Bipin Jayaraj
BENCHMARK ELECTRONICSAbout Bipin Jayaraj
Bipin Jayaraj, 48, is Senior Vice President and Chief Digital & Information Officer at Benchmark Electronics (BHE) since July 2024, responsible for digital transformation and enterprise IT, including cybersecurity reporting to the Audit Committee. He holds a BE in Computer Science (Anna University), an Executive MBA (Arizona State University), and a Certificate in Executive Development (Wharton) . Company performance context during and around his tenure: FY2024 revenue was $2,656.1M and net income $63.3M; FY2023 revenue was $2,839.0M and net income $64.3M; the company’s 2024 TSR value of an initial $100 investment was 149.30 .
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue ($USD Thousands) | 2,838,976 | 2,656,105 |
| Net Income ($USD Thousands) | 64,315 | 63,327 |
| BHE TSR (Value of $100) | 89.35 | 149.30 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Rogers Corporation (NYSE:ROG) | Vice President & Global CIO | Oct 2021 – Jul 2024 | Led technology initiatives enabling secure, global collaboration across world-class platforms |
| Make-A-Wish America | Chief Digital & Information Technology Officer; prior leadership roles | Jul 2017 – Oct 2021 | Drove nonprofit digital transformation and secure collaboration capabilities |
| NTT Data (working closely with Honeywell) | Leadership roles | 14 years (dates not specified) | Enterprise IT delivery and large-scale systems experience with industrial clientele |
External Roles
No external public-company directorships disclosed for Jayaraj in BHE filings .
Fixed Compensation
Compensation for Jayaraj is not disclosed in the 2025 proxy; he is not listed among 2024 Named Executive Officers (NEOs) whose salary and cash incentive details were provided . Company-wide NEO base salary increases of ~2% were approved in 2024, but these disclosures do not include Jayaraj .
Performance Compensation
Jayaraj’s individual bonus metrics and payouts are not disclosed. Benchmark’s executive incentive frameworks center on:
- Annual cash incentives: weighted by revenue (40%), Adjusted Operating Income (45%), and Adjusted Inventory (15%); FY2024 was determined at 94.52% of target at the Human Capital and Compensation Committee’s Q1 2025 meeting .
- Long-term equity incentives: 50% PSUs and 50% RSUs. PSUs have three-year performance cycles with equal weighting across revenue, Operating Income Margin, and ROIC; payouts can range from 0x to 2.5x target .
| Metric | Weighting | Target Definition | FY2024 Actual (Company-level) | Assessment/Payout |
|---|---|---|---|---|
| Annual Incentive – Revenue | 40% | Total revenue | $2.656B | Below target component; aggregate plan at 94.52% of target |
| Annual Incentive – Adjusted Operating Income | 45% | Operating income excl. certain items | $122.0M | Below target component; aggregate plan at 94.52% of target |
| Annual Incentive – Adjusted Inventory | 15% | Inventories + contract assets – advances | $577.6M | Above target component; aggregate plan at 94.52% of target |
| LTI PSU – Revenue | 1/3 | Consolidated revenue | Three-year cycle ending 2026 | Earnout depends on 3-year results |
| LTI PSU – Operating Income Margin | 1/3 | Adjusted OI / revenue | Three-year cycle ending 2026 | Earnout depends on 3-year results |
| LTI PSU – ROIC | 1/3 | Defined invested capital methodology | Three-year cycle ending 2026 | Earnout depends on 3-year results |
Notably, for the prior 2022–2024 PSU cycle, company performance yielded an aggregate 43.55% of target shares issued, reflecting below-target results on revenue, OIM, and ROIC .
Equity Ownership & Alignment
- Beneficial ownership: Jayaraj is not individually listed in the March 21, 2025 beneficial ownership table; directors/NEOs and current executive officers as a group held 774,464 shares (2.2% of outstanding) .
- Pledging/hedging: Directors and executives are prohibited from pledging, hedging, shorting, or speculative transactions in BHE securities; compliance is enforced via the Securities Trading Policy .
- Clawback: Executive officers are subject to an SEC-compliant clawback policy for three years preceding any required financial restatement; the company will recoup erroneously awarded incentive compensation .
- Stock ownership guidelines: Explicit thresholds apply to NEOs (CEO 5x salary, CFO 3x, others 2x) with retention of 20% of vested RSUs until compliance; Jayaraj is not named as an NEO in 2024 and thus specific guideline application to him is not disclosed .
Employment Terms
- Agreements: BHE disclosed employment agreement for the CEO and severance/change-in-control agreements for specified executives (CFO, Interim CFO, CCO, COO, GC); Jayaraj is not listed among those with severance agreements in the proxy .
- Non-compete/non-solicit: The disclosed agreements include two-year non-compete and non-solicit covenants; these are specific to named agreement holders above and not disclosed for Jayaraj .
- Board interface: The Audit Committee receives quarterly cybersecurity updates from the Chief Digital & Information Officer and the CISO, indicating Jayaraj’s recurring governance engagement with the Board on enterprise cyber risk .
Investment Implications
- Alignment: Prohibitions on pledging/hedging and an SEC-compliant clawback policy reduce misalignment and financial restatement risk for executive pay, covering Jayaraj’s role as an executive officer .
- Incentive levers: Company-wide executive incentives emphasize revenue growth, operating profitability, working capital discipline (inventory), and capital efficiency (ROIC). While Jayaraj’s individual plan is not disclosed, his remit over digital, data, and cybersecurity can materially influence operating margin resilience and risk management outcomes tied to these metrics .
- Retention risk: Absence of a disclosed severance/change-in-control agreement for Jayaraj suggests fewer contractual retention protections versus peers with agreements, potentially increasing mobility risk; however, strong governance interfaces (Audit Committee cyber updates) may increase his strategic embeddedness .
- Trading signals: No Form 4 insider transaction records were found for BHE during 2024–2025 via available sources, limiting read-through on personal selling pressure; anti-pledging/hedging policies further mitigate leverage-driven sell pressure . The company’s say-on-pay support (96% in 2024) indicates broad shareholder acceptance of the pay framework driving corporate metrics that intersect with Jayaraj’s domain .