Kevin K. Engel
AMKOR TECHNOLOGYAbout Kevin K. Engel
Kevin K. Engel (age 53) is Executive Vice President and Chief Operating Officer of Amkor Technology, appointed in February 2025 after serving as EVP, Business Units since February 2023; he joined Amkor in August 2004 and has nearly 30 years of experience in electronics and semiconductors, with a B.S. in Chemical Engineering from Auburn University and executive education at Stanford GSB and Harvard Business School . Company performance context: 2024 revenue was $6,317,692 (thousands) and net income was $355,535 (thousands), while cumulative TSR since 12/31/2019 equated to 209.15 (hypothetical $100 → $209.15), framing the pay-for-performance backdrop during his senior leadership tenure . NEO annual bonuses for 2024 paid at 89% of target (Engel: $378,250 on a $425,000 target), reflecting revenue attainment of ~74%, operating income attainment of ~51%, and individual performance at 150% under the 35%/35%/30% weighting model .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Amkor Technology | EVP, Chief Operating Officer | Feb 2025 – Present | Company-wide operations leadership following successive roles in business units and advanced packaging . |
| Amkor Technology | EVP, Business Units | Feb 2023 – Feb 2025 | Oversaw business units portfolio; prepared for COO responsibilities . |
| Amkor Technology | Corporate VP, Flip Chip/Wafer Level BU | Jan 2020 – Feb 2023 | Led advanced packaging product lines (flip chip/WLP) . |
| Amkor Technology | SVP, Bump Services | Aug 2016 – Jan 2020 | Led bump services operations . |
| Amkor Technology | VP, Bump Services | Jan 2013 – Aug 2016 | Managed bump services; prior similar roles since 2004 . |
| Amkor Technology | Various roles | Aug 2004 – Jan 2013 | Progressively senior roles post-joining in 2004 . |
External Roles
No external directorships or outside public-company roles were disclosed for Mr. Engel in the latest proxy .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 450,000 | 500,000 (increase approved Feb 2024) |
| Target Bonus % of Base | 85% | 85% |
| Target Bonus ($) | 382,500 | 425,000 |
| Actual Bonus ($) | 248,625 | 378,250 |
| All Other Compensation ($) | 18,654 | 14,894 (incl. $10,000 401(k) match; $4,894 other) |
| Total Compensation ($) | 1,575,380 | 2,042,010 |
Notes:
- U.S.-based NEOs receive a 401(k) match up to $10,000/year; Engel’s All Other Compensation includes this match and executive annual physical program costs .
Performance Compensation
Annual Bonus Design and 2024 Outcome
| Component | Weight | Threshold | Target | Max | 2024 Actual Attainment |
|---|---|---|---|---|---|
| Revenue | 35% | $5.8B | $6.5B | $7.0B | $6.318B (74%) |
| Operating Income | 35% | $375M | $500M | $600M | $438M (51%) |
| Individual/Discretionary | 30% | N/A | 100% | 200% | 150% for all NEOs |
- Formula: Base Salary × Target % × weighted attainment; 2024 NEO bonuses approved at 89% of target; Engel’s payout was $378,250 (89% of $425,000 target) .
Equity Awards Granted in 2024 (Grant date: Feb 20, 2024)
| Award | Target/Units | Vesting/Performance |
|---|---|---|
| RSUs | 19,747 | 1/3 annually on 2/20/2025, 2/20/2026, 2/20/2027, subject to continued service (standard NEO terms) . |
| PSUs – Year 1 EPS | 3,291 | 2024 EPS; threshold/target/max at 40%/100%/175% of goal; earned 83% of target; vested 2/19/2025 . |
| PSUs – Year 2 EPS | 3,291 | 2025 EPS; threshold/target/max at 30%/100%/180% of goal; determination in 2026 . |
| PSUs – Year 3 EPS | 3,291 | 2026 EPS; threshold/target/max at 20%/100%/185% of goal; determination in 2027 . |
| PSUs – rTSR | 10,851 | Relative TSR vs SOX constituents over 2/20/2024–2/20/2027; 50%/100%/150% payout at 25th/55th/85th percentile; capped at 100% if absolute TSR declines . |
Other PSU outcomes:
- December 2023 PSUs (geographic expansion/advanced packaging capacity) vested 100% upon achievement on 8/13/2024 .
- February 2023 two-year EPS PSUs paid 0% (two-year EPS 55% of target) and were forfeited on 2/19/2025 .
Equity Ownership & Alignment
Beneficial Ownership (as of March 20, 2025)
| Holder | Shares | % Outstanding |
|---|---|---|
| Kevin K. Engel | 1,388 | <1% (asterisked in table) |
- Stock ownership guidelines require each NEO (other than CEO) to own stock equal to 100% of base salary within five years; the Company states each NEO either exceeds the guideline or is otherwise in compliance (time to achieve) as of the record date .
- Anti-hedging and anti-pledging policies prohibit hedging, derivative transactions, margining, and pledging of Company stock; a clawback policy requires recovery of erroneously awarded incentive-based compensation in the event of an accounting restatement .
Outstanding Equity (12/31/2024 snapshot, pre-2025 outcomes)
| Award type | Grant date | Unvested units | Market value ($) at $25.69 |
|---|---|---|---|
| RSU | 2/11/2021 | 790 | 20,295 |
| RSU | 2/24/2022 | 1,850 | 47,527 |
| RSU | 2/16/2023 | 4,128 | 106,048 |
| RSU | 2/20/2024 | 19,523 | 501,546 |
| PSU (Feb 2023, EPS 2023–2024) | 2/16/2023 | 8,351 (at threshold assumption) | 214,537; later forfeited on 2/19/2025 |
| PSU (Feb 2024, Year 1–3 EPS target) | 2/20/2024 | 9,873 | 253,637; Year 1 later paid 83% |
| PSU (Feb 2024, rTSR target) | 2/20/2024 | 10,851 | 278,762 |
Vesting/realization cadence that can influence near-term liquidity/selling windows:
- RSUs: equal annual tranches on 2/20/2025, 2/20/2026, 2/20/2027 .
- PSUs: Year 1 vested 2/19/2025 at 83% of target; Year 2 (2025) and Year 3 (2026) EPS determinations occur the following year; rTSR cliff determination at 2/20/2027 .
Employment Terms
| Provision | Base case termination (no CIC) | Change-in-control (CIC window: 90 days before to 24 months after) |
|---|---|---|
| Cash severance | 12 months continuation of base salary + target bonus (i.e., 1.0×) | Lump sum of 1.5× base salary + target bonus . |
| Bonus for year of termination | Pro-rata, based on actual company bonus outcome | Pro-rata at target . |
| Health benefits | Company pays COBRA premiums in installments for 12 months | Lump sum equivalent to 18 months of premiums . |
| Equity acceleration | RSUs generally forfeited; standard forms govern; PSU forfeiture absent special terms | Time-vesting awards fully accelerate; PSUs vest at ≥100% of target or actual performance level per award terms if terminated without cause/Good Reason before determination date . |
| Restrictive covenants | 12-month non-compete and non-solicit (except CA-based Haghighi); ongoing confidentiality and non-disparagement | Same covenants apply as condition to benefits . |
| Good Reason definition | Material reduction in authority/comp; material pay cut not broadly applied; relocation >50 miles, among others |
- All NEOs, including Engel, are at-will employees; executive officers’ terms expire upon retirement, resignation, or removal .
- Clawback policy applies to incentive-based compensation for three years preceding any required accounting restatement .
- Company states no related party transactions requiring disclosure since January 1, 2024 .
Investment Implications
- Pay-for-performance alignment: Engel’s variable pay is materially tied to revenue and operating income (70% combined weight) and to multi-year EPS and rTSR PSU metrics; 2024 payout was below target (89%), 2024 Year 1 EPS PSUs paid at 83%, and 2023 two-year EPS PSUs paid 0%, demonstrating downside sensitivity when targets aren’t met .
- Retention and overhang: A meaningful RSU stack vests annually through 2027, and PSUs extend to 2027 on rTSR; while policies prohibit hedging/pledging, periodic vesting could create episodic liquidity events; overall, equity design balances retention (time-based RSUs) with performance linkage (EPS/rTSR PSUs) .
- Ownership alignment: Engel’s direct beneficial ownership is modest at 1,388 shares (<1%), though NEO guidelines require stock equal to 100% of salary within five years and the Company indicates compliance/on-track status; this mitigates alignment concerns despite low current reported holdings .
- Change-in-control economics: Double-trigger severance of 1.5× salary+target bonus, pro-rata target bonus, and time-based equity acceleration is moderate versus market and lacks excise tax gross-ups, limiting potential deal-related windfalls while providing retention protection .
- Governance/say-on-pay: Independent Compensation Committee (Compensia retained in 2024), broad anti-hedging/anti-pledging/clawback policies, absence of related party transactions, and a 98% say-on-pay approval (2024 meeting for 2023 NEO pay) indicate low governance risk around compensation .
- Business execution lens: Full vest of December 2023 PSUs tied to manufacturing footprint expansion and advanced packaging capacity, alongside below-target EPS outcomes in 2023–2024 cycles, suggests strong operational progress in strategic capacity buildout but cyclical earnings variability—a typical OSAT dynamic to watch for PSU outcomes into 2025–2027 .