Jan M. Janick
BENCHMARK ELECTRONICSAbout Jan M. Janick
Senior Vice President and Chief Technology Officer at Benchmark Electronics (BHE). Age 66; CTO since December 2020 and member of the executive leadership team since 2015. Education: BS and MS in Electrical Engineering, University of Wisconsin–Madison. Prior roles include IBM VP of FlashSystems & Technology leading the Texas Memory Systems acquisition and product delivery; IBM leadership roles in x86 servers and PureFlex systems; Lenovo VP of Operations & Software Development. Company performance context: FY2024 revenue $2,656.1 million and net income $63.3 million; cumulative TSR index value 149.30 (initial $100 basis) in 2024, reflecting improved margin and inventory management focus in a challenging environment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Benchmark Electronics | Chief Technology Officer; SVP, CTO | 2015–present; SVP since Dec-2020 | Built global engineering leadership; drives technology strategy across EMS portfolio |
| IBM | VP, FlashSystems & Technology | 2012–2015 | Led acquisition of Texas Memory Systems and FlashSystems SSD product line delivery |
| IBM | Leadership in x86 servers & PureFlex | Prior to 2012 | Drove development of critical server platforms |
| Lenovo | VP, Operations & Software Development | 2005–2006 | Operations and software leadership at multinational tech company |
External Roles
| Organization | Role | Years | Focus |
|---|---|---|---|
| Arizona Technology Council | Board of Directors | Not disclosed | Regional tech ecosystem governance |
| Arizona State University School of Engineering | Board of Directors | Not disclosed | Academic-industry engagement and engineering education |
Fixed Compensation
- Janick is not a Named Executive Officer (NEO) in the 2024–2025 or 2023 proxy tables; individual base salary/bonus amounts for him are not disclosed. Executive program structure for officers includes: base salary; annual cash incentive tied to corporate performance; and long-term equity (RSUs and PSUs) .
Program features (apply to executive officers, including CTO):
- Annual incentive metrics: Revenue, Adjusted Operating Income, and Adjusted Inventory; RSUs and PSUs under the 2019 Omnibus Plan .
- Anti-hedging and anti-pledging policy; clawback policy aligned with SEC/NYSE rules .
Performance Compensation
Corporate annual incentive framework and FY2024 results (plan metrics drive executive bonuses):
| Metric | Weighting | Threshold | Target | Maximum | Actual | Achievement to Target |
|---|---|---|---|---|---|---|
| Revenue ($) | 40% | 2,527,000,000 | 2,808,000,000 | 3,067,000,000 | 2,656,000,000 | 72.95% |
| Adjusted Operating Income ($) | 45% | 108,000,000 | 129,200,000 | 151,200,000 | 122,000,000 | 83.09% |
| Adjusted Inventory ($) | 15% | 668,200,000 | 636,400,000 | 568,300,000 | 577,600,000 | 186.34% |
PSU program design (three-year cycles, equal weighting):
- Metrics: Revenue, Operating Income Margin (Adjusted Operating Income ÷ Revenue), ROIC; payout 0–250% of target based on goal attainment; vest at end of performance period .
RSU vesting terms:
- Changed in 2024 to three-year vesting at ~33% per year (from a prior four-year schedule) to align with peers and enhance retention .
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Shares beneficially owned (Direct) | 62,368 (as of 2025-09-08 Form 4) |
| Last reported transaction | Sold 10,004 shares at $40.50 on 2025-09-08; remaining direct holding 62,368 |
| Shares outstanding (Record Date) | 36,095,562 (as of 2025-03-21) |
| Ownership as % of shares outstanding | ~0.17% (62,368 ÷ 36,095,562) |
Policies and guidelines:
- Prohibition on pledging, hedging, short sales for directors/executives .
- Executive stock ownership guidelines (updated Aug 2024): CEO 5× salary; CFO 3× salary; other NEOs 2× salary; retain 20% of each RSU vesting until guideline met .
Employment Terms
- Company discloses employment agreement terms for CEO and severance agreements for specified executives; Janick is not listed among executives with named severance agreements in 2023–2025 proxies. Restrictive covenants (non-compete/non-solicit for two years) and change-in-control double-trigger equity vesting apply to those agreements named in the proxies; no separate Janick agreement disclosed .
Performance & Track Record
Company performance context (pay-versus-performance disclosure):
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue ($ thousands) | 2,838,976 | 2,656,105 |
| Net Income ($ thousands) | 64,315 | 63,327 |
| BHE TSR Index (initial $100 investment) | 110.48 | 149.30 |
Highlights:
- Technical leadership: drove IBM FlashSystems integration and delivery; major server platform development; operations/software leadership at Lenovo .
- At Benchmark, CTO leadership since 2015/2020 across engineering and technology strategy .
Compensation Governance, Peer Group, and Shareholder Feedback
- Peer group used for benchmarking executive pay: Belden, Celestica, Coherent (II-VI), Curtiss-Wright, Fabrinet, Littelfuse, Methode Electronics, OSI Systems, Plexus, Sanmina, Insight Enterprises, ScanSource, Itron, TTM Technologies, Kimball Electronics .
- Say-on-Pay approval: ~97% in favor at 2023 AGM; over 96% in favor at 2024 AGM .
- Clawback policy updated in 2023 to NYSE/SEC standards; applies to incentive compensation for current/former executive officers over a three-year recovery period after restatements .
- No related-party transactions reported in 2024–2025 proxies .
Risk Indicators & Red Flags
- Hedging/pledging prohibited (alignment positive) .
- No disclosed related-party transactions (governance positive) .
- Insider selling: one Form 4 sale of 10,004 shares on 2025-09-08; remaining 62,368 shares direct (monitor for pattern, currently limited activity) .
Stock Ownership Guidelines (Executives)
| Role | Guideline Multiple of Salary | Retention Requirement |
|---|---|---|
| CEO | 5× | Retain 20% of each RSU vest until threshold met |
| CFO | 3× | Retain 20% of each RSU vest until threshold met |
| Other NEOs | 2× | Retain 20% of each RSU vest until threshold met |
Investment Implications
- Alignment: Ownership policies, anti-hedging/pledging and PSU metrics (Revenue, OI Margin, ROIC) promote pay-for-performance and capital efficiency; RSU vesting shortened to 3 years supports retention and market alignment .
- Insider activity: Janick’s modest sale in September 2025 leaves a meaningful remaining stake; no pattern suggesting sustained selling pressure based on available filings .
- Retention and contracts: Absence of a disclosed individual severance agreement for Janick reduces contractual change-in-control cash exposure; equity awards remain governed by omnibus plan terms (double-trigger vesting broadly applies to outstanding awards if assumed/not assumed per plan) .
- Performance drivers: Company incentives emphasize revenue growth, margin, ROIC and inventory discipline; continued execution in these areas should benefit PSU outcomes and support value creation under Janick’s technology leadership .