Damon Audia
AGCO CORP /DEAbout Damon Audia
Damon J. Audia, age 54, is Senior Vice President and Chief Financial Officer of AGCO, serving since July 1, 2022. He holds an MBA from Carnegie Mellon University and an undergraduate degree from the University of Michigan; prior roles include CFO positions at Kennametal and Carpenter Technology, and 10 years at Goodyear in senior finance roles . Under his finance leadership in 2024, AGCO delivered adjusted operating margin of 8.9%, adjusted EPS of $7.50, and net sales of $11.66B amid an industry downturn; the company’s TSR translated a $100 investment to $143.46 in 2024 versus $105.90 for its agribusiness peer index .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AGCO Corporation | SVP, Chief Financial Officer | 2022–present | Responsible for positioning AGCO to execute its Farmer‑First strategy and growth ambitions |
| Kennametal, Inc. | Vice President and CFO | Not disclosed | Not disclosed |
| Carpenter Technology Corporation | Senior Vice President and CFO | Not disclosed | Not disclosed |
| The Goodyear Tire & Rubber Company | Senior finance roles incl. SVP Finance, North America | 10 years | Not disclosed |
| Delphi Corporation | Financial positions | Not disclosed | Not disclosed |
| General Motors | Financial positions | Not disclosed | Not disclosed |
External Roles
No external directorships or committee roles are disclosed for Mr. Audia in the proxy .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $721,000 | $749,840 |
| AIP Target Opportunity (as % of base salary) | Minimum | Target | Maximum |
|---|---|---|---|
| Damon J. Audia | 50% | 100% | 200% |
| Cash Bonus (FY2024) | Amount ($) | Notes |
|---|---|---|
| Annual Incentive (AIP) | $203,584 | Paid at 27.5% of target for 2024 |
| Transaction Bonus | $270,375 | PTx Trimble JV closing (April 1, 2024) |
| Perquisites and Other ($, FY2024) | Amount |
|---|---|
| Defined contribution match | $208,969 |
| Life insurance | $7,772 |
| Car lease and maintenance | $18,026 |
| Other (spousal airfare) | $11,933 |
| Total “All Other Compensation” | $246,700 |
Performance Compensation
| Short-Term Incentive (AIP) Measure (FY2024) | Weight | Target (threshold) | Actual | Payout contribution |
|---|---|---|---|---|
| Adjusted Operating Margin | 40% | 9.2% (threshold) | 9.2% | 20.0% |
| Return on Net Assets (RONA) | 40% | 42.8% (threshold) | 32.4% | 0.0% |
| Customer Satisfaction (NPS) | 10% | 65% (threshold) | 66% | 7.5% |
| Employee Engagement | 10% | 72% (threshold) | 67% | 0.0% |
| Total AIP Achievement | — | — | — | 27.5% |
| AIP Award Outcome (FY2024) | Target as % of Salary | Achievement % of Target | As % of Salary | Actual Amount ($) |
|---|---|---|---|---|
| Damon J. Audia | 100% | 27.5% | 28% | $203,584 |
| 2024 LTI Grants (Grant date 1/31/2024) | Quantity | Vesting / Measurement |
|---|---|---|
| RSUs | 6,213 shares | Ratable over 3 years (first three anniversaries of grant) |
| PSP Units (target) | 9,319 shares | 3-year performance: 50% revenue growth and 50% RONA, with +/‑20% relative TSR modifier |
| PSP Cycle Result (2022–2024) | Target Shares | Actual Shares Awarded | Payout % |
|---|---|---|---|
| Damon J. Audia | 4,948 | 6,244 | 126.2% |
LTI design balances growth and capital efficiency: PSP targets split 50% three‑year revenue growth and 50% three‑year RONA, subject to a relative TSR modifier; RSUs are 40% of LTI to support retention .
Equity Ownership & Alignment
| Beneficial Ownership (as of March 7, 2025) | Shares | % of Class |
|---|---|---|
| Damon J. Audia | 17,509 | Less than 1% |
| Unvested/Unearned Equity Outstanding (12/31/2024) | Quantity | Market Value ($) |
|---|---|---|
| RSUs (unvested) | 6,213 | $580,791 (at $93.48 close) |
| PSP (unearned at target) | 9,319 | $871,140 (at $93.48 close) |
| 2024 Stock Vested | Shares Vested | Value Realized ($) |
|---|---|---|
| Damon J. Audia | 16,522 | $1,661,965 |
- Stock ownership guidelines: Other executive officers must hold equity equal to 3x base salary; compliance required within five years of appointment; as of Dec 31, 2024, all executives were in compliance or within the transition period .
- Hedging/pledging: Corporate policy prohibits hedging and pledging of AGCO equity securities by officers; pledged shares do not count towards ownership requirements .
- Options: No outstanding or exercisable SSARs or options for Mr. Audia at year‑end 2024 .
Employment Terms
| Term | Key Provision |
|---|---|
| Employment agreement | Includes base salary, participation in AIP and LTI, severance benefits, car, and customary expense reimbursement . |
| Non‑compete / Non‑solicit | Two‑year non‑compete and non‑solicit; confidentiality for five years post‑employment . |
| Severance (no change‑of‑control) | 1x base salary; pro‑rata bonus for year of termination; continued life insurance and up to 18 months COBRA at active rates; equity pro‑rata vesting for next RSU tranche and PSP units (subject to release) beginning with 2024 grants . |
| Change‑of‑control (double‑trigger) | Upon termination within two years of a change of control: 2x base salary and 2x bonus (based on three‑year average/current trend), pro‑rata bonus, and two years of continued benefits; all unvested equity accelerates on double trigger and/or if awards are not assumed; ENPP/DC benefits vest per plan terms (Audia is in DC plan) . |
| Clawback | NYSE‑compliant compensation recovery policy for erroneously awarded incentive compensation following certain restatements (three prior fiscal years) . |
| Tax gross‑ups | No excise tax gross‑up on change‑of‑control payments under Mr. Audia’s agreement . |
| Deferred compensation (DC) | Company contributions to Executive Nonqualified Defined Contribution Plan; FY2024 registrant contribution $189,994; aggregate earnings $4,966; aggregate balance $348,691 . |
| Pension | Not a participant in AGCO’s Executive Nonqualified Pension Plan (ENPP) . |
Investment Implications
- Pay‑for‑performance alignment and cyclicality management: AIP and LTI metrics center on adjusted operating margin, RONA, and revenue growth, with a sliding scale to normalize for ag‑cycle swings; 2024 cash incentives paid well below target (27.5%) reflecting disciplined payout in a downturn .
- Retention and ownership: RSUs (40% of LTI) plus 3x salary ownership rules and a five‑year compliance window create tangible alignment; hedging/pledging prohibitions reduce misalignment risks .
- Change‑of‑control economics: Double‑trigger equity vesting and 2x salary/bonus severance for the CFO are standard for industrials; absence of excise tax gross‑ups is shareholder‑friendly .
- Execution track record: 2024 performance showed resilient margins (8.9% adjusted operating margin) and adjusted EPS of $7.50 despite −19.1% sales decline amid industry weakness; TSR remained above peers over multi‑year periods but softened in 2024, underscoring cyclical exposure .