Christina Cristiano
About Christina Cristiano
Senior Vice President and Chief Financial Officer of Crane NXT (CXT) since March 2023; previously VP, Controller and Principal Accounting Officer (2019–2023), and before that VP, Controller of Global Accounting and Statutory Reporting at Thomson Reuters (2009–2019). Age 52; education not disclosed in filings. Under her tenure as CFO, 2024 revenue grew 6.9% to $1,486.8M while operating profit declined 6.3% to $268.8M, and CXT added OpSec in 2024 and signed to acquire De La Rue Authentication, expanding SAT; total shareholder return (TSR) value in pay-versus-performance framework rose from 208 (2023) to 216 (2024).
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Crane NXT | SVP & CFO | 2023–present | Principal financial officer post spin; overseer of liquidity, M&A financing (OpSec acquisition, De La Rue agreement). |
| Crane NXT | VP, Controller & Principal Accounting Officer | 2019–2023 | Led controllership during separation preparation and listing. |
| Thomson Reuters | VP, Controller of Global Accounting & Statutory Reporting | 2009–2019 | Led global accounting/reporting at large-scale tech/info firm. |
External Roles
- Not disclosed in Company filings reviewed.
Fixed Compensation
| Year | Base salary ($) | Target bonus % of salary | Target bonus ($) | Actual payout % | Actual bonus paid ($) |
|---|---|---|---|---|---|
| 2024 | 470,000 | 80% (increased from 70% in 2023) | 376,000 | 81.7% | 307,192 |
| 2023 | 450,000 (year-end base) | 70% | n/a | n/a | 387,765 (NEIP line item) |
Notes:
- 2024 AIP metrics and calculation detail shown below.
Performance Compensation
Annual Incentive Plan (AIP) – 2024 Corporate metrics (CFO)
| Metric | Weight | Threshold (0% payout) | Target (100%) | Maximum (200%) | Actual (ex-OpSec) | Payout for metric |
|---|---|---|---|---|---|---|
| Revenue ($M) | 25% | 1,287.4 | 1,430.5 | 1,573.6 | 1,401.4 | 19.9% |
| Adjusted operating profit ($M) | 50% | 283.5 | 354.4 | 425.3 | 347.3 | 45.7% |
| Adjusted free cash flow ($M) | 25% | 170.1 | 243.1 | 316.0 | 209.5 | 16.1% |
| Weighted payout | — | — | — | — | — | 81.7% |
- Committee adjusted for special one-time items; OpSec acquisition excluded from AIP metrics; metrics changed in 2024 to include revenue and use adjusted operating profit (vs. adjusted EPS in 2023).
Long-Term Incentives (granted Feb 28, 2024)
| Instrument | Target value ($) | Units/Shares | Vesting / Performance | Terms |
|---|---|---|---|---|
| PRSUs (Relative TSR) | 475,000 | 8,190 target | Earned 0–200% based on 3-yr TSR vs S&P Midcap 400 Capital Goods, with cap at target if absolute TSR negative; 4x value cap. Performance period: 1/1/2024–12/31/2026. | No dividends; unvested PRSUs don’t count for ownership guidelines. |
| Stock options | 237,500 | 9,730 | 25%/yr over 4 yrs starting 2/28/2025; 10-year term; strike $58.00 | Options must be at/above FMV; no repricing without shareholder approval. |
| Time-based RSUs (TRSUs) | 237,500 | 4,095 | 25%/yr over 4 yrs starting 2/28/2025; accrue cash dividends; count at 65% of FMV toward ownership |
Historical PRSU payout (2012–2024 cycle converted): 2022 grants earned at 185.7% (Crane NXT leg) and Crane Company leg at 159.8% following separation adjustments.
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 20,227 total: 6,239 shares owned directly; 13,988 options/DSUs/RSUs vesting within 60 days; <1% of shares outstanding. |
| Additional unvested RSUs (>60 days) | 14,874 share units vesting after 60 days (time-based), subject to service. |
| Outstanding equity at 12/31/24 | Options outstanding (various tranches, including 9,730 @ $58.00 Feb’24 grant); TRSUs of 14,816 unvested; PRSUs (unearned) 20,522 shown for disclosure (2023/2024 cycles reflected at max per SEC methodology). |
| Ownership guidelines | CFO: 5x base salary; before meeting guideline, must retain 50% of net shares upon vest/exercise; unvested PRSUs and options excluded; TRSUs counted at 65% of FMV. |
| Compliance | As of Mar 28, 2025, Cristiano either met required ownership or complied with retention ratio. |
| Hedging/Pledging | Prohibited for directors and executive officers; no hedging or pledging permitted. |
Near-term vesting schedule (supply calendar – selected)
| Vesting date | Approximate TRSUs scheduled (Cristiano) |
|---|---|
| Feb 28, 2025 | 1,023 |
| Apr 20, 2025 | 3,300 |
| Feb 28, 2026 | 1,024 |
| Apr 20, 2026 | 3,300 |
| Feb 28, 2027 | 1,024 |
| Feb 28, 2028 | 1,024 |
Note: Additional smaller vesting lots exist (legacy tranches) per proxy schedule; 2024 PRSUs cliff-vest based on 3-year TSR (12/31/2026).
Employment Terms
| Topic | Provision |
|---|---|
| Non-CIC severance (workforce reduction/reorg) | One year base salary plus one year of health/welfare benefits (illustrative at 12/31/24: $470,000 cash + $21,137 benefits). |
| Change-in-control (double-trigger) | Upon CIC and involuntary termination without cause/for good reason during protection period: lump sum = pro-rated bonus (greater of last FY bonus or 3-year average) + 3x (base salary + average annual bonus), plus continued benefits through CIC period (assumed 3 years). |
| Illustrative CIC amounts (12/31/24) | Cash $2,629,058; continued benefits $63,412. |
| Equity treatment | Death/Disability: RSUs/options accelerate; PRSUs vest at actual performance at end of period. CIC: PRSUs performance-vest at actual through CIC date and remain subject to service; termination post-CIC accelerates RSUs/options and vests already earned PRSUs. |
| Clawback | Dodd-Frank-compliant incentive compensation recovery policy covering stock price/TSR-based awards (effective for awards on/after Oct 2, 2023). |
| Hedging/Pledging | Prohibited. |
Compensation Structure Analysis
- Mix and performance orientation: 2024 LTI split 50% PRSUs (relative TSR), 25% options, 25% TRSUs, maintaining a high at-risk, multi-year component aligned to shareholder returns; 2024 AIP moved to revenue + adjusted operating profit + adjusted FCF (25/50/25), adding a topline metric and aligning corporate and business unit profit metrics.
- Governance safeguards: No tax gross-ups, no single-trigger CIC, no option repricing without shareholder approval, anti-hedging/pledging, strict ownership guidelines; 2024 say-on-pay support >96%.
- Calendar supply: Multiple TRSU installments vesting annually across 2025–2028 create predictable settlement windows; no pledging/hedging mitigates additional alignment risks.
Performance & Track Record
| Metric | 2024 | 2023 | YoY |
|---|---|---|---|
| Revenue ($M) | 1,486.8 | 1,391.3 | +6.9% |
| Operating profit ($M) | 268.8 | 286.8 | -6.3% |
| Segment highlights | CPI sales -1.5% to $873.2M; SAT +21.5% to $613.6M (OpSec contribution ~$86M); CPI margin 26.2%, SAT 18.1%. | ||
| TSR (pay vs performance table, value of $100) | 216 (2024) vs 208 (2023) | — | Up (CXT > peer index 219) |
- Strategic actions during tenure: Acquired OpSec (May 2024); signed to acquire De La Rue Authentication (expected close Q2’25).
- CFO operating commentary: Outlined tariff impact (~$25M op profit headwind) and mitigation via pricing/productivity; reaffirmed EPS guidance with mix shifts (SAT up, CPI softer), net leverage projected to ~2.0–2.6x around De La Rue funding.
Compensation Peer Group (for benchmarking)
Advanced Energy Industries; Albany International; Altra Industrial Motion*; Brady; Cognex; Deluxe; Diebold Nixdorf**; ESCO Technologies; Graco; Helios Technologies; Itron; Methode Electronics; Nordson; nVent Electric; OSI Systems; Viavi Solutions; Vontier. (*Acquired; retained for data purposes. **Restructured; retained for data purposes.)
Say-on-Pay & Shareholder Feedback
- 2024 say-on-pay approval: >96% in favor; no changes made in response.
Investment Implications
- Alignment and incentives: High proportion of at-risk, multi-year equity tied to relative TSR and a refreshed AIP that now includes revenue alongside profit and cash suggest continued emphasis on growth with disciplined capital returns; prohibitions on hedging/pledging and a 5x salary ownership guideline for CFO reinforce alignment.
- Retention and change-in-control economics: Double-trigger CIC at 3x salary+bonus is market-consistent; no gross-ups; predictable TRSU vesting cadence through 2028 limits abrupt event risk but creates periodic settlement supply around vesting dates.
- Performance under tenure: 2024 revenue growth with operating profit pressure (mix, OpSec dilution, CPI softness) tempers near-term pay-for-performance optics; however, TSR trended positively in the pay-versus-performance framework, backlog in SAT remains strong, and management is mitigating tariff impacts; watch leverage post De La Rue funding and execution on SAT integration to drive margin/FCF underpinning equity realizations.