Jennifer Rumsey

Chair and Chief Executive Officer at Cummins Inc

Board

Since August 1, 2022

Age

51 years

Education

Earned a Bachelor of Science in Mechanical Engineering from Purdue University and a Master of Science in Mechanical Engineering from the Massachusetts Institute of Technology.

Tenure

Joined in February 2022 and held multiple leadership roles including Vice President of Engineering, Chief Technical Officer, President and COO, before being promoted to President and CEO in August 2022 and serving as Chair since August 1, 2023.

Also at Cummins Inc

ARD

Amy R. Davis

Vice President and President—Accelera and Components

Bonnie Fetch

Vice President and President of the Distribution Business

Brett Merritt

Vice President and President of the Engine Business

About

Jennifer Rumsey has built a distinguished career through her progressive roles at Cummins Inc., where her leadership and expertise have been pivotal in shaping the company’s strategic direction and commitment to decarbonized power. Over the course of her extensive tenure, she transitioned from critical technical and executive positions to assuming the role of President, CEO, and ultimately Chair, demonstrating a blend of visionary strategy and operational excellence.

Throughout her career, she has been instrumental in steering initiatives that address sustainability challenges and foster innovation in manufacturing and technology, leaving a lasting impact on the industry's evolution. Her progression from a board member in February 2022 to holding top leadership positions underlines her capability to drive transformative change and operational success.

Beyond her significant contributions within Cummins, she also plays an influential role in the broader business community, serving on the board of Hillenbrand, Inc. and actively participating in professional organizations such as the Society of Women Engineers and the Society of Automotive Engineers.

$CMI Performance Under Jennifer Rumsey

Past Roles

Organization	Role	Date Range	Details
Cummins Inc.	President and Chief Executive Officer	Aug 2022 – Aug 2023	Former role prior to current appointment
Cummins Inc.	President and Chief Operating Officer	Mar 2021 – Aug 2022	Promoted from previous position
Cummins Inc.	Vice President and President of Components Business	2019 – 2021	Elevated role within the Components Business
Cummins Inc.	Vice President and Chief Technical Officer	2015 – 2019	Advanced technical leadership position
Cummins Inc.	Vice President of Engineering, Engine Business	2013 – 2015	Engineering leadership role
Cummins Inc.	Various engineering and product life cycle roles	Prior to 2013	Multiple roles in engineering and product lifecycle

External Roles

Organization	Role	Date Range
Hillenbrand, Inc.	Director	2020 – Present

Fixed Compensation

Data from FY 2023

Component Name	Amount	Payment Schedule	Additional Details
Annual Salary	$1,500,000	Annual	Fixed base salary for 2023 as Chair and CEO
Retirement Benefit Payment	$1,560,127	One-time	Incremental actuarial value for three additional years of service
Welfare Benefit Values	$30,576	One-time	Estimated value for continuation of life, medical, dental, and disability benefits for three years post-termination
Financial Advisory and 401(k) Benefit	$50,920	One-time	Calculated as three times the maximum annual financial advisory benefit plus three times the company contribution
Cummins Inc. Pension Plan A (Qualified)	$51,075	Ongoing	Benefits under the qualified Cummins Pension Plan with pay credits at 6% and interest credits based on the 30-year Treasury rate plus 1%
Cummins Excess Benefit Plan (Non-Qualified)	$163,361	Ongoing	Non-qualified pension benefits provided in excess of statutory limitations
Supplemental Life Insurance and Deferred Income Program (Non-Qualified)	$1,620,235	Ongoing	Additional non-qualified retirement benefits under the supplemental plan

Performance Compensation

Data from FY 2023

Annual Bonus Performance Compensation

Metric	Value	Unit	Additional Details
Performance Measure 1	EBITDA	N/A	Weighted at 70%; aligns with profitable growth strategy
Performance Measure 2	Operating Cash Flow	N/A	Weighted at 30%; focuses on working capital management
Threshold Payout	$262,500	Dollars	Minimum performance threshold
Target Payout	$2,625,000	Dollars	Target bonus amount
Maximum Payout	$5,250,000	Dollars	Cap on bonus payout
Grant Date	April 3, 2023	Date	Date when performance share awards were granted
Grant Date Fair Value	$6,186,989	Dollars	Fair value of the stock awards on grant date
Grant Date Stock Price	$239.57	Dollars	Stock price used for valuation on December 29, 2023
Vesting Schedule	Three-year period	Years	Performance shares are earned over a three-year period and become unrestricted post period
Evaluation Period	3 years	Years	Performance measured over a three-year period
Conditions	N/A	N/A	Payout factor determined based on actual financial performance versus annual goals