Teledyne Technologies Incorporated (NYSE:TDY), a $23.77 billion market cap provider of sophisticated electronic components and subsystems, has disclosed recent executive compensation decisions in a Form 8-K filed with the Securities and Exchange Commission. According to InvestingPro data, the company is trading near its 52-week high with a current share price of $511.67, reflecting strong market confidence in its management team. The Personnel and Compensation Committee, with the Board of Directors' ratification, has set forth compensatory arrangements for its Named Executive Officers.
On Monday, the Committee authorized Annual Incentive Plan (AIP) cash bonus awards for the fiscal year 2024. The CEO, Edwin Roks, received $769,800, while the Senior Vice President and CFO, Stephen F. Blackwood, was awarded $317,300. Executive Chairman, Robert Mehrabian, received the highest bonus of $1,176,100, followed by President and COO, George C. Bobb III, with $584,200, and Vice Chairman, Jason VanWees, at $438,600.
Additionally, the Committee approved payments under the cash Performance Plan for the 2022-2024 period, with goals achieved at 70.3% of target. This resulted in payouts ranging from $126,540 for Blackwood to $1,237,280 for Mehrabian. The company's financial performance supports these compensation decisions, with InvestingPro showing a healthy current ratio of 2.0 and annual revenue of $5.59 billion.
Looking ahead, the Committee set the 2025 goals for the AIP cash bonus awards, with CEO Roks eligible for a target bonus of 120% of his base salary. The Committee also established a Performance-Based Restricted Stock Unit Award Program, where the vesting of units is tied to Teledyne's total shareholder return relative to the S&P 500 Index over a three-year period.
For the 2025-2027 cycle, a new Performance Plan was also established, with targets based on operating profit, revenue, and total shareholder return. Executives could receive up to 200% of the target award if certain performance thresholds are met.
These decisions reflect Teledyne's approach to align executive compensation with the company's financial performance and shareholder returns. The full details of these arrangements are outlined in the SEC filing, which provides investors with transparency into the company's compensation strategies. For deeper insights into Teledyne's executive compensation structure and comprehensive financial analysis, InvestingPro subscribers can access the detailed Pro Research Report, which is part of the platform's coverage of over 1,400 US equities.
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