Kelvin Bennett
AGCO CORP /DEAbout Kelvin Bennett
Kelvin Bennett is Senior Vice President, Engineering at AGCO, age 57, serving in this role since January 1, 2021, leading research and development across AGCO’s product portfolio and brand integration . He holds an M.S. in Mechanical Engineering and a B.S. in Bio and Agricultural Engineering from the University of Arkansas at Fayetteville . Company performance context during his tenure: 2024 net sales were approximately $11.7B, adjusted operating margin was 8.9%, and adjusted EPS was $7.50, with PSP 2022–2024 paying out at 126.2% based on RONA 34.8%, Revenue Growth 2.8%, and TSR at the 63rd percentile relative to the MVIS Global Agribusiness Index .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AGCO | Engineering Manager | 2007–2009 | Entry leadership in Hesston, KS; advanced product engineering . |
| AGCO | Chief Engineer, Combines | 2009–2011 | Led combine engineering; platform execution . |
| AGCO | Director of Engineering | 2011–2013 | Directed engineering programs; foundation for global leadership . |
| AGCO | Vice President, Engineering | 2013–2015 | Expanded leadership; moved to Jackson, MN for tractors and sprayers . |
| AGCO | VP, South America, Engineering (Canoas, Brazil) | 2015–2018 | Regional leadership; continued global responsibilities for distributor products . |
| AGCO | VP, Engineering, Beauvais (France), Massey Ferguson Tractors | 2018–2020 | Led Stage V and critical platform projects in EME; broadened market understanding . |
| AGCO | Senior Vice President, Engineering | 2021–Present | Leads global R&D and brand integration . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CNH Global N.V. and predecessors | Engineering roles | 1994–2004 | Core OEM engineering experience in ag machinery . |
| Dixon (Husqvarna) | Engineering supervisor/manager | 2004–2005 | Outdoor equipment engineering leadership . |
| Clarke (Nilfisk Advance) | Engineering supervisor/manager | 2005–2007 | Industrial equipment engineering management . |
Fixed Compensation
AGCO does not disclose Bennett’s individual base salary or AIP outcomes as he is not a named executive officer (NEO). Program design for executives emphasizes pay-for-performance.
| Component | Core Design | Notes |
|---|---|---|
| Base Salary | Market-competitive; median vs peers for comparable roles | Applies to executives; specific for NEOs shown, but not Bennett . |
| Executive Perquisites | Modest perquisites | Conservative approach, aligned with stakeholder interests . |
Performance Compensation
AGCO’s executive incentive programs that apply broadly to executive officers (including Bennett) tie pay to financial and strategic outcomes, with cyclicality-adjusted targets.
| Metric | Weight | Target Framework | 2024 Actual | Payout Impact |
|---|---|---|---|---|
| Adjusted Operating Margin (AIP) | 40% | Sliding scale vs industry; 2024 targets increased +100 bps vs 2023 | 9.2% (threshold achieved) | Contributed to 27.5% total AIP achievement . |
| Return on Net Assets (AIP) | 40% | Sliding scale vs industry; 2024 targets increased +1,580 bps vs 2023 | 32.4% (below threshold 42.8%) | No payout from RONA component . |
| Customer Satisfaction (AIP) | 10% | Net Promoter Score target of 65% | 66% (above target) | Positive contribution . |
| Employee Engagement (AIP) | 10% | Engagement index target of 72% | 67% (below target) | No contribution . |
| AIP Total | — | — | — | Company-wide AIP paid at 27.5% of target; NEO examples provided (not Bennett) . |
| PSP Metric (2022–2024) | Weight | Target | Actual | Payout Factor |
|---|---|---|---|---|
| 3-year RONA | 50% | Target 33.1% | 34.8% | 156.7% of RONA-weighted shares . |
| 3-year Revenue Growth (ex-FX, acquisitions, pricing) | 50% | Target 3.0% | 2.8% | 95.6% of Revenue-weighted shares . |
| Relative TSR Modifier | +/-20% | Applied vs MVIS Global Agribusiness Index | 63rd percentile (no adjustment) | PSP paid at 126.2% of target . |
Design Features
- AIP corporate-only metrics for senior leaders; cyclicality managed via sliding scales to normalize performance targets .
- PSP awards: 60% PSP Units (RONA and Revenue Growth) with TSR modifier; 40% RSUs, 3-year ratable vesting; double-trigger vesting on change-of-control .
Equity Ownership & Alignment
Corporate alignment policies and Bennett’s historical SEC Form 3 holdings (as of January 2021) indicate meaningful equity linkage and low hedging/pledging risk.
| Item | Details |
|---|---|
| Ownership Requirements | CEO 6x base salary; other executive officers 3x base salary . |
| Hedging/Pledging Policy | Prohibits hedging and pledging, with narrow exception tied to control situations requested by Ms. Srinivasan . |
| Clawback | NYSE-compliant compensation recovery policy for executive officers . |
| Change-of-Control Vesting | Double-trigger equity vesting under LTI awards . |
Bennett’s SEC Form 3 – Beneficial Ownership and Awards (Filed 01/06/2021)
| Security / Award | Amount | Vesting / Expiration | Notes |
|---|---|---|---|
| Common Stock (Direct) | 2,959 | — | Direct holdings . |
| RSUs (single installment) | 238 | Vest 01/23/2021 | One-time vest . |
| RSUs (two installments) | 612 | Two annual tranches starting 01/22/2021 | Ratable vest . |
| RSUs (three installments) | 612 | Three annual tranches starting 01/22/2021 | Ratable vest . |
| Performance Share Minimums | 1,332 (2018–2020 cycle) | At cycle completion | Minimum contingent shares . |
| Performance Share Minimums | 623 (2019–2021 cycle) | At cycle completion | Minimum contingent shares . |
| Stock Appreciation Right (SAR) | 1,700 @ $63.47 | Exercisable in four equal annual installments starting 01/24/2018; expires 01/24/2024 | Legacy derivative award . |
Note: The 2025 beneficial ownership table lists directors and NEOs but does not include Bennett; no current Form 4 activity was retrieved here. Monitor Section 16 filings for updated ownership and vesting-driven sales pressure .
Employment Terms
| Term | AGCO Disclosure | Applicability Note |
|---|---|---|
| Role and Tenure | SVP, Engineering since January 2021 | Current executive officer . |
| Severance/Change-of-Control | Some executive arrangements include severance for terminations without cause or for good reason; amount depends on whether a change-of-control is involved (example: Chief Accounting Officer hire) | Not specific to Bennett; indicates standard executive practice . |
| Equity Vesting | Double-trigger vesting on change-of-control for LTI awards | Applies company-wide to LTI design . |
| Ownership Requirements | CEO 6x base salary; other executive officers 3x base salary | Bennett qualifies as “other executive officer” . |
| Clawback | NYSE-compliant compensation recovery policy | Applies to executive officers . |
| Hedging/Pledging | Prohibited, with narrow control-based exception | Reduces alignment risks . |
Performance & Track Record
- Global engineering leadership across US, Brazil, and France; led Stage V and critical platform projects and broadened EME market understanding .
- Public-facing technology leadership: presented AGCO’s clean energy product strategy (battery electric, renewable diesel efficiency, clean gaseous fuels) at AGCO’s technology event, linking innovation to farmer net income and sustainability objectives .
- Business impact involvement: quoted in 2025 press release on AGCO Power’s €54M production investment in Finland (CVT components, cylinder heads, reman expansion), emphasizing manufacturing competitiveness and circular economy benefits .
Compensation Structure Analysis
- Strong pay-for-performance orientation: AIP tied 80% to financials (Adjusted Operating Margin, RONA) with 20% to employee/customer outcomes; PSP balances growth and asset returns with a TSR modifier .
- Cyclicality management: Sliding scale lifted 2024 AIP targets (+100 bps margin, +1,580 bps RONA vs 2023) to maintain challenge in downturn; AIP paid at 27.5% reflecting discipline and lower cash payout pressure .
- Governance safeguards: Double-trigger vesting, stock ownership requirements, clawbacks, no repricing without shareholder approval, and prohibition on hedging/pledging align executive incentives with long-term value .
Equity Ownership & Alignment Details
| Alignment Feature | Bennett/AGCO Status |
|---|---|
| Ownership stake | Historical Form 3 shows direct and contingent holdings; current beneficial ownership not disclosed in 2025 table . |
| Pledging/Hedging | Prohibited; no pledging disclosed for Bennett . |
| Ownership guideline | 3x salary for executive officers (CEO 6x) . |
| Vesting calendar | Historical RSU tranches and SAR expiration reviewed; future vesting depends on subsequent grants (monitor Form 4s) . |
Investment Implications
- Alignment: Bennett operates under robust alignment mechanisms (ownership requirements, clawbacks, anti-hedging/pledging, double-trigger vesting), reducing governance risk and potential misalignment .
- Incentive cyclicality: Sliding-scale targets and PSP design mitigate agricultural cycle variability, but low 2024 AIP payout (27.5%) reduces near-term cash incentives; watch for changes to target calibration as cycle evolves .
- Potential selling pressure: Historical RSUs and SARs created vest/exercise events; current grant and vest data for Bennett is not disclosed here—monitor Section 16 Form 4 filings around typical annual grant/vesting windows for signals .
- Execution track record: Leadership across clean energy strategy and manufacturing investments supports AGCO’s margin resilience and technology roadmap; positive for long-term value creation if initiatives convert to revenue/margin gains .