA & revenue; segment leaders have 50% payout tied to segment targets | Not yet disclosed | Cash awards under AEIP . |
| 2024 LTIP – PSUs | 67% of LTI at grant | 50% 3-yr cumulative organic revenue; 50% 3-yr cumulative operating income; 0–200% earnout; dividend equivalents accrue | Earned based on 2024–2026 performance (not yet certified) | 3-year cliff; settled in Class A shares; exceptions for death/disability/retirement . |
| 2024 LTIP – RSUs | 33% of LTI at grant | Time-vested; dividend equivalents accrue | N/A | Vest 1/3 annually on grant anniversaries over 3 years; settled in Class A shares . |
| IPO Growth Grant – NSOs (one-time) | Special grant at IPO | Target grant date value equal to 2024 annual LTI | N/A | Vest on 3rd anniversary; 10-year term; exceptions for death/disability . |
Equity Ownership & Alignment
- Executive stock ownership guidelines: CEO 6x base salary; CFO and President TIC 3x; each other executive officer 2x base salary .
- Counting rules: time-vested RSUs and restricted stock count; PSUs/options/SARs and other performance-based awards don’t count until performance achieved; 50% post-vesting retention until guideline met; compliance status reported for NEOs as of Dec 31, 2024 .
- Hedging/pledging prohibited; no repricing of underwater options/SARs without shareholder approval; no tax gross-ups (including 4999 excise) .
- Clawback policy: mandatory recovery after material restatement; discretionary recovery for inaccurate metrics, risk policy violations, material harm, or fraud; 3-year lookback for incentive compensation, including SAR/CSAR gains .
| Equity Plan Capacity (Dec 31, 2024) | Value |
|---|---|
| Securities to be issued upon exercise/vesting (options/SARs/RSUs/PSUs/ESPP) | 5,812,834 |
| Weighted-average exercise price (options/SARs) | $25.58 |
| Securities remaining available for future issuance | 19,012,673 |
| Aggregate max shares under Pre-IPO + 2024 LTIP | 20,000,000; 14,069,435 remaining |
| Aggregate max under 2024 ESPP | 5,000,000; 4,943,238 remaining |
Employment Terms
| Provision | Terms |
|---|---|
| Executive Severance Plan eligibility | Key leadership participants (includes all NEOs) participate; Acceptance Agreements executed . |
| Tiers | Tier 1: CEO; Tier 2: other NEOs (plan has Tier 1/Tier 2 schedules) . |
| Involuntary termination (outside Protection Period) | Tier 1: 1.75x base salary + target AEIP, paid over 21 months; Tier 2: 1.0x base salary + target AEIP, paid over 12 months; pro-rata AEIP if employed ≥6 months; continued health coverage for Severance Period; executive outplacement . |
| Change in control Protection Period (24 months post-CIC) | Tier 1: 2.0x base salary + target AEIP; Tier 2: 1.25x base salary + target AEIP; pro-rata AEIP; continued health coverage (21 months Tier 1; 12 months Tier 2); outplacement; benefits require waiver of claims; subject to non-compete/non-solicit and restrictions . |
| CIC treatment of equity | PSUs convert to RSUs at target if CIC within first 12 months; convert at actual performance if CIC after 12 months; RSUs continue to vest on original schedule (subject to assumption and continued employment) . |
| Pre-IPO LTIP treatment | Committee discretion to substitute/cash out awards upon corporate transaction; general requirement to remain employed through vest (exceptions for death/disability/retirement); unvested SAR/CSAR forfeited on termination (exceptions apply) . |
| 280G excise handling | Cutback to avoid parachute payments if after-tax amounts higher with reduction; no excise tax gross-ups . |
| Non-compete / Non-solicit | Required under the severance plan for benefit eligibility . |
Performance & Track Record
| Metric | 2024 |
|---|---|
| Cumulative TSR (value of $100 from IPO to 12/31/24) | $143.88 |
| GAAP Net Income ($M) | $326 |
| AOI ($M) | $502 |
| Revenue growth YoY | 7.2% to $2.9B |
| Operating income ($M) and margin | $462; margin 16.1% (+240 bps YoY) |
| Net income growth YoY | +25% to $345M; margin 12.0% (+170 bps YoY) |
| Diluted EPS | $1.62 |
| Cash from operations | $524M |
Compensation Structure Analysis
- Strong pay-for-performance alignment: AEIP shifted to adjusted EBITDA (75%) and revenue (25%) for 2025, improving linkage to profitability and growth; PSU metrics split between 3-year cumulative organic revenue and operating income .
- Equity mix emphasizes retention and long-term value: PSUs with 3-year cliff-vesting and RSUs vesting over 3 years; one-time IPO NSOs vesting at 3 years created stock-price alignment post-IPO .
- Governance guardrails reduce red flags: robust clawback, prohibition on hedging/pledging, no repricing, and no tax gross-ups support shareholder-friendly design .
Equity Ownership & Trading Signals (insider dynamics)
- Stock ownership policy requires 2x base salary for executive officers outside CEO/CFO/President TIC; 50% post-vesting retention until guideline met; performance-based awards don’t count until earned .
- Hedging and pledging of company stock are prohibited, limiting misalignment risk .
- Note: Individual Form 4 trading data for Mr. Uggetti was not available via our insider-trades tool due to access limitations; no proxy disclosures list his personal beneficial ownership. Company-wide equity plan and policy disclosures provided above .
Investment Implications
- Compensation levers point to execution focus in commercial roles: short-term incentives now tied to adjusted EBITDA and revenue should reinforce disciplined growth and operating rigor—areas squarely within a CCO’s remit .
- Retention risk appears mitigated by multi-year vesting (PSUs 3-year cliff; RSUs 3-year ratable; IPO NSOs 3-year) and severance/change-in-control protections with restrictive covenants, supporting continuity through cycles and strategic shifts .
- Alignment safeguards (ownership guidelines, clawback, hedging/pledging bans) reduce governance risk and potential selling pressure from leveraged positions; however, absence of individual compensation and ownership disclosure for Mr. Uggetti (not an NEO) limits precision in pay-for-performance benchmarking versus peers .