Barend Snyman
About Barend Snyman
Barend (“Ben”) Snyman, age 52, joined Astec Industries in July 2023 as Group President — Infrastructure Solutions, bringing 25+ years in capital equipment for mining, with senior roles in product management, service and supply chain at Komatsu Mining, and most recently a strategy executive at Cleaver‑Brooks; he holds an Engineering degree from the University of Pretoria . Company performance context: Astec reported 2024 Adjusted EBITDA of $111.8M and delivered a pay plan payout at 58.1% of target, with 2024 TSR value of 84.57 versus peer group 196.11 in the pay-versus-performance table, underscoring a mixed operating year against targets used in incentive plans .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Komatsu Mining (U.S.) | Senior leadership/executive roles in product management, service and supply chain | Not disclosed (moved to U.S. in 2010) | Led commercial and operating functions across the mining portfolio |
| Cleaver‑Brooks | Strategy executive | Not disclosed | Supported strategy across 18 different industries |
| Underground coal mining (South Africa) | Automation engineer | Not disclosed | Early career automation in underground coal mining |
External Roles
Not disclosed in company filings reviewed .
Fixed Compensation
| Component | 2023 | 2024 | Notes |
|---|---|---|---|
| Base salary ($) | 212,852 | 445,510 | 2024 year-end base salary set at $449,000 (up 3.0% from $436,000 as of 12/31/23) |
| Perquisites/other ($) | 19,006 | 18,103 | 2024 detail: 401(k) $11,704; automobile $5,308; group term life $1,091 |
Performance Compensation
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2024 Annual Incentive Plan (AIP) design and results (Company-level metrics and weightings): | Metric | Weight | Threshold | Target | Maximum | Actual 2024 | Payout (unweighted) | |---|---:|---:|---:|---:|---:|---:| | Adjusted EBITDA | 50% | $110.4M | $138.0M | $165.6M | $111.8M | 52% | | Working Capital Turnover | 25% | 3.2 | 4.0 | 4.8 | 3.6 | 77% | | Strategy Execution (ERP milestones) | 25% | 50% | 100% | 200% | 50% | 50% | | Weighted overall payout | — | — | — | — | — | 58.1% |
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2024 AIP for Snyman: | Item | Value | |---|---:| | Target bonus (% of base) | 60% | | Target bonus ($) | $269,400 | | Actual payout ($) | $156,537 | | Payout as % of target | 58.1% (plan-wide factor) |
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Long-Term Incentive (2024 grants; granted 2/26/24): | Instrument | Target value ($) | Target shares (#) | Vesting / performance | |---|---:|---:|---| | Time-based RSUs | 260,000 | 7,383 | Vests 1/3 on 2/26/25, 2/26/26, 2/26/27 | | PSUs — Adjusted ROIC | 130,000 | 3,691 | 3-year period; vests based on 3-year avg Adjusted ROIC on 2/26/27; 0–200% payout | | PSUs — Relative TSR | 130,000 | 3,691 | 3-year period; vests on 2/26/27 vs custom peer TSR; 0–200% payout |
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Other cash/bonus: $178,500 sign‑on bonus in connection with joining on July 3, 2023 (portion tied to forfeited compensation) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 3,873 shares as of Feb 27, 2025 (includes 3,723 RSUs converting within 60 days) |
| Ownership as % of outstanding | ~0.017% (3,873 / 22,803,976 shares outstanding on Feb 27, 2025) |
| Upcoming RSU vesting (time-based from 2/26/24 grant) | 2,461 shares on 2/26/25; 2,461 on 2/26/26; 2,461 on 2/26/27 |
| PSU vesting (at target) | 3,691 (ROIC) + 3,691 (TSR) on 2/26/27, 0–200% based on performance |
| Stock ownership guidelines | Executives: 3x base salary; must retain 50% of net shares until met |
| Hedging/pledging | Hedging prohibited by policy; no explicit pledging disclosure observed |
| Clawback | Recoupment policy effective Oct 2, 2023 for restatements and certain misconduct |
Employment Terms
- Severance/Change-in-Control (as of 12/31/24 under then-effective Former CIC plan; new plan effective 1/1/25 summarized below):
- Potential payments if terminated without cause/for good reason in connection with a Change in Control (CIC) as of 12/31/24: cash severance $1,436,800; health benefits $51,635; equity acceleration $749,270; outplacement $25,000; total $2,262,705 . The cash amount corresponds to 2.0x (base salary + target bonus), consistent with Tier II CIC benefits .
- New Executive and Key Employee Severance Plan (effective 1/1/25): Regular terminations (non‑CIC) provide 1.0x base + target bonus for Tier II and pro‑rata bonus (if in H2), plus 12 months health benefits; CIC terminations provide 2.0x base + target bonus for Tier II, 24 months health benefits, pro‑rata target bonus, full vesting of time-based awards and target for performance awards; non‑compete/customer/employee restrictions apply post‑termination (8 months for Tier II; 12 months for Tier I) .
- Nonqualified/retirement plans: No SERP contributions for Snyman in 2024 (SERP closed to new participants) .
Multi‑Year Compensation (Summary Compensation Table)
| Metric ($) | 2023 | 2024 |
|---|---|---|
| Salary | 212,852 | 445,510 |
| Bonus | — | 178,500 (sign‑on) |
| Stock awards | 511,183 | 528,992 |
| Non‑equity incentive (AIP) | 196,995 | 156,537 |
| All other compensation | 19,006 | 18,103 |
| Total | 1,118,536 | 1,149,142 |
Compensation Structure Notes (governance and benchmarking)
- AIP metrics and weights (Adjusted EBITDA 50%, Working Capital Turnover 25%, Strategy Execution 25%) produced a 58.1% payout for 2024 .
- LTI mix is 50% time‑based RSUs and 50% PSUs split between three‑year Adjusted ROIC and relative TSR, each with 0–200% payout curves .
- Stock ownership guidelines (3x salary for executive officers) and a formal clawback policy support alignment and risk mitigation .
- Compensation Committee uses FW Cook as independent consultant; maintains an industrial manufacturing peer group for benchmarking .
- Say‑on‑pay support was >98% at the 2024 meeting, indicating broad shareholder backing of the program .
Investment Implications
- Alignment: High portion of at‑risk pay via AIP and PSUs directly tied to Adjusted EBITDA, working capital efficiency, ROIC and relative TSR; 2024 payout at 58.1% signals discipline when performance is below targets .
- Retention/CoC economics: Double‑trigger CIC protections with 2.0x cash for Tier II and full/time-based vesting plus target for PSUs; non‑competes apply post‑termination, reducing flight risk during strategic events .
- Ownership and selling pressure: Personal stake is modest (~0.017% of shares outstanding), but upcoming annual RSU tranches (≈2,461 shares each in 2025/2026/2027) and 2027 PSU vesting could create minor, periodic selling supply; no pledging disclosed; hedging prohibited .
- Execution risk: AIP’s inclusion of ERP milestone execution and working capital turnover highlights operational execution focus within Snyman’s span; company‑level 2024 Adjusted EBITDA of $111.8M and TSR value of 84.57 vs peer 196.11 frame performance context for incentive design going into the current cycle .
References: Astec Industries, Inc. DEF 14A filed March 14, 2025 (citations inline). 8‑K filings as referenced.