Aine Denari
Executive Vice President and President, Navico Group, and Chief Technology Officer at 
BRUNSWICK
BRUNSWICKExecutive
About Áine Denari
Áine L. Denari is Executive Vice President and President, Navico Group, and Brunswick’s Chief Technology Officer (appointed August 2024); she previously served as President, Brunswick Boat Group (October 2020–August 2024) . She joined Brunswick after two decades in automotive and consulting, including SVP roles at ZF’s Global Electronics/ADAS and prior leadership at Ford, McKinsey, Bain, and Ingersoll Rand . Denari holds an MBA from Northwestern Kellogg, an MS in Engineering Management (University of Detroit Mercy), an MS in Mechanical Engineering (Purdue), and a bachelor’s degree from University College Dublin . Company performance in 2024: net sales $5.2B, adjusted EPS $4.57, free cash flow $284M, and a 2024 total shareholder return value of $117.40 per $100 invested .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ZF Group (Global Electronics) | SVP & GM, ADAS | 2017–2020 | Led $1B+ ADAS segment; advanced automated driving and electronics strategy |
| ZF Group | Chief Integration Mgmt Officer & Head of Strategic Performance Mgmt | 2015–2017 | Directed integration of TRW Automotive into ZF across 140,000 employees and 230 locations |
| ZF Group | SVP, Product Planning & Business Development | 2014–2017 | Drove portfolio strategy and growth initiatives |
| Ingersoll Rand | Director, Strategy & Analytics | 2010–2014 | Strategy leadership across industrial businesses |
| McKinsey & Company | Engagement Manager | 2006–2010 | Led transformation programs in operations/strategy |
| Bain & Company | Management Consultant / Case Team Leader | 2003–2006 | Growth and performance improvement mandates |
| Ford Motor Company | Engineering, Product Planning/Development | 1996–2002 | Product and program management roles in automotive engineering |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Masco Corporation (NYSE: MAS) | Director (Non-Executive) | 2022–present | Public company board director |
| NMMA | Executive Board | N/A | Industry association leadership |
| Wheels, Inc. (private) | Director | 2020–2021 | Prior board service |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Salary Paid ($) | $530,462 | $566,769 |
| Base Salary at 12/31 ($) | $— | $600,000 |
| Merit Increase (%) | 5.5% | 3.5% |
Performance Compensation
Annual Incentive (BPP) – 2024 Design and Outcome
| Metric | Weighting | Threshold | Target | Maximum | Actual | Payout |
|---|---|---|---|---|---|---|
| Adjusted EPS (Enterprise) | 50% (Division participants) | $5.95 | $6.75–$8.00 | $8.75 | Below threshold | 0% |
| Free Cash Flow (Enterprise) | 25% | $205M | $325M–$475M | $595M | Below threshold | 0% |
| Navico Group Adjusted EBIT | 25% | $60M | $84M–$104M | $128M | Below threshold | 0% |
Notes:
- As a division NEO in 2024, Denari’s BPP metrics and weightings were those above; no award was paid as performance was below thresholds .
Performance Shares (Completed 2022–2024 Cycle)
| Metric | Weighting | Threshold | Target | Maximum | Final Payout |
|---|---|---|---|---|---|
| CFROI | 75% | 14.5% | 20.5% | 26.5% | 9.0% of target |
| Operating Margin | 25% | 11.0% | 16.0% | 21.0% | 9.0% of target |
TSR modifier applied against S&P 400 Consumer Discretionary index; company performance was between 25th–75th percentile, resulting in no payout modification .
2024 Equity Grants (Denari)
| Grant Date | Award Type | Target Shares | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| 2/15/2024 | Performance Shares | 7,020 | $600,350 | 3-year performance; TSR modifier +/-20% cap 200% |
| 2/15/2024 | RSUs | 6,810 | $599,893 | Ratable over 3 years (2024 change from cliff) |
| 8/19/2024 | Performance Shares | 2,020 | $149,743 | 3-year performance; same terms as February grant |
| 8/19/2024 | RSUs | 1,960 | $149,666 | Ratable over 3 years |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 13,039 shares as of March 10, 2025; <1% of outstanding |
| Unvested RSUs (12/31/2024) | 4,428 (2/17/22), 4,706 (2/16/23), 6,957 (2/15/24), 1,982 (8/19/24) |
| PSUs Outstanding at Target (12/31/2024) | 4,520 (2023 cycle), 7,020 (2/15/24), 2,020 (8/19/24) |
| 2024 Stock Vested | 5,023 shares; $424,973 value realized |
| Ownership Guidelines | Tier II officers (incl. Denari) must hold 3x base salary; retain 50% of after-tax profits until met |
| Compliance Status | All NEOs currently in compliance |
| Hedging/Pledging | Hedging and pledging of company stock prohibited |
Employment Terms
| Topic | Provision |
|---|---|
| Agreement Type | Terms and Conditions of Employment (at-will; consolidates restrictive covenants) |
| Non-Compete / Non-Solicit | 18 months post-termination for NEOs other than CEO; non-disclosure/non-disparagement always applicable |
| Clawbacks | Dodd-Frank compliant clawback plus expanded recovery of severance and equity gains upon covenant violations |
| BPP Retirement Treatment | Rule of 70 or Age 62 allows pro-rata second-half payouts; Denari does not meet retirement rule (only Foulkes, Buelow as of 12/31/2024) |
| CIC Vesting | Double-trigger equity acceleration upon involuntary termination following a CIC |
| Excise Tax Gross-Ups | None; payments reduced to “best after-tax” when applicable |
| Severance (Absent CIC) | 1.5x salary + defined contribution plan contributions; benefits continuation up to 18 months |
| Severance (Following CIC) | 2x salary + target BPP + defined contribution plan contributions; equity fully vests; benefits continuation during severance period |
Estimated Payment Obligations (Denari; hypothetical termination on 12/31/2024)
| Scenario | Severance ($) | Welfare Benefits ($) | Long-Term Incentives ($) | BPP ($) | Total ($) |
|---|---|---|---|---|---|
| Absent CIC | 1,007,439 | 54,778 | — | 480,000 | 1,062,217 |
| Following CIC | 2,303,252 | 69,705 | 2,319,600 | — | 4,692,557 |
Compensation Structure Analysis
- Equity-heavy and at-risk pay: For NEOs, long-term incentives are a substantial portion of TDC; RSUs shifted to ratable vesting in 2024 to support recruiting/retention, increasing near-term vesting cadence and potential liquidity need but balanced by ownership retention rules .
- Annual plan discipline: 2024 BPP paid zero due to performance below thresholds, demonstrating pay-for-performance rigor amid market headwinds .
- Long-term performance shares: 2022–2024 PSU cycle paid 9% of target; TSR modifier did not adjust payout, reinforcing downside alignment .
- Peer benchmarking: FW Cook advises the Compensation Committee; peer group updated (added Stanley Black & Decker, removed Tenneco) to maintain relevant market medians .
Performance & Track Record
- Leadership outcomes: Under Denari’s tenure, Boat Group delivered strong operational and financial performance and navigated dynamic market conditions; she now leads Navico and Brunswick’s technology strategy including autonomy and the Boating Intelligence DesignLab .
- Company highlights: 2024 featured robust free cash flow generation ($284M), continued outboard share gains, >100 product awards, and AI-enabled “Boating Intelligence” initiative .
Equity Ownership & Alignment
- Skin-in-the-game: Denari’s direct beneficial ownership is modest relative to total payout potential, but unvested RSUs/PSUs provide ongoing alignment; strict retention and anti-hedging/pledging rules reduce selling pressure .
- Ownership guideline status: In compliance with 3x salary requirement; retention of 50% of after-tax gains until met curtails discretionary disposals .
Employment Terms
- Retention and transition safeguards: Denari’s agreement includes strong post-employment covenants, CIC double-trigger protection, and enhanced clawbacks; absent-CIC severance at 1.5x provides baseline retention economics, while CIC economics at 2x plus full equity acceleration could influence negotiation dynamics in strategic events .
Say-on-Pay & Shareholder Feedback
- 2024 say-on-pay approval: 95% support, indicating broad investor alignment with the program design and outcomes in a challenging year .
Compensation Peer Group (2024)
- Peer constituents include AGCO, BorgWarner, Crane, Dana, Dover, Flowserve, Harley-Davidson, LCI Industries, Oshkosh, Polaris, Regal Rexnord, Snap-on, Stanley Black & Decker, Thor, Timken, Toro; change in 2024 added SWK and removed Tenneco (now private) .
Investment Implications
- Alignment and downside sensitivity: Zero BPP payout and 9% PSU payout underscore tight pay-performance linkage, reducing the risk of misaligned incentives during downturns .
- Vesting cadence and liquidity: 2024 ratable RSU vesting increases periodic share releases (e.g., 5,023 shares vested in 2024), but ownership retention requirements and anti-hedging/pledging policies mitigate near-term selling pressure signals .
- Retention risk: Denari’s severance and CIC protections (1.5x absent CIC; 2x plus full equity acceleration post-CIC) provide meaningful retention economics; non-compete/non-solicit terms (18 months) further secure continuity in critical technology and Navico leadership .
- Strategy execution: Her deep ADAS/automation background aligns with Brunswick’s autonomy and AI roadmap (Boating Intelligence), a potential value driver for Navico and systems integration across the portfolio .