Chris Stone
ALBANY INTERNATIONAL CORP /DE/About Chris Stone
Chris Stone is President of Albany Engineered Composites (AEC) at Albany International, appointed effective August 12, 2024; he is 52, with a BBA in Management from Gonzaga University and an MBA from Rice University, and previously held senior operations and supply-chain roles at Lockheed Martin, Aerojet Rocketdyne, and Textron; he is a former U.S. Army Aviation Officer . Company-level 2024 performance outcomes used for executive pay calibration included AIN Adjusted EBITDA of $232.0 million (65.0% of goal), TRIR of 0.98 (92.0%), and AEC Adjusted EBITDA of $60.9 million (0.0% of goal); notwithstanding AEC underperformance, the Committee exercised discretion to pay Stone 100% of his APP target ($350,000) for 2024, paid in March 2025 . In Pay-versus-Performance disclosures, AIN’s “value of initial fixed $100 investment” TSR metric was 111.47 for 2024, with net income of $88.1 million and adjusted EBITDA of $232.0 million, framing the performance backdrop for NEO compensation decisions .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lockheed Martin | Vice President & Chief Supply Chain Officer | 2021–2024 | Led operations and supply chain across major A&D programs; focus on manufacturing, logistics, and organizational transformation . |
| Aerojet Rocketdyne | Vice President – Supply Chain & Material Management | 2018–2021 | Drove production control, supply chain execution and operational performance improvements . |
| Textron (incl. Textron Marine & Land Systems; Bell Helicopter) | Various management positions | 2005–2018 | Broad operations and supply chain leadership across manufacturing businesses . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| United States Army | Aviation Officer | N/A | Leadership experience; operational discipline and mission execution background . |
Fixed Compensation
| Component | 2024 Value | Notes |
|---|---|---|
| Base Salary (annual rate) | $500,000 | Employment at-will; salary customarily adjusted each April . |
| Annual Bonus Target | 70% of base ($350,000) | APP award for 2024; eligible 0–100% based on goals; paid in 2025 . |
| Annual Bonus Paid (APP) | $350,000 | Committee exercised discretion to pay 100% despite formulaic 64.7% achievement . |
| All Other Compensation | $6,110 | 401(k) $5,288; life insurance $756; taxable award $65 . |
Summary Compensation Table (SCT) line items (2024):
| Metric | 2024 |
|---|---|
| Salary ($) | $182,692 |
| Stock Awards ($) | $2,400,000 |
| Non-Equity Incentive Plan Compensation ($) | $353,538 |
| All Other Compensation ($) | $6,110 |
| Total ($) | $2,942,341 |
All Other Compensation Breakdown (2024):
| Item | Amount |
|---|---|
| Company 401(k) contributions | $5,288 |
| Life insurance premiums | $756 |
| Taxable awards | $65 |
| Total | $6,110 |
Performance Compensation
APP (Annual) — 2024 structure and outcomes:
| Metric | Weight | Threshold | Target | Maximum | Actual | Payout |
|---|---|---|---|---|---|---|
| AEC Adjusted EBITDA | 60% | $81.6M | $102.0M | $122.4M | $60.9M; 0.0% of goal | Committee discretion set total APP payout at 100% of target for Stone ($350,000) . |
| AEC Adjusted Free Cash Flow | 20% | $5.0M | $30.0M | $40.0M | Not disclosed | Included in overall achievement; final payout per Committee discretion . |
| AIN TRIR | 10% | 1.4 | 0.90 | 0.70 | 0.98; 92.0% of goal | Included in overall achievement . |
| AEC Compliance/Control Failures | 5% | Per Exhibit A | Per Exhibit A | Per Exhibit A | Committee set metric attainment at 200% across segments | Included. |
| AEC Compliance/Controls Testing | 5% | Per Exhibit A | Per Exhibit A | Per Exhibit A | Committee set metric attainment at 200% across segments | Included. |
MPP (Multi-year) — 2024 grant structure:
| Element | Detail |
|---|---|
| Target shares | 3,452 |
| Performance period | 2024–2026; cumulative goals |
| Metrics & weights (Stone) | Aggregate AIN Adjusted EBITDA 40%; Aggregate AEC Adjusted EBITDA 60% |
| Payout form | Company stock; paid early 2027 |
| Vesting mechanics | Earned based on cumulative performance; paid on distribution date; pro-rata if non-cause termination before distribution . |
RSUs (share-settled under 2023 Incentive Plan):
| Grant | Shares | Vesting | Notes |
|---|---|---|---|
| RSU Award (LTI) | 3,452 | 1/3 each March 2025, 2026, 2027 | Share-settled restricted stock; one share per vested unit . |
| Sign-on RSU Award | 20,714 | 1/3 each Aug 12, 2025, 2026, 2027 | One-time recruitment grant; grant-date FV $1,800,000 . |
| Total RSU shares granted (2024) | 24,166 | As above | Grant-date combined value $2,399,958 . |
Vesting/Distribution evidence:
- RSU vesting in March 2025: Stone acquired 1,150 shares on vesting under 2024 long-term incentives (one-third of 3,452) .
- RSU vesting terms: share-settled restricted stock; standard 3-year ratable vesting; 50% accelerates upon certain terminations (voluntary after age 62, death, disability, involuntary) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 760 Class A shares as of March 1, 2025; <1% of outstanding . |
| Shares pledged | None; officers/directors reported no pledged shares . |
| Anti-hedging policy | Company prohibits hedging transactions for officers/directors/employees . |
| Stock ownership guidelines | Executives required to achieve and maintain minimum ownership; cannot sell net shares until attained (specific multiples not disclosed) . |
Outstanding equity awards at FY-end (Dec 31, 2024):
| Type | Count | Market Value Basis | Market Value |
|---|---|---|---|
| Unvested shares/units (RSU Award) | 3,452 | $79.97 closing price | $276,056 |
| Unearned shares/rights (RSUs incl. sign-on) | 24,166 | $79.97 closing price | $1,932,555 |
| Options | None reported for Stone |
Insider selling pressure calendar (indicative):
- March 2025/2026/2027: RSU Award vests in thirds (1,150 per year from 3,452) .
- August 12, 2025/2026/2027: Sign-on RSUs vest in thirds (20,714 total; one-third each anniversary) .
Employment Terms
| Term | Detail |
|---|---|
| Employment | At-will; may be terminated by either party at any time . |
| Severance (without cause) | 2x base salary payable over 24 months; eligible for bonus relating to services performed in year of termination, awarded per prevailing plan . |
| Change-in-control (CIC) framework | Company policy provides for enhanced severance for non-CEO NEOs terminated within 12 months of a CIC: 36 months of COBRA contributions, prorated cash bonus, 50% of unvested RSUs, and other benefits; potential payment values for Stone quantified below . |
| Clawback/recoupment | Company has adopted clawback mechanisms; compensation plans reviewed for risk with external auditor oversight . |
Estimated potential payments (if termination occurred on Dec 31, 2024):
| Scenario | Cash Comp/Severance | Performance Shares | RSUs | Health & Welfare | Outplacement | Total |
|---|---|---|---|---|---|---|
| Termination without Cause or with Good Reason | $1,350,000 | $91,966 | $966,278 | $52,776 | $25,000 | $2,486,020 |
| Termination in Connection with a Change in Control | $1,850,000 | $91,966 | $966,278 | $79,164 | $25,000 | $3,012,408 |
| Retirement/Disability/Death (equity components) | — | $91,966 | $966,278 | — | — | $1,058,244 |
Notes:
- Values reflect program rules: 50% of unvested RSUs vest upon certain terminations; performance share payouts per award terms; health benefits reflect total monthly COBRA contributions over specified months; outplacement services approximated at $25,000 .
Investment Implications
- Alignment vs execution: AEC underachieved its 2024 Adjusted EBITDA goal (0% of goal at $60.9M), yet Stone received 100% of APP target via Committee discretion; this reduces formulaic pay-for-performance sensitivity for 2024 and warrants monitoring of future incentive calibration to AEC results .
- Retention and supply overhang: Substantial unvested equity through 2027 (24,166 RSUs including a 20,714 sign-on grant) with scheduled vesting each March and August may create periodic selling pressure; insiders typically face trading windows, but size and cadence suggest a multi-year retention design with equity-linked incentives .
- Governance safeguards: No pledging; anti-hedging policy in place; clawback mechanisms adopted—supportive of shareholder alignment and risk controls .
- Severance economics: Without-cause severance approximates two years of base salary plus equity treatment and benefits; CIC terms materially increase cash and benefits, implying potential change-in-control protection but with equity payout limits (50% RSU vesting) to temper windfalls .
- Monitoring factors: Watch AEC’s 2024–2026 cumulative EBITDA trajectory for MPP outcomes, RSU vesting events (March/August 2025–2027), and any discretionary adjustments in 2025–2026 incentive payouts to assess ongoing pay-performance alignment .