Jack Kienzler
About Jack Kienzler
Jack M. Kienzler is Senior Vice President, Chief Financial Officer and Chief Accounting Officer of Atmus Filtration Technologies. He is 39 as of February 21, 2025 and previously served as CFO of Cummins Filtration, with prior roles at Cummins including Executive Director of Investor Relations and Corporate Development lead. He holds a BS in Finance and Accounting from Indiana University and an MBA from the Indiana University Kelley School of Business . During Kienzler’s tenure, Atmus reported TSR of 81.5% from the IPO date (May 26, 2023) to December 31, 2024, GAAP net income increased from $171.3M (2023) to $185.6M (2024), and Adjusted EBITDA increased from $302.3M (2023) to $329.5M (2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Atmus Filtration Technologies | SVP, Chief Financial Officer and Chief Accounting Officer | ≥2024–present | Principal Financial Officer; signed FY2024 Form 10-K |
| Cummins Filtration Inc. | Chief Financial Officer | — | Oversaw financial activities as CFO prior to full separation |
| Cummins Inc. | Executive Director of Investor Relations; Corporate Development lead | — | Led IR; formerly led Corporate Development; joined Cummins in 2014 |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $272,541 | $408,563 | $498,750 |
| Target Bonus ($) | — | — | $337,125 |
| Actual Annual Bonus (Non-Equity Incentive) ($) | $86,039 | $435,617 | $346,270 |
| All Other Compensation ($) | $33,077 | $70,581 | $72,564 |
| Total Compensation ($) | $482,667 | $2,446,773 | $1,893,528 |
Performance Compensation
Annual Bonus (AIP)
| Metric | Weighting | Target ($) | Actual ($) | Notes |
|---|---|---|---|---|
| Adjusted EBITDA (company-wide) | 100% | $337,125 | $346,270 | Payout formula: salary × target bonus % × payout factor (0.0–2.0) . Implied payout factor ≈ 1.03 based on disclosed target vs actual . |
Long-Term Incentives (Equity)
| Award Type | Grant Date | Metrics / Weight | Target Units (#) | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|---|
| PSUs (2024–2026 cycle) | 4/1/2024 | 3-year cumulative Adjusted EBITDA (50%) + 3-year average ROIC (50%); payout range 0–200% | 20,958 | $679,668 | Earned at end of performance period; settle at target if accelerated |
| RSUs (Annual 2024 LTI) | 4/1/2024 | Service-based | 8,982 | $291,286 | Vests March 1, 2027; 1 share per RSU |
| RSUs (Converted Cummins “Cares”) | 3/18/2024 | Conversion of prior Cummins grant; original vest schedule | 186 | $4,990 | Vests per original Cummins schedule |
2024 Long-Term Incentive Summary
| Component | Amount ($) |
|---|---|
| Annual LTI (PSUs + RSUs 2024 cycle) | $970,954 |
| Converted Cummins Cares RSUs | $4,990 |
| Total Stock Awards (ASC 718 grant-date fair value) | $975,944 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of March 17, 2025) | 5,723 shares; percent of class marked “*” (<1%) |
| Stock Ownership Guideline | CFO must hold Atmus stock equal to 3× base salary; unvested RSUs count toward compliance; must hold post-tax shares until compliant |
| Hedging/Pledging | Prohibited for officers and directors (no hedging; no pledging Atmus securities) |
| Options | No option awards reported in 2022–2024 SCT (Option Awards “—”) |
| Upcoming Vest Dates | RSUs from 2024 annual grant vest March 1, 2027 |
Employment Terms
| Provision | Term |
|---|---|
| Employment Contracts | Atmus does not maintain separate employment contracts with executive officers |
| Clawback | All senior executive incentive awards subject to clawback/cancellation beyond accounting restatements |
| Severance (Non-Change-in-Control) – Policy | CFOs/leadership officers: one year’s salary paid monthly + pro-rated actual bonus at normal time; health insurance, outplacement, financial counseling during continuation |
| Severance (Non-Change-in-Control) – CFO Illustration (as of 12/31/2024) | Severance $505,000; Annual Bonus $353,500; Health Insurance $37,649; Outplacement $5,310; Financial Counseling $15,000; Aggregate $916,459 |
| Change-of-Control (Double Trigger) – Policy | NEOs other than CEO: 2× (salary + target bonus) + benefits; unvested awards vest at target if not assumed; if assumed, vest at target upon termination without cause/for good reason within 2 years; no excise tax gross-ups; “cutback or pay full” best after-tax outcome |
| Death/Disability Acceleration – CFO Illustration | PSUs ’23–’25 $596,320; PSUs ’24–’26 $273,711; PSUs ’22–’24 Stub $60,149; Performance Cash $9,145; RSU Launch Grants $988,159; RSU Replace Cummins PS $55,753; RSUs ’23–’25 $255,558; RSUs ’24–’26 $117,305; Aggregate $2,356,100 |
Performance & Track Record
| Measure | 2023 | 2024 |
|---|---|---|
| Total Shareholder Return (since 5/26/2023) | $108.50 (value of $100 initial investment) | $181.50 (value of $100 initial investment) |
| Peer Group TSR | $124.51 (value of $100) | $144.92 (value of $100) |
| GAAP Net Income ($MM) | $171.3 | $185.6 |
| Adjusted EBITDA ($MM) | $302.3 | $329.5 |
Additional context:
- Most important incentive metrics: Adjusted EBITDA and ROIC .
- 2024 Say-on-Pay approval approximately 94% .
Compensation Structure Analysis
| Component | 2022 | 2023 | 2024 | Commentary |
|---|---|---|---|---|
| Salary ($) | $272,541 | $408,563 | $498,750 | Rising fixed pay as Atmus matured post-IPO |
| Stock Awards ($) | $27,260 | $1,419,425 | $975,944 | Equity remains significant; 2024 mix tilted to PSUs/RSUs |
| Non-Equity Incentive ($) | $86,039 | $435,617 | $346,270 | AIP tied solely to Adjusted EBITDA |
| Total ($) | $482,667 | $2,446,773 | $1,893,528 | Pay moves with performance and equity grant cadence |
Key plan features:
- No stock option backdating or repricing; no options granted in SCT .
- Incentive plan payouts capped at 200% of target .
- Independent Talent Management and Compensation Committee with outside consultant .
Investment Implications
- Alignment: Strong pay-for-performance design—AIP driven solely by Adjusted EBITDA and PSUs split 50/50 between multi-year Adjusted EBITDA and ROIC; stock ownership guideline of 3× salary with mandatory holding until compliance, plus prohibitions on hedging/pledging, all enhance alignment with shareholders .
- Retention and selling pressure: Significant unvested equity (e.g., RSUs vesting March 1, 2027 and multi-year PSU cycles) supports retention; near-term insider selling pressure appears limited by vesting timelines and holding requirements until guideline compliance .
- Change-of-control economics: Double-trigger with 2× salary+target bonus for NEOs other than CEO and target-level vesting treatment; absence of 280G/4999 tax gross-ups reduces shareholder-unfriendly optics while ensuring competitive protection .
- Execution risk and track record: Under CFO Kienzler, Atmus delivered robust TSR and improved net income and Adjusted EBITDA in 2024; continued use of EBITDA and ROIC in incentives should keep focus on profitable growth and capital efficiency .