Sidhartha Nair
About Sidhartha Nair
Sidhartha Nair, 53, is an independent director at Alta Equipment Group Inc. (ALTG). He joined the board on February 22, 2024 and was nominated in 2025 as a Class I director for a two-year term ending at the 2027 annual meeting, subject to shareholder approval . Nair is Head of Strategy, Americas Region, at Mercedes‑Benz Mobility (since December 2021) and previously spent 20+ years with Daimler Financial Services across the U.S., Caribbean, and India; earlier, he was a consultant at McKinsey & Company. He holds an MBA from the University of Michigan Ross School of Business and a Master’s in Engineering from Purdue University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Daimler Financial Services | Roles of increasing responsibility (U.S., Caribbean, India) | 2003 onward; 20+ years | Global financial services and transformation experience |
| McKinsey & Company | Consultant (growth, turnaround, market entry) | Prior to 2003 | Strategy and operational problem-solving |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Mercedes‑Benz Mobility (Americas Region) | Head of Strategy | Dec 2021–present | Leads strategic and transformation activities in U.S., Canada and Mexico |
| Public company boards | None disclosed | — | No other public company directorships listed |
| Related party relationships | None | — | 8‑K states no Item 404(a) related transactions or relationships for Nair |
Board Governance
- Independence: Board determined Nair is independent under NYSE and SEC rules; also independent for Audit and Compensation committee service .
- Committee assignments in FY2024: Compensation & Talent Development Committee (Chair), Audit Committee (member); no Nominating & Corporate Governance assignment .
- Meetings and attendance: Board met 5 times in 2024; Audit 5, Compensation 5, Nominating 5. No director attended fewer than 75% of aggregate Board and committee meetings .
- Executive sessions: Held regularly; presided by Audit Committee Chair (Andrew Studdert). Board has combined Chair/CEO structure without a Lead Independent Director .
Fixed Compensation
| Element | Program Term (FY2024) | Nair Actual (FY2024) |
|---|---|---|
| Annual Board cash retainer | $75,000 | $84,911 (pro‑rated from appointment on Feb 22, 2024) |
| Committee Chair fee – Compensation | $20,000 | Included in cash total (pro‑rated) |
| Committee member fee – Audit | $7,500 | Included in cash total (pro‑rated) |
| Committee member fee – Compensation | $5,000 (non‑chair) | N/A (Chair) |
| Committee member fee – Nominating | $5,000 | N/A (not a member) |
Performance Compensation
| Director Equity Program | Terms |
|---|---|
| Annual RSU grant (non‑employee directors) | $100,000 award value granted at annual meeting; vests 1/12 monthly, fully vests by next annual meeting; directors may elect to defer; dividends accrue and are paid in cash on vested RSUs |
| Nair 2024 stock awards (grant-date fair value) | $113,834 |
| Unvested RSUs outstanding (12/31/2024) | 5,804 |
| Vested deferred awards (12/31/2024) | 7,780 |
Compensation Committee 2024 performance metrics used for executive pay (oversight by Nair):
| Performance Measure | Threshold | Target | Maximum | Actual | Payout Percentage |
|---|---|---|---|---|---|
| Economic EBIT Yield | 10.0% | 12.5% | 15.0% | 8.9% | 0% (weighted 50%) |
| Adjusted Pre‑Tax Net Income | $12.0mm | $20.0mm | $28.0mm | $(36.9)mm | 0% (weighted 30%) |
| Individual performance factor | 50% of target (threshold) | Target | 200% of target (max) | 200% of target | 40% weighted overall (20% weight × 200% payout) |
Notes:
- AIP cash payouts (NEOs) were earned only via individual performance factor; Company financial metrics paid 0% .
- The Compensation Committee is advised by FW Cook (independent consultant); Company also engages Mercer for market data and structural guidance .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Other public boards | None disclosed |
| Committee interlocks | None; during 2024, no executive officer served on another company’s board or comp committee with reciprocal service on Alta’s Board/Comp Committee |
| Appointment context | Board expanded from five to six directors; Nair appointed Feb 22, 2024 |
Expertise & Qualifications
- Global transformation and strategy leadership in automotive financial services; digital and strategic transformation domain expertise .
- Education: MBA (Michigan Ross) and Master’s in Engineering (Purdue) .
- Prior consulting background (McKinsey) in growth, turnaround, market entry .
Equity Ownership
| Item | Value |
|---|---|
| Beneficial ownership (12/31/2024 record date) | 13,584 shares (<1%) |
| Shares outstanding (record date) | 33,191,065 |
| Ownership as % of shares outstanding | ~0.041% (13,584 ÷ 33,191,065) |
| Unvested RSUs outstanding (director) | 5,804 |
| Vested deferred awards | 7,780 |
| Hedging/Pledging | Prohibited for directors; policy bans hedging and pledging |
| Stock ownership guidelines | Non‑employee directors: 3× annual cash retainer; 5 years to comply from policy start (Jan 1, 2024) |
| Compliance status | Not disclosed (subject to guideline and 5‑year window) |
Governance Assessment
- Committee leadership and engagement: Nair chairs the Compensation Committee and serves on the Audit Committee—positions that influence pay‑for‑performance design and financial oversight; active in 2024 cycle including equity grant procedures and AIP outcomes .
- Independence and conflict screening: Board affirmatively determined Nair’s independence; 8‑K appointment disclosed no Item 404 related‑party transactions or relationships. No committee interlocks identified in 2024 .
- Attendance signal: Board and committees each met five times in 2024; all directors met the ≥75% attendance expectation (Nair joined in February; attendance threshold met) .
- Alignment mechanisms: Director pay mix combines cash retainers with RSUs that vest monthly; hedging/pledging prohibited; director stock ownership guideline at 3× annual cash retainer with a five‑year compliance window promotes skin‑in‑the‑game .
- Compensation oversight quality: Committee utilizes independent consultants (FW Cook) with additional support from Mercer; 2024 AIP metrics (Economic EBIT Yield, Adjusted Pre‑Tax NI) paid 0% on financial measures, avoiding discretionary windfalls—individual performance factor paid, indicating controlled discretion in a challenging year .
RED FLAGS
- None disclosed specific to Nair: no related‑party transactions; hedging/pledging prohibited; independence affirmed .
- Structural consideration: Combined Chair/CEO without a designated Lead Independent Director; mitigation via executive sessions chaired by Audit Chair (not Nair) .