Mike Bowdoin
COGNEXAbout Mike Bowdoin
Mike Bowdoin is Vice President, Operations at Cognex, responsible for global operations and supply chain, with over five years at the company leading strategic infrastructure projects that delivered operations and financial improvements . He previously spent 16 years at GE across global operations leadership roles, served four years as a U.S. Marine Corps officer, and held senior operations roles at Thermo Fisher and Baker Hughes (GE) . Education: MBA and MS in Finance (Boston College Carroll School of Management); BS in Civil/Environmental Engineering (Columbia University); BS Individualized Degree in Math/Chemistry/Physics (Providence College) . Tenure: joined Cognex October 2019; age not disclosed in company filings (Bowdoin is not listed among executive officers in the 2025 proxy) . Company performance context during his tenure: revenue grew 9% year-over-year in 2024; operating margin was 13% in 2024; adjusted EBITDA percentage was 17.1% in 2024; CGNX total shareholder return (value of initial $100 from 12/31/2019) was $69.20 in 2024 versus peer index $114.14 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cognex | Vice President, Operations | Oct 2019 – present | Led strategic infrastructure projects improving operations and financial outcomes; accountable for global operations and supply chain |
| Thermo Fisher Scientific | Senior Director of Operations, Field & Safety Instruments | Nov 2017 – Oct 2019 | Led operations for instruments portfolio; scaled manufacturing and supply chain |
| Baker Hughes, a GE company | Center of Excellence Leader, Nuclear Products | Oct 2016 – Nov 2017 | Drove operational excellence across nuclear product lines |
| GE Oil & Gas (Masoneilan) | Plant Manager | Jul 2014 – Oct 2016 | Ran plant operations for control valves; throughput and quality leadership |
| GE Oil & Gas (Masoneilan) | Manufacturing Shop Operations Manager | Jan 2014 – Jul 2014 | Managed shop operations; lean deployment |
| GE Oil & Gas (Masoneilan) | Operational Excellence Lean Leader | Aug 2012 – Jan 2014 | Led lean transformation programs |
| GE Measurement & Control | Global Materials Manager, Measurement Solutions | Apr 2010 – Aug 2012 | Global materials planning; supply chain optimization |
| GE Sensing & Inspection Technologies | Global Sourcing Leader, Measurement Solutions | Jun 2008 – Sep 2010 | Strategic sourcing leadership |
| GE Sensing (Telaire) | Plant Manager | May 2006 – Jun 2008 | Plant management; manufacturing leadership |
| GE Panametrics | Manufacturing Cell Leader | Nov 2003 – Jun 2006 | Cell operations; productivity gains |
| GE | Junior Officer Leadership Program | Jan 2002 – Nov 2003 | Leadership development; rotational ops roles |
| U.S. Marine Corps | Captain, Combat Engineer Officer | May 1997 – Dec 2001 | Led engineering units; mission execution |
External Roles
- No public company directorships or board committee roles disclosed; Bowdoin is not listed among Directors or executive officers in Cognex’s 2025 proxy .
Fixed Compensation
- Individual compensation for Mike Bowdoin (base salary, target/actual bonus) is not disclosed in Cognex proxies; Bowdoin is not a Named Executive Officer (NEO) .
Cognex executive compensation design (program reference):
| Compensation Type | Target Percentile of Peer Group | Cognex Philosophy |
|---|---|---|
| Base Salary | 15th – 25th | Low fixed pay to emphasize performance-based compensation |
| Annual Cash Bonus (at target) | 45th – 55th | Bonus tied to adjusted EBITDA percentage; median-level targets |
| Equity Awards | 65th – 75th | Emphasis on long-term value creation via options/RSUs/PRSUs |
| Total Compensation | 55th – 75th | Above-median total given high variable-at-risk mix |
Performance Compensation
Company program parameters applicable to executives (Bowdoin’s individual payouts not disclosed):
| Metric | Weighting | Target | Actual | Payout Mechanics | Vesting Details |
|---|---|---|---|---|---|
| Adjusted EBITDA % (2024) | Company-wide bonus multiplier | 19.6% | 17.1% | Corporate achievement capped at 64% of target for executives; individual goals then scale payout; Pmax thresholds exist by level | RSUs: 20%-30%-50% over 3 years; Options: 20% per year over 5 years; PRSUs for CEO based on 3-year relative TSR |
2024 NEO bonus example (context):
- Corporate achievement: 64% of target based on adjusted EBITDA % shortfall .
- CEO PRSUs: 2022 grant paid 0% due to TSR percentile below 25th; PRSUs expanded to other executives in 2025 with financial targets .
Equity Ownership & Alignment
- Executive Stock Ownership Guidelines: CEO 3x base salary; other executive officers 2x base salary; 5-year compliance window; measured annually—Bowdoin’s compliance status not disclosed .
- Insider Trading Policy: Executives prohibited from short sales; prohibited from exchange-traded options/derivatives; pledging Cognex stock requires Compensation/Stock Option Committee approval; quiet period trading restrictions apply .
- Equity Mix: Executives historically receive options (2/3) and RSUs (1/3); in 2025, mix reduced to 1/3 options with introduction of PRSUs for executives to strengthen pay-for-performance .
Employment Terms
- Clawback: Compensation Recovery Policy adopted Aug 2023 requires recovery of erroneously awarded incentive compensation following an accounting restatement; applies to incentive pay received on or after Oct 2, 2023 .
- Change-of-Control: Double-trigger accelerated vesting applies to specified NEOs’ time-based RSUs/options; CEO PRSUs vest at change of control based on measured TSR; Bowdoin-specific CIC terms are not disclosed .
- Non-compete/non-solicit: Company references such covenants in departing CFO’s agreement; Bowdoin-specific covenants not disclosed .
Performance & Track Record
Company metrics during Bowdoin’s tenure provide operational context:
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Net Income ($USD) | $176,186,000 | $279,881,000 | $215,525,000 | $113,234,000 | $106,171,000 |
| Operating Margin % | 21.0% | 30.4% | 24.4% | 15.6% | N/A |
| Adjusted EBITDA % | N/A | N/A | N/A | N/A | 17.1% |
| CGNX TSR ($ of initial $100 from 12/31/2019) | $151.56 | $147.25 | $89.67 | $79.95 | $69.20 |
| Peer Index TSR ($) | $139.59 | $165.34 | $100.58 | $129.10 | $114.14 |
Additional 2024 highlights: revenue +9% YoY; gross margin 68.4%; operating margin 13%; $119M returned via dividends/repurchases; continued AI infusion, sales transformation, Moritex integration . Q2 2025 operational progress: adjusted EBITDA margin 20.7%; six consecutive quarters of Y/Y Logistics revenue growth; leadership team set with Bowdoin as VP Operations .
Compensation Committee Analysis
- Peer group used for benchmarking includes 14 tech/industrial peers (e.g., PTC, Zebra, Novanta, Coherent, Dolby, Onto Innovation, Trimble, IPG Photonics) .
- Say-on-pay: 65% approval in 2024; shareholder feedback drove 2025 changes (PRSUs, bonus cap reductions, more disclosure) .
Investment Implications
- Alignment: Company-wide design emphasizes profitability (adjusted EBITDA %) and long-term equity (options/PRSUs), with ownership guidelines and strict hedging/pledging limits—generally supportive of shareholder alignment for operating leaders like Bowdoin .
- Transparency: Bowdoin is not a Named Executive Officer or listed executive officer in the proxy, so individual compensation, equity holdings, and severance/CIC terms are not disclosed—limiting direct pay-for-performance analytics and insider-selling signal visibility (likely not a Section 16 reporting person) .
- Execution track record: Operations background across GE/Thermo Fisher and military leadership, combined with Cognex’s recent margin recovery and logistics growth, points to operational execution capability; watch sustained adjusted EBITDA margin improvements and delivery metrics under his remit .
- Governance signals: 2025 shift to PRSUs for executives and reduced bonus max improves pay-performance linkage; say-on-pay concerns moderated—positive for compensation risk profile .
- Monitoring: Track future disclosures for whether Bowdoin becomes an SEC “executive officer” (which would trigger Form 4 reporting), changes to insider trading policy approvals (pledging requests), and any 8-K 5.02 filings affecting operations leadership .