Matthew Tsien
AGCO CORP /DEAbout Matthew Tsien
Matthew Tsien (age 64) has served on AGCO’s Board since January 2021. He is a former Executive Vice President and Chief Technology Officer at General Motors and former President of General Motors China, and has deep expertise in engineering, electrification, connectivity, manufacturing, supply chain, and product design; he also serves as a director at Magna International (since May 2023). He is independent under NYSE standards and currently serves on AGCO’s Audit Committee and Talent & Compensation Committee.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| General Motors | Executive Vice President & Chief Technology Officer | Not disclosed | Led technology evolution at a large U.S. manufacturer; oversight across engineering and innovation. |
| General Motors Ventures | President | 2020–2021 | Technology investing and portfolio oversight tied to evolving technologies. |
| General Motors China | President | 2014–2020 | P&L leadership over ~50,000 employees, manufacturing for China and export markets. |
| General Motors | Various senior roles (e.g., EVP & President GM China; VP Planning, Program Mgmt & Strategic Alliances, China; EVP SAIC‑GM‑Wuling; Executive Director Global Technology Engineering; Executive Director Vehicle Systems NA PD; CTO & Director Business Planning, GM China) | Since 1976 (various) | Global engineering, manufacturing, supply chain, product design leadership across regions and units. |
External Roles
| Organization | Role | Start Date | Committees/Impact |
|---|---|---|---|
| Magna International | Director | May 2023 | Not disclosed in AGCO proxy. |
Board Governance
- Committee assignments: Audit Committee and Talent & Compensation Committee; not a chair. Audit designated financial experts on the committee include Sondra L. Barbour (Chair), George E. Minnich, and David Sagehorn.
- Independence: Independent; Board determined all directors except Eric P. Hansotia and Mallika Srinivasan are independent.
- Attendance: In 2024, the Board held 5 meetings; each director attended at least 75% of Board and committee meetings where they served. All incumbent directors attended the April 2024 Annual Meeting in person.
- Executive sessions: The Company holds executive sessions of non‑management directors at each regular Board meeting; the Lead Director presides.
- Committee meeting cadence (2024): Audit (11), Talent & Compensation (5), Finance (4), Governance (6), Sustainability (3), Executive (4).
Committee Membership Matrix (Current per 2024 disclosures)
| Director | Executive | Audit | Finance | Governance | Sustainability | Talent & Compensation |
|---|---|---|---|---|---|---|
| Matthew Tsien | ● | ● |
Fixed Compensation
| Component | Amount | Grant/Effective Date | Detail |
|---|---|---|---|
| Annual cash retainer (Director) | $135,000 | 2024 | Standard for non‑employee directors. |
| Equity grant (Restricted Stock) | $185,000 (grant‑date fair value) | April 25, 2024 | 1,572 shares; all director restricted stock grants are non‑transferable for one year following award; immediate lift of transfer restriction upon Board departure. |
| Committee chair/additional fees | None for Tsien | 2024 | Chair fees: Audit $25,000; Talent & Compensation $20,000; Governance $17,500; plus $6,000 if serving on ≥3 committees; Tsien is not a chair and serves on two committees. |
| Total 2024 Director Compensation (Tsien) | $320,000 | 2024 | Fees earned $135,000; stock awards $185,000. |
Performance Compensation
- Non‑employee directors receive time‑based restricted stock; there are no performance metrics tied to director pay.
AGCO’s Talent & Compensation Committee (on which Tsien serves) oversees NEO pay-for-performance design; key performance metrics for executive incentives:
| Program | Metric | Weight | Definition/Design |
|---|---|---|---|
| Short‑Term Incentive (AIP) | Adjusted Operating Margin | 40% | Adjusted income from operations ÷ net sales; sliding scale target to manage cyclicality. |
| Short‑Term Incentive (AIP) | Return on Net Assets (RONA) | 40% | Adjusted income from operations ÷ net assets; sliding scale target tied to industry cycle. |
| Short‑Term Incentive (AIP) | Customer Satisfaction (NPS) | 10% | Net Promoter Score‑based; proxy for loyalty and satisfaction. |
| Short‑Term Incentive (AIP) | Employee Engagement | 10% | Annual survey index of engagement. |
| Long‑Term Incentive (PSP) | 3‑year Revenue Growth | 50% | Currency‑neutral, excludes acquisitions/pricing; year‑over‑year across 3 years. |
| Long‑Term Incentive (PSP) | 3‑year RONA | 50% | Sliding scale vs industry; normalization for controllability. |
| Long‑Term Incentive (PSP) | Relative TSR Modifier | ±20% | Modifier vs MVIS Global Agribusiness Index quartiles. |
2024 AIP actual results used by the Committee for payouts: cumulative 27.5% of target (Operating Margin at threshold; RONA below threshold; Customer Satisfaction above target; Employee Engagement below target).
Other Directorships & Interlocks
| Entity | Role | Interlock/Notes |
|---|---|---|
| Magna International | Director | No AGCO executive officers serve on boards where AGCO directors serve as executive officers; no director consulting arrangements. |
Expertise & Qualifications
- Technology, innovation & digital; engineering and product/process innovation; manufacturing and supply chain management; international leadership (China and global); investment in evolving technologies.
Equity Ownership
| Holder | Beneficial Shares | Percent of Class | Notes |
|---|---|---|---|
| Matthew Tsien | 5,222 | <1% | Includes 1,572 restricted shares from 2024 director grant (non‑transferable for one year from Apr 25, 2024). |
- Director stock ownership guidelines: non‑employee directors must hold Company equity equal in value to five‑times the annual retainer; individual compliance status is not disclosed.
- Hedging/pledging: Prohibited by policy (narrowed in 2024 for circumstances related to Ms. Srinivasan’s role at TAFE); this prohibition applies to directors.
Governance Assessment
- Strengths: Independent director with deep technology and manufacturing experience; meaningful committee engagement on Audit (cyber, risk oversight) and Talent & Compensation (CEO succession, pay design); attended ≥75% of Board/committee meetings; attended 2024 Annual Meeting; no consulting arrangements.
- Compensation alignment: Director pay mix favors equity via annual restricted stock; Board‑level ownership requirements at 5x retainer support alignment; hedging/pledging prohibition further reinforces alignment.
- Interlocks/conflicts: None disclosed for Tsien; Board continues to manage and unwind TAFE‑related party exposure (commercial relationships terminated in April 2024; discussions on governance nominations ongoing), improving overall governance posture.
- Watch items: Not designated as “audit committee financial expert” in committee listing; continued monitoring of Board refresh and committee rotations for skill coverage; individual ownership guideline compliance is not disclosed.