David A. Moezidis
BENCHMARK ELECTRONICSAbout David A. Moezidis
David A. Moezidis, 53, is Executive Vice President and Chief Commercial Officer at Benchmark Electronics (BHE) since July 2023; he was named President and will assume the CEO role on March 31, 2026 as part of a planned succession . He brings 30+ years of leadership across operations, engineering, sales, and marketing, including 25 years at Flex where he served as President of Lifestyle Solutions and SVP of Industrial & Energy; he holds two BS engineering degrees, an MBA from Pepperdine, and completed Stanford’s Executive Management Program . Company performance context during his tenure: BHE reported 2024 revenue of $2,656,105k and net income of $63,327k, with Total Shareholder Return (TSR) at 149.30 versus 89.35 in 2023; the company emphasized margin enhancement, steady earnings/cash flow, and inventory reduction in 2024 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Flex Ltd. | President, Lifestyle Solutions | 25 years at Flex (specific dates not disclosed) | Led consumer-focused businesses; prior SVP Industrial & Energy driving industrial/energy verticals |
| Flex Ltd. | Senior Vice President, Industrial & Energy | Not disclosed | Managed industrial/energy businesses for ~8 years per public remarks; diversified EMS capabilities |
| Benchmark Electronics | EVP, Chief Commercial Officer | Since July 17, 2023 | Built go-to-market, expanded bookings to multi-year record; sector wins incl. AI ecosystem |
External Roles
No public company board roles or external directorships disclosed in the proxy .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $515,000 | $525,300 (+2.0%) |
| Target Annual Incentive (% of salary) | Not disclosed | 75.0% (Threshold 37.5%; Max 150.0%) |
| Actual Annual Incentive ($) | $102,869 | $366,769; 70.9% of base salary |
| Stock Awards Grant-Date Fair Value ($) | $1,600,000 | $1,300,000 |
| All Other Compensation ($) | $32,519 | $204,583 (incl. $160,000 relocation assistance; $2,120 financial planning; $2,773 health club; $3,584 annual physical; Savings Plan match; Deferred Comp contribution; life insurance premiums) |
Annual incentive design and company performance (used for payout determination in 2024):
| Objective | Weight | Threshold | Target | Maximum | Actual | Achievement vs Target |
|---|---|---|---|---|---|---|
| Revenue | 40% | $2.527B | $2.808B | $3.067B | $2.656B | 72.95% |
| Adjusted Operating Income | 45% | $108.0M | $129.2M | $151.2M | $122.0M | 83.09% |
| Adjusted Inventory | 15% | $668.2M | $636.4M | $568.3M | $577.6M | 186.34% |
| Aggregate Achievement | — | — | 100% | — | — | 94.52% of target |
Payout composition for Moezidis’s 2024 annual incentive:
| Metric | % of Base Salary |
|---|---|
| Revenue | 21.9% |
| Adjusted Operating Income | 28.0% |
| Adjusted Inventory | 21.0% |
| Total | 70.9% |
Performance Compensation
Equity mix and design:
- 2024 long-term awards: 50% PSUs and 50% RSUs, granted Feb 22, 2024 .
- PSUs (2024–2026 cycle): Metrics and equal weights—Revenue, Operating Income Margin (Adjusted Operating Income / Revenue), ROIC; payout 0–250% of target at the three-year performance period end (Dec 31, 2026) .
- RSUs: Time-based, vest over three years beginning 2024 grants; improve retention and sustained ownership .
2024 Grants (David A. Moezidis):
| Award Type | Grant Date | Units (Target) | Grant-Date Fair Value ($) |
|---|---|---|---|
| PSUs | 2/22/2024 | 21,945 | $650,000 |
| RSUs | 2/22/2024 | 21,945 | $650,000 |
2022 PSU cycle outcome (company-level; equal weights):
| Metric | Threshold | Target | Max | Actual | Aggregate Achievement |
|---|---|---|---|---|---|
| Revenue | $2.527B | $2.956B | $3.399B | $2.656B | 43.55% of target overall |
| Operating Income Margin | 4.41% | 5.00% | 5.59% | 4.59% | 43.55% of target overall |
| ROIC | 11.90% | 14.00% | 16.11% | 9.87% | 43.55% of target overall |
2024 Non-Equity Incentive Plan potential (cash):
| Threshold ($) | Target ($) | Maximum ($) |
|---|---|---|
| $196,988 | $393,975 | $787,950 |
Equity Ownership & Alignment
Beneficial ownership and unvested awards:
| Item | Amount | Valuation/Notes |
|---|---|---|
| Beneficially owned Common Shares | 9,764; <1% of outstanding | Outstanding shares 36,095,562 as of 3/21/2025 |
| Unvested RSUs (as of 12/31/2024) | 54,697 | Market value $2,483,244 |
| Unearned PSUs at target (as of 12/31/2024) | 41,795 | Payout value at target $1,897,493 |
| Shares acquired on vesting in 2024 | 10,917 | Value realized $465,719 |
| Options | None granted in 2024 | — |
Upcoming RSU vesting schedule (subject to continued employment):
| Vesting Date | Shares |
|---|---|
| Feb 22, 2025 | 7,315 |
| Aug 15, 2025 | 10,918 |
| Feb 22, 2026 | 7,315 |
| Aug 15, 2026 | 10,917 |
| Feb 22, 2027 | 7,315 |
| Aug 15, 2027 | 10,917 |
Ownership policy and trading restrictions:
- Stock ownership guidelines updated Aug 2024: retain 20% of each RSU vest until achieving 2× base salary for NEOs; within five years of becoming a Section 16 officer. All NEOs either compliant or progressing (Moezidis < five years, progressing) .
- Hedging, short sales, and pledging prohibited for executives/directors .
Deferred compensation:
| Item | Amount |
|---|---|
| Registrant contributions in 2024 | $22,582 |
| Aggregate balance at FYE 2024 | $35,175 |
Employment Terms
Severance and change-in-control economics:
| Scenario | Cash Severance | Insurance Continuation | Equity Acceleration | Total |
|---|---|---|---|---|
| Involuntary (without cause) / Good Reason | $892,069 | $16,255 (12 months) | — | $908,324 |
| Change-in-Control + qualifying termination (double-trigger) | $1,784,138 | $24,382 (18 months) | $4,380,737 (RSUs/PSUs at target) | $6,189,257 |
Key contractual terms:
- Severance formula: 100% of annual base salary plus achievement-level annual bonus for year of termination; reduced to 50% of remaining balance upon securing other employment .
- Good Reason definition (Moezidis): material diminution of duties; >10% reduction in target comp; relocation >50 miles from Tempe, AZ without consent; failure to renew; or material breach uncured after notice .
- Equity vesting under CoC: double-trigger; immediate vesting if awards are not assumed/substituted by successor .
- Agreements auto-renew for successive one-year terms unless terminated by either party .
- Restrictive covenants: non-compete and non-solicitation during employment and for two years post-employment; confidentiality of indefinite length; prohibition on diverting customers for two years post-employment .
- Clawback policy (2023): restatement-based recoupment of erroneously awarded incentive compensation for 3-year recovery period; no indemnification .
- Golden parachute excise tax cutback to avoid 280G/4999 taxes if economically favorable; no tax gross-ups .
Performance & Track Record (selected disclosures)
| Area | Detail |
|---|---|
| Commercial execution | Reported multi-year record high bookings in July 2024; strategy pivot to focused go-to-market coverage, expanding base accounts and targeted new logos . |
| Sector strategy | AI ecosystem wins leveraging liquid cooling and US capacity; credibility building high-performance compute solutions and semi-cap equipment exposure . |
| Transition | Named successor to CEO; seamless handoff planned with current CEO advising through March 2027 . |
Compensation Peer Group (for benchmarking)
| Peer Group (2023 decisions) |
|---|
| Belden; Celestica; Coherent; Curtiss-Wright; Fabrinet; Littelfuse; Methode Electronics; OSI Systems; Plexus; Sanmina; Insight Enterprises; ScanSource; Itron; TTM Technologies; Kimball Electronics |
Investment Implications
- Pay-for-performance alignment: Annual incentive metrics (Revenue, Adjusted Operating Income, Adjusted Inventory) and PSU metrics (Revenue, OI Margin, ROIC) directly link compensation to growth, profitability, and capital efficiency; 2024 payouts reflected aggregate achievement at 94.52% of target .
- Retention and selling pressure: Material unvested RSUs with scheduled vesting through 2027 and double-trigger CoC provisions reduce near-term forced selling risk; hedging/pledging prohibitions are alignment positives .
- Ownership: Beneficial ownership is modest relative to outstanding shares, but RSU/PSU overhang and updated ownership guidelines (2× salary) should increase skin-in-the-game over time; he is within the five-year compliance window .
- Governance and risk: Two-year non-compete/non-solicit, robust clawback, and excise tax cutback (no gross-ups) mitigate governance red flags; absence of option repricing and focus on RSUs/PSUs lower risk of misaligned incentives .