Eric Spiegel
DOVERAbout Eric A. Spiegel
Independent Director at Dover since 2017; age 67. Former President & CEO of Siemens USA, with 40+ years leading global energy/industrial businesses; Special Advisor at Brighton Park Capital and Chair of Relatient, Inc. Holds an A.B. in Economics from Harvard and an MBA from Dartmouth’s Tuck School; co‑author of Energy Shift, with expertise in strategy, M&A, restructuring, portfolio management, and climate risk oversight . He currently serves on Dover’s Audit Committee and chairs the Finance Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Siemens USA | President & CEO | Not disclosed | Led strategic reviews across ~45 businesses; executed “Vision 2020” to optimize growth/margins |
| Booz & Company / Booz Allen Hamilton | Managing Partner (Global Energy, Chemicals & Power; Washington, DC) and other roles | Not disclosed | Advised on corporate strategy, M&A, capital projects, restructuring, margin enhancement, supply chain redesign |
| Temple, Barker & Sloane (Oliver Wyman) | Associate, Energy & Industrials Practice | Not disclosed | Strategy consulting in energy/industrials |
| Brown Boveri & Cie (ABB) | Marketing & Strategy Manager | Not disclosed | Industrial/engineering commercial strategy |
External Roles
| Organization | Role | Committees |
|---|---|---|
| Liberty Mutual Holding Company, Inc. | Director; Risk Committee Chair | Risk Committee Chair |
| Heramba Electric plc | Director; Audit Committee member | Audit Committee |
| TeamBuilder LLC | Director | Not disclosed |
| Brighton Park Capital | Special Advisor | Not a board; strategic counsel |
| Relatient, Inc. | Chair (in connection with Brighton Park Capital role) | Board Chair |
| Project Energy Reimagined Acquisition Corp. (prior) | Director; Audit Committee Chair | Audit Committee Chair |
Board Governance
- Independence: Dover requires at least two-thirds of the Board to be independent; all director nominees except the CEO are presently deemed independent. Eric Spiegel is an independent director .
- Committees: Audit Committee member; Finance Committee Chair .
- Meeting attendance: Board met six times in 2024; 100% attendance for directors, and no director attended less than 75% of board and committee meetings. Independent directors meet in executive session at least quarterly .
- Committee activity: Meetings held in 2024 — Audit (9), Compensation (6), Governance (4), Finance (5) . Meetings held in 2023 — Audit (8), Compensation (5), Governance (4), Finance (5) .
- Audit Committee oversight: Quarterly meetings with PwC, internal audit, finance, and legal; reviews 10‑Q/10‑K; most members qualify as “audit committee financial experts” (excluding Mr. Howze) .
- Finance Committee scope (Spiegel chairs): Reviews capital structure, liquidity, financings, dividends/splits/buybacks, capex, and M&A within Board‑set thresholds; oversees treasury/insurance/tax .
- External commitments control: Directors must notify before joining other public boards; Audit Committee members shouldn’t serve on more than two other public company audit committees unless expressly permitted. The Board states all nominees complied and attended 100% in 2024 .
Fixed Compensation
- Program structure:
- 2023: Annual retainer $285,000 ($165,000 stock; $120,000 cash); Finance Committee Chair +$15,000 cash; Audit Chair +$30,000; Compensation Chair +$20,000; Governance Chair +$15,000; Board Chair +$170,000 ($130,000 cash; $40,000 stock) .
- 2024: Annual retainer $305,000 ($175,000 stock; $130,000 cash); Finance Chair +$15,000 cash; Audit Chair +$30,000; Compensation Chair +$25,000; Governance Chair +$20,000; Lead Independent Director +$50,000 cash .
| Metric | 2023 | 2024 |
|---|---|---|
| Fees Earned or Paid in Cash ($) – Eric A. Spiegel | $135,000 | $145,000 |
| Stock Awards ($) – Eric A. Spiegel | $165,069 | $175,026 |
| Total ($) – Eric A. Spiegel | $300,069 | $320,026 |
| Allocation logic (base cash + Finance Chair) | $120,000 + $15,000 | $130,000 + $15,000 |
- 2024 grant detail: On Nov 15, 2024, Spiegel received 870 deferred stock units (DSUs) with grant-date fair value $175,026; he elected to defer equity under the 2021 LTIP .
Performance Compensation
- Directors’ equity is an annual stock/DSU grant; no performance metrics (e.g., revenue/EBITDA/TSR) disclosed for director compensation grants .
| Performance Metric | Weighting | Target Definition | 2023 Outcome | 2024 Outcome |
|---|---|---|---|---|
| Not applicable for non-employee directors | N/A | N/A | N/A | N/A |
Other Directorships & Interlocks
| Company | Relationship to Dover | Potential Interlock/Conflict Note |
|---|---|---|
| Liberty Mutual Holding Company, Inc. | External board; non-customer disclosure not provided | Risk Committee Chair; no Dover-related transactions disclosed in retrieved sections |
| Heramba Electric plc | External board | Audit Committee member; Dover policy reviews audit committee loads and external commitments; Board states nominees are in compliance |
| Project Energy Reimagined Acquisition Corp. (prior) | External SPAC | Prior Audit Chair; not listed in 2025 nominee profile |
| TeamBuilder LLC | External board | No Dover-related transactions disclosed in retrieved sections |
Expertise & Qualifications
- Strategy, corporate restructuring, portfolio management, and M&A (executed multi‑unit transactions and Siemens “Vision 2020”) .
- Deep energy and industrial markets experience; author on global energy industry; risk oversight including climate‑related risks .
- Harvard A.B. (Economics); Dartmouth Tuck MBA .
Equity Ownership
- Ownership guideline (directors): Expected to hold shares at least equal to the stock portion of the annual retainer received over the past five years, net of an assumed 30% tax rate .
- Anti‑hedging/anti‑pledging: Directors cannot hedge Dover stock, hold in margin accounts, or pledge as collateral .
| Metric | As of Mar 8, 2024 | As of Mar 10, 2025 |
|---|---|---|
| Beneficial Ownership – Shares (Eric A. Spiegel) | 10,089; less than 1% | 10,959; less than 1% |
| Deferred Stock Units included in beneficial ownership | Not disclosed | Includes 8,594 DSUs |
| Shares Outstanding basis (directors/EO %) | 137,376,404 | 137,062,270 |
Governance Assessment
- Strengths:
- Independent director with relevant industrial/energy strategy and M&A experience; chairs Finance Committee with direct oversight of capital structure, liquidity, buybacks/dividends, capex, and M&A — aligned with shareholder value levers .
- Strong engagement and attendance (Board 100% in 2024); independent director executive sessions held at least quarterly .
- Ownership alignment via mandatory shareholding guideline; equity is a material component of director pay; anti‑hedging/anti‑pledging reduces misalignment risk .
- Watch items:
- Multiple external board roles including an audit committee seat at Heramba; Dover guidelines cap audit committee memberships (>2 requires Board approval). Board states compliance, but continued monitoring advisable for bandwidth and potential interlocks .
- Director compensation increased YoY (retainer from $285k to $305k; finance chair fee steady) — reasonable inflation but monitor mix drift; Spiegel’s mix remained ~45% cash / 55% equity by grant value in 2024 based on disclosed amounts .
- Red flags:
- No pledging or hedging allowed per policy; no related‑party transactions involving Spiegel are disclosed in the retrieved proxy sections, and Dover employs formal review procedures for any >$120,000 related‑person transactions .