Jeffrey Yehle
DOVERAbout Jeffrey Yehle
Jeffrey Yehle is Senior Vice President and Chief Human Resources Officer at Dover Corporation, appointed July 8, 2024; age 59 as of the 2024 Form 10-K executive officer listing . His 2024 total compensation was $1,245,783, reflecting a partial year of service; cash bonus paid was $321,000 . Dover’s 2024 performance included $7.7B revenue (+1% YoY), GAAP EPS $10.09 (+50% YoY), adjusted EPS $8.29 (+4% YoY), segment earnings margin 21.7% (+70 bps), and free cash flow $920M (12% of revenue) . Long-term incentive payouts for the 2022–2024 performance period paid at 78.8% of target based on relative TSR; Yehle did not have an award for that period given his 2024 start .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Gallagher | Executive Vice President, Chicago Market Leader | Sep 2020 – Jul 2024 | Not disclosed |
| Sharecare | Regional Vice President | Aug 2019 – Sep 2020 | Not disclosed |
Fixed Compensation
| Year | Base Salary ($) | Target AIP ($) | All Other Compensation ($) | Notes |
|---|---|---|---|---|
| 2024 | 236,635 | 200,625 (granted Aug 1, 2024) | 17,388 | Partial-year service; AIP grant on Aug 1, 2024 |
Performance Compensation
Annual Incentive Plan (AIP)
| Metric | Weighting | Factor (2024) | Payout Calculation | Paid ($) | Timing |
|---|---|---|---|---|---|
| Financial Results (Adjusted Earnings) | 60% | 200% (applied to NEOs) | Base × Target% × Overall Payout Factor; Overall factor formula: 60%×Financial + 40%×Strategic | 321,000 | Paid Feb 2025; bonus column reflects AIP payments |
| Strategic Objectives (CHRO-specific) | 40% | 100% (assigned) | Overall Payout Factor derived = 0.6×200% + 0.4×100% = 160% (formula per AIP) | 321,000 (matches derived payout on $200,625 target) | Paid Feb 2025 |
CHRO Strategic Objectives and accomplishments included enterprise talent management, global benefits harmonization, workforce development and HR transformation; the Compensation Committee assigned a 100% Strategic Objectives Factor for 2024 .
Long-Term Incentive Program (LTIP) – Grants in 2024
| Instrument | Grant Date | Amount/Terms | Performance Metrics | Vesting/Exercise | Grant-Date Fair Value |
|---|---|---|---|---|---|
| Performance Shares (PSUs) | Aug 1, 2024 | Target 726 shares | 50% 3-year relative TSR vs S&P 500 Industrials; 50% 3-year average Tangible ROIC | Payable after 3-year period ending Dec 31, 2026 | $175,278 aggregate; market-condition portion valued via Monte Carlo at $303.71/share, performance-condition at $179.15/share for Yehle |
| Restricted Stock Units (RSUs) | Aug 1, 2024 | 363 + 1,395 units | Stock price; dividend equivalents accrue and pay only if vest | Vest in 3 equal annual tranches beginning Aug 1, 2025 | $65,031 and $249,914 grant-date fair values |
| Stock-Settled SARs (SSARs) | Aug 1, 2024 | 3,225 SSARs @ $179.15 strike | Stock price appreciation; 10-year life; exercisable after 3 years for 7 additional years | First exercisable Aug 1, 2027; expire Aug 1, 2034 | $55.98 Black-Scholes per SSAR for Yehle |
Program structure weightings: PSUs 40%, SSARs 40%, RSUs 20% of LTIP; PSUs specifically tie pay to shareholder value via relative TSR and ROIC .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 98 shares as of Mar 10, 2025; <1% of outstanding |
| Outstanding Unvested RSUs | 363 units ($68,099 market value) and 1,395 units ($261,702), both valued at $187.60/share as of Dec 31, 2024 |
| Outstanding PSUs (target) | 726 shares; target payout value $136,198 at $187.60/share |
| Outstanding SSARs | 3,225 unexercisable @ $179.15; exercisable Aug 1, 2027; expire Aug 1, 2034 |
| Ownership Guidelines | NEOs must hold stock equal to 3× salary; executives serving as NEOs are currently in compliance |
| Hedging/Pledging | Prohibited for executives; cannot hedge or pledge Dover securities or use margin accounts |
Vesting-related supply considerations: RSUs begin vesting Aug 1, 2025 in equal annual tranches; SSARs become exercisable starting Aug 1, 2027, potentially creating event-driven liquidity windows .
Employment Terms
| Scenario | Cash Severance | Equity Treatment | Health/COBRA | Outplacement | Total Incremental (as of Dec 31, 2024) |
|---|---|---|---|---|---|
| Involuntary Not for Cause | $936,250 (12 months salary + target bonus) | Pro rata AIP and performance share award per plan; no acceleration of unvested equity noted outside retirement provisions | $14,454 (12 months COBRA cost) | $25,000 | $975,704 |
| Change-in-Control (Double Trigger within 24 months) | 2.0× salary + target bonus = $1,872,500 | Full acceleration of unvested SSARs and RSUs; PSUs pay at target for in-cycle awards | $28,908 (24 months COBRA cost) | $25,000 | $2,419,658 |
Key plan terms:
- CIC severance requires double trigger (termination without cause or for good reason within 24 months of a change-in-control); cash severance capped by policy at ≤2.99× salary+target bonus without shareholder approval; no tax gross-ups; excise-tax cutback applies if beneficial .
- Non-CIC severance provides 12 months salary + target bonus, pro rata AIP and performance share treatment for time worked, 12 months COBRA, and outplacement .
Clawbacks and governance:
- Comprehensive clawback policy effective Oct 2, 2023 covering erroneously awarded incentive compensation upon accounting restatement; PRP and severance plans include clawback provisions for breaches .
- Say‑on‑pay approval was ~94% at the 2024 annual meeting; strong shareholder engagement and alignment practices (no hedging/pledging, double‑trigger CIC, majority performance‑based pay, no tax gross‑ups) .
Investment Implications
- Alignment and retention: Yehle’s pay is primarily at‑risk and tied to Dover’s adjusted earnings (AIP) and multi‑year TSR/ROIC (PSUs), supporting pay‑for‑performance. His 2024 AIP paid out based on a 200% Financial Objective Factor and 100% Strategic Objectives Factor, consistent with strong operational results .
- Ownership and selling pressure: Current personal share ownership is minimal (98 shares), while unvested RSUs and in‑cycle PSUs represent meaningful future equity; vesting starting Aug 1, 2025 and SSAR exercisability from Aug 1, 2027 may create episodic supply but pledging and hedging are prohibited, and executives must meet 3× salary ownership guidelines (currently in compliance) .
- Downside protection and change‑in‑control: Double‑trigger CIC economics provide 2× cash and full equity acceleration; non‑CIC severance is standardized, with clawbacks and no tax gross‑ups—reducing governance risk and windfall concerns .
- Execution focus: 2024 CHRO strategic objectives emphasize succession depth, benefits harmonization, workforce development, and HR operating efficiency—areas supportive of long‑term productivity and talent retention in Dover’s diversified industrial portfolio .