David Silverman
AMPHENOL CORP /DE/About David Silverman
David Silverman, age 47, is Senior Vice President, Human Resources at Amphenol Corporation (APH). He has served as SVP HR since 2019 and has been with Amphenol for approximately 18 years, having previously held roles in HR leadership, general management, and corporate business development . He does not serve on any public company boards . Company performance during his tenure has been strong: APH delivered net sales of $15.2 billion, GAAP diluted EPS of $1.92, adjusted diluted EPS of $1.89, GAAP/adjusted operating margins of 20.7%/21.7%, operating cash flow of $2.8 billion, and free cash flow of $2.2 billion in FY 2024 . Over the last ten years, APH achieved ~19% compound annual TSR versus ~13% for the S&P 500; the stock price rose from $49.56 on 12/31/2023 to $69.45 on 12/31/2024 (+40%) .
Company Performance Snapshot (FY 2024)
| Metric | FY 2024 |
|---|---|
| Net Sales ($USD Billions) | 15.2 |
| GAAP Diluted EPS ($) | 1.92 |
| Adjusted Diluted EPS ($) | 1.89 |
| GAAP Operating Margin (%) | 20.7% |
| Adjusted Operating Margin (%) | 21.7% |
| Operating Cash Flow ($USD Billions) | 2.8 |
| Free Cash Flow ($USD Billions) | 2.2 |
Pay vs Performance Summary (Company-level metrics)
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Company TSR ($ value of $100 investment) | 122.12 | 164.78 | 145.06 | 190.72 | 269.45 |
| DJUSEC TSR ($ value of $100 investment) | 120.75 | 151.36 | 124.87 | 159.56 | 213.20 |
| Net Income ($ million) | 1,203 | 1,590 | 1,902 | 1,928 | 2,424 |
| Net Sales ($ million) | 8,599 | 10,876 | 12,623 | 12,555 | 15,223 |
| GAAP Diluted EPS ($) | 0.98 | 1.26 | 1.53 | 1.55 | 1.92 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Amphenol Corporation | Senior Vice President, Human Resources | 2019–present | Global HR leadership supporting multi-division execution |
| Amphenol Corporation | Vice President, Human Resources | 2014–2018 | HR leadership during expansion and acquisitions |
| Amphenol Corporation | Senior Director, Human Resources | 2013–2014 | Human capital development |
| Amphenol Alden (operating unit) | General Manager | 2010–2013 | P&L and operating execution for unit |
| Amphenol Corporation | Corporate Business Development Manager | 2007–2010 | Corporate BD supporting growth initiatives |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed | — | — | No public company directorships |
Fixed Compensation
| Component | Design / Policy |
|---|---|
| Base salary | Part of core management compensation program for executives |
| Insurance & retirement benefits | Included in fixed compensation elements |
| Annual stock option award | Granted annually; exercise price set at closing price on grant date; options only have value if share price increases |
| Option vesting schedule | 20% each year over a five-year period |
| Grant timing practices | Committee historically makes annual awards in the second quarter; no grants timed around material nonpublic information; 2024 grants not within restricted windows |
| Say-on-Pay support | 91% approval at 2024 Annual Meeting |
Performance Compensation
| Element | Metric | Weighting | Target | Actual | Payout | Vesting / Timing |
|---|---|---|---|---|---|---|
| Annual cash incentive (Management Incentive Plan) | Single-year plan; for CEO/CFO emphasizes Net Sales Growth and Adjusted Diluted EPS Growth; for Division Presidents emphasizes Net Sales Growth and Adjusted Operating Income Growth; performance to budget used for divisions | Not disclosed for SVP HR | Not disclosed | Not disclosed | Paid Jan 2025 for FY2024 plan | Single-year plan approved Jan 2024; terminated Dec 31, 2024; payouts in Jan 2025 |
| Stock options | Share price appreciation (intrinsic value on exercise) | n/a | n/a | n/a | Realizable value contingent on stock performance | 20% per year over five years; grant price equals market close on grant date |
Note: APH emphasizes at-risk pay for executives; options and annual incentive plan have historically not paid if Adjusted Diluted EPS declines; NEO fixed comp ~17% and at-risk ~83% in 2024; CEO fixed ~10% and at-risk ~90% . Silverman-specific incentive weights/targets are not disclosed.
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Beneficial ownership (Silverman) | Not individually disclosed in proxy security ownership table |
| Ownership as % of outstanding | Not disclosed |
| Vested vs unvested breakdown | Not disclosed |
| Options exercisable vs unexercisable | Not disclosed |
| Pledging / hedging | Company policy prohibits pledging, hedging, short sales, and derivative transactions by officers and directors |
| Ownership guidelines | CEO: 6x base salary; CFO: 3x base salary; non-employee directors: 5x annual cash retainer; certain executives subject to guidelines; five-year compliance window; 60% of value of vested but unexercised options counts toward guidelines; unvested options excluded |
| Clawback | Adopted policy compliant with Exchange Act Rule 10D-1 and NYSE; applies to current and former executive officers |
Employment Terms
| Provision | Terms |
|---|---|
| Employment agreements | Except for Mr. Walter’s specific 1999 letter, NEOs generally are not party to employment agreements; compensation is governed by core programs and option agreements |
| Non-compete salary continuation | Stock option agreements contemplate up to two years of payments equal to 50% of base salary post-termination, at the Company’s discretion, in exchange for non-compete undertakings (applies to option award recipients, including NEOs) |
| Termination/retirement (general) | Payments include earned amounts (unused vacation, vested retirement, non-equity incentive); plan administrator may allow options to continue vesting post-retirement; early retirement at/after age 55 with >10 years of service; normal retirement at 65 with ≥5 years |
| Change-in-control (options) | 2009 Option Plan: all outstanding options vest immediately prior to a change in control at Board discretion; 2017 Option Plan: plan administrator has discretion to accelerate options upon change in control |
| Disability/death (options) | Options immediately vest upon death or disability if minimum service requirements are met |
| Insider trading compliance | Pre-clearance procedures; prohibits trading while in possession of MNPI |
Investment Implications
- Compensation alignment: APH’s program emphasizes at-risk pay via options and a single-year cash plan linked to growth metrics; options vesting 20% annually and grant timing concentrated in Q2 create predictable windows for potential exercises and tax-benefit recognition at the company-level, indicative of broader management exercises (2024 excess tax benefit of $142.6 million from stock-based comp) .
- Selling pressure and hedging risk: Anti-hedging and anti-pledging policies reduce derivative-related selling pressure and collateral-driven sales risks for executive officers .
- Retention risk: Silverman’s long tenure and broad HR/operational background suggest institutional knowledge; absence of bespoke severance/change-of-control cash multiples and the reliance on option value and discretionary non-compete salary continuation point to alignment with long-term value rather than guaranteed payouts .
- Governance and shareholder sentiment: High say-on-pay support (91% in 2024) indicates strong investor endorsement of APH’s pay-for-performance framework underpinning executive compensation, including for senior leaders like Silverman .
Data gaps: Silverman is not a named executive officer; therefore, specific compensation amounts, award quantities, ownership totals, and vesting schedules specific to him are not disclosed in proxy filings reviewed .