Tony Ciampitti
AMETEK INC/About Tony Ciampitti
Tony J. Ciampitti is President–Electronic Instruments at AMETEK (EIG Group President), a role he has held since January 1, 2017. He is 52 and has 28 years of service with AMETEK as of March 1, 2025 . AMETEK’s long-term incentive performance cycles paid out at 110% for 2022–2024 (ROTC 101% vs 105% target; TSR +29.3% at the 57.5th percentile), and 131.5% for 2021–2023 (TSR +40.2% at the 56.9th percentile), reflecting sustained value creation during his senior leadership tenure . In 2024, AMETEK cited record operating income and free cash flow, along with $220M of share repurchases and ~$125M deployed on acquisitions, underscoring execution resilience despite macro headwinds .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| AMETEK, Inc. | President – Electronic Instruments | 2017–present | Incentive scorecard tied to EPS, organic growth, group operating income/working capital, and M&A; 2024 payout at 98.2% of target with M&A actual $166.9M vs $150M target |
External Roles
- Not disclosed in the proxy for Mr. Ciampitti .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base salary ($) | 535,613 | 559,715 | 582,663 |
| Target bonus (% of salary) | — | 70% | 70% |
| Actual annual incentive payout ($) | 494,779 (382,690 NEIP + 112,089 Discretionary) | 565,491 (505,546 NEIP + 59,945 Discretionary) | 400,633 (272,608 NEIP + 128,025 Discretionary) ≈ 98.2% of target |
Performance Compensation
2024 Short-Term Incentive (STI) – Design and Outcomes (Tony J. Ciampitti)
| Metric | Weight | Threshold | Target | Max | Actual result | Payout vs target | Dollar payout ($) |
|---|---|---|---|---|---|---|---|
| Adjusted EPS | 30% | $5.48 | $6.85 | $7.54 | $6.83 | 99% | 120,573 |
| Organic revenue growth | 15% | -2.00% | 3.00% | 8.00% | 0.70% | 54% | 33,037 |
| Group operating income | 25% | $466.6M | $583.3M | $641.6M | $580.3M | 97% | 99,326 |
| Group working capital (% sales) | 10% | 12.87% | 11.70% | 10.53% | 12.30% | 49% | 19,672 |
| Acquisitions/Divestitures ($M) | 10% | 0.0 | 150.0 | 300.0 | 166.9 | 111% | 44,820 |
| Discretionary | 10% | 0% | 100% | 200% | 200% | 200% | 83,204 |
| Total | 100% | 98.2% | 400,632 |
Notes: EPS is adjusted; working capital measured as inventory + AR + unbilled revenue – AP – advances, as % sales; discretionary reflects qualitative goals .
Long-Term Incentive (LTI) Structure
- Mix (Other NEOs): 2023 PRSU 40% / Options 30% / RSAs 30% ; 2024 PRSU 50% / Options 25% / RSAs 25% .
- PRSUs (3-year performance): equally weighted Return on Tangible Capital (absolute, threshold target-4000 bps; max target+2000 bps) and relative TSR vs S&P 500 Industrials (threshold 30th percentile; target 50th; max 80th) .
- 2022–2024 PRSU payout: 110% (ROTC 95% factor; TSR 125% factor) .
- 2021–2023 PRSU payout: 131.5% (ROTC 140%; TSR 123%) .
Equity Ownership & Alignment
| Ownership/awards (as of dates shown) | Detail |
|---|---|
| Beneficial ownership (1/9/2025) | 52,249 shares owned; right to acquire 43,699 (options); SERP/Deferred holdings 8,841 units; <1% of outstanding |
| Ownership guideline | 3x base salary requirement; Mr. Ciampitti at 19.2x (compliant) as of 12/31/2024 |
| Hedging/pledging | Prohibited; no pledging by officers/directors |
| 2024 vesting and exercises | Shares acquired on vesting: 6,400 ($1,167,830 realized); option exercises: 16,210 ($2,002,904 realized) |
| Unvested RSAs (12/31/2024) | 1,280 shares ($617,210 at $180.26) |
| PRSUs outstanding (target, 12/31/2024) | 2,560 units ($1,578,897 at $180.26) |
| Options outstanding (12/31/2024) | Unexercisable: 3,880 @ $181.93 exp. 3/19/2034; plus earlier grants with varying strikes and maturities |
2024 Grants (dated March 19, 2024) – Tony J. Ciampitti
| Instrument | Grant date | Shares/Units | Strike | Expiration | Vesting | Grant-date fair value ($) |
|---|---|---|---|---|---|---|
| PRSU | 3/19/2024 | 2,560 | — | — | 3-year performance (2024–2026) | 537,011 |
| RSA | 3/19/2024 | 1,280 | — | — | Ratable over 3 years | — (valued within stock awards) |
| NQ Stock Options | 3/19/2024 | 3,880 | 181.93 | 3/19/2034 | 3-year ratable | 451,768 |
Plan provisions: NQSOs 3-year ratable, 10-year term; RSAs 3-year ratable; PRSU payout 50–200% on ROTC and relative TSR .
Employment Terms
| Provision | Terms |
|---|---|
| Change-of-control (CoC) cash severance | For Mr. Ciampitti: lump sum $3,186,519 if terminated without cause or for good reason within 2 years following CoC (2.99x base + bonus); health benefits continuation estimated at $380,500 |
| Equity on CoC | No single-trigger equity vesting; PRSUs vest at target only upon CoC termination/death/disability; RSAs and options accelerate upon CoC termination; estimated values for Mr. Ciampitti: PRSUs $1,538,129; options $312,292; RSAs $623,244 (all at 12/31/2024) |
| Other termination scenarios | Normal retirement acceleration for options; retirement eligibility-dependent PRSU vesting if 55+ age and 10+ years (not met by Mr. Ciampitti as of 12/31/2024) |
| Clawback | NYSE Rule 10D-1 compliant recoupment policy adopted Nov 2, 2023 covering incentive comp for 3 years prior to a restatement (fault not required) |
| Hedging/pledging | Prohibited |
Compensation Structure Analysis
- Increased performance-at-risk weighting: Other NEO PRSU mix rose from 40% (2023) to 50% (2024), reducing time-based RSAs and options weight, signaling higher pay-for-performance orientation .
- STI metrics emphasize quality of earnings and capital discipline: EPS (company), organic growth, group operating income, working capital, and M&A targets; Ciampitti’s 2024 payout was 98.2% of target (balanced outcomes across metrics) .
- Governance features: No single-trigger vesting; no excise tax gross-ups; option repricing prohibited; robust stock ownership guidelines .
Compensation Committee, Peer Benchmarking, and Say-on-Pay
- Committee and advisor: Compensation Committee (Amato–Chair, Carpenter, Conti, Stefany) engaged Pay Governance LLC; the committee determined no consultant conflicts .
- Peer group: Industrial and technology comparables including Agilent, Dover, Fortive, IDEX, ITW, Keysight, Mettler-Toledo, Otis, Parker-Hannifin, Rockwell Automation, TE Connectivity, Teledyne, TransDigm, Xylem; Emerson Electric added in 2024 review .
- Say-on-Pay: Stockholder approval remains strong (~95% over 10 years; 95% in 2024 cycle) .
Risk Indicators & Red Flags
- Related-party transactions: None in 2024 (and none proposed) .
- Hedging/pledging: Prohibited; no pledging by executives .
- Option repricing and single-trigger CoC: Prohibited and not used, respectively .
- Clawback in place under NYSE/SEC rules .
- Insider selling pressure: 2024 saw 16,210 options exercised; 6,400 shares vested for Mr. Ciampitti, indicating periodic supply but also ongoing equity exposure; no pledging .
Investment Implications
- Alignment: High skin-in-the-game (19.2x ownership multiple vs 3x guideline) and rising PRSU mix increase pay-performance linkage; anti-hedging/pledging and clawback sharpen alignment .
- Retention risk: Standard 2.99x CoC economics with double-trigger equity reduce flight risk during strategic events; no single-trigger mitigates windfall risk; ongoing vesting through 2026 suggests continued retention hooks .
- Trading signals: 2024 option exercises and annual vesting events can create episodic supply, but significant unvested awards and high ownership likely temper sustained selling pressure .
- Execution track record: Above-target PRSU outcomes across cycles (131.5% for 2021–2023; 110% for 2022–2024) and record 2024 cash flow and profitability support confidence in incentive achievability without undue leniency, while 2024 STI at ~98% signals balanced goal calibration amid softer organic growth .