Tina Busch
ATIAbout Tina Busch
Tina K. Busch, 52, is Senior Vice President and Chief Human Resources Officer at ATI, a role she has held since October 2022. Prior roles include VP, HR & Communications for Honeywell PMT (2021–2022) and senior HR leadership positions at Kimberly-Clark (2010–2021), including APAC HR VP and Global Diversity Officer; she also held leadership roles at Pitney Bowes earlier in her career . ATI’s incentive programs tie pay to enterprise performance: 2024 APP metrics were 60% EBITDA and 30% free cash flow with 10% strategic goals; ATI delivered $4.4B sales, $898M gross profit, $383M net income and $407M operating cash flow in 2024, supporting above-target payouts; PSUs for 2022–2024 vested at 200% based on relative TSR . ATI’s say‑on‑pay received 98%+ approval in 2023 and 2024, reflecting shareholders’ support for pay-for-performance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Honeywell International Inc. (PMT) | Vice President, Human Resources & Communications | Jul 2021 – Oct 2022 | Supported HR/comms for PMT, a technology-driven industrial group |
| Kimberly-Clark | VP, Human Resources, Asia Pacific | Jan 2019 – Jul 2021 | Regional HR leadership across APAC; talent and culture stewardship |
| Kimberly-Clark | Vice President and Global Diversity Officer | 2016 – Dec 2018 | Led global DEI strategy |
| Pitney Bowes Inc. | Leadership roles (earlier tenure) | Not disclosed | Early career leadership experience |
External Roles
No public company board roles or external directorships disclosed for Ms. Busch in the latest proxy .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary Rate ($) | $450,000 | $475,000 |
| APP Target (% of Base) | 60% | 60% |
| APP Earned ($) | Not specifically disclosed | $412,698 |
| Signing Bonus ($) | — | $150,000 (signing bonus) |
Performance Compensation
Annual Performance Plan (APP) – 2024
| Component | Weighting | Threshold | Target | Maximum | 2024 Actual | 2024 Achievement |
|---|---|---|---|---|---|---|
| ATI EBITDA | 60% | $590M | $680M | $730M | $728M | 194.8% of target |
| ATI Free Cash Flow | 30% | $200M | $275M | $350M | $240M | 57.3% of target |
| Strategic/Individual Goals | 10% | — | — | — | — | 110.0% (Busch) |
| Total Weighted Achievement (Busch) | — | — | — | — | — | 145.1% |
| Cash Award Earned (Busch) | — | — | — | — | — | $412,698 |
Long-Term Incentive Plan (LTIP) – Grants in 2024 (Busch)
| Grant Date | Award Type | Shares/Target (#) | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| 1/3/2024 | RSU | 5,834 | $249,345 | Ratable over 3 years (anniversaries) |
| 1/3/2024 | PSU | 13,614 target | $689,669 | Cliff after 3-year performance period; relative TSR vs peer group |
Notes:
- PSU 2024 per-share fair value estimated using Monte Carlo ($50.66); RSU fair value measured at stock price on grant ($42.74) .
- Company does not issue stock options; none outstanding since 2003 .
Stock Vested – 2024
| Name | Shares Vested (#) | Value Realized ($) |
|---|---|---|
| Tina K. Busch | 28,156 | $1,529,212 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 20,677 shares; <1% of outstanding; 141,060,892 shares outstanding as of 3/17/2025 |
| Unvested RSUs (12/31/2024) | 18,995 shares; $1,043,283 market value (@ $55.04) |
| Unearned PSUs/BPUs (12/31/2024) | 71,264 target units; $3,922,371 payout value (@ $55.04) |
| Stock Ownership Guidelines | Senior Vice Presidents: 2x base salary; retain 50% of after-tax vested shares until compliant |
| Guideline Compliance | CEO and each other NEO currently meet obligations under guidelines (as of 3/17/2025) |
| Hedging/Pledging | Prohibited for officers and directors |
Employment Terms
- No employment agreements for executive officers; robust clawback policy; double‑trigger change‑in‑control for equity awards .
- Change‑in‑Control severance framework: 2x multiple for SVPs (including Busch) of base salary plus annual cash incentive (greater of current target or prior year actual) .
Potential Payments Upon Termination (Busch; $ in thousands; as of 12/27/2024)
| Category | Retirement | Involuntary Not for Cause or Good Reason within 24 months of Change in Control | Disability | Death |
|---|---|---|---|---|
| Base Severance | 0 | 1,667 | 0 | 0 |
| Accrued 2024 APP | 413 | 413 | 413 | 413 |
| LTIP (equity) | 624 | 1,643 | 1,002 | 1,002 |
| Non‑qualified DC plan | 0 | 76 | 0 | 0 |
| Health & Welfare Benefits | 0 | 54 | 0 | 0 |
| Outplacement | 0 | 15 | 0 | 0 |
| Total | 1,037 | 3,868 | 1,415 | 1,415 |
Clawback Provisions:
- PSUs and RSUs subject to company clawback policy and applicable law; agreements executed under CHRO authority .
Compensation Structure Analysis
- Equity-heavy, performance-oriented mix: 2024 LTIP comprised 70% PSUs (relative TSR) and 30% time‑vested RSUs; APP is 90% financial metrics, 10% strategic goals .
- Stringent design features: Negative absolute TSR cap, multi‑period TSR measurement, double‑trigger CoC vesting, 2x severance cap for SVPs, prohibition on repricing, hedging, and pledging .
- Realized pay vs target: Busch realized 163% of target in 2024 ($2.630M realized vs $1.591M target), consistent with strong TSR/PSU outcomes and above‑target APP .
Performance & Track Record
- 2022–2024 PSU cycle paid at 200% of target on strong relative TSR; 2021–2023 PSUs paid near 200% as well; earlier long‑term awards in several cycles paid below target, evidencing cyclicality and pay‑for‑performance discipline .
- 2024 enterprise outcomes underpin incentives: Sales $4.4B (vs $4.2B in 2023), gross profit $898M (vs $805M), net income $383M (vs $423M), operating cash flow $407M (vs $56M); $260M repurchases and $721M year‑end cash .
Compensation Peer Group (for benchmarking and TSR PSUs)
Carpenter Technology; Commercial Metals; Crane; Donaldson; Dover; Hexcel; Howmet Aerospace; ITT; Materion; Moog; Regal Rexnord; Spirit AeroSystems; Timken; Valmont; Woodward .
Say‑on‑Pay & Shareholder Feedback
- Say‑on‑pay approved by >98% of votes in both 2023 and 2024; stock ownership guideline compliance and clawback policy highlighted; Meridian Compensation Partners serves as independent consultant .
Equity Ownership & Vesting Calendar Indicators
- Near‑term RSU vesting cadence: 2024 grant vesting annually over three years on grant anniversaries; ongoing PSU measurement windows through 12/31/2026 may trigger earned vesting, capped if absolute TSR is negative .
- Retention/overhang: Unvested RSUs (18,995 shares; $1.043M) and unearthed PSUs/BPUs (71,264 units; $3.922M payout value) create retention incentives and staggered delivery, with 50% after‑tax retention required until guidelines met .
Employment Terms
- Change‑in‑control agreements auto‑renew; provide 36 months health coverage cash equivalent and outplacement (up to $15k for SVPs); double‑trigger applies; no excise tax gross‑ups .
Investment Implications
- Alignment: Strong pay‑for‑performance design (APP tied to EBITDA/FCF; PSUs to relative TSR) and robust governance (clawbacks, ownership guidelines, no hedging/pledging) signal high alignment with shareholder interests .
- Retention risk: Material unvested equity and required 50% share retention reduce near‑term selling pressure and support retention; double‑trigger CoC terms limit windfalls and align with best practices .
- Trading signals: PSU payouts at 200% reflect sustained TSR outperformance vs peers; watch RSU vesting dates and multi‑period PSU measurement windows as potential liquidity events, balanced by retention requirements .
- Red flags: None evident—no option repricing, no employment agreements or tax gross‑ups, severance multiples capped; say‑on‑pay support robust .