Jonathan Landes
TechnipFMCAbout Jonathan Landes
President, Subsea at TechnipFMC (FTI), age 52 in 2024, leading global Subsea operations with prior accountability for Subsea Commercial and Front-End Engineering and regional Subsea leadership in North America . Education: MBA (University of Notre Dame) and BS/MS in Agricultural Engineering (Purdue University) . Tenure: President, Subsea since 2020 . Company performance during his NEO years shows improving Adjusted EBITDA margin (10.0% in 2022 → 12.0% in 2023 → 15.2% in 2024) and Net Income rising to $842.9M in 2024; FTI TSR value of a $100 initial fixed investment reached $187.54 in 2024, outpacing the OSX index [$101.68] .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TechnipFMC | President, Subsea | 2020–Present | Global P&L for Subsea; drove vessel ecosystem value creation, inbound growth and margin expansion . |
| TechnipFMC | SVP, Subsea Commercial (Global Commercial & Front-End Engineering) | 2017–2020 | Led tendering/commercial discipline and front-end engineering globally . |
| TechnipFMC | President – Subsea Projects North America | 2017 | Regional P&L and execution leadership . |
| FMC Technologies | GM, Western Region Subsea | 2015–2017 | Grew regional Subsea footprint pre-merger . |
| FMC Technologies | GM, Fluid Control | 2013–2015 | Led Fluid Control BU operations . |
| FMC Technologies | GM, Material Handling & Blending | 2012–2013 | Ran MHB business unit . |
| IMI | Vice President – Business Development | 2009–2012 | Business development in flow control . |
| Dresser, Inc. | Vice President | 2008–2009 | Commercial leadership in industrial equipment . |
| GE | Business Operations / Cost & Capacity Manager | 2005–2008 | Operational excellence and capacity planning . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| IMI | Vice President – Business Development | 2009–2012 | External to TechnipFMC; flow control sector . |
| Dresser, Inc. | Vice President | 2008–2009 | External; industrial equipment . |
| GE | Business Operations / Cost & Capacity Manager | 2005–2008 | External; operations roles . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 525,000 | 550,000 | 550,000 |
| Target Bonus % of Salary | 100% | 100% | 100% |
| Non-Equity Incentive Paid ($) | 635,250 | 866,250 | 858,000 |
| All Other Compensation ($) | 71,042 | 109,865 | 110,942 |
| Total ($) | 2,543,784 | 3,165,593 | 3,442,143 |
Performance Compensation
Annual Cash Incentive Design and 2024 Outcomes
- Weighting: 75% Business Performance Indicators (BPI: Adjusted EBITDA Margin, Free Cash Flow, Sustainability Scorecard – each 25%), 25% Individual Performance Indicator (API) .
- 2024 Payouts: BPI weighted payout 151% (EBITDA Margin 146%; Free Cash Flow 192%; Sustainability 115%); API averaged 170% for NEOs .
| Component | Metric | Weight | Target | Actual/Payout | Vesting/Payment |
|---|---|---|---|---|---|
| BPI | Adjusted EBITDA Margin | 25% | Not disclosed | 146% payout factor | Paid March 2025 |
| BPI | Free Cash Flow | 25% | Not disclosed | 192% payout factor | Paid March 2025 |
| BPI | Sustainability Scorecard (Yr 1 of 2024–2026) | 25% | Not disclosed | 115% payout factor | Paid March 2025 |
| API | Individual Objectives | 25% | Not disclosed | 170% avg (NEOs) | Paid March 2025 |
Long-Term Equity Incentives (2024 Grants)
- Mix: PSUs 70% (Relative TSR and ROIC, 2024–2026 performance period), RSUs 30% (time-based) .
- Vesting: RSUs vest one-third on Feb 20, 2025/2026/2027; PSUs vest on Feb 20, 2027, to extent earned .
- Landes 2024 Grants: RSU 25,101 ($494,992); PSU-TSR target 29,285 ($850,729); PSU-ROIC target 29,284 ($577,480) .
- PSU peer group (TSR): Baker Hughes, SLB, Halliburton, Subsea 7, NOV, Oceaneering, Transocean, ChampionX, Core Labs, Nabors .
- Track record: 2022 PSU awards (2022–2024 period) paid at 200% (max) for both TSR and ROIC .
| Award Type | Grant Date | Metric | Target Shares | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|---|
| RSU | 2/20/2024 | Time-based | 25,101 | 494,992 | 1/3 on 2/20/2025, 2/20/2026, 2/20/2027 |
| PSU | 2/20/2024 | Relative TSR | 29,285 | 850,729 | 2/20/2027 (2024–2026 period) |
| PSU | 2/20/2024 | ROIC | 29,284 | 577,480 | 2/20/2027 (2024–2026 period) |
Equity Ownership & Alignment
- Beneficial Ownership (Mar 3, 2025): 317,460 shares; less than 1% of class (420,571,563 shares outstanding) .
- Near-term equity events: Options exercisable within 60 days 18,190 shares; RSUs/PSUs vesting within 60 days 283,152 shares .
- 2024 stock vested: 159,119 shares; value realized $3,579,761 .
- Outstanding equity at 12/31/2024 (selected):
- Options: 10,873 (exercisable; $21.10 strike; exp. 6/26/2027), 7,317 (exercisable; $25.24 strike; exp. 6/14/2028) .
- RSUs unvested: 49,968 (3/8/2022); 19,727 (2/21/2023); 25,101 (2/20/2024) .
- PSUs unearned: 116,592 (3/8/2022); 68,700 (2/21/2023); 58,569 (2/20/2024) .
| Ownership/Equity Item | Amount/Detail |
|---|---|
| Beneficial shares | 317,460; <1% of class |
| Options exercisable (≤60 days) | 18,190 |
| RSUs/PSUs vesting (≤60 days) | 283,152 |
| 2024 shares vested (net) | 159,119; $3,579,761 value |
| Notable option strikes/expirations | $21.10 (6/26/2027); $25.24 (6/14/2028) |
Note: No disclosure of share pledging or hedging; stock ownership guidelines for executives not detailed in cited sections.
Employment Terms
- Severance (general, not CIC): Executive guideline equals 18 months of base salary + target annual cash incentive; prorated target bonus; 18 months health/welfare premiums; outplacement; financial planning/tax prep; subject to non-disclosure, non-compete, and non-solicit covenants; no tax gross-ups .
- Change-in-Control (double trigger; 24 months window): For non-CEO/CFO NEOs, 2x base + greater of 3-year average bonus or target; prorated target bonus; 24 months benefits; up to $50k outplacement; accelerated vesting of equity (PSUs at target); “best-after-tax” cutback under 280G; no gross-ups .
- Individual economics (as of 12/31/2024 assumptions):
- CIC Qualifying Termination: Severance $2,200,000; prorated target $550,000; equity acceleration $9,800,734; benefits $35,534; outplacement $50,000; total $12,636,268 .
- Involuntary not-for-cause (non-CIC): Severance $1,375,000; prorated target $550,000; benefits $26,597; outplacement $50,000; total $2,001,597 .
- Death/Disability equity value (12/31/2024): $9,800,733 (PSUs at target + unvested RSUs) .
- Deferred compensation (SRP): 2024 executive contribution $47,163; Company contribution $57,781; earnings $158,191; year-end balance $831,902 .
Performance & Track Record
- 2024 objectives/achievements (proxy summary): Delivered Subsea segment free cash flow; inbound and Adjusted EBITDA margin targets; advanced client alliances; vessel ecosystem value; strengthened safety; progressed Industrialization and Transformation initiatives .
- 2023 objectives/achievements: Renewed long-term contracts/alliances enabling growth; delivery on Subsea cash flow, inbound and EBITDA targets; safety programs; strategic partnerships in energy transition; continued industrialization/transformation .
- Company pay-versus-performance linkage: Compensation “actually paid” tracks equity value as share price rose; Adjusted EBITDA margin improved; Net Income turned strongly positive in 2024 .
- Administrative Section 16(a) note: Late Form 4 filed in 2023 for shares withheld for taxes on vesting (administrative error) .
Compensation Peer Group (PSU TSR)
Baker Hughes, SLB, Halliburton, Subsea 7, NOV, Oceaneering, Transocean, ChampionX, Core Laboratories, Nabors .
Expertise & Qualifications
- Technical/operational expertise across Subsea engineering, commercial tendering, and project delivery; education in engineering and MBA underpin leadership credentials .
- Executive tenure since 2020 as President, Subsea; prior commercial and regional leadership roles .
Investment Implications
- Pay-for-performance alignment: Large PSU component tied to TSR and ROIC with demonstrated max payout (200%) for 2022–2024 period; equity-heavy mix (PSUs 70%) aligns incentives with shareholder returns, but amplifies realized comp with share price appreciation .
- Near-term vesting/supply overhang: 283,152 RSUs/PSUs scheduled to vest within 60 days and legacy options are in-the-money, creating potential selling/withholding flow; 2024 vesting already realized $3.58M in value .
- Retention and change-in-control: Double-trigger CIC terms with ~$12.6M total payout at 12/31/2024 assumptions, plus accelerated equity vesting, reduce exit friction but could influence behavior under strategic transactions; general severance provides meaningful protection (18 months) .
- Execution risk: Objectives center on Subsea free cash flow, inbound growth, margin expansion and safety/industrialization—continued delivery supports PSU outcomes and annual cash incentive payouts, while misses would directly reduce cash and equity pay .
Sources
- TechnipFMC DEF 14A (2025): NEO ages/roles, compensation, incentives, payouts, outstanding awards, ownership, severance/CIC terms, pay vs performance .
- TechnipFMC DEF 14A (2024/2023): Ownership, compensation tables, objectives/achievements, grants, late Section 16(a) reports .
- TechnipFMC executive page (biography, education, roles): .
- WSJ executive profile (tenure): .
- The Org (education/roles): .
- RocketReach (career timeline): .