Max H. Mitchell
Also at Crane Co
About
Max H. Mitchell is a seasoned executive with a deep commitment to advancing the strategic vision of Crane Company. A native of Pittsburgh, he earned his MBA in Finance from the University of Pittsburgh, Katz Graduate School of Business and his BA from Tulane University.
Before joining Crane Company, he built a strong foundation in finance and operations at Ford Motor Company and further honed his leadership skills in various roles at Pentair Tool Group and divisions within Danaher Corporation.
Since becoming an executive officer at Crane Company in 2004, he has played a critical role in shaping the organization's direction through a series of progressively responsible positions. His contributions have been instrumental in driving corporate strategy, optimizing portfolio outcomes, and integrating acquired companies—efforts that laid the groundwork for his promotion to President and Chief Executive Officer on April 3, 2023.
$CR Performance Under Max H. Mitchell
Past Roles
| Organization | Role | Date Range | Details |
|---|---|---|---|
| Crane Holdings, Co. | President and Chief Executive Officer | 2014 – April 3, 2023 | Ended role upon transition as current CEO of CR |
| Crane Co. | President and Chief Operating Officer | 2013 – 2014 | N/A |
| Crane Co. | Executive Vice President and Chief Operating Officer | 2011 – 2013 | N/A |
| Crane Co. | Group President, Process Flow Technologies segment | 2005 – 2012 | N/A |
External Roles
| Organization | Role | Date Range |
|---|---|---|
| Goodyear Tire & Rubber Company | Director | Since 2023 |
| Crane NXT, Co. | Director | Ending in April 2024 |
Fixed Compensation
| Component Name | Amount | Payment Schedule | Additional Details |
|---|---|---|---|
| Salary | $1,200,000 | Annual | Base salary for 2023. |
| All Other Compensation | $256,079 | Annual | Breakdown: Dividends on Restricted Stock/RSUs: $33,391; Personal Use of Company Aircraft: $100,000; Personal Use of Company-Provided Car: $14,250; Company Contribution to Benefit Equalization Plan: $83,686; Company Contribution to 401(k) Plan: $19,800; Insurance Premiums: $2,002; Cyber Security Protection: $2,950 |
Performance Compensation
Non-Equity Incentive Plan (AIP)
| Metric (Unit/Scale) | Threshold | Target | Maximum | Weight | Actual Performance / Payout | Additional Details |
|---|---|---|---|---|---|---|
| Adjusted EPS (USD) | $2.75 (0% payout) | $3.44 | $4.12 (200% payout) | 75% | $4.16 (200% payout achieved) | Bonus is calculated based on performance; metrics set in February 2023. Payout paid in February 2024. |
| Adjusted Free Cash Flow (USD Million) | $113.0 (0% payout) | $161.4 | $209.8 (200% payout) | 25% | $173.0 (125% payout achieved) | Values adjusted for special items; performance metric aligned with the annual operating plan. |
Bonus Calculation:
- Bonus Target: 120% of salary, equal to $1,440,000.
- Actual Bonus Paid: $2,610,720 representing a 181.3% payout of the target.
Performance-Based Restricted Stock Units (PRSUs)
| Parameter | Value/Detail | Additional Details |
|---|---|---|
| Performance Metric | Relative Total Shareholder Return (TSR) | Compared versus the S&P Midcap 400 Capital Goods Group over a three-year period (Jan 1, 2023 - Dec 31, 2025). |
| Threshold | < 25th percentile | 0% of target shares earned. |
| At Threshold | 25th percentile | 25% of target shares earned. |
| Target | 50th percentile | 100% of target shares earned. |
| Maximum | ≥ 75th percentile | 200% of target shares earned; capped at 100% vesting if TSR is negative. |
| Grant Date | February 6, 2023 | . |
| Grant Date Fair Value (USD) | $3,485,810 | . |
| Grant Date Stock Price (USD) | $119.71 | . |
| Number of Shares (Target/Maximum) | 24,626 / 49,252 | Maximum value can be up to four times the original grant value. |
| Vesting Schedule | Based on TSR performance over 3 years | Vesting determined on relative performance over the period, with no dividend accrual until vesting. |
These performance compensation components align executive incentives with the company's financial and stock performance, ensuring payouts based on achieving defined thresholds and targets. The AIP is cash-based and paid as a lump sum contingent on performance, while the PRSUs are structured as share-based awards dependent on relative TSR over the specified evaluation period.