CELANESE CORPORATION | ||
(Name of Registrant as Specified In Its Charter) | ||
(Name of Person(s) Filing Proxy Statement, if other than the Registrant) |
þ | No fee required | ||||
¨ | Fee paid previously with preliminary materials. | ||||
¨ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
Table of Contents |
Table of Contents | |||||
MESSAGE TO SHAREHOLDERS FROM OUR CHAIR/CEO AND OUR LEAD INDEPENDENT DIRECTOR | |||||
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS | |||||
VOTING INFORMATION | |||||
PROXY STATEMENT SUMMARY | |||||
Director Nominees | |||||
Director Nominee Highlights | |||||
Sustainability Highlights | |||||
Performance Highlights | |||||
Additional Information | |||||
Corporate Governance Highlights | |||||
PROXY STATEMENT | |||||
Information About Solicitation and Voting | |||||
GOVERNANCE | |||||
ITEM 1: ELECTION OF DIRECTORS | |||||
Director Nominees | |||||
Board and Committee Governance | |||||
Board Oversight | |||||
Shareholder Engagement | |||||
Additional Governance Matters | |||||
Director Compensation | |||||
Director Independence and Related Person Transactions | |||||
STOCK OWNERSHIP INFORMATION | |||||
Principal Shareholders and Beneficial Owners | |||||
Delinquent Section 16(a) Reports |
Securities Authorized for Issuance Under Equity Compensation Plans | |||||
AUDIT MATTERS | |||||
Audit Committee Report | |||||
ITEM 2: RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | |||||
EXECUTIVE COMPENSATION* | |||||
ITEM 3: ADVISORY APPROVAL OF EXECUTIVE COMPENSATION | |||||
Compensation Discussion and Analysis | |||||
Compensation Risk Assessment | |||||
Compensation and Management Development Committee Report | |||||
Compensation Tables | |||||
CEO Pay Ratio | |||||
Pay Versus Performance | |||||
MANAGEMENT PROPOSAL | |||||
ITEM 4: APPROVAL OF THE AMENDMENT TO OUR CERTIFICATE OF INCORPORATION TO PROVIDE FOR OFFICER EXCULPATION AND INDEMNIFICATION UNDER DELAWARE LAW | |||||
QUESTIONS AND ANSWERS | |||||
Annual Meeting Information | |||||
Proxy Materials and Voting Information | |||||
Company Documents, Communications and Shareholder Proposals | |||||
EXHIBIT A | |||||
Non-U.S. GAAP Financial Measures | |||||
Cautionary Note Regarding Forward-Looking Statements; Available Information This Proxy Statement includes estimates, projections, statements relating to our business plans, objectives, and expected operating results that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may appear throughout this Proxy Statement. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. We describe risks and uncertainties that could cause actual results and events to differ materially in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Forms 10-K and 10-Q. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise. References to our website in this Proxy Statement are provided as a convenience, and the information on our website is not, and shall not be deemed to be a part of this Proxy Statement or incorporated into any other filings we make with the SEC. The SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers, including Celanese Corporation, that electronically file with the SEC at http://www.sec.gov. |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / i |
A Message from Lori J. Ryerkerk, our Chair and CEO and William M. Brown, our Lead Independent Director |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 1 |
A Message from Lori J. Ryerkerk, our Chair and CEO and William M. Brown, our Lead Independent Director |
Lori J. Ryerkerk Chair, Chief Executive Officer and President | William M. Brown Lead Independent Director |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 2 |
Notice of Annual Meeting of Shareholders |
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS |
Date and Time: | May 13, 2024, 11:30 a.m. (Central Daylight Saving Time) | |||||||
Virtual Meeting Website: | Online at www.virtualshareholdermeeting.com/CE2024 | |||||||
Items of Business: | ● To elect William M. Brown, Edward G. Galante, Timothy Go, Kathryn M. Hill, David F. Hoffmeister, Dr. Jay V. Ihlenfeld, Deborah J. Kissire, Michael Koenig, Ganesh Moorthy, Kim K.W. Rucker and Lori J. Ryerkerk to serve until the 2025 Annual Meeting of Shareholders, and until their successors are elected and qualified or their earlier resignation; | |||||||
● To ratify the selection of KPMG LLP as our independent registered public accounting firm for 2024; | ||||||||
● To hold an advisory vote to approve executive compensation; | ||||||||
● To approve an amendment to the Company’s Second Amended and Restated Certificate of Incorporation to provide for officer exculpation and indemnification under Delaware law; and | ||||||||
● To transact such other business as may properly come before the meeting and any adjournments and postponements thereof in accordance with the provisions of the Company’s Seventh Amended and Restated By-laws (the “by-laws”). | ||||||||
Record Date: | You are entitled to attend the 2024 Annual Meeting virtually and to vote if you were a shareholder at the close of business on March 18, 2024. |
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON MAY 13, 2024 | ||||||||||||||
The Celanese Corporation 2024 Notice of Annual Meeting and Proxy Statement, 2023 Annual Report and other proxy materials are available at www.proxyvote.com. |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 3 |
Voting Information |
VOTE IN ADVANCE OF THE MEETING* | VOTE AT THE VIRTUAL MEETING | ||||||||||||||||||||||||||||
via the internet | by phone | by mail | by QR code | ||||||||||||||||||||||||||
: | ) | * | m | ||||||||||||||||||||||||||
Visit proxyvote.com to submit a proxy via computer or your mobile device | Call 1-800-690-6903 or the telephone number on your proxy card or voting instruction form | Sign, date and return your proxy card or voting instruction form | Scan this QR code to vote with your mobile device (may require downloading of free app) |
Electronic Shareholder Document Delivery | ||||||||||||||
Instead of receiving future copies of annual meeting proxy materials by mail, shareholders of record and most beneficial owners can elect to receive an e-mail that will provide electronic links to these documents. Opting to receive your proxy materials online will save us the cost of producing and mailing documents and will also give you an electronic link to the proxy voting site. | ||||||||||||||
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 4 |
Proxy Summary |
PROXY STATEMENT SUMMARY | We provide below highlights of certain information in this Proxy Statement. As this is only a summary, please refer to the complete Proxy Statement and 2023 Annual Report before you vote. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proxy Item No. 1 Election of 11 Director Nominees | ü The Board recommends a vote FOR all Director Nominees Our Board and the Nominating and Corporate Governance Committee believe that the eleven director nominees possess the necessary qualifications to provide effective oversight of the business and quality advice and counsel to the Company’s management. à See “Item 1: Election of Directors” and “Director Nominees” beginning on page 11 of this Proxy Statement for additional information. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Director Nominees | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table provides summary information about each director nominee. Each nominee is to be elected by a majority of the votes cast. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name and Qualifications | Age | Director Since | Primary Occupation / Other Public Company Boards | Independent | Committee Memberships | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
William M. Brown | 61 | 2015 | Former Exec. Chair and CEO – L3Harris Technologies, Inc. | ü | CMD; NCGt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
&Q:5Gq@6L | Becton, Dickinson and Company | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Edward G. Galante | 73 | 2013 | Former SVP – Exxon Mobil Corporation | ü | CMD£; EHS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
&Q.:ÐGq@6L | Clean Harbors Inc.; Marathon Petroleum Corp. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Timothy Go | 57 | 2024 | CEO and President – HF Sinclair Corporation | ü | EHS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
&Q.:Ðq@6L | HF Sinclair Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kathryn M. Hill | 67 | 2015 | Former SVP Dev. Strategy – Cisco Systems Inc. | ü | CMD; EHS£ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
&Q:5@6L | Moody’s Corporation; NetApp Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
David F. Hoffmeister | 69 | 2006 | Former SVP / CFO – Life Technologies Corp. | ü | AC; NCG | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
&Q.:Gq6L | Glaukos Corporation; ICU Medical Inc.; StepStone Group Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dr. Jay V. Ihlenfeld | 72 | 2012 | Former SVP, Asia Pacific – 3M Company | ü | CMD; EHS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Q.:5ÐG@6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deborah J. Kissire | 66 | 2020 | Former Vice Chair - Ernst & Young LLP | ü | AC£; EHS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
&Q:5Gq6L | Omnicom Group; Axalta Coatings System Ltd.; Cable One, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Michael Koenig | 60 | 2022 | CEO – Nobian Industrial Chemicals B.V. | ü | CMD; EHS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
&Q.:5ÐG@6L | Symrise AG | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ganesh Moorthy | 65 | 2023 | CEO – Microchip Technology Incorporated | ü | AC; NCG | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
&Q:5ÐGq@6L | Microchip Technology Incorporated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kim K.W. Rucker | 57 | 2018 | Former EVP and GC – Andeavor | ü | AC; NCG£ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
&Q:5ÐGq6L | Marathon Petroleum Corp.; HP Inc.; GE Vernova | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lori J. Ryerkerk | 61 | 2019 | Chair, CEO and President – Celanese Corporation | – | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
&Q.:ÐGq@6L | Eaton Corporation plc | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Qualifications: | Board Committees: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
& | Leadership | G | Govt/regulatory | AC | Audit Committee | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Q | Global experience | q | M&A and financial transactions | CMD | Compensation and Management Development Committee | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
. | Chemical industry | @ | Operational | EHS | Environmental, Health, Safety, Quality and Public Policy Committee | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
: | Innovation-focused | 6 | Strategic | NCG | Nominating and Corporate Governance Committee | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | Customer-focused | L | Risk oversight | £ | Committee Chair | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ð | Environmental / sustainability | t | Lead Independent Director | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 5 |
Proxy Summary |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 6 |
Proxy Summary |
Performance Highlights | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Performance in 2023 (see page 53 for more information on our controllable actions to drive performance) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ü | We reported 2023 net sales of $10,940 million, 13% higher than our previous record in 2022. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ü | Our overall earnings results in 2023 consisted of: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
t | GAAP diluted earnings per share of $18.00, and Adjusted EPS(1) of $8.92; and | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
t | Net earnings of $1,960 million and Operating EBITDA(1) of $2,444 million. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ü | We generated record operating cash flow of $1,899 million and record free cash flow(1) of $1,320 million, allowing us to exceed our 2023 deleveraging goals. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strengthening our Foundation for Earnings Growth and Long-Term Shareholder Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ü | We have worked to improve our global manufacturing footprint to enhance our competitiveness and drive future earnings – bringing our Clear Lake acetic acid expansion closer to commissioning and taking actions to optimize the footprint and cost base of our Engineered Materials business. | Net Sales ($Bn) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ü | In 2023 we demonstrated a focused commitment to stewardship of our operations through enhanced collaboration, communications and alignment across our organization, resulting in significantly improved year-over-year performance in environmental, process safety and people safety metrics. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ü | During 2023 and early 2024, we executed a transformational upgrade to our company-wide enterprise resource planning system and integrated the M&M business into it, to drive productivity and enable us to unlock additional synergy opportunities. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ü | Our free cash flow generation, together with cash proceeds from the formation of the Nutrinova joint venture, enabled us to meaningfully exceed our full-year 2023 net debt reduction objectives. | One, Three and Five Year Total Shareholder Return (TSR) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(as of year-end 2023) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Celanese | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dow Jones (US) Chemicals Index | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proxy Item No. 3 Advisory Approval of Executive Compensation | ü The Board recommends a vote FOR this proposal Our Board recommends that shareholders vote “FOR” the advisory approval of the compensation of our named executive officers (“NEOs” or “named executive officers”) for the 2023 performance year. à See “Item 3: Advisory Approval of Executive Compensation” and “Compensation Discussion and Analysis” beginning on page 53 of this Proxy Statement. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Information | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Please see “Questions and Answers” beginning on page 98 for important information about the proxy materials, voting, the Annual Meeting, Company documents, communications and the deadlines to submit shareholder proposals for the 2024 Annual Meeting. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Adjusted earnings per share, operating EBITDA and free cash flow are non-U.S. GAAP financial measures. See “Exhibit A” for information concerning these measures including a definition and a reconciliation to the most comparable U.S. GAAP financial measure. |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 7 |
Proxy Summary |
Corporate Governance Highlights | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Our Corporate Governance Policies Reflect Best Practices | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
We are committed to good corporate governance, which promotes the long-term interests of shareholders, strengthens Board and management accountability and helps to build public trust in the Company. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Independent Oversight | ● 10 of 11 director nominees are independent (all except for the CEO) ● Lead Independent Director with clearly defined and robust responsibilities ● Regular executive sessions of independent directors at Board meetings (chaired by the Lead Independent Director) and Committee meetings (chaired by independent Committee chairs) ● 100% independent Board Committees ● Active Board oversight of the Company’s strategy, risk management and sustainability efforts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Board Refreshment | ● Comprehensive, ongoing Board succession planning process ● Regular Board refreshment and mix of tenure of directors (eight of our nominees joined after the beginning of 2015, six since the beginning of 2018 and three since the beginning of 2022) ● Annual Board and Committee assessments including performance evaluation of individual directors ● Focus on diversity (3 of the Board’s 4 committees are chaired by women, who are also independent directors); 6 of 11 director nominees are women, or racially or ethnically diverse) ● Retirement age of 75 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholder Rights | ● Annual election of all directors ● Majority-vote and director resignation policy for directors in uncontested elections ● Proxy access right for shareholders (3% ownership threshold continuously for 3 years / 2 director nominees or 20% of the Board / 20 shareholder aggregation limit) ● Directors may be removed by shareholders with or without cause ● One class of outstanding shares with each share entitled to one vote ● No poison pill | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Good Governance Practices | ● Prohibition on hedging or pledging Company stock ● Comprehensive clawback policies ● Rigorous director and executive stock ownership requirements ● Active shareholder engagement program ● Global Code of Conduct applicable to directors and all employees with annual compliance certification ● Political activities disclosures on our website ● Longstanding commitment to corporate responsibility | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proxy Item No. 2 Ratify the appointment of KPMG LLP as our independent registered public accounting firm for fiscal year ending December 31, 2024 | ü The Board recommends a vote FOR this proposal The Audit Committee and the Board believe that the continued retention of KPMG LLP to serve as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024 is in the best interests of the Company and its shareholders. As a matter of good corporate governance, shareholders are being asked to ratify the Audit Committee’s selection of the independent registered public accounting firm for 2024. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proxy Item No. 4 Approve an amendment to our Certificate of Incorporation to provide for officer exculpation and indemnification under Delaware Law | ü The Board recommends a vote FOR this proposal The Board believes that providing protection from certain liabilities to certain officers, similar to the protection from certain liabilities that the Company currently provides to directors, is in the best interests of the Company and its shareholders. The Board believes that, without this amendment, officer candidates may be discouraged from joining or continuing to serve the Company. à See “Item 4: Approval of the Amendment to our Certificate of Incorporation to Provide for Officer Exculpation and Indemnification under Delaware Law” beginning on page 95 of this Proxy Statement for additional information. |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 8 |
Proxy Summary |
Sustainability Highlights | ||||||||||||||
Sustainable Solutions for a World in Transition | ||||||||||||||
Our vision: Improving the world and everyday life through our people, chemistry, and innovation. |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 9 |
Proxy Statement |
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON MAY 13, 2024 | ||||||||||||||
The Celanese Corporation 2024 Notice of Annual Meeting and Proxy Statement, 2023 Annual Report and other proxy materials are available at www.proxyvote.com. |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 10 |
Governance |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 11 |
Governance |
Board Composition and Refreshment | BOARD REFRESHMENT | ||||||||||||||||||||||
Since 2018, we have: | |||||||||||||||||||||||
The Board and the NCG Committee believe the Board should represent a collection of talented, highly-experienced, high-integrity, strategic leaders from a variety of backgrounds with diverse viewpoints, possessing skill sets and experience that bring value to Celanese’s long-term strategy. To that end, the Board and NCG Committee continuously strive to maintain, through thoughtful Board refreshment, an appropriate balance of skills, tenure, and diversity. The Board believes that new perspectives and new ideas are critical to a forward-looking and strategic board, as is the ability to benefit from the valuable experience and familiarity with the complexities of our business that longer-serving directors bring. The Board and the NCG Committee regularly evaluate the skills represented on the Board, to support a thoughtful, long-term approach towards optimizing Board composition. | |||||||||||||||||||||||
● | Six new directors, three of whom are women and three of whom are racially or ethnically diverse | ||||||||||||||||||||||
● | Completed a Board leadership transition, and elected a new Lead Independent Director | ||||||||||||||||||||||
● | Rotated all Board committee chairs | ||||||||||||||||||||||
● | Added increased industry, operational and M&A experience while increasing the diversity of the Board | ||||||||||||||||||||||
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 12 |
Governance |
Qualifications, Attributes, Skills and Experience | Characteristics | No. of Nominees | ||||||||||||||||||
& | Relevant senior leadership/C-Suite experience | Senior leadership experience allows directors to more effectively oversee strategic aspects of our global business | 10 | |||||||||||||||||
Q | Global business experience | Global perspectives on our Board help guide our business, with products manufactured in the Americas, Europe and Asia and operations in over 20 countries around the world | 11 | |||||||||||||||||
. | Extensive knowledge of the Company’s business and/or the chemical and materials industry | A deep understanding of the Company’s business and/or the chemical and materials industry allows a director to better understand the complex operational, commercial and market issues we face | 6 | |||||||||||||||||
: | Experience in innovation-focused businesses | Focus on innovation allows directors to better direct our efforts to expand our business though new products and applications | 11 | |||||||||||||||||
5 | Experience in customer-driven businesses | Experience in businesses involving a high level of customer interaction allows directors to more deeply understand the Company’s market-facing strategies | 7 | |||||||||||||||||
Ð | Environmental/sustainability experience | Experience with complex environmental regulation and sustainability-focused strategy enables directors to better oversee these areas of opportunity and risk | 7 | |||||||||||||||||
G | Government/regulatory/geopolitical exposure | Experience navigating complex governmental, regulatory and geopolitical issues gives directors insight into the regulatory obligations and geopolitical challenges that the company may encounter in various jurisdictions | 9 | |||||||||||||||||
q | M&A and financial transactions experience | A high level of familiarity with M&A, financial matters, capital structures and complex financial transactions allows directors to bring expertise to our capital allocation, M&A and deleveraging strategies in global financial markets | 8 | |||||||||||||||||
@ | Operational experience | Experience managing the manufacture of many types and kinds of products with high level specifications and in large quantities around the world allows directors to bring valuable perspectives to our business | 8 | |||||||||||||||||
6 | Strategy development experience | Experience with strategy development allows the Board to better evaluate management’s plans and guide the Company | 11 | |||||||||||||||||
L | Risk oversight/management experience | Risk oversight expertise allows directors to better assess risk and refine and oversee the Company’s policies and processes to manage risk | 10 |
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Governance |
Lori J. Ryerkerk | |||||||||||
Experience •Chief Executive Officer and President, Celanese (2019 – present); Chair (2020 – present) •Executive Vice President of Global Manufacturing of Shell Downstream Inc., the largest business of Royal Dutch Shell plc (now Shell plc), a global group of energy and petrochemical companies, where she led a team of 30,000 employees and contractors at refineries and chemical sites worldwide (2013 – 2018), Regional Vice President of Manufacturing in Europe and Africa responsible for the operation of five Shell Manufacturing facilities and five joint ventures (2010 – 2013) •Senior Vice President, Refining, Supply and Terminals at Hess Corporation, where she was responsible for refineries, terminals and a distribution network, and supply and trading (2008 – 2010) •Multiple operational and senior leadership roles in Refining and Chemicals Manufacturing, Power Generation, and various other groups including Supply, Economics and Planning, HSSE, and Public Affairs/Government Relations at ExxonMobil (1984 – 2008) •Former Independent Director at Axalta Coating Systems, a leading provider of liquid and powder coatings (2015 – 2019) Other Current Public Company Directorships •Independent Director at Eaton Corporation plc, a diversified power management company (2020 – present) Notable Affiliations •Board member, American Chemistry Council (2019 – present) •Board member, National Association of Manufacturers (2019 – present) Qualifications Provided to Our Board •Proven experience in P&L improvement, operational excellence and value creation in large, complex manufacturing organizations internationally and in the U.S., leading thousands of employees and multibillion dollar budgets at Shell, Hess and ExxonMobil •Leadership of multiple nine- and ten-figure acquisitions and divestitures to optimize manufacturing and operational portfolios •Significant experience in environmental and sustainability matters in the manufacturing and energy industries, including publication of Exxon’s first corporate-wide environmental, health and safety report, key involvement in the American Petroleum Institute’s establishment of guidelines for the calculation of greenhouse gas emissions, bringing keen insight to Celanese as we design, set and operationalize our sustainability targets and priorities •In multiple roles throughout her career, led multi-year improvements and safety and environmental metrics from individual manufacturing sites to large global businesses •Long history of effectively and influentially representing her companies and industries through trade associations and governmental committees in both the U.S. and abroad, including experience as the head of government relations and public affairs for the world’s largest energy company and broad experience in trade association leadership •External recognition includes being named as one of America’s Most Powerful Women in Business by Fortune, CEO of the Year by D (Dallas) Magazine (2020) and a member of the Department of Chemical and Biological Engineering Hall of Fame at Iowa State University (2021) Education •B.S. in chemical engineering, Iowa State University | |||||||||||
Director since: 2019 Age: 61 Current Board Committees: None | |||||||||||
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Governance |
William M. Brown | |||||||||||
Experience •Executive Chair of the Board (2021 – 2022) and Chair and Chief Executive Officer (2019 – 2021) of L3Harris Technologies, Inc., successor to Harris Corporation, a global aerospace and defense technology company; President and Chief Executive Officer (2011 – 2019) and Chair (2014 – 2019), Harris Corporation •Various roles at United Technologies Corporation (UTC) (1997 – 2011), including as Senior Vice President, Corporate Strategy and Development (2011), President of UTC’s Fire & Security Division (2006 – 2011), additional U.S. and international roles at various divisions including Carrier Corporation’s Asia Pacific Operations and the Carrier Transicold division •Senior Engagement Manager McKinsey & Company •Project Engineer, Air Products and Chemicals, Inc. Other Current Public Company Directorships •Independent Director at Becton, Dickinson and Company, a global medical technology company (2022 – present) Qualifications Provided to Our Board •Proven experience in the commercial, financial and cultural aspects of large M&A execution and integration, demonstrated through leading the $40 billion merger creating L3Harris, as well as M&A experience as SVP of Corporate Strategy and Development at United Technologies Corporation •Demonstrated leadership of complex global organizations, including his most recent executive role as Executive Chair and CEO of L3Harris, a global company with approximately $18 billion in revenue, 47,000 employees and customers in over 100 countries, following eight years as CEO of Harris Corporation •Insight into current cybersecurity issues globally through expertise in the defense industry as well as past service on the National Security Telecommunications Advisory Committee Education •B.S., M.S. in mechanical engineering, Villanova University •MBA, The Wharton School, University of Pennsylvania | |||||||||||
Director since: 2015 Age: 61 Current Board Committees: Compensation Nominating and Corporate Governance | |||||||||||
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Governance |
Edward G. Galante | |||||||||||
Experience •Senior Vice President and member of the management committee of Exxon Mobil Corporation, an international oil and gas company (2001 – 2006), Executive Vice President of ExxonMobil Chemical Company (1999 – 2001) and various management positions of increasing responsibility over more than 30 years with the company •Former Independent Director at Foster Wheeler AG, global engineering conglomerate (2007 – 2014) •Former Independent Director at Linde PLC, global industrial gas corporation, and its predecessor company, Praxair (2007 – 2023) Other Current Public Company Directorships •Independent Director at Clean Harbors, Inc., a leading provider of environmental and industrial services (2007 – present) •Independent Director at Marathon Petroleum Corporation, a leading, integrated, downstream energy company (2018 – present), previously Independent Director at Andeavor Corporation, a highly integrated marketing, logistics and refining company acquired by Marathon (2016 – 2018) Notable Affiliations •LSU Foundation •Board of United Way Foundation of Metropolitan Dallas •Board of Trustees of Northeastern University •Director, Artis-Naples Qualifications Provided to Our Board •Decades-long operational and commercial experience in the petroleum and chemical manufacturing industry, including as EVP of one of the largest chemical companies in the world (Exxon Mobil Chemical), giving the Board and executive leadership valuable long-term insight into industry and commercial prospects, and capital deployment optimization •Brings to the Board and the EHSQPP Committee significant experience in environmental, health and safety (EHS) issues, gained from leading Exxon Mobil’s EHS activities, chairmanship of the EHS Committee of Clean Harbors, membership on Marathon Petroleum’s Sustainability Committee and membership on the Environmental, Health, Safety and Security committee at Andeavor •Chair leadership and member service on large-company compensation committees gives our CMDC a valuable cross-industry perspective into best practices in driving value-creating behavior of leadership teams in large organizations Education •B.S. in civil engineering, Northeastern University | |||||||||||
Director since: 2013 Age: 73 Current Board Committees: Compensation Environmental, Health, Safety, Quality & Public Policy | |||||||||||
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Governance |
Timothy Go | |||||||||||
Experience •President and Chief Executive Officer (May 2023 – present) of HF Sinclair Corporation, a leading independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and other specialty products; President and Chief Operating Officer (Nov. 2021 – May 2023) and Executive Vice President, Chief Operating Officer (June 2020 – Nov. 2021) •Chief Executive Officer of the general partner of Calumet Specialty Products Partners, an independent producer of specialty hydrocarbon products, (Jan. 2016 – June 2020) •Various operational leadership roles (2008 – 2015) at Koch Industries, Inc. and Flint Hills Resources, LP, a wholly-owned subsidiary of Koch Industries focusing on specialty chemicals, including most recently as Vice President, Operations of Flint Hills Resources (July 2012 – Sept. 2015) •Various roles of increasing responsibility in downstream operations at ExxonMobil Corporation (1989 – 2008) Other Current Public Company Directorships •HF Sinclair Corporation (2023 – present) Notable Affiliations •University of Texas Engineering Advisory Board •Ronald McDonald House of Dallas Board Qualifications Provided to Our Board •Current and prior service as CEO of multibillion energy product and specialty chemical manufacturers with thousands of employees and multiple large facilities, bringing operational and business insights to our own strategic and operational manufacturing initiatives •Deep leadership and technical experience in large and complex manufacturing operations – including demonstrated success in renewable energy production, plant safety and reliability – which gives him keen insights into our long-term strategy and daily operations •Experience acquiring and integrating multiple large businesses and manufacturing into existing companies – including HollyFrontier’s transformational multibillion dollar acquisition of assets of Sinclair Oil and formation of HF Sinclair Corporation – which helps him guide our M&A integration strategy Education •B.S. in Chemical Engineering, University of Texas at Austin | |||||||||||
Director since: 2024 Age: 57 Current Board Committees: Environmental, Health, Safety, Quality & Public Policy | |||||||||||
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Governance |
Kathryn M. Hill | |||||||||||
Experience •Numerous executive-level positions at Cisco Systems, Inc., a worldwide technology leader powering the internet, including Executive Advisor (2011 – 2013); Senior Vice President, Development Strategy and Operations (2009 – 2011); Senior Vice President, Access Networking and Services Group (2008 – 2009); Senior Vice President, Ethernet Systems and Wireless Technology Group (2005 – 2008); and other roles of increasing responsibility •Various engineering positions of increasing responsibility at Hughes Network Systems, a satellite internet provider (1982 – 1993) Other Current Public Company Directorships •Independent Director at Moody’s Corporation, a global integrated risk assessment company (2011 – present) •Independent Director at NetApp, Inc., an intelligent data infrastructure company (2013 – present) Qualifications Provided to Our Board •Valuable insight into long-term commercialization strategies, through experience developing and successfully commercializing large complex enterprise products and services in multiple Senior Vice President roles at Cisco Systems •Practical knowledge and experience in enhancing our manufacturing and commercial effectiveness through digital strategies, gained from leadership experience at large technology companies, including service on Cisco’s development council •Long tenure at large technology companies and board membership at high-profile and complex technology-driven companies enables her to advise the Board and management very effectively on governance and information security matters while chairing the EHSQPP Committee Education •B.S. in Mathematics, Rochester Institute of Technology | |||||||||||
Director since: 2015 Age: 67 Current Board Committees: Compensation Environmental, Health, Safety, Quality & Public Policy | |||||||||||
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Governance |
David F. Hoffmeister | |||||||||||
Experience •Senior Vice President and Chief Financial Officer of Life Technologies Corporation, a global life sciences company, prior to its acquisition by ThermoFisher Scientific Inc. (2008 – 2014) •Chief Financial Officer of Invitrogen Corporation, a biotechnology company which merged with Applied Biosystems to form Life Technologies Corporation (2004 – 2008) •Senior partner at McKinsey & Company serving clients in the healthcare, private equity and chemical industries on issues of strategy (1984 – 2004), including as leader of McKinsey’s North American chemical practice (1998 – 2004) Other Current Public Company Directorships •Independent Director at Glaukos Corporation, an ophthalmic medical technology and pharmaceutical company (2014 – present) •Independent Director at ICU Medical Inc., a global leader in infusion systems, infusion consumables, and high-value critical care products (2018 – present) •Independent Director at StepStone Group Inc., a private markets investment firm (2020 – present) Notable Affiliations •Director at Kaiser Permanente, a private non-profit integrated managed care consortium (2014 – present) Qualifications Provided to Our Board •Long-standing knowledge of chemical and materials manufacturing, including from his time as the head of McKinsey’s North American chemical practice and as CFO of multibillion dollar life sciences companies •Valuable experience to effectively guide our efforts to grow our Engineered Materials business gained from deep knowledge of the medical and pharmaceutical industries through prior roles •Strong insight into successful acquisition execution, integration and synergy capture from leading, as CFO, the multibillion dollar merger and integration of two life sciences companies into a combined company, Life Technologies, with approximately 10,000 employees, and then playing an integral role in that company’s later $14 billion acquisition by ThermoFisher Education •B.A. in business administration and management, University of Minnesota •MBA, University of Chicago Booth School of Business | |||||||||||
Director since: 2006 Age: 69 Current Board Committees: Audit Nominating and Corporate Governance | |||||||||||
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Governance |
Dr. Jay V. Ihlenfeld | |||||||||||
Experience •Senior Vice President, Asia Pacific (2006 – 2012), for 3M Company, a leader in technology and innovation; Senior Vice President, Research and Development (2002 – 2006); Various other leadership and technology positions, including Vice President of the Performance Materials business and Executive Vice President of the Sumitomo/3M business in Japan, over 33 years •Former Independent Director at Ashland, Inc., a premier global specialty materials company (2017 – 2024) Notable Affiliations •Minnesota Orchestra •University of Wisconsin-Madison College of Engineering Industrial Advisory Board •Phi Delta Theta Foundation Trustee Emeritus Qualifications Provided to Our Board •Extensive experience related to research, development, innovation and commercialization of chemical and performance materials products in multiple regions around the globe, which engineering and business knowledge is invaluable to the Board’s oversight of our product innovation, development and commercialization initiatives •A strong global perspective, from various experiences, including his time as 3M’s Senior Vice President, Asia Pacific and Executive Vice President of 3M’s Sumitomo partnership, is highly beneficial to the Board’s and management’s understanding of global business and geopolitical considerations, particularly as the M&M acquisition expands our end market presence in the Asia-Pacific region •Deep experience in environmental and manufacturing strategy in the chemical sector, which helps guide the Board’s oversight of our operational sustainability efforts Education •B.S. in chemical engineering, Purdue University •PhD in chemical engineering, University of Wisconsin-Madison | |||||||||||
Director since: 2012 Age: 72 Current Board Committees: Compensation Environmental, Health, Safety, Quality & Public Policy | |||||||||||
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Governance |
Deborah J. Kissire | |||||||||||
Experience •Vice Chair and Regional Managing Partner, member of the Americas Executive Board and member of the Global Practice Group and various other various leadership positions, including Vice Chair and Regional Managing Partner for the East Central and Mid-Atlantic Regions and U.S. Vice Chair of Sales and Business Development, over a more than 35 year career at Ernst & Young LLP, an independent registered public accounting firm (1979 – 2015) Other Current Public Company Directorships •Independent Director at Cable One, Inc., a leading American cable and internet service provider (2015 – present) •Independent Director at Omnicom Group Inc., a global marketing and corporate communications holding company (2016 – present) •Independent Director at Axalta Coating Systems Ltd., a leading provider of liquid and powder coatings (2016 – present) Notable Affiliations •Advisory Board for Texas State University’s McCoy College of Business •Goodwill Industries of Greater Washington •Junior Achievement USA Qualifications Provided to Our Board •Ms. Kissire’s more than 35-year career and leadership roles at Ernst & Young, together with her service on other large public company audit committees, bring to our Audit Committee a thorough, multi-industry perspective to the complexities of our strategic planning, balance sheet and cash management, risk oversight and financial reporting •Experience leveraging her leadership skills and vision for strategic firm initiatives and programs at Ernst & Young in global branding, governance, and gender inclusiveness, such as their Partner Advisory Council, Strategy Task Force, Gender Equity Task Force, and various Global Vision initiatives – which brings to our Board valuable experience in these areas key to our strategy Education •BBA in accounting, Texas State University | |||||||||||
Director since: 2020 Age: 66 Current Board Committees: Audit Environmental, Health, Safety, Quality & Public Policy | |||||||||||
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Governance |
Michael Koenig | |||||||||||
Experience •Chief Executive Officer and a member of the board of directors of Nobian Industrial Chemicals B.V., a privately-held European leader in the production of essential chemicals that spun out of Nouryon (2021 – present) •Chief Executive Officer of Elkem ASA, a publicly-listed and Norwegian-headquartered global supplier of silicon-based advanced materials (2019 – 2021) •Chief Executive Officer of China National Bluestar Group, a specialty chemicals company (2016 – 2019) •Multiple senior executive positions in Germany and China at Bayer AG, a life sciences company (1990 – 2015) •Former Executive Board Member at Elkem ASA (2016 – 2021) •Former Independent Director at Conzzeta AG, a sheet-metal processing company now known as Bystronic AG (2016 – 2021) Other Current Public Company Directorships •Independent Chair of Symrise AG, a publicly-listed developer and producer of food and cosmetic flavor and fragrance ingredients headquartered in Germany (2020 – present) Qualifications Provided to Our Board •Current and prior service as CEO of multibillion dollar chemical manufacturers – with thousands of employees and operations in dozens of countries – brings additional expertise to our complex global manufacturing, distribution and sales operations •Deep expertise in global markets where we have significant operations and customer bases including China, where he worked and served as a senior chemicals and materials executive for nearly fifteen years, and Europe, where he has been CEO and board member of multiple large chemical manufacturing companies, brings geopolitical and cross-border expertise to the execution of our global strategy in markets around the world •Service as a CEO and board member of multiple companies headquartered in Europe brings a valuable perspective to our customer and sustainability efforts in that region Education •M.S. in chemical process engineering, TU Dortmund University | |||||||||||
Director since: 2022 Age: 60 Current Board Committees: Compensation Environmental, Health, Safety, Quality & Public Policy | |||||||||||
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Governance |
Ganesh Moorthy | |||||||||||
Experience •President, Chief Executive Officer and member of the Board of Directors (2021 – present) of Microchip Technology Incorporated, a leading provider of smart, connected and secure embedded control solutions; President and Chief Operating Officer (2016 – 2021), Chief Operating Officer (2009 – 2016), Executive Vice President (2006 – 2009) and Vice President of several Microchip divisions (2001 – 2006) •Chairman and Chief Executive Officer of Cybercilium (2000 – 2001) •Various roles in Engineering, Operations, and General Management at Intel Corporation (1981 – 2000) •Former Independent Director, Rogers Corporation, a manufacturer of high-performance and high-reliability materials and components (2013 – 2024) Notable Affiliations •Director, Board of Directors of the Semiconductor Industry Association •Director, Global Semiconductor Alliance •Director, Ayar Labs, a privately-held leader in silicon photonics for chip-to-chip connectivity Qualifications Provided to Our Board •Deep insight into the high-technology sector, which is a key customer market for us, gained through a more-than-forty-year career and executive leadership in the semiconductor industry, enables him to bring to the Board strategic insights into global industry, business and market trends in, as well as the supply needs of, that sector •Experience in complex global manufacturing operations and complex supply chains gained as CEO and President of a leading multibillion dollar semiconductor manufacturer with over twenty manufacturing, R&D and supply locations globally, as well as an appreciation of a long-term investment decision cycle similar to that in our industry •Proven M&A experience during his time with Microchip Technology, where he has been actively involved with planning and integrating 17 acquisitions, including 7 acquired public companies Education •M.B.A. in Marketing, National University •B.S. in Electrical Engineering, University of Washington •B.S. in Physics, University of Bombay, India | |||||||||||
Director since: 2023 Age: 64 Current Board Committees: Audit Nominating and Corporate Governance | |||||||||||
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Governance |
Kim K.W. Rucker | |||||||||||
Experience •Executive Vice President, General Counsel and Secretary of Andeavor, an integrated marketing, logistics and refining company, and of Andeavor Logistics LP, a midstream energy infrastructure and logistics company, until Andeavor was acquired by Marathon Petroleum Corporation (2016 – 2018), including time as interim Chief Human Resources Officer •Executive Vice President Corporate & Legal Affairs, General Counsel and Corporate Secretary of Kraft Foods Group, Inc., a food and beverage company (2012 – 2015) •Senior Vice President, General Counsel and Chief Compliance Officer of Avon Products, Inc., a global manufacturer of beauty and related products, and beginning in 2009 assumed additional duties as Corporate Secretary (2008 – 2012) •Senior Vice President, Secretary and Chief Governance Officer of Energy Future Holdings Corp., an energy company (2004 – 2008) •Corporate Counsel for Kimberly-Clark Corporation •Partner in the Corporate & Securities group at the law firm of Sidley Austin LLP •Former Independent Director at Lennox International Inc., a global provider of climate control solutions (2015 – 2024) Other Current Public Company Directorships •Independent Director at HP Inc., a leading technology company (2021 – present) •Independent Director at Marathon Petroleum Corporation a leading, integrated, downstream energy company (2018 – present) •Independent Director at GE Vernova, a global leader driving electrification and decarbonization (to be a public company upon the effectiveness of its announced spin-off from GE) Notable Affiliations •Haven for Hope •Johns Hopkins Medicine Board of Trustees Qualifications Provided to Our Board •Business, legal and regulatory experience as an executive leader, general counsel and chief compliance officer in oil and gas, food and beverage and personal care industries, and board roles in multiple customer-facing companies, brings a multi-industry, multi-disciplinary perspective to our Board’s oversight of the Company’s operational, governance, regulatory affairs and risk controls management •Leadership in negotiating, executing and integrating multiple large and high-profile acquisitions – including the $45 billion buyout that created Energy Future Holdings (at the time the largest leveraged buyout in history), the $45 billion merger of Kraft Foods Group with Heinz to create the world’s fifth largest food and beverage company, Andeavor’s $6 billion acquisition of Western Refining Logistics and the acquisition of Andeavor by Marathon Petroleum for over $20 billion – brings highly-valuable expertise regarding business strategy, complex M&A, and integration •Broad knowledge of law, business transactions, corporate governance, compliance, communications, crisis management, government affairs, human capital and community involvement gained as an executive and director of multiple public companies, including numerous board leadership roles, brings current and expert perspective and leadership experience on various matters, including strategy, risk management and board practices Education •BBA in economics, University of Iowa •M.A. in public policy, John F. Kennedy School of Government at Harvard University •J.D., Harvard Law School | |||||||||||
Director since: 2018 Age: 57 Current Board Committees: Audit Nominating and Corporate Governance | |||||||||||
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Governance |
All Celanese directors are elected annually. As part of its efforts to maintain a board composed of high-quality directors able to effectively serve the Company’s strategic needs, the NCG Committee evaluates the qualifications and performance of each incumbent director before recommending the nomination of that director for an additional term. Our Board proactively adopted a by-law, which permits a shareholder, or a group of up to 20 shareholders, owning at least three percent of the Company’s outstanding Common Stock continuously for at least three years, to submit director nominees for up to the greater of two directors or 20 percent of the number of directors currently serving on the Board, subject to the terms and conditions specified in the by-laws. | Proxy Access | |||||||||||||||||||
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Board and Committee Self-Evaluation Process Summary | ||||||||
Process Design and Approval (July) | v | Discussion among management, NCG Chair and Lead Independent Director regarding key topics for assessment and creation of the Board and Committee questionnaire. | ||||||
Topics generally include Board and committee structure, oversight, allocation of responsibilities among committees, approach to meetings, individual director assessments, culture and strategic or business topics of particular current importance. | ||||||||
v | NCG Committee recommends process for Board approval in July. | |||||||
Questionnaire (July - August) | v | Board members complete and provide comments on detailed questionnaire. | ||||||
Includes specific questions and topics for each committee. | ||||||||
One-on-One Conversations (August - September) | v | Lead Independent Director holds one-on-one conversations with each director to discuss feedback and comments on the questionnaire, and any other topics a director wishes to raise. | ||||||
v | Lead Independent Director confers with the Chair/CEO and NCG Chair so that they understand any opportunities for improvement that may have been raised. | |||||||
Report-Out to Committees and Board (October) | v | Feedback is reported to the Board and individual committees at the October meeting. | ||||||
v | The Board and each committee hold dedicated closed executive sessions in October to discuss assessment and provide any feedback to management. | |||||||
Implementation of Feedback (Ongoing) | v | Management and directors coordinate to update policies and practices to incorporate director feedback. | ||||||
v | The Board reviews implementation progress in connection with the following year’s self-evaluation process. | |||||||
Opportunities identified and in the process of being implemented from recent self-evaluations include increased director education opportunities, enhanced reporting of macroeconomic factors and M&A integration, refreshment of certain crisis management processes, refinements to the Board’s approach in overseeing cyber and supply chain risks, enhanced reporting on product end-market sectors, regularity of long-term Board refreshment discussions and review and refreshment of certain other company policies. |
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Board Leadership Structure | The Board believes this is currently the optimal structure to provide consistent leadership and to maintain the focus required to achieve the Company’s strategic plan and long-term business goals. The NCG Committee and the Board will continue to reevaluate the structure annually. | ||||||||||||||||||||||
● | Chair and Chief Executive Officer: Lori Ryerkerk | ||||||||||||||||||||||
● | Lead Independent Director: William Brown (since April 2021) | ||||||||||||||||||||||
● | All Board committees comprised entirely of independent directors | ||||||||||||||||||||||
● | Active engagement by all directors | ||||||||||||||||||||||
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Topics of Interest to Shareholders | Our Perspective, Actions Taken and Actions Planned | ||||
Sustainability-focused product opportunities | ● We see significant growth opportunities for products supporting future mobility, vehicle light-weighting and other end-product efficiencies as well as solutions manufactured from recycled or bio-based materials. See “Sustainability Highlights” for details on recent initiatives. ● We have re-designed our website to give customers a clearer picture of how our growing range of products and solutions can support our customers’ own sustainability goals. | ||||
Opportunities to reduce GHG emissions through products and operations | ● We actively focus on reducing our Scope 1 and Scope 2 GHG emissions through capital investment projects to, among other things, improve energy efficiency, and through the procurement of renewable electricity. ● We plan to collaborate with raw material suppliers, logistics service providers, and other third-party vendors to reduce our Scope 3 GHG emissions in our supply chain, and in 2023 we increased capabilities of the supplier engagement team in furtherance of this goal. | ||||
Our progress towards calculating and disclosing our Scope 3 GHG emissions. | ● We are focused on developing the capability to track and report on Scope 3 GHG emissions for the categories relevant to Celanese operations, and on incorporating the recently-acquired M&M Business into our own reporting. | ||||
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Director Compensation Component | Amount | ||||
Annual Awards | |||||
Annual cash retainer (paid quarterly) | $125,000 | ||||
Annual time-based restricted stock units (“RSU”)(one-year vesting) | $175,000 | ||||
Incremental Awards for Board Leadership | |||||
Annual cash fee for chair: (i) Nominating and Corporate Governance Committee, and (ii) Environmental, Health, Safety, Quality and Public Policy Committee | $15,000 | ||||
Annual cash fee for chair: Compensation and Management Development Committee | $20,000 | ||||
Annual cash fee for chair: Audit Committee | $25,000 | ||||
Annual cash fee for Lead Independent Director | $35,000 |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 40 |
Governance |
Name(1) (a) | Fees Earned or Paid in Cash ($)(2) (b) | Stock Awards ($)(3) (c) | Total ($) (h) | ||||||||||||||||||||
Jean S. Blackwell | 122,500 | 174,963 | 297,463 | ||||||||||||||||||||
William M. Brown | 156,250 | 174,963 | 331,213 | ||||||||||||||||||||
Edward G. Galante | 142,500 | 174,963 | 317,463 | ||||||||||||||||||||
Rahul Ghai | 60,000 | — | 60,000 | ||||||||||||||||||||
Kathryn M. Hill | 137,500 | 174,963 | 312,463 | ||||||||||||||||||||
David F. Hoffmeister | 122,500 | 174,963 | 297,463 | ||||||||||||||||||||
Dr. Jay V. Ihlenfeld | 122,500 | 174,963 | 297,463 | ||||||||||||||||||||
Deborah J. Kissire | 146,250 | 174,963 | 321,213 | ||||||||||||||||||||
Michael Koenig | 122,500 | 174,963 | 297,463 | ||||||||||||||||||||
Ganesh Moorthy | 10,420 | 72,917 | 83,337 | ||||||||||||||||||||
Kim K.W. Rucker | 137,500 | 174,963 | 312,463 |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 41 |
Governance |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 42 |
Governance |
Director | Organization | Director’s Relationship to Organization | Type of Transaction, Relationship or Arrangement | Does the Amount Exceed the Greater of $1 million or 2% of either company’s Gross Revenues? | ||||||||||
Jean S. Blackwell | Ingevity Corporation and its subsidiaries and affiliates | Director | Business Relationship - Routine sales to Ingevity | No | ||||||||||
Johnson Controls International plc and its subsidiaries and affiliates | Director | Business Relationship - Routine purchases from Johnson Controls | No | |||||||||||
William M. Brown | Becton, Dickinson and Company and its subsidiaries and affiliates | Director | Business Relationship - Routine sales to Becton, Dickinson | No | ||||||||||
Edward G. Galante | Clean Harbors and its subsidiaries and affiliates | Director | Business Relationship - Routine purchases from Clean Harbors | No | ||||||||||
Timothy Go | HF Sinclair Corporation | Chief Executive Officer | Business Relationship - Routine purchases from HF Sinclair | No | ||||||||||
Kathryn M. Hill | Moody’s Corporation and its subsidiaries and affiliates | Director | Business Relationship - Routine purchases from Moody’s | No | ||||||||||
David F. Hoffmeister | Glaukos Corporation and its subsidiaries and affiliates | Director | Business Relationship - Routine sales to Glaukos | No | ||||||||||
Dr. Jay V. Ihlenfeld | Ashland, Inc. and its subsidiaries and affiliates | Director(1) | Business Relationship - Routine sales to, and purchases from, Ashland | No | ||||||||||
Deborah J. Kissire | Axalta Coating Systems Ltd. and its subsidiaries and affiliates | Director | Business Relationship - Routine sales to Axalta | No | ||||||||||
Michael Koenig | Nobian Industrial Chemicals B.V. and its subsidiaries and affiliates | Chief Executive Officer | Business Relationship - Routine purchases from Nobian | No | ||||||||||
Symrise AG and its subsidiaries and affiliates | Director | Business Relationship - Routine sales to Symrise | No | |||||||||||
Kim K.W. Rucker | HP Inc. and its subsidiaries and affiliates | Director | Business Relationship - Routine purchases from HP | No | ||||||||||
Lori J. Ryerkerk | Eaton Corporation Plc and its subsidiaries and affiliates | Director | Business Relationship - Routine sales to, and purchases from, Eaton | No |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 43 |
Governance |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 44 |
Stock Ownership Information |
Amount and Nature of Beneficial Ownership of Common Stock | ||||||||||||||||||||||||||
Common Stock Beneficially Owned(1) | Rights to Acquire Shares of Common Stock(2) | Total Common Stock Beneficially Owned | Percentage of Common Stock Beneficially Owned | |||||||||||||||||||||||
Capital Research Global Investors(3) | 14,809,178 | — | 14,809,178 | 13.30 | ||||||||||||||||||||||
The Vanguard Group, Inc.(4) | 13,077,014 | — | 13,077,014 | 11.75 | ||||||||||||||||||||||
Capital International Investors(5) | 11,409,403 | — | 11,409,403 | 10.25 | ||||||||||||||||||||||
Wellington Management Company, LLP(6) | 8,529,064 | — | 8,529,064 | 7.66 | ||||||||||||||||||||||
Dodge & Cox(7) | 6,849,327 | — | 6,849,327 | 6.15 | ||||||||||||||||||||||
BlackRock, Inc.(8) | 6,669,513 | — | 6,669,513 | 5.99 | ||||||||||||||||||||||
Capital World Investors(9) | 6,239,478 | — | 6,239,478 | 5.61 | ||||||||||||||||||||||
Directors(10) | ||||||||||||||||||||||||||
Jean S. Blackwell | 9,299 | — | 9,299 | * | ||||||||||||||||||||||
William M. Brown | 103 | — | 103 | * | ||||||||||||||||||||||
Edward G. Galante | 11,996 | — | 11,996 | * | ||||||||||||||||||||||
Timothy Go | — | — | — | * | ||||||||||||||||||||||
Kathryn M. Hill | 9,474 | — | 9,474 | * | ||||||||||||||||||||||
David F. Hoffmeister | 48,493 | — | 48,493 | * | ||||||||||||||||||||||
Dr. Jay V. Ihlenfeld | 9,583 | — | 9,583 | * | ||||||||||||||||||||||
Deborah J. Kissire | 100 | — | 100 | * | ||||||||||||||||||||||
Michael Koenig | 960 | — | 960 | * | ||||||||||||||||||||||
Ganesh Moorthy | 1,000 | — | 1,000 | |||||||||||||||||||||||
Kim K.W. Rucker | 56 | — | 56 | * | ||||||||||||||||||||||
Named Executive Officers(10) | ||||||||||||||||||||||||||
Ashley B. Duffie | 13,383 | (11) | 1,361 | 14,744 | * | |||||||||||||||||||||
Thomas F. Kelly | 54,766 | 4,628 | 59,394 | * | ||||||||||||||||||||||
Chuck B. Kyrish | 5,555 | 884 | 6,439 | * | ||||||||||||||||||||||
Mark C. Murray | 6,653 | 2,654 | 9,307 | * | ||||||||||||||||||||||
Anne L. Puckett | 44,714 | 3,811 | 48,525 | * |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 45 |
Stock Ownership Information |
Scott A. Richardson | 77,112 | (11) | 7,351 | 84,463 | * | |||||||||||||||||||||
Lori J. Ryerkerk(12) | 149,025 | 25,866 | 174,891 | * | ||||||||||||||||||||||
All present directors, nominees and executive officers as a group (18 persons)(13)(14) | 403,332 | 43,125 | 446,457 | * |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 46 |
Stock Ownership Information |
Plan Category | Number of Securities to be Issued upon Exercise of Outstanding Options, Warrants and Rights | Weighted Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column (a)) | ||||||||||||||||||||
(a) | (b) | (c) | |||||||||||||||||||||
Equity compensation plans approved by security holders | 1,264,104 | (1) | $ | 116.93 | (2) | 16,679,256 | (3) | ||||||||||||||||
Equity compensation plans not approved by security holders | — | $ | — | — | |||||||||||||||||||
Total | 1,264,104 | $ | 116.93 | 16,679,256 |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 47 |
Audit Matters |
Dated: February 19, 2024 | Deborah J. Kissire, Chair | (The Audit Committee report does not constitute soliciting material, and shall not be deemed to be filed or incorporated by reference into any other filing under the Securities Act of 1933, or the Securities Exchange Act of 1934, except to the extent that the Company specifically incorporates the Audit Committee report by reference therein.) | |||||||||
Jean S. Blackwell | |||||||||||
David F. Hoffmeister | |||||||||||
Ganesh Moorthy | |||||||||||
Kim K.W. Rucker |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 48 |
Audit Matters |
Year Ended December 31, | ||||||||
2023 | 2022 | |||||||
Audit Fees(1) | $ | 13,789,420 | $ | 9,862,406 | ||||
Audit-related Fees(2) | $ | 82,000 | $ | 9,000 | ||||
Tax Fees(3) | $ | 1,789,893 | $ | 1,378,409 | ||||
All Other Fees(4) | $ | — | $ | 15,000 | ||||
Total Fees | $ | 15,661,313 | $ | 11,264,815 |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 49 |
Audit Matters |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 50 |
Executive Compensation |
ITEM 3: ADVISORY APPROVAL OF EXECUTIVE COMPENSATION | |||||
COMPENSATION DISCUSSION AND ANALYSIS | |||||
CD&A Highlights | |||||
Named Executive Officers | |||||
We Follow Compensation Governance Best Practices | |||||
Human Capital Development | |||||
Compensation Philosophy and Elements of Pay | |||||
Compensation Philosophy | |||||
Compensation Objectives | |||||
Elements of Compensation | |||||
Setting Total Compensation | |||||
Our Use of Peer Groups | |||||
Compensation Decisions | |||||
Base Salary | |||||
Overall Incentive Plan Design | |||||
Annual Incentive Plan Awards | |||||
Long-Term Incentive Compensation | |||||
Compensation Governance | |||||
Compensation and Management Development Committee Oversight | |||||
Role of the CMDC’s Independent Compensation Consultant | |||||
Role of Management | |||||
Additional Information Regarding Executive Compensation | |||||
Other Compensation Elements | |||||
Executive Stock Ownership Requirements | |||||
Executive Compensation Clawback Policies | |||||
COMPENSATION RISK ASSESSMENT | |||||
COMPENSATION AND MANAGEMENT DEVELOPMENT COMMITTEE REPORT | |||||
COMPENSATION TABLES | |||||
2023 Summary Compensation Table | |||||
2023 Grants of Plan-Based Awards Table | |||||
Outstanding Equity Awards at Fiscal 2023 Year-End Table | |||||
2023 Option Exercises and Stock Vested Table | |||||
2023 Pension Benefits Table | |||||
2023 Nonqualified Deferred Compensation Table | |||||
Potential Payments Upon Termination or Change in Control | |||||
CEO PAY RATIO | |||||
PAY VERSUS PERFORMANCE |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 51 |
Executive Compensation |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 52 |
Executive Compensation |
NEO Compensation Structure at a Glance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Our NEO Compensation Program contains the following key elements: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ü | Competitive base salaries to recruit and retain top executive talent; | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ü | Annual cash incentive opportunities based on near-term financial and stewardship goals; | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ü | Long-term equity incentive plans that are primarily performance-based to reward achievement against long-term financial and strategic goals designed to create long-term shareholder value; and | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ü | Market-competitive benefit programs with limited perquisites. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Controllable Actions Focused on Earnings and Synergy Capture Drove 2023 Results | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings | Earnings Per Share | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings ($M) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating EBITDA ($M) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP EPS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EPS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flow | ü | While navigating a difficult demand environment in 2023, we focused on controllable actions to drive earnings and execute on our integration, synergy capture and deleveraging goals. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Cash Flow ($M) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ü | Key actions that drove our performance include: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Free Cash Flow ($M) | t | Exceeding acquisition synergy targets through controllable initiatives including site optimization, commercial revenue synergies and business technology integration. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
t | Executing on our 2023 deleveraging objectives by driving cash generation, divesting a portion of our Food Ingredients business for cash and exceeding our net debt reduction goal for the year. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
t | Achieving significantly improved stewardship performance year-over-year while integrating nearly thirty production facilities acquired in the M&M Acquisition. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incentive Plan Payout and Shareholder Return Highlights | ü | 2023 performance resulted in payouts of: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
t | 112.4% for the 2023 annual incentive plan company performance factor, driven by above-threshold Operating EBITDA(1), strong free cash flow(1) and improved stewardship results; and | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
t | 200.0% for our 2021-2023 performance restricted stock unit (PRSU) award, driven by record 3-year aggregate Adjusted EPS(1) results and superior Return on Capital Employed (ROCE) performance. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ü | Our total shareholder return(2) exceeded that of the Dow Jones US Chemicals Index over the 1-year, 3-year and 5-year periods ended December 29, 2023. See page 7. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Adjusted EPS, Operating EBITDA and Free Cash Flow are non-U.S. GAAP financial measures. See “Exhibit A” for information concerning these measures, including a definition and reconciliation to the most comparable U.S. GAAP financial measure. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Total shareholder return, or TSR, reflects cumulative stock price appreciation plus dividends, with dividends deemed reinvested. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 53 |
Executive Compensation |
Key 2023 Compensation Decisions | Key Pay and Governance Practices | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
•The CMDC refined the annual incentive structure following the M&M Acquisition to use (i) Operating EBITDA as the primary financial metric and (ii) Free Cash Flow as the primary cash metric, to focus management on cash generation, deleveraging and earnings growth. | Practices designed to align pay with performance for shareholders and to mitigate risk include: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ü | Challenging performance targets tied to metrics that are consistent with our strategy and long-term shareholder value creation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
•The CMDC changed the time-based portion of the NEOs’ Long-Term Incentive Plan from restricted stock units to stock options to promote strong alignment between executive payouts and shareholder value creation following the M&M Acquisition, as stock options only have value if the stock price appreciates from the date of grant. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ü | Use of absolute caps (annual incentive plan and PRSUs) and adjustments based on relative TSR performance (PRSUs), to align management pay with shareholder outcomes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ü | Robust clawback policies that go beyond SEC and NYSE requirements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
•Certain NEOs received salary increases intended to maintain competitiveness with our compensation peer group and, in some cases, upon promotions. | ü | Annual risk assessment of our compensation policies and practices | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
97% | of shareholder votes cast supported our say-on-pay vote at our 2023 Annual Meeting. | ü | Market-aligned stock ownership guidelines for NEOs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ü | Independent compensation consultant reporting to the CMDC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Named Executive Officer | Title | |||||||
Lori J. Ryerkerk | Chair, Chief Executive Officer and President | |||||||
Scott A. Richardson(1) | Executive Vice President and Chief Operating Officer | |||||||
Chuck B. Kyrish(1) | Senior Vice President and Chief Financial Officer | |||||||
Thomas F. Kelly | Senior Vice President, Engineered Materials | |||||||
Mark C. Murray | Senior Vice President, Acetyls | |||||||
Ashley B. Duffie | Senior Vice President and General Counsel | |||||||
Anne L. Puckett(2) | Former Senior Vice President, General Counsel and Corporate Secretary | |||||||
(1) Mr. Richardson served as Executive Vice President and Chief Financial Officer from the beginning of 2023 until the effective date of his promotion to Chief Operating Officer on November 8, 2023. Mr. Kyrish, who was previously our Vice President of Corporate Finance, was promoted to Senior Vice President and Chief Financial Officer effective November 8, 2023. | ||||||||
(2) As previously announced, Ms. Puckett ceased to serve as Senior Vice President, General Counsel and Corporate Secretary effective November 8, 2023 pursuant to the terms of a separation agreement with the Company. She served in a transition role through February 19, 2024, after which she departed the Company. Please see “Potential Payments on Termination or Change in Control — Post-Termination Table — Ms. Puckett's Separation Agreement.” |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 54 |
Executive Compensation |
What We Do | |||||
ü | Pay for performance, including using a high percentage of performance-based restricted stock units to ensure a significant portion of NEO compensation is performance-based and to align management’s interests with shareholders | ||||
ü | Reference a market peer group, evaluated annually to ensure it remains appropriate, when establishing compensation | ||||
ü | Maintain robust anti-hedging and anti-pledging policies | ||||
ü | Conduct an annual ”say-on-pay” advisory vote | ||||
ü | Engage regularly with our shareholders to receive feedback on business, governance and compensation matters | ||||
ü | Balance short- and long-term incentives, aligning long-term incentives with future performance and shareholder returns | ||||
ü | Include caps on individual payouts under incentive plans | ||||
ü | Maintain clawback policies that go beyond the requirements of SEC Rule 10D-1 and the associated NYSE listing standards, which can be triggered by a financial restatement, breach of our business conduct policy or certain restrictive covenants, among other matters, and which cover annual bonus and all long-term incentive awards | ||||
ü | Maintain market-aligned stock ownership guidelines requiring our CEO to hold shares valued at 6x base salary (4x for other NEOs) | ||||
ü | Apply double-trigger vesting in the event of a change in control under our long-term equity awards (i.e., participant must have a qualifying termination after the change in control event to receive benefits) | ||||
ü | Retain an independent executive compensation consultant reporting directly to the CMDC | ||||
ü | Include 100% independent directors on our CMDC | ||||
ü | Review annually executive compensation consultant and advisors for independence and performance | ||||
What We Don’t Do | |||||
X | No change in control excise tax ”gross-up” agreements | ||||
X | No excessive perquisites | ||||
X | No tax ”gross-ups” for perquisites, except for relocation and expatriate benefits | ||||
X | No employment agreements or multi-year compensation guarantees | ||||
X | No stock option repricing, reloads or exchanges without shareholder approval | ||||
X | No dividend equivalents paid on unvested equity awards | ||||
X | No excessive risk-taking in our compensation programs | ||||
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 55 |
Executive Compensation |
2023 External Recognition | |||||
Named one of the Best Employers in the Chemicals Sector as part of “2024 Best Companies to Work For” by U.S. News and World Report | Honored by the Women’s Forum of New York for female representation on our Board for the third straight year | ||||
Named one of “America’s Greatest Workplaces for Diversity 2024” by Newsweek | Received a score of 95 on the Corporate Equality Index from the Human Rights Campaign Foundation. |
Key Areas of CMDC Oversight | Additional Areas of Oversight by the Full Board | ||||||||||
ü | Diversity, equity and inclusion, including recruitment and retention initiatives | ü | CEO succession planning and support of the CMDC’s performance review for the CEO | ||||||||
ü | Human capital metrics, including workforce composition, skills and pay equity | ü | Review of the CMDC’s work on other senior leadership succession planning | ||||||||
ü | Succession planning, including senior leadership | ü | Monitor progress of cultural integration aligned to key aspirational traits following the M&M Acquisition | ||||||||
ü | Workplace culture and talent strategy, and their support of business goals | ||||||||||
ü | Health and wellness and other workforce wellbeing matters |
Our Human Capital Scorecard: A Key Tool Supporting CMDC Oversight | ||
The CMDC uses an internally-developed Human Capital Scorecard to gain insight into our performance against key workforce metrics. The data within the Human Capital Scorecard identifies demographic and other trends across role categories, geographies, hiring, promotion, attrition and other areas. Through this identification of internal trends, and the review of peer data for external benchmarking where appropriate, management and the CMDC are able to more effectively identify successes and opportunity areas to inform oversight efforts as well as to understand longer-term trends. |
Talent | Inclusion | Community | ||||||
Attract, motivate, and retain diverse talent at all levels of the organization as necessary to achieve business objectives | Foster an environment of transparency and inclusion where all employees are respected and can truly bring themselves to work | Improve quality of life for our neighbors in the communities where we live and work through our Foundation and Supplier Diversity programs |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 56 |
Executive Compensation |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 57 |
Executive Compensation |
Compensation Element | Description | Alignment with Principle of Pay-for-Performance | Page | ||||||||||||||||||||
Short-Term Annual Cash Compensation | |||||||||||||||||||||||
Base Salary | Set in consideration of individual performance and contributions based on primary duties and responsibilities | Competitive compensation element required to recruit and retain top executive talent; pay for primary duties and responsibilities | |||||||||||||||||||||
Annual Incentive Plan (Bonus) | Performance-based, cash incentive opportunity earned based on: | Rewards performance against annual financial and stewardship goals | |||||||||||||||||||||
■ Operating EBITDA and free cash flow | |||||||||||||||||||||||
■ Stewardship metrics (injuries, process safety, environmental releases and product quality) | |||||||||||||||||||||||
Long-Term Incentive Awards (Equity) | |||||||||||||||||||||||
Performance- based RSUs | Performance-based, long-term equity incentive plan: earned based on company performance and stock price | Rewards performance against long-term financial goals that are tied to corporate strategy and relative TSR performance | |||||||||||||||||||||
■ Adjusted EPS and Return on Capital Employed (ROCE) over a three-year performance period, with a potential payout modifier based on TSR performance relative to companies in the Dow Jones US Chemical Index | |||||||||||||||||||||||
Time-based Stock Options | Time-based, long-term equity incentive that requires stock price appreciation to recognize value | Granted annually as part of the long-term incentive plan to promote strong alignment between realized executive pay and shareholder value creation | |||||||||||||||||||||
Employee Benefits | |||||||||||||||||||||||
Retirement Plans | Retirement Savings Plan | Competitive compensation elements required to recruit and retain top executive talent | |||||||||||||||||||||
Supplemental Retirement Savings Plan | |||||||||||||||||||||||
Retirement Pension Plan | |||||||||||||||||||||||
Severance Arrangements | Executive Severance Benefits Plan | ||||||||||||||||||||||
Change in Control Agreements | |||||||||||||||||||||||
Deferral of Compensation | Deferred Compensation Plan | ||||||||||||||||||||||
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 58 |
Executive Compensation |
We establish overall target total compensation for each NEO and then allocate that compensation among base salary, annual incentive and long-term incentive opportunities. While no specific formula is used to determine the allocation between cash and equity-based compensation, when allocating these compensation elements we generally utilize a compensation mix more heavily weighted towards performance-based compensation. The CMDC strongly believes that the CEO’s compensation should be heavily weighted towards variable and long-term incentive awards to align her compensation with shareholder interests. The target pay mix for our CEO for 2023 is highlighted to the right, with nearly 90% performance-based or “at risk.” | ||||||||
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 59 |
Executive Compensation |
What we look for in our compensation peer group | How we use the compensation peer group | |||||||||||||||||||||||||
ü | Comparable market capitalization | ü | As an input in developing base salary ranges, annual incentive targets and long-term incentive award ranges | |||||||||||||||||||||||
ü | Comparable total revenues | |||||||||||||||||||||||||
ü | Presence of major global operations | ü | To assess competitiveness of total direct compensation | |||||||||||||||||||||||
ü | Similar business complexity | ü | To benchmark annual incentive bonus and long-term incentive plan designs as well as the form and mix of equity and cash retainer for non-employee directors | |||||||||||||||||||||||
ü | Participants in the chemical industry | |||||||||||||||||||||||||
ü | To evaluate share utilization (overhang levels and run rate) | |||||||||||||||||||||||||
ü | To benchmark share ownership guidelines | |||||||||||||||||||||||||
ü | As an input in designing compensation and benefit plans | |||||||||||||||||||||||||
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 60 |
Executive Compensation |
Air Products and Chemicals, Inc. | Ingevity Corporation | ||||
Albemarle Corporation | International Flavors & Fragrances Inc. | ||||
Ashland Inc. | Linde plc | ||||
Axalta Coating Systems Ltd. | LyondellBasell Industries N.V. | ||||
Celanese Corporation | NewMarket Corporation | ||||
CF Industries Holdings, Inc. | Olin Corporation | ||||
Corteva, Inc. | PPG Industries, Inc. | ||||
Dow Inc. | RPM International Inc. | ||||
DuPont de Nemours, Inc. | The Chemours Company | ||||
Eastman Chemical Company | The Mosaic Company | ||||
Ecolab Inc. | The Scotts Miracle-Gro Company | ||||
Element Solutions Inc. | Valvoline Inc. | ||||
FMC Corporation | Westlake Chemical Corp | ||||
Huntsman Corporation | |||||
(Companies in bold text are also in the 2023 compensation peer group) |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 61 |
Executive Compensation |
Named Executive Officer | Base Salary as of December 31, 2023(1) | ||||
Lori J. Ryerkerk | $1,300,000 | ||||
Scott A. Richardson(1) | $800,000 | ||||
Chuck B. Kyrish(1) | $600,000 | ||||
Thomas F. Kelly | $700,000 | ||||
Mark C. Murray | $550,000 | ||||
Ashley B. Duffie | $530,000 | ||||
Anne L. Puckett | $600,000 |
Annual Incentive Plan (Performance measured over 1-year period) | Long-Term Incentive Plan (Performance measured over 3-year period) | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating EBITDA | Free Cash Flow | Stewardship | Adjusted EPS | ROCE | Relative TSR | |||||||||||||||||||||||||||||||||||||||||||||
Daily Execution of Business Objectives | Long-Term Financial Health | Manufacturing Excellence | Deploying Excess Cash Effectively | Efficient Investment of Cash Flow | Alignment with Shareholder Outcomes | |||||||||||||||||||||||||||||||||||||||||||||
Focus on Cash Generation | Expense Control | Sustainable Business Practices | Capital Structure Optimization | Capital Expenditures | Out-Performing Industry Peers | |||||||||||||||||||||||||||||||||||||||||||||
Leverage Ratio | Pay Down Debt | People Safety | Tax Efficiency | Long-Term M&A and Investment Decisions | ||||||||||||||||||||||||||||||||||||||||||||||
Product Quality | ||||||||||||||||||||||||||||||||||||||||||||||||||
Emissions |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 62 |
Executive Compensation |
TARGET BONUS | BUSINESS RESULTS | INDIVIDUAL RESULTS | ANNUAL BONUS | |||||||||||||||||||||||
Eligible Earnings | X | Target Bonus % | X | Business Performance Modifier [0-200%] | X | Individual Performance Modifier [0-150%] | = | Annual Performance Bonus Award [0-200%] | ||||||||||||||||||
(Does not apply to CEO) | (capped at 200% aggregate payout) |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 63 |
Executive Compensation |
Refinement to Annual Incentive Plan Structure for 2023 | Rationale | |||||||
Use of Operating EBITDA(1) as the primary financial metric (in lieu of Adjusted EBIT as in recent years)(1) | ü | More closely ties our team’s efforts and results to value creation for investors, as Operating EBITDA(1) multiples are key to how investors assess value in our industry (including how we assess valuation of acquisition targets). | ||||||
ü | Operating EBITDA(1) is critical to our leverage ratio, and this metric serves to focus our teams on deleveraging and achieving our long-term leverage targets. | |||||||
ü | Removes the effect of significant transaction amortization expenses from recent acquisitions (including most significantly the M&M Acquisition), which going forward are outside the control of our management team. | |||||||
Use of free cash flow(1) as the primary cash metric (in lieu of working capital as a percentage of sales as in recent years) | ü | As compared to the working capital metric in previous years, tying plan results to free cash flow(1) increases the number of employees across our business, manufacturing and functional teams that can take controllable actions to impact results. | ||||||
ü | Free cash flow(1) is a key metric for our deleveraging and a key valuation measure used more broadly by our shareholders. | |||||||
200% cap on annual incentive plan payouts (versus 300% in prior years) | ü | Aligns to compensation peer group benchmarking |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 64 |
Executive Compensation |
2023 AIP Goal Setting: Key Initiatives and Factors Forecasted to Drive 2023 Performance | |||||||||||
Acetyl Chain | Engineered Materials | ||||||||||
s | Anticipated declines in pricing more than offsetting volume growth due to increased industry production capacity | s | Grow earnings in the M&M Business through multiple commercial initiatives | ||||||||
s | Achieve efficiencies and improve margins through integration of acetate tow and flake products into the Acetyl Chain business | s | Drive acquisition synergies and margin improvement throughout the Engineered Materials business |
Metric | Weighting | Threshold | Target | Superior | Actual | Achievement | Weighted Payout | |||||||||||||||||||||||||||||||||||||
Financial Performance Metrics: | ||||||||||||||||||||||||||||||||||||||||||||
Operating EBITDA(1) ($ million) | 60% | $2,408 | $2,870- 3,150 | $3,460 | $2,444 | 54% | 32.4% | |||||||||||||||||||||||||||||||||||||
Free Cash Flow(2) | 20% | $840 | $1,000- 1,100 | $1,207 | $1,320 | 200% | 40.0% | |||||||||||||||||||||||||||||||||||||
Stewardship Metrics: | ||||||||||||||||||||||||||||||||||||||||||||
Occupational Safety(3) | 5% | 0.26 | 0.22 | 0.2 | 0.11 | 200% | 10.0% | |||||||||||||||||||||||||||||||||||||
Process Safety(4) | 5% | 15 | 12 | 10 | 10 | 200% | 10.0% | |||||||||||||||||||||||||||||||||||||
Environment(5) | 5% | 19 | 14 | 12 | 5 | 200% | 10.0% | |||||||||||||||||||||||||||||||||||||
Quality(6) | 5% | 13 | 9-10 | 8 | 7 | 200% | 10.0% | |||||||||||||||||||||||||||||||||||||
Aggregate Business Performance Modifier(7) | 112.4% |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 65 |
Executive Compensation |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 66 |
Executive Compensation |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 67 |
Executive Compensation |
Feature | Performance-Based PRSU Awards | ||||||||||
Form of award | Performance-vesting restricted stock unit | ||||||||||
Performance period | Three years(1) | ||||||||||
Performance measure(s) | Adjusted EPS(2) (70%) (earnings measure) and Return on Capital Employed (ROCE)(2) (30%) (return measure) | ||||||||||
Threshold payout | 50% of target | ||||||||||
Maximum payout | 200% of target | ||||||||||
Relative TSR Payout Modifier | 2022 and 2023 PRSUs: Can modify PRSU payouts by plus or minus 20% based on our stock price performance relative to companies in the Dow Jones US Chemical Index. Years prior to 2022: PRSU payouts limited if our TSR over the performance period falls below certain levels relative to the S&P 500 index of companies. | ||||||||||
Dividends on unvested awards | None | ||||||||||
Relative TSR Compared to the Dow Jones US Chemical Index | PRSU Award Payout Modifier | ||||
Less than the 25th percentile | 80% | ||||
25th - 75th percentile | 100% (i.e. no modification to payout) | ||||
Greater than the 75th percentile | 120% |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 68 |
Executive Compensation |
Performance Measure | Metric Weighting | Threshold | Target | Superior | Actual | Payout | |||||||||||||||||
2021 LTIP (portion vested February 15, 2024) | |||||||||||||||||||||||
Adjusted EPS over 3-year period(1) (2) (3) | 70% | $27.65 | $33.50 | $38.00 | $42.92 | 200.0% | |||||||||||||||||
Return on Capital Employed(1)(4) | 30% | 10.7% | 15.2-17.2% | 19.7% | 22.6% | 200.0% | |||||||||||||||||
Aggregate payout | 200.0% | ||||||||||||||||||||||
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 69 |
Executive Compensation |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 70 |
Executive Compensation |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 71 |
Executive Compensation |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 72 |
Executive Compensation |
Named Executive Officer | Minimum Required Ownership | Compliance Status (1) | ||||||
Lori J. Ryerkerk | 6 times base salary | In compliance | ||||||
Scott A. Richardson | 4 times base salary | In compliance | ||||||
Chuck B. Kyrish | 4 times base salary | On track | ||||||
Tom F. Kelly | 4 times base salary | In compliance | ||||||
Mark C. Murray | 4 times base salary | On track | ||||||
Ashley B. Duffie | 4 times base salary | On track | ||||||
Anne L. Puckett | 4 times base salary | (2) | ||||||
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 73 |
Executive Compensation |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 74 |
Executive Compensation |
Edward G. Galante, Chair | |||||
William M. Brown | |||||
Kathryn M. Hill | |||||
Dr. Jay V. Ihlenfeld | |||||
Michael Koenig |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 75 |
Executive Compensation |
Name and Principal Position(1) | Year | Salary ($) | Bonus ($) | Stock Awards ($)(2) | Option Awards ($)(2) | Non- Equity Incentive Plan Compen- sation ($)(3) | Change in Pension Value and Non-Qualified Deferred Compen- sation Earnings ($)(4) | All Other Compen- sation ($)(5) | Total ($) | |||||||||||||||||||||||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | (j) | |||||||||||||||||||||||||||||||||||||||||||||||
Lori J. Ryerkerk Chair, Chief Executive Officer and President | 2023 | 1,294,178 | — | 6,649,930 | (6) | 2,849,970 | (7) | 2,036,518 | — | 142,366 | 12,972,962 | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 1,260,577 | — | 7,999,809 | — | 1,594,566 | — | 112,831 | 10,967,783 | ||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 1,180,000 | — | 8,649,886 | — | 2,641,548 | — | 99,558 | 12,570,992 | ||||||||||||||||||||||||||||||||||||||||||||||||
Scott A. Richardson Executive Vice President and Chief Operating Officer | 2023 | 714,534 | — | 1,889,911 | (6) | 809,992 | (7) | 749,326 | 5,000 | 88,608 | 4,257,371 | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 678,300 | — | 1,999,756 | — | 686,412 | — | 87,938 | 3,452,406 | ||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 646,000 | — | 2,899,928 | — | 1,323,770 | 5,000 | 88,206 | 4,962,904 | ||||||||||||||||||||||||||||||||||||||||||||||||
Chuck B. Kyrish Senior Vice President and Chief Financial Officer | 2023 | 413,000 | — | 227,429 | (6) | 97,481 | (7) | 270,636 | 5,000 | 45,439 | 1,058,985 | |||||||||||||||||||||||||||||||||||||||||||||
Thomas F. Kelly Senior Vice President, Engineered Materials | 2023 | 673,219 | — | 1,189,888 | (6) | 509,985 | (7) | 605,358 | 1,000 | 84,081 | 3,063,531 | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 581,135 | 200,000 | 1,299,763 | — | 551,331 | 1,000 | 63,925 | 2,697,154 | ||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 557,000 | 200,000 | 1,869,984 | — | 872,830 | — | 63,516 | 3,563,330 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mark C. Murray Senior Vice President, Acetyls | 2023 | 509,247 | — | 682,403 | (6) | 292,480 | (7) | 429,295 | — | 56,058 | 1,969,483 | |||||||||||||||||||||||||||||||||||||||||||||
Ashley B. Duffie Senior Vice President and General Counsel | 2023 | 455,153 | — | 349,953 | (6) | 149,985 | (7) | 298,258 | 4,000 | 60,127 | 1,317,476 | |||||||||||||||||||||||||||||||||||||||||||||
Anne L. Puckett Former Senior Vice President, General Counsel and Corporate Secretary | 2023 | 600,000 | — | 979,963 | (6) | 419,994 | (7) | 539,520 | — | 66,000 | 2,605,477 | |||||||||||||||||||||||||||||||||||||||||||||
2022 | 587,615 | 66,667 | 1,199,853 | — | 557,477 | — | 64,638 | 2,476,250 | ||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 536,000 | 66,667 | 1,869,984 | — | 796,081 | — | 61,182 | 3,329,914 | ||||||||||||||||||||||||||||||||||||||||||||||||
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 76 |
Executive Compensation |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 77 |
Executive Compensation |
2023 Annual PRSU Awards | ||||||||||||||
Name | Target Number of PRSUs | Value at Target Performance | Maximum Number of PRSUs | Value at Highest Performance | ||||||||||
Lori J. Ryerkerk | 56,988 | $6,649,930 | 113,976 | $13,299,860 | ||||||||||
Scott A. Richardson | 16,196 | $1,889,911 | 32,392 | $3,779,822 | ||||||||||
Chuck B. Kyrish | 1,949 | $227,429 | 3,898 | $454,858 | ||||||||||
Thomas F. Kelly | 10,197 | $1,189,888 | 20,394 | $2,379,776 | ||||||||||
Mark C. Murray | 5,848 | $682,403 | 11,696 | $1,364,806 | ||||||||||
Ashley B. Duffie | 2,999 | $349,953 | 5,998 | $699,906 | ||||||||||
Anne L. Puckett | 8,398 | $979,963 | 16,796 | $1,959,926 | ||||||||||
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 78 |
Executive Compensation |
Estimated Future Payouts Under Non-Equity Incentive Plan Awards | Estimated Future Payouts Under Equity Incentive Plan Awards | All Other Option Awards | Grant Date Fair Value of Stock and Option Awards ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Securities Under- lying Options (#) | Exercise or Base Price of Option Awards ($/Sh) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Grant Date | Thres- hold ($) | Target ($) | Maxi- mum ($) | Thres-hold (#) | Target (#) | Maxi- mum (#) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (j) | (l) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lori J. Ryerkerk | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AIP(1) | N/A | 905,925 | 1,811,849 | 3,623,698 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
PRSUs(2) | 2/28/23 | — | — | — | 28,494 | 56,988 | 113,976 | — | — | 6,649,930 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Options(2) | 2/28/23 | — | — | — | — | — | — | 78,382 | 116.93 | 2,849,970 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Scott A. Richardson | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AIP(1) | N/A | 333,330 | 666,660 | 1,999,980 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
PRSUs(2) | 2/28/23 | — | — | — | 8,098 | 16,196 | 32,392 | — | — | 1,889,911 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Options(2) | 2/28/23 | — | — | — | — | — | — | 22,277 | 116.93 | 809,992 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chuck B. Kyrish | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AIP(1) | N/A | 120,390 | 240,779 | 722,337 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
PRSUs(2) | 44985 | — | — | — | 975 | 1,949 | 3,898 | — | — | 227,429 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Options(2) | 44985 | — | — | — | — | — | — | 2,681 | 116.93 | 97,481 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thomas F. Kelly | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AIP(1) | N/A | 269,288 | 538,575 | 1,615,725 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
PRSUs(2) | 2/28/23 | — | — | — | 5,099 | 10,197 | 20,394 | — | — | 1,189,888 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Options(2) | 2/28/23 | — | — | — | — | — | — | 14,026 | 116.93 | 509,985 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark C. Murray | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AIP(1) | N/A | 190,968 | 381,935 | 1,145,805 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
PRSUs(2) | 2/28/23 | — | — | — | 2,924 | 5,848 | 11,696 | — | — | 682,403 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Options(2) | 2/28/23 | — | — | — | — | — | — | 8,044 | 116.93 | 292,480 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ashley B. Duffie | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AIP(1) | N/A | 132,677 | 265,354 | 796,062 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
PRSUs(2) | 2/28/23 | — | — | — | — | 2,999 | 5,998 | — | — | 349,953 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Options(2) | 2/28/23 | — | — | — | — | — | — | 4,125 | 116.93 | 149,985 |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 79 |
Executive Compensation |
Anne L. Puckett | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AIP(1) | N/A | 240,000 | 480,000 | 1,440,000 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
PRSUs(2) | 2/28/23 | — | — | — | 4,199 | 8,398 | 16,796 | — | — | 979,963 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Options(2) | 2/28/23 | — | — | — | — | — | — | 11,551 | 116.93 | 419,994 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Option Awards(1) | Stock Awards(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Grant Date | Number of Securities Underlying Unexer- cised Options (#) Exercisable | Number of Securities Underlying Unexer- cised Options (#) Unexer-cisable | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested (2) ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested (2) ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) | (b) | (c) | (e) | (f) | (g) | (h) | (i) | (j) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lori J. Ryerkerk | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/10/21 | — | — | — | — | 3,556 | (4) | 552,496 | 61,828 | (5) | 9,606,216 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/9/22 | — | — | — | — | 10,381 | (6) | 1,612,896 | 35,191 | (7) | 5,467,626 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/23 | — | — | — | — | — | — | 56,988 | (8) | 8,854,226 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/23 | — | 78,382 | (3) | 116.93 | 2/27/33 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Scott A. Richardson | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/10/21 | — | — | — | — | 1,194 | (4) | 185,512 | 20,728 | (5) | 3,220,509 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/9/22 | — | — | — | — | 2,595 | (6) | 403,185 | 8,797 | (7) | 1,366,790 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/23 | — | — | — | — | — | — | 16,196 | (8) | 2,516,373 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/23 | — | 22,277 | (3) | 116.93 | 2/27/33 | — | — | — | — |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 80 |
Executive Compensation |
Chuck B. Kyrish | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/10/21 | — | — | — | — | 247 | (4) | 38,376 | 3,460 | (5) | 537,580 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/9/22 | — | — | — | — | 422 | (6) | 65,566 | 1,429 | (7) | 222,024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/23 | — | — | — | — | — | — | 1,949 | (8) | 302,816 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/23 | — | 2,681 | (3) | 116.93 | 2/27/2033 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thomas F. Kelly | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/10/21 | — | — | — | — | 769 | (4) | 119,480 | 13,366 | (5) | 2,076,675 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/9/22 | — | — | — | — | 1,687 | (6) | 262,109 | 5,718 | (7) | 888,406 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/23 | — | — | — | — | — | — | 10,197 | (8) | 1,584,308 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/23 | — | 14,026 | (3) | 116.93 | 2/27/2033 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mark C. Murray | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7/13/22 | — | — | — | — | 4,767 | (9) | 740,649 | 3,023 | (7) | 469,684 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/23 | — | — | — | — | — | — | 5,848 | (8) | 908,604 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/23 | — | 8,044 | (3) | 116.93 | 2/27/2033 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ashley B. Duffie | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/10/21 | — | — | — | — | 247 | (4) | 38,376 | 3,460 | (5) | 537,580 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/9/22 | — | — | — | — | 422 | (6) | 65,566 | 1,429 | (7) | 222,024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/23 | — | — | — | — | — | — | 2,999 | (8) | 465,955 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/23 | — | 4,125 | (3) | 116.93 | 2/27/2033 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Anne L. Puckett(10) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/10/21 | — | — | — | — | 769 | (4) | 119,480 | 13,366 | (5) | 2,076,675 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/9/22 | — | — | — | — | 1,558 | (6) | 242,066 | 5,278 | (7) | 820,043 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/23 | — | — | — | — | — | — | 8,398 | (8) | 1,304,797 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/28/23 | — | 11,551 | (3) | 116.93 | 2/27/2033 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 81 |
Executive Compensation |
Option Awards | Stock Awards | ||||||||||||||||||||||||||||||||||||||||
Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#)(1) | Value Realized on Vesting ($)(2) | |||||||||||||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | |||||||||||||||||||||||||||||||||||||
Lori J. Ryerkerk | — | — | 64,028 | 7,783,244 | |||||||||||||||||||||||||||||||||||||
Scott A. Richardson | — | — | 23,387 | 2,842,924 | |||||||||||||||||||||||||||||||||||||
Chuck B. Kyrish | — | — | 4,851 | 589,688 | |||||||||||||||||||||||||||||||||||||
Thomas F. Kelly | — | — | 15,132 | 1,839,446 | |||||||||||||||||||||||||||||||||||||
Mark C. Murray | — | — | 2,346 | 286,280 | |||||||||||||||||||||||||||||||||||||
Ashley B. Duffie | — | — | 4,746 | 576,924 | |||||||||||||||||||||||||||||||||||||
Anne L. Puckett | — | — | 15,068 | 1,831,666 | |||||||||||||||||||||||||||||||||||||
Name | Plan Name(1) | Number of Years Credited Service (#)(2) | Present Value of Accumulated Benefit ($)(3) | Payments During Last Fiscal Year ($) | |||||||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | |||||||||||||||||||||||||||||||
Lori J. Ryerkerk | CARPP | — | — | — | |||||||||||||||||||||||||||||||
Scott A. Richardson | CARPP | 8.7500 | 97,000 | — | |||||||||||||||||||||||||||||||
Chuck B. Kyrish | CARPP | 7.5833 | 98,000 | — | |||||||||||||||||||||||||||||||
Thomas F. Kelly | CARPP | 1.3333 | 19,000 | — | |||||||||||||||||||||||||||||||
Mark C. Murray | CARPP | — | — | — | |||||||||||||||||||||||||||||||
Ashley B. Duffie | CARPP | 6.4167 | 76,000 | — | |||||||||||||||||||||||||||||||
Anne L. Puckett | CARPP | — | — | — |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 82 |
Executive Compensation |
Name | Plan Name | Executive Contributions in Last FY ($) | Registrant Contributions in Last FY ($)(1) | Aggregate Earnings in Last FY ($)(2) | Aggregate Withdrawal/ Distributions ($) | Aggregate Balance at Last FYE ($)(3) | |||||||||||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | (g) | |||||||||||||||||||||||||||||||||||
Lori J. Ryerkerk | CASRSP | — | 106,066 | 27,574 | — | 270,870 | |||||||||||||||||||||||||||||||||||
2008 Deferred Plan | — | — | 118,338 | — | 718,602 | ||||||||||||||||||||||||||||||||||||
Scott A. Richardson | CASRSP | — | 42,308 | 48,591 | — | 323,406 | |||||||||||||||||||||||||||||||||||
Chuck B. Kyrish | CASRSP | — | 20,712 | 9,336 | — | 58,565 | |||||||||||||||||||||||||||||||||||
Thomas F. Kelly | CASRSP | — | 40,181 | 13,938 | — | 118,566 | |||||||||||||||||||||||||||||||||||
Mark C. Murray | CASRSP | — | 21,200 | — | — | — | |||||||||||||||||||||||||||||||||||
Ashley B. Duffie | CASRSP | — | 26,974 | 19,366 | — | 130,881 | |||||||||||||||||||||||||||||||||||
Anne L. Puckett | CASRSP | — | 29,700 | 11,265 | — | 111,184 | |||||||||||||||||||||||||||||||||||
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 83 |
Executive Compensation |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 84 |
Executive Compensation |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 85 |
Executive Compensation |
For purposes of the change in control agreements: | |||||||||||
“cause” generally means (i) a willful failure to perform one’s duties (other than as a result of total or partial incapacity due to physical or mental illness) for a period of 30 days following written notice by the Company of such failure; (ii) conviction of, or a plea of nolo contendere to, (x) a felony under the laws of the United States or any state thereof or any similar criminal act in a jurisdiction outside the United States or (y) a crime involving moral turpitude; (iii) willful malfeasance or willful misconduct which is demonstrably injurious to the Company or its Affiliates (as defined); (iv) any act of fraud; (v) any material violation of the Company’s code of conduct; (vi) any material violation of the Company’s policies concerning harassment or discrimination; (vii) conduct that causes material harm to the business reputation of the Company or its Affiliates; or (viii) breach of the confidentiality, non-competition, or non-solicitation provisions of the change in control agreement. | |||||||||||
“good reason” generally means (i) a material diminution in base salary or annual bonus opportunity; (ii) a material diminution in authority, duties, or responsibilities (including status, offices, titles and reporting requirements); (iii) a material change in the geographic location; (iv) the failure of the Company to pay compensation or benefits when due, or (v) any other action or inaction that constitutes a material breach by the Company of the change in control agreement. | |||||||||||
“change in control” generally means any one of the following events: (a) any person becoming the beneficial owner of thirty percent (30%) or more of Company’s voting securities (other than as a result of certain issuances or open market purchases approved by incumbent directors); (b) the Company’s incumbent directors ceasing to constitute at least a majority of the board of directors; (c) the shareholders of the Company approving a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction, or the sale or other disposition of all or substantially all of the Company’s assets, unless immediately following such transaction, (i) all or substantially all of the beneficial owners of the Company’s voting securities prior to such transaction are the beneficial owners of more than 50% of the combined voting power of the securities of the surviving entity in the transaction, (ii) no person is the beneficial owner of 30% or more of the combined voting power of the surviving entity in the transaction and (iii) at least a majority of the members of the board of directors of the surviving entity are incumbent directors; or (d) approval by the Company’s shareholders of a complete liquidation and dissolution of the Company. The preceding was a summary of the definition of a change in control, so please refer to actual text of the definition as set forth in the change in control agreements. |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 86 |
Executive Compensation |
Termination of Employment | Change in Control | |||||||||||||||||||||||||||||||||||||||||||
Voluntarily or for Cause | Involuntarily without Cause | Death | Disability | Retirement | Without Termination | With Termination | ||||||||||||||||||||||||||||||||||||||
Lori J. Ryerkerk | ||||||||||||||||||||||||||||||||||||||||||||
Cash Payments | ||||||||||||||||||||||||||||||||||||||||||||
Severance Payment(1) | $ | — | $ | 8,260,216.00 | $ | — | $ | — | $ | — | $ | — | $ | 11,557,631 | ||||||||||||||||||||||||||||||
Equity Value | ||||||||||||||||||||||||||||||||||||||||||||
Stock Options(2) | — | 1,680,251 | 1,680,251 | 1,680,251 | — | 3,013,004 | 3,013,004 | |||||||||||||||||||||||||||||||||||||
RSUs(2) | — | 1,762,362 | 1,762,362 | 1,762,362 | — | 2,165,392 | 2,165,392 | |||||||||||||||||||||||||||||||||||||
PRSUs(3) | — | 15,177,008 | 10,640,670 | 10,640,670 | — | 23,928,068 | 23,928,068 | |||||||||||||||||||||||||||||||||||||
Benefits & Perquisites | ||||||||||||||||||||||||||||||||||||||||||||
Welfare Benefits Continuation(4) | — | 13,091 | — | — | — | — | 13,091 | |||||||||||||||||||||||||||||||||||||
Outplacement Services(5) | — | 16,200 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Reduction to Avoid Excise Tax(6) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 26,909,128 | $ | 14,083,283 | $ | 14,083,283 | $ | — | $ | 29,106,464 | $ | 40,677,186 | ||||||||||||||||||||||||||||||
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 87 |
Executive Compensation |
Termination of Employment | Change in Control | |||||||||||||||||||||||||||||||||||||||||||
Voluntarily or for Cause | Involuntarily without Cause | Death | Disability | Retirement | Without Termination | With Termination | ||||||||||||||||||||||||||||||||||||||
Scott A. Richardson | ||||||||||||||||||||||||||||||||||||||||||||
Cash Payments | ||||||||||||||||||||||||||||||||||||||||||||
Severance Payment(1) | $ | — | $ | 3,021,127 | $ | — | $ | — | $ | — | $ | — | $ | 4,113,140 | ||||||||||||||||||||||||||||||
Equity Value | ||||||||||||||||||||||||||||||||||||||||||||
Stock Options(2) | — | 477,579 | 477,579 | 477,579 | — | 856,328 | 856,328 | |||||||||||||||||||||||||||||||||||||
RSUs(2) | — | 485,531 | 485,531 | 485,531 | — | 588,697 | 588,697 | |||||||||||||||||||||||||||||||||||||
PRSUs(3) | — | 4,660,323 | 3,139,562 | 3,139,562 | — | 7,103,672 | 7,103,672 | |||||||||||||||||||||||||||||||||||||
Benefits & Perquisites | ||||||||||||||||||||||||||||||||||||||||||||
Welfare Benefits Continuation(4) | — | 27,892 | — | — | — | — | 41,838 | |||||||||||||||||||||||||||||||||||||
Outplacement Services(5) | — | 16,200 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Reduction to Avoid Excise Tax(6) | — | — | — | — | — | — | (1,118,542) | |||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 8,688,652 | $ | 4,102,672 | $ | 4,102,672 | $ | — | $ | 8,548,697 | $ | 11,585,133 | ||||||||||||||||||||||||||||||
Chuck B. Kyrish | ||||||||||||||||||||||||||||||||||||||||||||
Cash Payments | ||||||||||||||||||||||||||||||||||||||||||||
Severance Payment(1) | $ | — | $ | 1,635,261 | $ | — | $ | — | $ | — | $ | — | $ | 1,901,481 | ||||||||||||||||||||||||||||||
Equity Value | ||||||||||||||||||||||||||||||||||||||||||||
Stock Options(2) | — | 57,506 | 57,506 | 57,506 | — | 103,058 | 103,058 | |||||||||||||||||||||||||||||||||||||
RSUs(2) | — | 87,007 | 87,007 | 87,007 | — | 103,943 | 103,943 | |||||||||||||||||||||||||||||||||||||
PRSUs(3) | — | 738,474 | 484,599 | 484,599 | — | 1,062,420 | 1,062,420 | |||||||||||||||||||||||||||||||||||||
Benefits & Perquisites | ||||||||||||||||||||||||||||||||||||||||||||
Welfare Benefits Continuation(4) | — | 27,892 | — | — | — | — | 41,838 | |||||||||||||||||||||||||||||||||||||
Outplacement Services(5) | — | 16,200 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Reduction to Avoid Excise Tax(6) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 2,562,340 | $ | 629,112 | $ | 629,112 | $ | — | $ | 1,269,421 | $ | 3,212,740 | ||||||||||||||||||||||||||||||
Thomas F. Kelly | ||||||||||||||||||||||||||||||||||||||||||||
Cash Payments | ||||||||||||||||||||||||||||||||||||||||||||
Severance Payment(1) | $ | — | $ | 2,463,220 | $ | — | $ | — | $ | — | $ | — | $ | 3,183,278 | ||||||||||||||||||||||||||||||
Equity Value | ||||||||||||||||||||||||||||||||||||||||||||
Stock Options(2) | — | 300,716 | 300,716 | 300,716 | — | 539,159 | 539,159 | |||||||||||||||||||||||||||||||||||||
RSUs(2) | — | 314,624 | 314,624 | 314,624 | — | 381,589 | 381,589 | |||||||||||||||||||||||||||||||||||||
PRSUs(3) | — | 2,997,864 | 2,017,169 | 2,017,169 | — | 4,549,389 | 4549389 | |||||||||||||||||||||||||||||||||||||
Benefits & Perquisites | ||||||||||||||||||||||||||||||||||||||||||||
Welfare Benefits Continuation(4) | — | 27,892 | — | — | — | — | 41,838 | |||||||||||||||||||||||||||||||||||||
Outplacement Services(5) | — | 16,200 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Reduction to Avoid Excise Tax(6) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 6,120,516 | $ | 2,632,509 | $ | 2,632,509 | $ | — | $ | 5,470,137 | $ | 8,695,253 |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 88 |
Executive Compensation |
Termination of Employment | Change in Control | |||||||||||||||||||||||||||||||||||||||||||
Voluntarily or for Cause | Involuntarily without Cause | Death | Disability | Retirement | Without Termination | With Termination | ||||||||||||||||||||||||||||||||||||||
Mark C. Murray | ||||||||||||||||||||||||||||||||||||||||||||
Cash Payments | ||||||||||||||||||||||||||||||||||||||||||||
Severance Payment(1) | $ | — | $ | 1,827,198 | $ | — | $ | — | $ | — | $ | — | $ | 1,904,295 | ||||||||||||||||||||||||||||||
Equity Value | ||||||||||||||||||||||||||||||||||||||||||||
Stock Options(2) | — | 172,442 | 172,442 | 172,442 | — | 309,211 | 309,211 | |||||||||||||||||||||||||||||||||||||
RSUs(2) | — | 462,536 | 462,536 | 462,536 | — | 740,649 | 740,649 | |||||||||||||||||||||||||||||||||||||
PRSUs(3) | — | 541,931 | 541,931 | 541,931 | — | 1,378,287 | 1,378,287 | |||||||||||||||||||||||||||||||||||||
Benefits & Perquisites | ||||||||||||||||||||||||||||||||||||||||||||
Welfare Benefits Continuation(4) | — | 27,892 | — | — | — | — | 41,838 | |||||||||||||||||||||||||||||||||||||
Outplacement Services(5) | — | 16,200 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Reduction to Avoid Excise Tax(6) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 3,048,199 | $ | 1,176,909 | $ | 1,176,909 | $ | — | $ | 2,428,147 | $ | 4,374,280 | ||||||||||||||||||||||||||||||
Ashley B. Duffie | ||||||||||||||||||||||||||||||||||||||||||||
Cash Payments | ||||||||||||||||||||||||||||||||||||||||||||
Severance Payment(1) | $ | — | $ | 1,537,032 | $ | — | $ | — | $ | — | $ | — | $ | 1,967,574 | ||||||||||||||||||||||||||||||
Equity Value | ||||||||||||||||||||||||||||||||||||||||||||
Stock Options(2) | $ | — | $ | 88,450 | $ | 88,450 | $ | 88,450 | $ | — | $ | 158,565 | $ | 158,565 | ||||||||||||||||||||||||||||||
RSUs(2) | $ | — | $ | 87,007 | $ | 87,007 | $ | 87,007 | $ | — | $ | 103,943 | $ | 103,943 | ||||||||||||||||||||||||||||||
PRSUs(3) | $ | — | $ | 788,347 | $ | 534,473 | $ | 534,473 | $ | — | $ | 1,225,559 | $ | 1,225,559 | ||||||||||||||||||||||||||||||
Benefits & Perquisites | ||||||||||||||||||||||||||||||||||||||||||||
Welfare Benefits Continuation(4) | $ | — | $ | 27,892 | $ | — | $ | — | $ | — | $ | — | $ | 41,838 | ||||||||||||||||||||||||||||||
Outplacement Services(5) | $ | — | $ | 16,200 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||
Reduction to Avoid Excise Tax(6) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 2,544,928 | $ | 709,930 | $ | 709,930 | $ | — | $ | 1,488,067 | $ | 3,497,479 | ||||||||||||||||||||||||||||||
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 89 |
Executive Compensation |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 90 |
Executive Compensation |
Value of Initial Fixed $100 Investment Based On: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year | Summary Compensation Table Total for PEO ($)(1) | “Compensation Actually Paid” to PEO ($)(2) | Average Summary Compensation Table Total for Non-PEO NEOs ($)(3) | Average “Compensation Actually Paid” to Non-PEO NEOs ($)(4) | Total Shareholder Return ($)(5) | Peer Group Total Shareholder Return ($)(6) | Net Income (millions) ($)(7) | Adjusted Earnings Per Share ($)(8) | ||||||||||||||||||||||||||||||||||||||||||
2023 | 12,972,962 | 16,563,635 | 2,378,721 | 2,995,073 | 138.16 | 142.61 | 1,960 | 8.92 | ||||||||||||||||||||||||||||||||||||||||||
2022 | 10,967,783 | (8,923,734) | 2,671,920 | (2,104,339) | 88.75 | 130.40 | 1,894 | 15.88 | ||||||||||||||||||||||||||||||||||||||||||
2021 | 12,570,992 | 41,533,922 | 3,747,607 | 11,455,491 | 142.59 | 143.70 | 1,890 | 18.12 | ||||||||||||||||||||||||||||||||||||||||||
2020 | 7,067,446 | 3,747,450 | 2,446,600 | 1,367,951 | (9) | 108.26 | 116.32 | 1,985 | 7.64 |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 91 |
Executive Compensation |
Year | Reported Summary Compensation Table Total for PEO | Reported Value of Equity Awards(a) | Equity Award Adjustments(b) | “Compensation Actually Paid” to PEO | ||||||||||
2023 | 12,972,962 | 9,499,900 | 13,090,573 | 16,563,635 | ||||||||||
Year | Year End Fair Value of Equity Awards Granted in the Year | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | Change in Fair Value from Prior Year End to Vesting Date of Equity Awards Granted in Prior Years that Vested in the Year | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value | Total Equity Award Adjustments | ||||||||||||||||
2023 | 8,056,100 | 3,544,836 | — | 1,489,637 | — | — | 13,090,573 | ||||||||||||||||
Year | Average Reported Summary Compensation Table Total for Non-PEO NEOs | Average Reported Value of Equity Awards | Equity Award Adjustments(a) | Average “Compensation Actually Paid” to Non-PEO NEOs | ||||||||||
2023 | 2,378,721 | 1,266,577 | 1,882,929 | 2,995,073 | ||||||||||
Year | Average Year End Fair Value of Equity Awards Granted in the Year | Year over Year Average Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years | Average Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | Average Change in Fair Value from Prior Year End to Vesting Date of Equity Awards Granted in Prior Years that Vested in the Year | Average Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | Average Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value | Total Average Equity Award Adjustments | ||||||||||||||||
2023 | 1,074,100 | 556,850 | — | 251,979 | — | — | 1,882,929 | ||||||||||||||||
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 92 |
Executive Compensation |
Most Important Performance Measures | |||||
s | Adjusted EPS | ||||
s | Operating EBITDA | ||||
s | Return on Capital Employed (ROCE) | ||||
s | Free Cash Flow |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 93 |
Executive Compensation |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 94 |
Executive Compensation |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 95 |
Executive Compensation |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 96 |
Executive Compensation |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 97 |
Questions and Answers about the Annual Meeting |
IMPORTANT NOTE: If you plan to attend the Annual Meeting virtually, you must follow these instructions to gain access to the meeting. |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 98 |
Questions and Answers about the Annual Meeting |
Proposal | Voting Choices and Board Recommendation | Voting Standard | ||||||||||||||||||
Item 1: Election of Directors | • | Vote in favor of all or specific nominees; | Majority of votes cast | |||||||||||||||||
• | Vote against all or specific nominees; or | |||||||||||||||||||
• | Abstain from voting with respect to all or specific nominees. | |||||||||||||||||||
The Board recommends a vote FOR each of the Director nominees. | ||||||||||||||||||||
Item 2: Ratification of the Appointment of KPMG LLP as Independent Registered Public Accounting Firm | • | Vote in favor of the ratification; | Majority of the shares of Common Stock present in person or represented by proxy and entitled to vote | |||||||||||||||||
• | Vote against the ratification; or | |||||||||||||||||||
• | Abstain from voting on the ratification. | |||||||||||||||||||
The Board recommends a vote FOR the ratification. | ||||||||||||||||||||
Item 3: Advisory Vote to Approve Executive Compensation | • | Vote in favor of the advisory proposal; | Majority of the shares of Common Stock present in person or represented by proxy and entitled to vote | |||||||||||||||||
• | Vote against the advisory proposal; or | |||||||||||||||||||
• | Abstain from voting on the advisory proposal. | |||||||||||||||||||
The Board recommends a vote FOR the advisory vote to approve executive compensation. | ||||||||||||||||||||
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 99 |
Questions and Answers about the Annual Meeting |
Proposal | Voting Choices and Board Recommendation | Voting Standard | ||||||||||||||||||
Item 4: Proposal Regarding Approval of the Amendment to our Certificate of Incorporation to provide for officer exculpation and indemnification under Delaware law | • | Vote in favor of the proposal; | Majority of the outstanding shares of Common Stock entitled to vote on this proposal | |||||||||||||||||
• | Vote against the proposal; or | |||||||||||||||||||
• | Abstain from voting on the proposal. | |||||||||||||||||||
The Board recommends a vote FOR the proposal. | ||||||||||||||||||||
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 100 |
Questions and Answers about the Annual Meeting |
● | FOR the election of all director nominees as set forth in this Proxy Statement; | |||||||||||||
● | FOR the proposal to ratify the appointment of KPMG LLP as independent registered public accounting firm; | |||||||||||||
● | FOR the advisory vote to approve executive compensation; and | |||||||||||||
● | FOR the proposal to approve the amendment to our Certificate of Incorporation to provide for officer exculpation and indemnification under Delaware law. |
● | giving written notice to the Corporate Secretary of the Company; | ||||
● | delivering a later-dated proxy; or | ||||
● | voting at the virtual meeting |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 101 |
Questions and Answers about the Annual Meeting |
● | as necessary to meet applicable legal requirements and to assert or defend claims for or against the Company; | ||||
● | in the case of a contested proxy solicitation; | ||||
● | if a shareholder makes a written comment on the proxy card or otherwise communicates his or her vote to management; or | ||||
● | to allow the independent inspector of election to certify the results of the vote. |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 102 |
Questions and Answers about the Annual Meeting |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 103 |
Questions and Answers about the Annual Meeting |
Submission Type | Applicable Rules and Requirements | Deadline | ||||||||||||
Shareholder proposals for inclusion in next year’s annual meeting proxy materials | SEC Rule 14a-8 | No later than the close of business (5:30 p.m. Central Time) on November , 2024 | ||||||||||||
Proxy Access Director Nominees | Section 2.03(B) of our by-laws | Between October , 2024 and the close of business on November , 2024 | ||||||||||||
Notice Provision for Other Items of Business or non-Proxy Access Director Nominees *Includes information required under Rule 14a-19 | Section 2.03(A) of our by-laws* | Between January 13, 2025 and the close of business on February 12, 2025 (assuming we do not change the date of our 2025 Annual Meeting of Shareholder to be more than 30 days from the first anniversary date of our 2024 Annual Meeting) |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 104 |
Questions and Answers about the Annual Meeting |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / 105 |
Exhibit A |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / A-1 |
Exhibit A |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / A-2 |
Exhibit A |
Year Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(In $ millions, except percentages) | |||||||||||||||||||||||
Net sales | 10,940 | 9,673 | |||||||||||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 1,960 | 1,894 | |||||||||||||||||||||
(Earnings) loss from discontinued operations | 9 | 8 | |||||||||||||||||||||
Interest income | (39) | (69) | |||||||||||||||||||||
Interest expense | 720 | 405 | |||||||||||||||||||||
Refinancing expense | 7 | — | |||||||||||||||||||||
Income tax provision (benefit) | (790) | (489) | |||||||||||||||||||||
Certain items attributable to Celanese Corporation(1) | (114) | 422 | |||||||||||||||||||||
Adjusted EBIT / Adjusted EBIT Margin | 1,753 | 16.0 | % | 2,171 | 22.4 | % | |||||||||||||||||
Depreciation and amortization expense(2) | 691 | 446 | |||||||||||||||||||||
Operating EBITDA | 2,444 | 2,617 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
(In $ millions, except percentages) | |||||||||||||||||||||||||||||||||||
Net sales | 8,537 | 5,655 | 6,297 | ||||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 1,890 | 1,985 | 852 | ||||||||||||||||||||||||||||||||
(Earnings) loss from discontinued operations | 22 | 12 | 6 | ||||||||||||||||||||||||||||||||
Interest income | (8) | (6) | (6) | ||||||||||||||||||||||||||||||||
Interest expense | 91 | 109 | 115 | ||||||||||||||||||||||||||||||||
Refinancing expense | 9 | — | 4 | ||||||||||||||||||||||||||||||||
Income tax provision (benefit) | 330 | 247 | 124 | ||||||||||||||||||||||||||||||||
Certain items attributable to Celanese Corporation(1) | 139 | (1,216) | 381 | ||||||||||||||||||||||||||||||||
Adjusted EBIT / Adjusted EBIT Margin | 2,473 | 29.0 | % | 1,131 | 20.0 | % | 1,476 | 23.4 | % | ||||||||||||||||||||||||||
Depreciation and amortization expense(2) | 362 | 344 | 329 | ||||||||||||||||||||||||||||||||
Operating EBITDA | 2,835 | 1,475 | 1,805 |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / A-3 |
Exhibit A |
Year Ended December 31, | Year over Year Change | ||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||
per share | per share | ||||||||||||||||||||||||||||
(In $ millions, except per share data and percentages) | |||||||||||||||||||||||||||||
Earnings (loss) from continuing operations attributable to Celanese Corporation | 1,969 | 18.00 | 1,902 | 17.41 | 3.4 | % | |||||||||||||||||||||||
Income tax provision (benefit) | (790) | (489) | |||||||||||||||||||||||||||
Earnings (loss) from continuing operations before tax | 1,179 | 1,413 | |||||||||||||||||||||||||||
Certain items attributable to Celanese Corporation(1) | (114) | 422 | |||||||||||||||||||||||||||
Refinancing and related expenses | 7 | 158 | (2) | ||||||||||||||||||||||||||
Adjusted earnings (loss) from continuing operations before tax | 1,072 | 1,993 | |||||||||||||||||||||||||||
Income tax (provision) benefit on adjusted earnings(3) | (96) | (259) | |||||||||||||||||||||||||||
Adjusted earnings (loss) from continuing operations(4) | 976 | 8.92 | 1,734 | 15.88 | (43.8) | % | |||||||||||||||||||||||
Diluted shares (in millions)(5) | |||||||||||||||||||||||||||||
Weighted average shares outstanding | 108.8 | 108.4 | |||||||||||||||||||||||||||
Incremental shares attributable to equity awards | 0.6 | 0.8 | |||||||||||||||||||||||||||
Total diluted shares | 109.4 | 109.2 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
per share | per share | per share | |||||||||||||||||||||||||||||||||
(In $ millions, except per share data) | |||||||||||||||||||||||||||||||||||
Earnings (loss) from continuing operations attributable to Celanese Corporation | 1,912 | 17.06 | 1,997 | 16.85 | 858 | 6.89 | |||||||||||||||||||||||||||||
Income tax provision (benefit) | 330 | 247 | 124 | ||||||||||||||||||||||||||||||||
Earnings (loss) from continuing operations before tax | 2,242 | 2,244 | 982 | ||||||||||||||||||||||||||||||||
Certain items attributable to Celanese Corporation(1) | 139 | (1,216) | 381 | ||||||||||||||||||||||||||||||||
Refinancing and related expenses | 9 | — | 4 | ||||||||||||||||||||||||||||||||
Adjusted earnings (loss) from continuing operations before tax | 2,390 | 1,028 | 1,367 | ||||||||||||||||||||||||||||||||
Income tax (provision) benefit on adjusted earnings(3) | (359) | (123) | (178) | ||||||||||||||||||||||||||||||||
Adjusted earnings (loss) from continuing operations(4) | 2,031 | 18.12 | 905 | 7.64 | 1,189 | 9.53 | |||||||||||||||||||||||||||||
Diluted shares (in millions)(5) | |||||||||||||||||||||||||||||||||||
Weighted average shares outstanding | 111.2 | 117.8 | 123.9 | ||||||||||||||||||||||||||||||||
Incremental shares attributable to equity awards | 0.9 | 0.7 | 0.8 | ||||||||||||||||||||||||||||||||
Total diluted shares | 112.1 | 118.5 | 124.7 |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / A-4 |
Exhibit A |
Actual Plan Asset Returns | Expected Plan Asset Returns | ||||||||||
(In percentages | |||||||||||
2023 | 8.1 | 5.2 | |||||||||
2022 | (18.4) | 5.4 | |||||||||
2021 | 1.1 | 6.3 | |||||||||
2020 | 12.4 | 6.5 | |||||||||
2019 | 16.7 | 6.5 |
Year Ended December 31, | |||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||
(In percentages) | |||||||||||||||||||||||||||||
US GAAP effective tax rate | (67) | (34) | 15 | 11 | 13 | ||||||||||||||||||||||||
Discrete quarterly recognition of GAAP items(1) | 2 | (6) | (2) | 12 | — | ||||||||||||||||||||||||
Tax impact of other charges and adjustments(2) | (3) | 9 | (1) | (9) | — | ||||||||||||||||||||||||
Utilization of foreign tax credits | — | — | (1) | (3) | (3) | ||||||||||||||||||||||||
Changes in valuation allowances, excluding impact of other charges and adjustments(3) | 13 | (1) | 3 | — | 3 | ||||||||||||||||||||||||
Other, includes effect of discrete current year transactions(4)(5) | 64 | 45 | 1 | 1 | — | ||||||||||||||||||||||||
Adjusted tax rate | 9 | 13 | 15 | 12 | 13 |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / A-5 |
Exhibit A |
Year Ended December 31, | |||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||
(In $ millions) | |||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (134) | (11,141) | (1,119) | 592 | (493) | ||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (1,456) | 10,290 | (1,042) | (1,471) | (935) | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 1,899 | 1,819 | 1,757 | 1,343 | 1,454 | ||||||||||||||||||||||||
Capital expenditures on property, plant and equipment | (568) | (543) | (467) | (364) | (370) | ||||||||||||||||||||||||
Contributions from/(Distributions) to NCI | (11) | (13) | (27) | (29) | (10) | ||||||||||||||||||||||||
Free cash flow(1) | 1,320 | 1,263 | 1,263 | 950 | 1,074 |
2023 | |||||||||||||||||
(In $ millions, except percentages) | |||||||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 1,960 | ||||||||||||||||
Adjusted EBIT | 1,753 | ||||||||||||||||
Adjusted effective tax rate | 9 | % | |||||||||||||||
Adjusted EBIT tax effected | 1,595 | ||||||||||||||||
2023 | 2022 | Average | |||||||||||||||
(In $ millions, except percentages) | |||||||||||||||||
Short-term borrowings and current installments of long-term debt - third parties and affiliates | 1,383 | 1,306 | 1,345 | ||||||||||||||
Long-term debt, net of unamortized deferred financing costs | 12,301 | 13,373 | 12,837 | ||||||||||||||
Celanese Corporation shareholders’ equity | 7,091 | 5,637 | 6,364 | ||||||||||||||
Invested capital | 20,546 | ||||||||||||||||
Return on invested capital (adjusted) | 7.8 | % | |||||||||||||||
Net earnings (loss) attributable to Celanese Corporation as a percentage of invested capital | 9.5 | % |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / A-6 |
Exhibit A |
2022 | |||||||||||||||||
(In $ millions, except percentages) | |||||||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 1,894 | ||||||||||||||||
Adjusted EBIT | 2,171 | ||||||||||||||||
Adjusted effective tax rate | 13 | % | |||||||||||||||
Adjusted EBIT tax effected | 1,889 | ||||||||||||||||
2022 | 2021 | Average | |||||||||||||||
(In $ millions, except percentages) | |||||||||||||||||
Short-term borrowings and current installments of long-term debt - third parties and affiliates | 1,306 | 791 | 1,049 | ||||||||||||||
Long-term debt, net of unamortized deferred financing costs | 13,373 | 3,176 | 8,275 | ||||||||||||||
Celanese Corporation shareholders’ equity | 5,637 | 4,189 | 4,913 | ||||||||||||||
Invested capital | 14,237 | ||||||||||||||||
Return on invested capital (adjusted) | 13.3 | % | |||||||||||||||
Net earnings (loss) attributable to Celanese Corporation as a percentage of invested capital | 13.3 | % |
2021 | |||||||||||||||||
(In $ millions, except percentages) | |||||||||||||||||
Net earnings (loss) attributable to Celanese Corporation | 1,890 | ||||||||||||||||
Adjusted EBIT | 2,473 | ||||||||||||||||
Adjusted effective tax rate | 15 | % | |||||||||||||||
Adjusted EBIT tax effected | 2,102 | ||||||||||||||||
2021 | 2020 | Average | |||||||||||||||
(In $ millions, except percentages) | |||||||||||||||||
Short-term borrowings and current installments of long-term debt - third parties and affiliates | 791 | 496 | 644 | ||||||||||||||
Long-term debt, net of unamortized deferred financing costs | 3,176 | 3,227 | 3,202 | ||||||||||||||
Celanese Corporation shareholders’ equity | 4,189 | 3,526 | 3,858 | ||||||||||||||
Invested capital | 7,704 | ||||||||||||||||
Return on invested capital (adjusted) | 27.3 | % | |||||||||||||||
Net earnings (loss) attributable to Celanese Corporation as a percentage of invested capital | 24.5 | % |
Celanese 2024 / Notice of Annual Meeting and Proxy Statement / A-7 |