Sign in

    Richard J. Tobin

    President, CEO, and Chairman of the Board at Dover Corp
    Board
    Since May 2018
    Age
    61 years
    Education
    Holds a Bachelor of Arts from Norwich University and an MBA from Drexel University.
    Tenure
    Joined DOV as a Director in August 2016, became President and CEO in May 2018, and was appointed Chairman on February 10, 2024.

    Also at Dover Corp

    CBW
    Christopher B. Woenker
    Senior Vice President and CFO
    GJ
    Girish Juneja
    Senior Vice President and Chief Digital Officer
    IMC
    Ivonne M. Cabrera
    Senior Vice President, General Counsel, and Secretary

    About

    Richard J. Tobin is a seasoned executive with extensive leadership experience in multinational industrial companies. He began his professional trajectory by taking on key financial and operational roles before joining DOV, where he quickly climbed the ranks from Director in August 2016 to President and CEO in May 2018.

    In his current capacity, he has driven strategic initiatives that have bolstered corporate governance and long-term shareholder value. His appointment as Chairman on February 10, 2024 further underscores the board’s confidence in his vision and ability to execute transformative business strategies.

    Beyond his roles at DOV, his professional journey includes pivotal leadership positions at major industrial firms, where he honed his expertise in global capital markets, operations, and financial management. His career is complemented by a solid educational foundation, having earned a Bachelor of Arts and an MBA, which has underpinned his success and commitment to excellence.

    $DOV Performance Under Richard J. Tobin

    Past Roles

    OrganizationRoleDate RangeDetails
    Dover Corporation Director Aug 2016 - May 2018 Held prior to appointment as President, CEO, and Chairman
    CNH Industrial NV CEO N/A Led initiatives to increase efficiencies, innovate technologies, expand geographically, and maximize the portfolio
    Fiat Industrial S.p.A Group Chief Operating Officer N/A N/A
    CNH Global NV President and CEO; CFO N/A Held both leadership and finance roles
    SGS Group CFO & Head of IT; COO for North America N/A Combined finance, technology, and operational oversight roles

    External Roles

    OrganizationRoleDate Range
    KeyCorp Director N/A

    Fixed Compensation

    Data from  FY 2023
    Component NameAmountPayment ScheduleAdditional Details
    Base Salary$1,292,500 2023Fixed annual base salary
    401(k) Matching Contributions$14,850 2023Matching contributions under the 401(k) plan
    Non-Elective Contributions in the Nonqualified Deferred Compensation Plan$133,309 20234.5% non-elective contribution as he does not participate in the PRP
    Deferred Compensation Plan Contributions by the Company$176,357 2023Company's contribution to the Deferred Compensation Plan

    Performance Compensation

    Data from  FY 2023

    Annual Incentive Plan (AIP)

    MetricValueAdditional Details
    Threshold Payout$975,000 Minimum performance level required
    Target Payout$1,950,000 Base target payout
    Maximum Payout$3,900,000 Cap on the bonus payout
    Grant DateFebruary 10, 2023 The plan is cash-based; vesting is not applicable and payment is made in Q1 of the following year

    Performance Shares

    MetricValueAdditional Details
    Threshold Shares24,796 shares Minimum share level if performance criteria are met
    Target Shares74,388 shares Represents 100% of the awarded performance shares
    Maximum Shares223,164 shares 300% of the target shares, linked to relative TSR performance
    Grant DateFebruary 10, 2023 Vesting occurs after a three-year performance period ending December 31, 2025
    Grant Date Fair Value$249.48 per share Valuation per share computed using a Monte Carlo simulation model
    Grant Date Stock Price$153.25 per share Stock price at the time of grant
    Performance MetricRelative TSR vs. S&P 500 Industrials Payout is based on the company’s stock return performance relative to a benchmark

    Strategic Objectives Factor

    MetricValueAdditional Details
    Weight20% each Five key performance metrics each weighted equally
    Achieved Factor110% Reflects overall performance against strategic objectives
    Performance AreasProductivity, Capital Markets Engagement, Portfolio Management, Talent & Diversity, ESG Detailed accomplishments in these areas provided

    Stock-Settled Appreciation Rights (SSARs)

    MetricValueAdditional Details
    Number of SSARs Granted110,205 Total SSARs issued to the executive
    Grant DateFebruary 10, 2023 SSARs vest on February 10, 2026, and are exercisable for an additional 7 years
    Grant Date Stock Price$153.25 per share Stock price at the time of grant
    Grant Date Fair Value$5,209,390 total Calculated using the Black-Scholes model; $47.27 per SSAR
    Vesting ScheduleVest on February 10, 2026 SSARs become exercisable after vesting; payout is the difference between market price upon exercise and grant price

    These components collectively define the performance compensation for 2023, with cash incentives and share-based awards tied closely to established performance metrics and targets. All details strictly pertain to the 2023 compensation framework as provided in the documents.