Thomas Marecic
AMETEK INC/About Thomas Marecic
Thomas C. Marecic is President–Electronic Instruments at AMETEK and age 63 as of March 1, 2025. He was elected to his current role on November 5, 2014 and has 30 years of service with the company . Company performance context during his recent tenure includes adjusted EPS of $6.83 in 2024 and net income of $1,376.1 million, with a cumulative TSR of 87% since 2019 versus 76% for the S&P 500 Industrials peer group . In 2024, his short‑term incentive payout was 75.4% of target driven by EPS delivery but weaker organic revenue and group operating income versus targets for his segment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AMETEK | President–Electronic Instruments | Elected Nov 5, 2014 – Present | Leads Electronic Instruments Group across analytical, test and measurement markets |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $535,613 | $559,715 | $582,104 |
| Target Bonus % of Salary | — | — | 70% |
| Discretionary Bonus Paid ($) | $76,485 | $49,955 | $83,124 |
| All Other Compensation ($) | $107,731 | $87,458 | $77,968 |
| Total Compensation ($) | $2,287,532 | $2,173,392 | $2,073,776 |
| Change in Pension Value ($) | — | $175,400 | $117,800 |
Notes:
- “All Other Compensation” includes employer plan contributions and perquisites (car allowance and executive life insurance for Mr. Marecic) .
Performance Compensation
Annual Incentive (2024)
| Metric | Weight | Threshold | Target | Max | Actual | Payout vs Target | Award ($) |
|---|---|---|---|---|---|---|---|
| Adjusted EPS | 30% | $5.48 | $6.85 | $7.54 | $6.83 | 99% | $120,457 |
| Organic Revenue Growth | 15% | -1.10% | 3.90% | 8.90% | -3.50% | 0% | $0 |
| Group Operating Income | 25% | $328,297,000 | $472,680,000 | $451,408,000 | $456,984,000 | 83% | $84,955 |
| Group Working Capital (% of Sales) | 10% | 22.44% | 20.40% | 18.36% | 21.50% | 46% | $18,588 |
| Acquisitions/Divestitures ($M) | 10% | $0.0 | $150.0 | $300.0 | $0.0 | 0% | $0 |
| Discretionary | 10% | 0% | 100% | 200% | 200% | 200% | $83,124 |
Total 2024 annual incentive paid: $307,124 (75.4% of aggregate target) .
Long‑Term Incentives (2024 grant)
| Award Type | Grant Date | Quantity | Vesting/Term | Strike/Terms | Grant Date Fair Value |
|---|---|---|---|---|---|
| PRSU (target) | 3/19/2024 | 2,560 units | 3‑yr performance (2024–2026) | ROTC target 100% (60–120% range); TSR vs S&P 500 Industrials (30th–80th percentile) | $537,011 |
| Restricted Stock (RSA) | 3/19/2024 | 1,280 shares | Ratable over 3 years | Dividends accrue with interest until vest | $537,011 |
| Nonqualified Stock Options | 3/19/2024 | 3,880 options | Ratable over 3 yrs; 10‑yr term | $181.93 strike; expires 3/19/2034 | $451,768 |
Performance outcomes for PRSUs (prior cycle): 2022–2024 PRSU payout certified at 110% based on ROTC 95% and TSR at 57.5th percentile; Mr. Marecic’s 2022 PRSUs earned 3,499 units (110% of target) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Stock Ownership Guideline | 3.0x base salary; current standing 17.2x (in compliance) |
| Beneficial Ownership (as of Jan 9, 2025) | 42,507 shares owned; rights to acquire 43,699 shares; total 86,206; plus 3,283 shares in SERP/deferred plans; <1% of outstanding |
| Outstanding 2024 Equity at YE | Unvested RSAs: 1,280 shares ($617,210); PRSU target 2,560 ($1,578,897) [based on $180.26 YE price] |
| Options Outstanding (examples) | 3/19/2024: 3,880 unexercisable at $181.93 (exp. 3/19/2034); 3/22/2023: 2,163 exercisable / 4,327 unexercisable at $138.46 (exp. 3/22/2033); 3/21/2022: 5,766 exercisable / 2,884 unexercisable at $134.69 (exp. 3/21/2032) |
| 2024 Equity Activity (liquidity) | Options exercised: 16,210 shares, value realized $1,596,833; RSAs vested: 6,400 shares, value realized $1,167,830 |
| Hedging/Pledging | Prohibited; no officers or Directors have pledged shares |
Deferred compensation (alignment signal and retirement funding):
- SERP/Deferred balance $2,513,933; employer contributions $70,750; aggregate earnings $220,782 in 2024 .
Employment Terms
| Provision | Key Terms |
|---|---|
| Change‑of‑Control Cash Severance | 2.99x salary+bonus (double‑trigger: termination without cause or for good reason within two years post‑CoC); health benefits continuation up to 10 years; reduced to avoid 280G excise tax |
| Equity Treatment (CoC/death/disability) | PRSUs vest at target upon separation concurrent with CoC, death or disability; RSAs/options accelerate under CoC/death/disability; no single‑trigger vesting |
| Clawback | NYSE Rule 10D‑1 compliant recoupment policy adopted Nov 2, 2023; recovers incentive comp after material restatement (regardless of fault) |
| Anti‑hedging/pledging | Hedging and pledging prohibited |
Change‑of‑Control and Termination Economics (as of 12/31/2024):
| Scenario | Amount ($) |
|---|---|
| Normal Retirement | $312,292 |
| Early Retirement | $1,596,640 |
| Change of Control (incl. equity and cash components) | $5,536,898 |
| Disability | $2,473,665 |
| Death | $2,473,665 |
Equity acceleration components under specified events:
- Options acceleration value: $312,292
- Restricted stock acceleration value: $623,244
- PRSU vesting value at target upon CoC/death/disability: $1,538,129
Investment Implications
- Pay‑for‑performance linkage: The 2024 STI matrix heavily weighted to EPS (99% payout) but penalized organic revenue (-3.5% actual, 0% payout) and below‑target group operating income, yielding a 75.4% total payout—an appropriate check on variable pay when growth moderates . PRSUs are tied to ROTC and TSR over 3 years, with the 2022–2024 cycle paying 110%, evidencing alignment with multi‑year value creation .
- Ownership alignment: Strong skin‑in‑the‑game—17.2x salary ownership versus 3x guideline, material unvested equity, and prohibitions on hedging/pledging reduce misalignment risk .
- Liquidity and selling pressure: 2024 option exercises and scheduled RSA vestings indicate predictable liquidity windows; while exercises realized $1.6M in value, anti‑hedging/pledging policies and multi‑year vesting temper near‑term selling risk .
- Retention and CoC economics: Standard double‑trigger CoC terms (2.99x cash multiple; equity acceleration) and significant deferred balances support retention; clawback further mitigates governance risk. Aggregate CoC economics of ~$5.54M are within typical industrial peer ranges and lack excise tax gross‑ups, which is shareholder‑friendly .
- Performance backdrop: Company adjusted EPS grew to $6.83 in 2024 and cumulative TSR outpaced peers since 2019, supporting value creation during his stewardship of Electronic Instruments; however, 2024 segment organic revenue softness is a watch item for future STI outcomes .