Dalip Puri
AMETEK INC/About Dalip Puri
AMETEK’s Executive Vice President and Chief Financial Officer since April 2, 2024; age 52 as of March 1, 2025. Joined AMETEK in 2017 and progressed through treasury, controllership, and operational finance leadership roles before appointment as CFO; holds an MBA from the University of Western Ontario and a Bachelor of Commerce (Finance) from Concordia University . Under AMETEK’s long-term plan, 2022–2024 PRSU performance certified at 110% driven by +29.3% TSR (57.5th percentile vs S&P 500 Industrials) and average ROTC of 101% vs 105% target . The compensation program for NEOs (including CFO) emphasizes pay-for-performance, with short-term incentives tied primarily to EPS, organic revenue, and working capital, and long-term incentives split across PRSUs (ROTC, Relative TSR), stock options, and RSAs .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| AMETEK | Executive Vice President – Chief Financial Officer | 2024–present | Leads global finance; appointed effective April 2, 2024 |
| AMETEK | Senior Vice President – Operational Finance | 2023–2024 | Led operational finance initiatives across the company |
| AMETEK | Vice President – Operational Finance | 2023 | Operational finance leadership |
| AMETEK | Vice President – Group Controller | 2021–2023 | Group-level controllership |
| AMETEK | Vice President – Treasurer | 2017–2021 | Corporate treasury leadership |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Chemtura Corporation | Vice President, Treasurer and Investor Relations | Not disclosed | Led treasury and investor relations functions |
| Delphi Corporation | Finance roles of increasing responsibility | Not disclosed | Early-career corporate finance experience |
| Hewitt Associates | Finance roles of increasing responsibility | Not disclosed | Early-career corporate/consulting finance experience |
Fixed Compensation
| Year | Base salary ($) | Perquisites / employer plan contributions ($) | Notes |
|---|---|---|---|
| 2024 | 572,646 | 90,926 | All Other Compensation includes employer contributions to defined contribution/SERP; employer contributions itemized at $85,602 |
Performance Compensation
Annual Incentive (2024)
| Metric | Weight | Threshold | Target | Max | Actual | Payout vs target | Payout ($) |
|---|---|---|---|---|---|---|---|
| Adjusted EPS | 65% | $5.48 | $6.85 | $7.54 | $6.83 | 99% | 282,745 |
| Organic Revenue Growth | 15% | -1.60% | 3.40% | 8.40% | -2.10% | 0% | 0 |
| Corporate Working Capital | 10% | 19.25% | 17.50% | 15.75% | 18.30% | 54% | 27,354 |
| Discretionary | 10% | 0% | 100% | 200% | 200% | 200% | 100,777 |
| Total actual annual incentive | 410,876 (89.1% of target) |
Additional 2024 compensation line items: Stock awards $1,555,793; option awards $442,478; non-equity incentive plan compensation $310,099; bonus (discretionary) $100,777; total compensation $3,072,774 .
Long-Term Incentives (structure and awards)
- Mix for CFO/other NEOs: PRSU 50%, stock options 25%, restricted stock awards 25% .
- 2024 grants (Puri): PRSU target 5,173 units (grant-date fair value $1,085,140); RSA 2,587 shares; stock options 7,843 at $181.93 strike (grant-date fair value $913,131) .
- PRSU metrics: equally weighted ROTC (absolute, target 100% with 60%–120% range) and Relative TSR vs S&P 500 Industrials (30th–80th percentile range) over 1/1/2024–12/31/2026 .
- 2022–2024 PRSU outcome (company-wide): payout 110% (ROTC vest 95%; TSR vest 125% on +29.3% TSR at 57.5th percentile) .
Equity Vesting Schedule Detail (Puri)
- RSAs (granted 3/19/2024): 2,587 shares; vest one-third on each of the first, second, and third anniversaries; dividends accrue at 5-year Treasury + 0.5% until vest .
- Stock options (granted 3/19/2024): 7,843; 10-year term expiring 3/19/2034; vest 1/3 on each of the first three anniversaries; not granted during blackout/filing windows; exercise price $181.93 .
- PRSUs (granted 3/19/2024): target 5,173 units; performance period 2024–2026; vest upon committee certification after the period; dividend equivalents accrue with interest .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (1/9/2025) | 4,475 shares outstanding; rights to acquire 19,079 (options exercisable within 60 days); total 23,554 |
| Ownership as % of shares outstanding | ~0.010% (23,554 / 230,746,910 shares outstanding as of 3/10/2025) |
| Unvested RSAs | 2,587 shares (granted 3/19/2024) |
| Unvested PRSUs (target) | 5,173 units (2024–2026 cycle) |
| Options – exercisable | 19,079 across 2018–2023 grants (various strikes) |
| Options – unexercisable | 10,568 (7,843 from 2024 grant; 1,560 from 2023; 1,165 from 2022) |
| Option exercises in 2024 | None |
| Hedging/pledging | Prohibited for officers/directors; no pledged shares |
| Stock ownership guideline | 3x base salary for CFO; Puri at 1.2x as of 12/31/2024; expected to reach guideline within five years of appointment (by April 2029) |
Employment Terms
| Topic | Key terms |
|---|---|
| Change-of-control (COC) cash severance | For NEOs (other than CEO): 2.99x (salary + greater of target bonus or average last two years) upon termination without cause or for good reason within two years after COC; health benefits continuation up to earliest of Medicare, other coverage, 10 years, or death; 280G cutback applies . |
| Puri COC payout illustration | If event occurred 12/31/2024: lump sum $3,081,980; health benefits continuation $486,300 . |
| Equity acceleration on COC/death/disability | PRSUs vest at target; RSAs and options accelerate per plan; Puri’s illustrative benefits at 12/31/2024: PRSU $1,091,681; RSAs $615,883; options $118,297 . |
| Clawback | NYSE-compliant recoupment policy adopted Nov 2, 2023; applies to incentive comp for current and former executives in restatement scenarios . |
| Single-trigger equity | Not permitted (no single-trigger equity vesting on COC) . |
| Tax gross-ups | None on COC payments . |
| Non-compete / non-solicit | Not disclosed in filings reviewed. |
Performance & Track Record (Company context during tenure)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 6,150,530,000 | 6,596,950,000 | 6,941,180,000 |
| EBITDA ($) | 1,820,119,000* | 2,045,095,000* | 2,162,489,000* |
Values with an asterisk were retrieved from S&P Global.
Notes: 2024 narrative highlights “record” sales, operating income, margins, operating cash flow and free cash flow; ~$220M share repurchases and ~$125M deployed on M&A in 2024 . 2022–2024 PRSU TSR outcome was +29.3% (57.5th percentile) supporting above-target vesting .
Compensation Structure Analysis
- Pay mix and rigor: Majority of CFO compensation is at-risk; 2024 STIP paid at 89.1% of target with zero payout on organic revenue growth offset by near-target EPS and full discretionary component; metrics/caps and clawback limit risk-taking .
- LTI design quality: 50% PRSU with ROTC (absolute) and Relative TSR vs S&P 500 Industrials creates balance between internal capital efficiency and market-relative returns; three-year performance/vesting improves alignment and retention .
- Governance safeguards: No single-trigger vesting; no excise tax gross-ups; anti-hedging/anti-pledging; strong ownership guidelines (CFO 3x salary) .
Say-on-Pay & Shareholder Feedback
- Advisory support on executive compensation averaged ~95% over the last 10 years; 2024 say-on-pay support was 95% .
Related Party, Legal, and Risk Indicators
- Related-party transactions: None in 2024 .
- Hedging/pledging: Prohibited; no pledges by officers/directors .
- Compensation risk: Committee review concluded programs are not reasonably likely to have a material adverse effect .
Expertise & Qualifications
- Education: MBA (University of Western Ontario); B.Comm (Finance) (Concordia University) .
- Functional depth: Corporate finance, treasury, investor relations, controllership, operational finance .
- Tenure: Joined AMETEK in 2017; CFO effective April 2, 2024 .
Investment Implications
- Incentive alignment: Heavy weighting to EPS, working capital, ROTC, and Relative TSR should support disciplined capital allocation and cash conversion—constructive for margin/cash flow durability and multi-year TSR .
- Selling pressure/overhang: No 2024 exercises; unexercisable options are modest vs existing exercisable holdings; RSAs vest ratably through 2027 and PRSUs cliff-vest post-2026 certification, suggesting orderly, time-phased potential supply rather than concentrated near-term selling .
- Ownership build: At 1.2x ownership vs 3x guideline, expect continued equity accumulation over next ~4 years—positive alignment signal; hedging/pledging prohibitions further reduce misalignment risk .
- Downside protections: Double-trigger COC severance at 2.99x is standard; clawback in place; absence of tax gross-ups and single-trigger vesting reduces governance risk .
Citations: