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    Sivasankaran Somasundaram

    President and CEO at ChampionX
    Since April 18, 2018
    Age
    59 years
    Education
    Earned a B.S. in Mechanical Engineering from Anna University and an M.S. in Industrial Engineering from the University of Oklahoma.
    Tenure
    Joined ChampionX as President and CEO in 2018 following its spin-off from Dover Corporation and has held various leadership roles prior to that.

    Also at ChampionX

    DB
    Deric Bryant
    COO and President, Chemical Technologies
    JZ
    Jordan Zweig
    Senior Vice President and Chief Human Resources Officer
    JW
    Julia Wright
    Senior Vice President, General Counsel, and Secretary

    About

    Sivasankaran Somasundaram has been serving as the President and CEO of ChampionX Corporation since April 18, 2018, leading the company through transformational periods including a critical merger in 2020 and the embedding of ESG priorities into business operations. His tenure at ChampionX reflects a strategic shift following the company’s spin-off from Dover Corporation, where he previously held multiple leadership positions.

    Holding a strong academic foundation with a Bachelor of Science in Mechanical Engineering from Anna University and a Master of Science in Industrial Engineering from the University of Oklahoma, he has leveraged this expertise to drive engineering and operational excellence throughout his career.

    Before his role at ChampionX, he served as Vice President at Dover Corporation and was the President and CEO of Dover Energy from 2013 until the spin-off in 2018, further solidifying his reputation as a transformative leader. His global experience, having lived and worked in countries such as India, Germany, Singapore, and Australia, complements his professional achievements and underscores his commitment to innovation and strategic growth.

    $CHX Performance Under Sivasankaran Somasundaram

    Past Roles

    OrganizationRoleDate RangeDetails
    Dover Corporation Vice President of Dover Corporation and President & CEO of Dover Energy 2013-2018 Also held roles as Executive VP of Dover Energy, Executive VP of Dover Fluid Management, President of Dover’s Fluid Solutions Platform, President of Dover’s Gas Equipment Group, and President of Dover’s RPA Process Technologies
    GL&V Inc. Various global leadership roles N/A N/A
    Baker Hughes Inc. Various global leadership roles N/A N/A

    External Roles

    OrganizationRoleDate Range
    Magellan Midstream Board Member N/A

    Fixed Compensation

    Data from  FY 2023
    Component NameAmountPayment ScheduleAdditional Details
    Base Salary$925,000 2023 AnnualFixed annual base salary; no additional breakdown provided
    All Other Compensation$36,914 2023 AnnualIncludes various benefits and perquisites; further breakdown details not provided

    Performance Compensation

    Data from  FY 2023

    Non-Equity Incentive Plan Compensation

    Metric Name [Unit]ThresholdTargetMaximumActualWeight
    Consolidated Adjusted EBITDA [Million $]$560.25M $747.00M $859.05M $734.89M 30%
    Consolidated Adjusted Free Cash Flow [%]25.0% 50.0% 65.0% 56.12% 30%
    New Technology Revenues [Million $]$250.95M $334.61M $418.26M $320.57M 10%
    Individual Performance/Strategic InitiativesN/AN/AN/AN/A30%

    Additional Details:

    • EAIP Target Award as a Percentage of Base Salary: 120%.
    • Payout Range: 0%-200% of target based on the percentage achievement of each performance measure.
    • Vesting and evaluation align with the overall performance period.

    Performance Share Awards (PSAs)

    ComponentDetails
    Performance MetricsCumulative Total Shareholder Return (TSR) relative to the TSR Performance Peer Group; Free Cash Flow as a Percentage of Revenue
    TSR Metric Payouts0% for TSR below 25th percentile; 25% at 25th percentile; 100% at 50th percentile; 200% at or above 90th percentile with linear interpolation
    Overall Payout Range0%-200% of target
    Grant DateFebruary 16, 2023
    Grant Date Fair Value$2,873,094
    Number of Shares GrantedThreshold: 19,556; Target: 78,222; Maximum: 156,444
    Vesting ScheduleVesting occurs after the three-year performance period ending December 31, 2025
    Additional ConditionsIncludes an absolute TSR collar limiting payouts if absolute TSR is negative; Peer group includes major oilfield and chemical companies