Matt Reintjes
YETI HoldingsAbout Matt Reintjes
Matthew J. Reintjes is President & CEO of YETI (since 2015) and a director (since 2016), age 49, with an MBA from UVA Darden and a BA in Economics from the University of Notre Dame . Under his leadership, FY2024 adjusted net sales rose 9% to $1,838.7M, adjusted operating income rose 18% to $309.4M, and free cash flow was $219.6M; 2019–2024 TSR turned a $100 initial investment into $112 . In FY2024, YETI delivered adjusted EPS of $2.73 (up 21%) and expanded adjusted gross margin by 170 bps to 58.6% .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| YETI Holdings, Inc. | President & CEO | 2015–present | Selected for “perspective and experience as our President and CEO” with “extensive experience in corporate strategy, brand leadership, new product development, [and] operations leadership” . |
| Vista Outdoor Inc. | VP, Outdoor Products | Feb–Sep 2015 | Outdoor products leadership experience cited among qualifications . |
| Alliant Techsystems Inc. (ATK) | VP, Accessories | 2013–2015 | Corporate strategy and operations leadership experience . |
| Bushnell Holdings Inc. | Chief Operating Officer | May–Nov 2013 | Operations leadership in outdoor/recreation products . |
| Hi‑Tech Industrial Services, Inc. | Chief Operating Officer | Jan–May 2013 | Operations leadership experience . |
| Danaher Corporation | President, KaVo Equipment Group – North America; President – Imaging; prior GM/Sales/Product roles | 2004–2013 | Broad general management and product leadership experience . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| YETI Holdings, Inc. | Director (Class I) | Director since 2016 | Not independent (management director). No committee roles. Current term ended 2025; nominated for re‑election to 2028 term . |
No other public company board service is disclosed for Mr. Reintjes in the 2025 Proxy .
Fixed Compensation
| Component | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| Base Salary ($) | 1,017,308 | 1,025,000 | 1,025,000 |
| STIP Target (% of salary) | 150% | 150% | 150% |
| STIP Payout ($) | 0 (below threshold) | 1,357,613 | 1,666,650 |
Notes:
- In 2022, STIP paid 0% due to performance below threshold despite record adjusted net sales .
- 2024 STIP paid 108.4% of target based on company performance .
Performance Compensation
Annual Incentive (STIP) – FY2024 design and outcome
| Metric | Weight | Threshold | Target | Maximum | FY2024 Actual | Payout |
|---|---|---|---|---|---|---|
| Adjusted Net Sales | 40% | 90% of target | 100% | 110% | $1,838.7M | 108.4% blended STIP |
| Adjusted Operating Income | 60% | 85% of target | 100% | 115% | $309.4M | 108.4% blended STIP |
- Committee widened AOI performance range to 85–115% in 2024 (from ±10%) to keep targets rigorous .
- FY2024 STIP payout certified at 108.4% of target; CEO received $1,666,650 .
Long‑Term Incentives (LTI) – design, targets, and 2024 grants
- Vehicle mix (CEO): 75% PBRSUs (3‑year cumulative free cash flow with Relative TSR modifier vs Russell 2000), 25% time‑based RSUs; RSUs vest 1/3 after 1 year, then 1/6 semi‑annually (3‑year schedule) .
- Relative TSR modifier: ≤25th percentile = 80%; 25–75th = 100%; ≥75th = 120%; cap 200% of target .
- CEO target LTI opportunity increased to 480% of salary in 2024 (from 400% in 2023) to strengthen pay‑for‑performance alignment .
| Grant (2/16/2024) | Target Value ($) | PBRSUs (# at target) | RSUs (#) |
|---|---|---|---|
| CEO 2024 annual awards | 4,920,005 | 94,325 | 31,442 |
Payout of prior performance cycle:
- 2022–2024 PBRS performance cycle paid at 126% of target (FCF + TSR modifier) .
CEO total compensation (reported)
| Year | Salary ($) | Stock Awards ($) | STIP ($) | Other ($) | Total ($) |
|---|---|---|---|---|---|
| 2022 | 1,017,308 | 4,313,664 | 0 | 8,082 | 5,339,054 |
| 2023 | 1,025,000 | 7,680,891 | 1,357,613 | 13,400 | 10,076,904 |
| 2024 | 1,025,000 | 5,117,144 | 1,666,650 | 13,850 | 7,822,644 |
Equity Ownership & Alignment
- Beneficial ownership (3/3/2025): 174,616 shares; rights to acquire 500,750 shares within 60 days via options (overall <1% of outstanding; 82,785,530 shares outstanding) .
- Outstanding equity awards at FY2024 year‑end (CEO):
- Time‑based RSUs unvested: 2,833 (2022), 40,111 (2023), 31,442 (2024) with total year‑end market value $2.927M .
- PBRSUs (target) unvested: 102,006 (2022 cycle), 320,896 (2023 cycle incl. one‑time award with extra 1‑year post‑vest hold), 188,650 (2024 cycle); total year‑end market value $24.06M .
- Stock options: 321,691 @ $18.00 (exp. 10/24/2028) and 179,059 @ $22.84 (exp. 2/15/2029); all CEO options fully vested as of 12/28/2024 .
- Ownership guidelines: CEO must hold 6x base salary; until met, must retain 50% of net shares from option exercises/award vestings. All current NEOs except Messrs. Duff and McMullen are in compliance (implying CEO is compliant) .
- Hedging/pledging: Prohibited for directors and officers (including margining or pledging YETI stock) .
Vesting cadence & potential supply overhang:
- 2024 RSU grant vesting: 1/3 after 1 year from 2/16/2024 grant, then 1/6 every six months thereafter; PBRSUs cliff‑vest after 3‑year performance plus applicable holding period (for 2023 one‑time award) .
Employment Terms
- Amended & Restated Employment Agreement effective Oct 25, 2018; initial 3‑year term with automatic 1‑year renewals. Target annual incentive at least 100% of base salary (actual can be above/below based on performance). Non‑compete/non‑solicit: 12 months if terminated during CIC protection period; 18 months otherwise .
- Severance (CEO):
- Without cause/for good reason outside CIC period: 1.5× (base + target bonus), pro‑rata bonus based on actuals, and up to 18 months COBRA reimbursement .
- Within CIC protection period (double trigger): 2.0× (base + target bonus) as lump sum (portion may be paid over 18 months if 409A requires), pro‑rata target bonus, and up to 18 months COBRA reimbursement; equity vests at target on double trigger .
- 280G “net‑better” cutback (reduce only if after‑tax better than paying excise tax) .
- Illustrative payout values as of 12/27/2024 (share price $39.35):
- CIC + qualifying termination: total $21,650,221 (includes $5,125,000 cash severance; $1,537,500 bonus; $14,959,375 equity; $28,346 benefits) .
- Involuntary termination outside CIC: total $5,409,596 (includes $3,843,750 cash severance; $1,537,500 bonus; $28,346 benefits) .
Performance & Track Record
| Metric | FY2024 | Direction | Commentary |
|---|---|---|---|
| Adjusted Net Sales ($M) | 1,838.7 | +9% YoY | Driven by both DTC and wholesale; international +31% . |
| Adjusted Operating Income ($M) | 309.4 | +18% YoY | AOI margin 16.8% (+120 bps) . |
| Adjusted EPS ($) | 2.73 | +21% YoY | 2025 guide: adjusted EPS $2.90–$2.95 (FX -$0.10) . |
| Free Cash Flow ($M) | 219.6 | Solid | Third straight strong FCF year; 2025 FCF guide ≈$200M . |
| TSR (Value of $100 since 2019) | $112 | Flat-to-up | Versus peer index $51 over same period . |
Strategic actions under CEO:
- Expanded repurchase authorization by $350M; $200M ASRs completed in 2024 (~5.1M shares) .
- Acquired Mystery Ranch; added powered cooler IP ($32.5M) .
- Addressed legacy recall reserve (+$9.9M charge in Q4’24) and called out heightened U.S. competition and FX headwinds in 2025 outlook .
Board Governance
- Board leadership: Separate Chair (independent) and CEO roles; Robert K. Shearer is Chair .
- Independence: 7 of 8 directors independent (excluding CEO) as of the proxy .
- Meetings: Board met 7 times in 2024; each director attended >75% of Board/committee meetings; executive sessions of independent directors at each regular meeting .
- Committees/attendance: Audit (5), Compensation (7), Nominating & Governance (4); CEO is not on committees .
- Anti‑hedge/pledge and Insider Trading Policy in place; Clawback policy updated Aug 3, 2023 to align with NYSE/SEC .
Dual‑role implications:
- CEO also serves as director; however, independent Chair structure and regular executive sessions mitigate concentration of power and support independent oversight .
Director Compensation (as applicable to non‑employee directors)
- CEO is not a non‑employee director and does not receive director fees; non‑employee director retainers and equity are disclosed separately in the proxy .
Compensation Committee & Peer Benchmarking
- Independent consultant: FW Cook; no conflicts; advised on program design and peer group .
- Peer group changes for 2025 added Sonos, removed GoPro, Skechers, Vista Outdoor; YETI ranked ~28th percentile on revenue and 55th percentile on market cap vs peers (July 2024) .
- No formal benchmarking policy; peer data used as a reference point .
Say‑on‑Pay & Shareholder Feedback
- Say‑on‑pay support: 95.2% approval at 2024 Annual Meeting; annual say‑on‑pay cadence .
Risk Indicators & Red Flags
- Clawback (SEC/NYSE‑compliant), double‑trigger CIC vesting, no excise tax gross‑ups, anti‑hedging/pledging, and no option repricing without shareholder approval .
- Related‑party transactions: None over $120,000 since Dec 31, 2023 .
Compensation Structure Analysis
- Mix skews to at‑risk pay: 2024 CEO LTI target raised to 480% of salary; 75% of CEO LTI is performance‑based (PBRSUs) .
- Metric rigor: 2022 STIP paid 0% (below thresholds), while 2024 paid 108.4% against widened AOI range—indicates disciplined target setting and alignment to growth/profitability .
- Long‑term alignment: PBRSUs tied to 3‑year FCF and Relative TSR; 2022–2024 cycle paid 126% .
Investment Implications
- Pay‑for‑performance alignment is strong: high weight on multi‑year FCF and TSR, rising CEO LTI target, rigorous STIP targets (0% payout in 2022; 108% in 2024) .
- Retention risk appears contained: robust ownership guidelines, anti‑pledging, and significant unvested PBRSUs with multi‑year horizons (and post‑vest holding on one 2023 award) support continuity; double‑trigger CIC terms are shareholder‑friendly (net‑better 280G cutback, no gross‑ups) .
- Potential selling pressure: predictable semi‑annual RSU vesting cadence and fully vested in‑the‑money options could create periodic supply, though policy‑driven holding requirements may moderate near‑term sales .
- Execution track record: sustained FCF generation ($219.6M in 2024), margin expansion, and disciplined capital allocation (buybacks, targeted M&A) are constructive, with 2025 guidance acknowledging U.S. competition and FX headwinds .
Citations: .