Ivory Harris
AGCO CORP /DEAbout Ivory Harris
Ivory M. Harris is Senior Vice President, Chief Human Resources Officer at AGCO, serving in this role since May 2021, and was age 51 as of March 7, 2025 . She holds a bachelor’s degree in Social Sciences and Psychology from the University of Houston and previously spent 17 years at BASF in HR leadership roles across compensation, corporate HR solutions, and bioscience research, including an international assignment in Ludwigshafen, Germany . Executive incentives at AGCO are tied to measurable performance: annual incentives weight adjusted operating margin (40%), return on net assets (RONA, 40%), employee engagement (10%), and customer satisfaction (10%) , while long-term performance shares measure 3-year revenue growth (50%) and 3-year RONA (50%) with a relative TSR modifier (+/- 20%) . For the 2022–2024 PSP cycle, AGCO achieved RONA of 34.8%, revenue growth of 2.8%, TSR at the 63rd percentile, and paid 126.2% of target, indicating above-target long-term performance alignment .
Past Roles
| Organization | Role(s) | Years | Strategic Impact |
|---|---|---|---|
| BASF | Vice President, People Service, US; Vice President, Total Rewards & Corporate HR Solutions, North America; Global Director, HR, Bioscience Research; Senior Project Expert, International Delegation (Ludwigshafen) | 17 years | Led total rewards and HR solutions; supported global bioscience R&D talent; managed international HR projects |
Fixed Compensation
Not disclosed for Harris in the 2025, 2024, or 2023 proxy statements. NEO-specific salary and bonus data are provided for the CEO and select NEOs only .
Performance Compensation
Program structure applicable to executive officers (including CHRO role) with disclosed metrics, weights, and recent payout factors.
| Plan | Metric | Weighting | Target Design | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Incentive Plan (AIP) | Adjusted Operating Margin | 40% | Sliding scale normalized for industry cyclicality | 2024 corporate achievement factor: 27.5% of target (applied to NEOs; reflects company-level outcome) | Cash, paid by Mar 15 following year |
| Annual Incentive Plan (AIP) | Return on Net Assets (RONA) | 40% | Sliding scale normalized for cyclicality | 2024 corporate achievement factor: 27.5% of target | Cash |
| Annual Incentive Plan (AIP) | Employee Engagement | 10% | Company-defined scorecard | 2024 corporate achievement factor: 27.5% of target | Cash |
| Annual Incentive Plan (AIP) | Customer Satisfaction | 10% | Company-defined scorecard | 2024 corporate achievement factor: 27.5% of target | Cash |
| Performance Share Plan (PSP) | 3-Year Revenue Growth | 50% | Threshold 0.0%, Target 3.0%, Max 6.0% growth | Actual 2.8% earned 95.6% of metric; PSP paid 126.2% overall (incl RONA metric) | 3-year performance; shares settle post-cycle |
| Performance Share Plan (PSP) | 3-Year RONA | 50% | Threshold 27.1%, Target 33.1%, Max 36.1% | Actual 34.8% earned 156.7% of metric; PSP paid 126.2% overall | 3-year performance |
| PSP TSR Modifier | Relative TSR vs MVIS Global Agribusiness Index | +/-20% | <25th percentile: -20%; 25th–75th: 0%; ≥75th: +20% | 63rd percentile → no adjustment for 2022–2024 cycle | Applied at cycle end |
| Restricted Stock Units (RSUs) | Time-based | 40% of LTI target (for NEO design) | 3-year ratable vesting (equal annual installments on grant anniversaries) | N/A (time-based) | Vests 1/3 per year over 3 years |
Equity Ownership & Alignment
- Stock ownership requirements: CEO must hold 6x salary; other executive officers (including CHRO) must hold 3x salary; compliance required within 5 years of appointment/promotion. As of Dec 31, 2024, all directors and executive officers were either compliant or within the transition window .
- Hedging and pledging: Prohibited for Board members and officers; grandfathered pledges prior to Dec 3, 2020 may remain until terminated; pledged shares do not count toward ownership requirements .
| Policy | Requirement | Status/Notes |
|---|---|---|
| Executive stock ownership guideline | 3x base salary (other executive officers) | All directors and executive officers compliant or within 5-year transition as of 12/31/2024 |
| Hedging/Pledging policy | No hedging or pledging of AGCO equity securities by directors/officers | Grandfathered pledges prior to 12/3/2020 may remain; pledged shares excluded from ownership compliance |
Specific beneficial share counts for Harris were not disclosed in the beneficial ownership tables, which list directors, NEOs, and principal holders; Harris is not shown there .
Employment Terms
- Clawback: AGCO maintains a clawback policy compliant with NYSE Rule 10D-1 effective late 2023; recovery applies to executive officers for erroneously awarded incentive compensation received in the three prior fiscal years following certain accounting restatements .
- Change-of-control treatment: Equity awards include double-trigger vesting (requires change of control plus qualifying termination or failure to assume awards) .
- Non-compete/Non-solicit: Disclosed expressly for NEO employment agreements (2-year non-compete/non-solicit; 3-year protections for CEO after a change in control). The proxy does not specifically disclose Harris’s contract terms .
- Tax gross-ups: No excise tax gross-ups on change-in-control benefits for employment contracts since 2017, including the CEO; this provision was removed from the CEO’s agreement in 2021 .
Investment Implications
- Alignment: Strong policy framework—3x salary ownership guideline for executive officers, no hedging/pledging, and a robust clawback—supports long-term alignment and reduces adverse trading/pledging risks for Harris as CHRO .
- Incentive levers: Harris’s influence on employee engagement (10% of AIP) and retention through RSU vesting is material; long-term incentives tied to revenue growth and RONA with TSR moderation paid above target for 2022–2024, indicating management execution against multi-year drivers .
- Data gaps: AGCO does not disclose Harris’s individual salary, target bonus, equity grants, or beneficial holdings in the proxy; absence of these specifics limits precise pay-for-performance and insider selling pressure analysis and increases uncertainty around her change-of-control economics (NEO terms are detailed, but CHRO terms are not) .
- Risk assessment: Policies prohibit hedging/pledging, ownership compliance is on track, and equity awards require double-trigger for acceleration—collectively mitigating alignment and trading risks; however, without individual ownership and award detail, retention and sell pressure signals cannot be quantified for Harris .