Willard Station
ALBANY INTERNATIONAL CORP /DE/About Willard Station
Willard C. Station, 49, was appointed Executive Vice President, Chief Financial Officer, and Principal Financial Officer of Albany International Corp. effective September 1, 2025; he subsequently signed the company’s Q3 2025 10-Q certifications and 8-K exhibits as CFO . He holds a BA in Economics from Washington University and an Executive Master in International Business from Saint Louis University . Prior roles include senior finance and operating leadership at McKesson Medical-Surgical and 16 years at Boeing in progressively senior finance roles; he led a 1,200+ person commercial organization at McKesson prior to joining AIN . AIN’s pay-versus-performance framework evaluates “compensation actually paid” against TSR, net income, and adjusted EBITDA, indicating the company’s compensation philosophy ties leadership rewards to multi-year value creation metrics .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Albany International Corp. | EVP & Chief Financial Officer; Principal Financial Officer | 2025–present | Principal Financial Officer; signed Q3’25 10-Q and 8-K exhibits |
| McKesson Medical-Surgical (McKesson subsidiary) | SVP, Primary Care Sales | 2024–2025 | Led >1,200 account executives/specialists serving primary care, ASCs, community hospitals, labs |
| McKesson Medical-Surgical | CFO & SVP, Finance | pre‑2024 | Financial leadership for major distribution subsidiary |
| The Boeing Company | VP & CFO, Commercial Derivatives Airplanes | 2014–2021 | Business-unit CFO for Commercial Derivatives |
| The Boeing Company | Director, Financial Operations, Boeing Commercial Airplanes | 2011–2014 | Finance operations leadership for BCA |
| Southwestern Bell Telephone Company; Bank of America | Early career finance roles | N/A | Foundational finance experience |
External Roles
No public company directorships or external board roles were disclosed in the appointment 8‑K or press release .
Fixed Compensation
| Component | Detail | Notes |
|---|---|---|
| Base Salary | $600,000 per year | Initial base salary; subject to adjustments like other executive officers |
| Employment Term | At-will | Either party may terminate at any time |
Performance Compensation
Short-Term Incentive (Annual Performance Period, “APP”)
| Metric/Plan | Target | Payout Range | Measurement Metrics | Payout Timing/Vesting | Special 2025 Treatment |
|---|---|---|---|---|---|
| APP cash bonus | 75% of base salary | 0%–200% of target | Company Adjusted EBITDA, cash flow, safety (per award agreement definitions) | Determined and paid in early 2026 | 2025 award un-prorated for time in role; paid at Company performance |
Long-Term Incentives (granted under 2023 LTIP)
| Award Type | Target Size | Performance Metrics/Weighting | Payout Range | Vesting / Distribution | Notes |
|---|---|---|---|---|---|
| Performance Stock Units (PSUs) | Shares equal to 85% of base salary (target) | Aggregate Company Adjusted EBITDA (33%); Adjusted ROIC (33%); relative TSR (34%) | 0%–200% of target | Three-year performance period (2025–2027); shares delivered early 2028 | Equity-settled; award specifics per agreement |
| Time-based RSUs (annual LTI) | Shares equal to 85% of base salary | N/A (time-based) | N/A | One-third vests in March 2026, 2027, 2028 | Equity-settled RSUs under LTIP |
| Sign-on RSUs (make-whole) | $2.0 million grant-value in shares at Effective Date | N/A (time-based) | N/A | One-third vests on 1st, 2nd, 3rd anniversaries of employment commencement (i.e., Sept 1, 2026/2027/2028 if start Sept 1, 2025) | Intended to replace forfeited unvested incentives from prior employer |
Implications: The plan design places significant weight on multi-year value creation (Adj. EBITDA, ROIC, relative TSR) while also granting meaningful time-based RSUs for retention. The un-prorated 2025 APP increases near-term cash incentive exposure tied to full-year Company performance .
Equity Ownership & Alignment
| Policy/Item | Detail | Source |
|---|---|---|
| NEO Stock Ownership Guideline | 2x base salary (CEO: 5x) | Applies to CFO and other NEOs |
| Holding Requirement until Guideline Met | Must retain all net shares from option exercises and performance award distributions until ownership guideline achieved | |
| Anti-Hedging Policy | Prohibits hedging transactions (e.g., collars, swaps, exchange funds) by officers, directors, employees | |
| Clawback (Incentive Compensation Recovery Policy) | Board may recoup incentive compensation if company must restate, if a financial metric was miscalculated, and in cases of wrongful conduct by the executive | Adopted Aug 24, 2023 |
| Current Beneficial Ownership | Not disclosed for Station as of 2024 proxy; appointment effective Sept 1, 2025 |
Vesting calendar and potential selling pressure: 1/3 of annual RSUs in March 2026/2027/2028 and 1/3 of sign-on RSUs on Sept 1, 2026/2027/2028 create identifiable supply windows; however, retention/holding requirements to meet 2x-salary ownership may mitigate net selling pressure until guideline attainment .
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Employment Status | At-will | |
| Start/Effective Date | Effective Sept 1, 2025 | |
| Severance / CoC Provisions | Not disclosed in appointment 8‑K; general plan-based vesting terms for RSUs indicate 50% acceleration upon certain separations (e.g., voluntary after age 62, death, disability, involuntary termination) | Plan RSU vesting treatment per proxy; award agreements govern |
| Insider Trading Policy | Company maintains an insider trading policy filed as an exhibit to the 2024 10‑K |
Note: Treatment of PSUs upon termination/change-in-control is governed by specific award agreements under the Incentive Plan; the proxy describes MPP/RSU precedents and general mechanics but not Station-specific PSU CoC terms .
Investment Implications
- Pay-for-performance alignment: Significant PSU weighting with balanced metrics (Adj. EBITDA/ROIC/relative TSR) supports alignment with profitable growth and capital efficiency; APP metrics (Adj. EBITDA, cash flow, safety) add near-term operating discipline .
- Retention vs. supply dynamics: $2.0M sign-on RSUs plus annual RSUs create known vesting over 2026–2028, which can add episodic selling pressure; ownership guidelines and retention requirements should temper net dispositions until the 2x-salary threshold is met .
- Governance and risk controls: Anti-hedging, clawback policy aligned with SEC recovery rules, and Board/Committee oversight reduce governance risk; absence of disclosed pledging and explicit CoC terms in the appointment 8-K suggests reliance on standard plan/award language—warrant monitoring of Station’s future award agreements and any Form 4 disclosures .
- Execution track record: Deep finance and operating background (Boeing finance leadership, McKesson commercial leadership) augments AIN’s finance bench with both cost discipline and commercial acumen—beneficial for AIN’s multi-year EBITDA/ROIC ambitions embedded in the PSU design .
- Near-term comp optics: Un-prorated 2025 APP eligibility may elevate short-term cash payout if Company performance is strong; investors should watch for 2025 bonus disclosure and 2026 equity grant sizing to assess ongoing mix of at-risk pay vs. fixed elements .