John Hardin
AMETEK INC/About John Hardin
John W. Hardin is President–Electronic Instruments at AMETEK. He is 60 years old, has 26 years of service with the company, and has held his current role since July 23, 2008 . In 2024 his short-term incentive payout was 95.3% of aggregate target, driven by 130% achievement on Group Operating Income and 99% on Adjusted EPS, partially offset by under-target Organic Revenue Growth and Working Capital outcomes . He is in compliance with AMETEK’s stock ownership guidelines at 24.9x base salary versus a 3.0x requirement for Group Presidents, with anti-hedging and anti-pledging rules in place for executives and directors; no shares are pledged .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AMETEK | President–Electronic Instruments | 2008–present | 2024 STI over-achievement on Group Operating Income (130% of target) indicating execution strength at the operating group level |
Fixed Compensation
Multi-year compensation for John Hardin (USD):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary ($) | 620,110 | 645,534 | 672,001 |
| Bonus ($) | 119,455 | 128,868 | 95,962 |
| Stock Awards ($) | 839,306 | 738,524 | 809,887 |
| Option Awards ($) | 296,765 | 259,529 | 229,617 |
| Non-Equity Incentive Plan Compensation ($) | 379,617 | 500,029 | 352,230 |
| Change in Pension Value & Nonqualified Deferred Compensation Earnings ($) | — | 137,358 | 81,548 |
| All Other Compensation ($) | 169,438 | 152,061 | 174,010 |
| Total ($) | 2,424,691 | 2,561,903 | 2,415,254 |
Target bonus opportunity:
- 2024 target bonus was 70% of base salary .
All Other Compensation highlights (2024):
- Employer contributions to defined contribution/SERP: $153,145; perquisites include car allowance totaling $18,404 and income tax preparation .
Performance Compensation
Short-term incentive metrics and outcomes for 2024:
| Metric | Weight | Threshold | Target | Maximum | Actual | Payout % of Target | Payout ($) |
|---|---|---|---|---|---|---|---|
| Adjusted EPS | 30% | $5.48 | $6.85 | $7.54 | $6.83 | 99% | 139,060 |
| Organic Revenue Growth | 15% | -1.00% | 4.00% | 9.00% | 1.30% | 46% | 32,458 |
| Group Operating Income | 25% | $456,992,800 | $571,241,000 | $628,365,100 | $588,406,000 | 130% | 152,937 |
| Group Working Capital | 10% | 24.53% | 22.30% | 20.07% | 23.20% | 60% | 27,775 |
| Acquisitions/Divestitures ($M) | 10% | $0.0 | $150.0 | $300.0 | $0.0 | 0% | 0 |
| Discretionary | 10% | 0% | 100% | 200% | 200% | 200% | 95,962 |
Program design notes:
- 2024 target bonus was formula-driven with quantitative goals; targets largely developed from the 2024 budget. Executives had tailored metrics reflecting responsibilities (e.g., Group Operating Income and Working Capital for Group Presidents). Payouts are capped and subject to committee discretion for certain measures .
Equity Ownership & Alignment
Beneficial ownership (as of January 9, 2025):
| Item | Value |
|---|---|
| Outstanding shares beneficially owned | 69,925 |
| Right to acquire (options exercisable within 60 days) | 48,740 |
| Total beneficial ownership | 118,665 |
| Percent of class | <1% |
| SERP and deferred compensation units | 23,004 |
| Total beneficial + SERP/deferred | 141,669 |
Stock ownership guidelines:
- Requirement: 3.0x base salary for Group Presidents .
- Current standing: 24.9x base salary, in compliance with guidelines .
- Unvested restricted stock/units count toward compliance; PSUs and unexercised options do not .
- Anti-hedging and anti-pledging policies apply to executives and directors; no shares pledged by any director or executive officer .
Outstanding equity awards at fiscal year-end (Dec 31, 2024):
| Option Grant Date | Exercisable | Unexercisable | Exercise Price | Expiration | RSAs Not Vested (#) | Market Value of RSAs ($) | PSUs (Unearned) (#) | Market/Payout Value of PSUs ($) |
|---|---|---|---|---|---|---|---|---|
| 3/19/2024 | — | 4,070 | 181.93 | 3/19/2034 | 1,350 | 649,657 | 2,690 | 1,659,474 |
| 3/22/2023 | 2,270 | 4,540 | 138.46 | 3/22/2033 | 1,414 | — | 2,830 | — |
| 3/21/2022 | 6,080 | 3,040 | 134.69 | 3/21/2032 | 840 | — | 3,686 | — |
| 3/11/2021 | 10,600 | — | 121.91 | 3/11/2031 | — | — | — | — |
Vesting mechanics:
- Stock options granted in 2018+ vest one-third annually over three years .
- Restricted stock awards vest one-third annually over three years; dividends accrue at 5-year Treasury +0.5%, compounded quarterly, and are paid upon vesting .
Option exercises and stock vested:
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Options exercised (shares) | 0 | 19,450 |
| Value realized on option exercise ($) | $0 | $2,388,022 |
| Shares acquired on vesting (stock awards) | 9,693 | 7,055 |
| Value realized on vesting ($) | $1,392,807 | $1,287,047 |
Employment Terms
Change-of-control and termination economics:
| Event | FY 2023 Amount ($) | FY 2024 Amount ($) |
|---|---|---|
| Normal Retirement | 515,496 | 328,305 |
| Involuntary Not For Cause Termination | N/A | N/A |
| Early Retirement | 1,803,259 | 1,678,131 |
| Change of Control | 6,801,286 | 6,492,342 |
| Disability | 2,911,426 | 2,600,813 |
| Death | 4,184,826 | 3,805,613 |
Death benefit under the 2004 Executive Death Benefit Plan:
- $1,273,400 as of Dec 31, 2023 ; $1,204,800 as of Dec 31, 2024 .
Vesting acceleration values upon specified events (as of Dec 31, 2024):
- PSUs: $1,616,502 upon death/disability or termination concurrent with a change of control (target award plus dividend equivalents and interest) .
- Stock options: $328,305 accelerated vesting value upon normal retirement, death, disability, or termination following a change of control .
- Restricted stock: $656,006 accelerated vesting value upon death, disability, or termination following a change of control .
General executive agreement terms (termination not in connection with change of control):
- Lump-sum severance equal to 2x “Cash Compensation” 60 days after separation (subject to release) .
- Immediate vesting of all awards; non-ISO options remain exercisable for up to one year post-termination (not beyond expiration) .
- Continuation of health/disability/death benefits up to two years or until Medicare/new equivalent coverage, with economic equivalent payments if needed to comply with law .
- Continued company-provided car per lease terms .
Retirement plan eligibility:
- Not eligible for the defined-benefit Employees’ Retirement Plan; eligible for AMETEK 401(k) Retirement Feature (defined contribution) .
Investment Implications
- Strong alignment: Hardin’s ownership is 24.9x salary versus a 3x requirement and executives are prohibited from hedging/pledging, reducing misalignment risk and margin-driven forced selling; no pledges reported .
- Near-term supply overhang: 2024 exercises of 19,450 options with $2.39M realized value plus ~7,055 shares vested may contribute to insider selling pressure, especially as multi-year options and RSAs continue to roll into vesting/exercisability .
- Pay-for-performance linkage: 2024 STI was primarily formula-driven, with over-achievement in Group Operating Income (130%) offset by softer Organic Revenue Growth (46%), resulting in a 95.3% payout of aggregate target; signals disciplined budget-linked targets and oversight .
- Retention economics: Change-of-control value of ~$6.49M and severance at 2x cash compensation, plus broad accelerated vesting, provide meaningful retention but are not egregious relative to CEO scale; age/service thresholds allow PSUs to vest at achievement for qualifying retirements, moderating exit risk as tenure advances .
- Governance stability: Company say-on-pay support has averaged ~95% over the past decade, and compensation is reviewed with an independent consultant, suggesting limited external pressure to materially alter incentive design near term .