Juergen W. Srega
BRUKERAbout Juergen W. Srega
Juergen W. Srega is President of the Bruker CALID Group and Bruker Daltonics Division, serving since January 2013; he is also Managing Director of Bruker Daltonik GmbH. He holds a BA in Finance from Nord Akademie (Hamburg) and a BA in Engineering from Karlsruhe University of Applied Science; age 70 as of April 1, 2025 . Company performance context for 2024: revenue rose 13.6% to $3,366.4 million, non-GAAP diluted EPS declined 6.6% to $2.41, and non-GAAP operating margin fell 300 bps to 15.4%; company TSR for the period measured was 116.73 and net income $113.8 million .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Bruker CALID Group / Bruker Daltonics Division | President / Managing Director | 2013–present | Leads global operations for CALID; oversees divisional execution and portfolio |
| Thermo Fisher Scientific | VP & GM, Biomarkers (BRAHMS GmbH) | 2011–2012 | Led diagnostic biomarkers business |
| Thermo Fisher Scientific | VP & GM, Scientific Instruments Division Global Products | 2005–2011 | Managed global product portfolio across instruments |
| Thermo Fisher Scientific | VP & GM, Advanced MS | 1996–2004 | Led advanced mass spectrometry operations |
| Badenwerk AG | Management employee | 1988–1995 | Power utility experience in Germany |
| Bruker GmbH | Employee | 1980–1988 | Early career at Bruker |
External Roles
No external public company directorships disclosed for Mr. Srega .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 413,888 | 452,530 | 477,485 |
| Approved Annual Base Salary ($) | — | 454,780 | 481,005 |
| % Change in Local Currency | — | — | 5.0% |
| Non-Equity Incentive Plan Compensation ($) | 143,164 | 300,996 | 200,596 |
| Total Compensation ($) | 1,280,420 | 1,472,236 | 1,522,279 |
| 2024 ICP (cash bonus) targets | Threshold ($) | Target ($) | Maximum ($) | Actual payout ($) | Payout vs. target (%) |
|---|---|---|---|---|---|
| Srega ICP | — | 314,105 | 557,536 | 200,596 | 66.9% |
Notes:
- 2024 financial goal achievement: 47.4%; individual goal achievement: 112.5%; total ICP payout: 66.9% .
- Company provides limited perquisites and no excise tax gross-ups .
Performance Compensation
2024 Bruker CALID Group ICP Financial Goals (70% weighting)
| Metric | Weight | Target | Actual | % of incentive goal achieved |
|---|---|---|---|---|
| Currency-adjusted revenue growth | 15% | $85.2M | $34.5M increase | 40.5% |
| Non-GAAP gross profit improvement | 15% | $54.3M | $0.8M decrease | 0.0% |
| Non-GAAP operating profit improvement | 15% | $20.2M | $5.7M decrease | 0.0% |
| Working capital ratio reduction | 15% | 0.016 reduction | 0.022 reduction | 139.3% |
| Non-GAAP EPS increase | 10% | $0.21 | $0.13 | 61.9% |
| Total (financial component) | 70% | — | — | 47.4% |
2024 Individual Goals (30% weighting)
| Component | Weight | Achievement |
|---|---|---|
| Individual performance goals | 30% | 112.5% |
2024 Long-Term Equity Incentive Awards (granted Aug 9, 2024)
| Aggregate Economic Value ($) | Stock Options (#) | RSUs (#) | Exercise Price ($) | Vesting | Option term |
|---|---|---|---|---|---|
| 750,000 | 8,319 | 9,073 | 62.00 | Time-based; equal annual installments over 4 years | 10 years; options exercisable upon vesting |
Additional details:
- Grant date fair values: RSUs $562,500; Options $187,500 .
- For Srega, option exercise price equals closing price on grant date; standard vesting equal over 4 years .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 211,042 shares; includes options to purchase 84,179 shares currently exercisable or exercisable within 60 days of April 1, 2025 |
| Ownership % of class | Less than 1% |
| Unvested RSUs at 12/31/2024 | 2,906 (2021 grant) – $170,350; 11,022 (2023 grant) – $646,110; 16,936 (2024 grant) – $992,788 |
| Outstanding options (selected grants) | Exercisable: 17,635 (2017) at $27.07 exp. 8/10/2027; 14,801 (2018) at $34.02 exp. 8/09/2028; 12,994 (2019) at $41.95 exp. 8/08/2029; 24,478 (2020) at $43.50 exp. 8/06/2030; 10,900 (2021) at $81.32 exp. 8/05/2031 |
| Unexercisable options (selected grants) | 3,634 (2021) at $81.32 exp. 8/05/2031; 10,114 (2023) at $66.35 exp. 8/10/2033; 15,407 (2024) at $62.00 exp. 8/09/2034 |
| Stock ownership guidelines | Executive officers: 2x annual base salary; unvested RSUs count toward compliance; must hold 50% of net shares until compliant; all directors and executive officers have met guidelines |
| Hedging/pledging | Prohibited for directors and executive officers; no pledging or margin |
Employment Terms
- Letter agreement: sets base salary, annual cash incentive eligibility, and annual equity award; participation in standard benefit plans; personal pension scheme carried forward in part from former employer, funded by Bruker Daltonik GmbH and any voluntary contributions .
- Severance & change-in-control: Lump sum equal to six months of then-current base salary (approx. $231,124 as of 12/31/2024) if employment is terminated voluntarily or involuntarily within six months after a change in voting control of Bruker .
- Equity acceleration on change-in-control: Board has discretion to accelerate vesting of unvested options, restricted stock, and RSUs under the 2016 and 2010 plans; unvested amounts generally forfeited upon termination except in death/disability .
- MDE Contract (Bruker Daltonik GmbH): Original date June 28, 2012; amended Dec 12, 2019 and July 19, 2023; includes enhanced long-term equity awards for retention in 2020, 2021, 2023, 2024, with portions allocated to 2022 performance and expected allocations to 2025–2027; confidentiality and non-compete; terminable by either party with 12 months’ notice .
- Pension scheme (non-qualified/deferred): 2024 company contribution $75,052; aggregate earnings $104,180; aggregate balance $993,852; no executive contributions or withdrawals in 2024 .
Compensation Structure Analysis
| Year | Salary ($) | Stock Awards ($) | Option Awards ($) | Non-Equity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2022 | 413,888 | 472,564 | 160,865 | 143,164 | 89,939 | 1,280,420 |
| 2023 | 452,530 | 472,545 | 157,502 | 300,996 | 88,663 | 1,472,236 |
| 2024 | 477,485 | 562,500 | 187,500 | 200,596 | 92,684 | 1,522,279 |
Highlights and signals:
- 2024 base salary increased 5% (local currency) to $481,005 approved level; actual reported salary $477,485 reflecting timing/currency conversion .
- 2024 LTI mix time-based RSUs and options vesting over 4 years; emphasis on retention; specific retention grants in 2020/2021/2023/2024 under MDE Contract with planned lower grants in 2025–2027 .
- 2024 ICP payout below target (66.9%) due to CALID revenue/profit shortfalls despite strong working capital results .
Say-on-Pay & Peer Benchmarking
- 2024 say-on-pay approval ~96%; Compensation Committee made no material changes based on this result .
- Peer group used for 2024 benchmarking includes Agilent, Bio-Rad, Bio-Techne, Charles River, Entegris, Haemonetics, Integra, Mettler Toledo, MKS Instruments, OSI Systems, Revvity, Teradyne, Waters, Watts Water; Bruker revenue $2.5B TTM and 8,525 employees relative to peer percentiles .
Risk Indicators & Red Flags
- Clawback policy compliant with Dodd-Frank; mandatory recoupment of incentive compensation upon accounting restatement; no board discretion to waive .
- Hedging and pledging prohibited for executives, reducing misalignment risk .
- No excise tax gross-ups; limited perquisites .
- Grants are time-based; no indication of option repricing or tax gross-ups; Board retains change-in-control acceleration discretion .
Performance & Track Record
- Special recognition grant of $100,000 in 2024 for outstanding performance relating to an acquisition (in addition to annual award), signaling contribution to value creation .
- CALID group 2024: mixed performance—working capital exceeded targets, but revenue and profitability missed; financial component payout 47.4% vs. individual goals 112.5% .
Equity Ownership & Alignment Table (detail)
| Beneficial Ownership (as of 4/1/2025) | Amount |
|---|---|
| Shares and options deemed beneficially owned | 211,042 |
| Options currently exercisable or exercisable within 60 days | 84,179 |
| Percent of class | <1% |
| Unvested RSUs (12/31/2024) | Shares (#) | Market value ($) |
|---|---|---|
| 2021 grant | 2,906 | 170,350 |
| 2023 grant | 11,022 | 646,110 |
| 2024 grant | 16,936 | 992,788 |
| Options – Schedules (selected) | Exercisable (#) | Unexercisable (#) | Strike ($) | Expiration |
|---|---|---|---|---|
| 8/10/2017 | 17,635 | — | 27.07 | 8/10/2027 |
| 8/09/2018 | 14,801 | — | 34.02 | 8/09/2028 |
| 8/08/2019 | 12,994 | — | 41.95 | 8/08/2029 |
| 8/06/2020 | 24,478 | — | 43.50 | 8/06/2030 |
| 8/05/2021 | 10,900 | 3,634 | 81.32 | 8/05/2031 |
| 8/10/2023 | 3,371 | 10,114 | 66.35 | 8/10/2033 |
| 8/09/2024 | — | 15,407 | 62.00 | 8/09/2034 |
Employment Contracts & Change-of-Control Economics
- Severance: 6 months base salary if terminated within 6 months after change in voting control; approx. $231,124 at 12/31/2024 .
- Non-compete/confidentiality: included in MDE Contract; 12-month termination notice by either party .
- Equity acceleration: Board discretion to accelerate unvested equity upon change-in-control .
Pension and Deferred Compensation
| 2024 Personal Pension Scheme Activity | Exec contributions ($) | Company contributions ($) | Aggregate earnings ($) | Aggregate balance ($) |
|---|---|---|---|---|
| Srega | — | 75,052 | 104,180 | 993,852 |
Investment Implications
- Alignment: Significant time-based equity and ownership guidelines (2x salary, hold 50% of net shares) plus prohibited hedging/pledging support long-term alignment; all executives are compliant .
- Retention risk: MDE Contract delivered outsized LTI in 2020/2021/2023/2024 with planned lower grants in 2025–2027, combined with 12-month notice and modest CIC severance suggests designed retention but with limited parachute risk; board-level acceleration remains discretionary .
- Near-term selling pressure: 84,179 options are currently exercisable within 60 days of 4/1/2025; multiple unvested RSUs scheduled over 2025–2028 may create periodic supply, though ownership guidelines require retention of 50% of net shares until compliant .
- Pay-for-performance: 2024 ICP payout below target (66.9%) reflects mixed CALID results—underperformance in revenue/profit offset by strong working capital—suggesting incentive linkage to operating execution is intact .
- Governance and shareholder sentiment: Strong say-on-pay support (~96%) reduces headline compensation risk; clawback framework lowers restatement-related risk .