Matt Chiodo
GENTEXAbout Matt Chiodo
Matt Chiodo is Gentex Corporation’s Chief Sales Officer and Senior Vice President, Sales, and is one of the company’s named executive officers . In 2024, Gentex achieved record net sales ($2,313,314k), with operating income of $459,727k and net income of $404,488k, reflecting revenue outperformance of ~5% versus underlying markets . Long-term incentives for NEOs are tied to multi-year EBITDA and ROIC; for the 2022–2024 performance period, Gentex delivered cumulative EBITDA of $1,610,066k (84.26% of target) and ROIC of 37.02% (67.90% of target) . Company TSR (value of initial $100 investment) measured 107.41 in 2024; net sales were $2,313,314k and net income $404,488k .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Gentex Corporation | Chief Sales Officer and Senior Vice President, Sales | 2024 | Senior leadership over sales during a year of record net sales and ~5% revenue outperformance vs underlying markets |
| Gentex Corporation | Vice President – Sales | 2022–2024 | Led sales as company improved gross margin profile and advanced commercialization of products/technologies |
Fixed Compensation
| Item | 2024 | 2025 |
|---|---|---|
| Base Salary ($) | $480,000 | $480,000 (no increase at NEOs’ request) |
| 2024 Annual Incentive Plan (AIP) | Threshold | Target | Maximum | Actual |
|---|---|---|---|---|
| Non-CEO NEO payout opportunity (% of base) | 37.5% | 75% | 150% | $244,188 (Chiodo payout) |
| 2024 “All Other Compensation” Detail | Amount ($) |
|---|---|
| Restricted Stock Dividends | $9,564 |
| Performance Share Deemed Dividends | $39,236 |
| 401(k) Employer Match | $17,250 |
| Non-Qualified Deferred Compensation (NQDC) Employer Match | $19,416 |
| Personal Use of Automobiles | $28,592 |
| Personal Use of Aircraft | $44,008 |
| Other Perquisites (incl. housing allowance) | $28,440 |
| Total Other Compensation | $186,506 |
Performance Compensation
| 2024 AIP Performance Metrics | Weight | Threshold | Target | Maximum | Actual |
|---|---|---|---|---|---|
| Revenue ($000) | 33.33% | $2,000,000 | $2,500,000 | $3,000,000 | $2,313,314 |
| Operating Income ($000) | 33.33% | $450,000 | $562,500 | $675,000 | $459,727 |
| Diluted EPS ($) | 33.33% | $1.62 | $2.02 | $2.42 | $1.76 |
| Long-Term Incentive (LTI) Structure | 2024–2026 | 2025–2027 |
|---|---|---|
| Target Opportunity (% of base salary) | 155% (Chiodo) | 165% (Chiodo; increased due to performance and responsibilities) |
| Mix | 70% PSAs / 30% RS (3-year cliff vesting) | 70% PSAs / 30% RS (3-year cliff vesting) |
| Metrics (equal weight for PSAs) | Cumulative EBITDA & ROIC | Cumulative EBITDA & ROIC |
| Vesting & Triggers | 3-year cliff; double-trigger change-in-control vesting of equity awards |
| 2024 Grants (Grant Date: 02/15/2024) | PSA Target (#) | PSA Max (#) | RS (#) |
|---|---|---|---|
| Matt Chiodo | 15,464 | 30,928 | 6,628 |
| 2022–2024 LTI Outcomes | PSAs Awarded in 2022 (Target #) | Actual PSAs Paid (#) | RS Awarded in 2022 (Target #) | RS Vested (#) |
|---|---|---|---|---|
| Matt Chiodo | 14,322 | 11,434 | 6,138 | 6,138 |
| 2024 Equity Vesting & Option Exercises | Options Exercised (#) | Value Realized ($) | RS Vested (#) | Value Realized ($) |
|---|---|---|---|---|
| Matt Chiodo | — | — | 14,317 | $502,813 |
Equity Ownership & Alignment
| Beneficial Ownership (as of March 1, 2025) | Shares Owned | Exercisable Options | % of Class |
|---|---|---|---|
| Matt Chiodo | 71,342 | 30,000 | <1% |
| Outstanding Equity (as of 12/31/2024) | Unvested RS (#) | Market Value ($) | Unearned PSAs at Target (#) | Market/Payout Value ($) |
|---|---|---|---|---|
| Matt Chiodo | 27,406 | $787,375 | 79,068 | $2,412,085 |
| Options Outstanding (as of 12/31/2024) | Exercisable (#) | Exercise Price ($) | Expiration |
|---|---|---|---|
| Matt Chiodo | 30,000 | $22.94 | 02/15/2028 |
- Stock Ownership Guidelines: 3x base salary for non-CEO NEOs, to be achieved within 5 years; RS and PSAs generally count toward compliance .
- Anti-Hedging & Anti-Pledging: Hedging and pledging of company stock are prohibited for officers and directors .
Employment Terms
- Change-in-Control: Equity awards include double-trigger vesting upon an appropriately defined change in control; the company states no separate NEO contracts linked to change-in-control beyond equity vesting provisions .
- Clawback (Recoupment): Incentive-Based Compensation Recoupment Policy allows recovery of incentive pay based on restated results, applied to current/former executive officers .
- Insider Trading Policy: Applies to directors/officers; company highlights compliance with SEC reporting and prohibits certain derivative/short transactions per policy framework .
Investment Implications
- Pay-for-performance alignment: AIP metrics (Revenue/Operating Income/EPS) and LTI metrics (multi-year EBITDA/ROIC) directly link Chiodo’s compensation to top-line growth, profitability, and capital efficiency, with three-year cliff vesting reinforcing retention and long-term value creation .
- Retention risk and selling pressure: Unvested RS and target PSAs (27,406 and 79,068, respectively) are scheduled to vest on the three-year anniversary of grants (e.g., 02/15/2027 for 2024 awards), creating potential supply around vest dates; legacy options exercisable through 02/15/2028 could also be monetized depending on price levels .
- Governance and risk signals: Strong say-on-pay support (96%), prohibition on hedging/pledging, and a formal clawback policy reduce governance risk; absence of outsized change-in-control cash severance mitigates parachute concerns .
- Scope expansion: Increase in Chiodo’s LTI target from 155% to 165% for 2025–2027 indicates heightened responsibility and confidence signals from the board, with continued emphasis on multi-year EBITDA/ROIC delivery .