Bradley Trenkle
GARMINAbout Bradley Trenkle
Bradley C. Trenkle is co-Chief Operating Officer at Garmin Ltd., appointed effective July 1, 2024. He is 44 years old, holds a B.S. in Computer Engineering from the University of Nebraska–Lincoln, and has been with Garmin since 2002, progressing through engineering and leadership roles, including Vice President of the Outdoor Segment from 2017 to 2024 . His remit spans executive oversight of Garmin’s consumer business segments, engineering innovation and support, global consumer sales, marketing, and creative . Company performance metrics tied to executive compensation show revenue of $5.228B in FY2023 vs a $4.600B target (147.2% PC‑RSU payout), and revenue of $6.297B in FY2024 vs a $5.250B target (175% PC‑RSU payout); operating income also exceeded targets ($1.092B vs $1.020B in 2023; $1.594B vs $1.150B in 2024), underscoring strong execution during his senior leadership tenure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Garmin Ltd. | co‑Chief Operating Officer | 2024–present | Oversight of consumer segments; engineering innovation and support; global consumer sales, marketing, and creative |
| Garmin Ltd. | Vice President, Outdoor Segment | 2017–2024 | Led outdoor product lines; provided leadership for consequential acquisitions; broader executive responsibilities |
| Garmin Ltd. | Software Engineer; engineering management roles | 2002–2017 | Contributed to development across many product lines; progressed through engineering leadership |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | Company discloses no functions held in other entities for Trenkle |
Fixed Compensation
| Metric | 2024 | Notes |
|---|---|---|
| Base Salary (USD) | $550,962 | NEO compensation table (fiscal 2024) |
| Annual Holiday Cash Bonus (USD) | $358 | Uniform holiday bonus for Executive Management |
| All Other Compensation (USD) | $34,098 | Includes 401(k) base ($17,250) and matching ($16,500) plus life insurance premiums |
| Total Compensation (USD) | $1,935,277 | Salary + bonus + stock awards + other |
| Current Compensation Term | Amount | Effective Date | Source |
|---|---|---|---|
| Base Salary (USD) | $550,000 | July 1, 2024 | Appointment 8‑K |
Performance Compensation
PC‑RSU Program: Metrics, Payouts, Vesting
| Performance Period | Metric | Weighting | Target | Actual | Payout (% of Target) | Vesting |
|---|---|---|---|---|---|---|
| FY2023 | Revenue | 25% | $4.600B | $5.228B | 147.2% overall PC‑RSU payout; vests in 3 equal annual installments beginning Feb 2024 | Three equal installments: within 30 days of Certification Date then on 1st and 2nd anniversaries |
| FY2023 | Operating Income | 25% | $1.020B | $1.092B | Included in 147.2% overall payout | Same as above |
| FY2024 | Revenue | 25% | $5.250B | $6.297B | 175% overall PC‑RSU payout; vests in 3 equal annual installments beginning Feb 2025 | Same schedule |
| FY2024 | Operating Income | 25% | $1.150B | $1.594B | Included in 175% overall payout | Same schedule |
PC‑RSUs are earned based on unadjusted Company operating income and revenue; once certified, earned units vest one‑third within 30 days of certification, and one‑third on each of the first and second anniversaries .
2024 Grant Details (RSUs and PC‑RSUs)
| Award Type | Grant Date | Threshold (#) | Target (#) | Maximum (#) | Grant‑Date Fair Value (USD) |
|---|---|---|---|---|---|
| RSUs | 12/15/2024 | — | 3,336 | — | $699,960 |
| PC‑RSUs | 2/25/2024 | 1,249 | 4,995 | 8,741 | $649,899 |
RSUs vest one‑third per year over three years; PC‑RSU grant fair value assumes 100% target achievement; PC‑RSU value can reach up to 175% of target if maximum is met .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Shares held (Dec 28, 2024) | 22,760 shares |
| Stock ownership guidelines | No formal executive stock ownership guidelines; executives receive significant equity awards |
| Hedging/pledging | Prohibited for Executive Management under Garmin’s Anti‑Hedging and Anti‑Pledging Policy |
| Options | Garmin has not granted options since 2014; none held or exercised in 2024 |
Outstanding Unvested Equity (Dec 28, 2024)
| Award Type | Grant Date | Unvested Units (#) | Market Value (USD) |
|---|---|---|---|
| RSUs | 12/15/2022 | 1,719 | $359,890 |
| RSUs | 12/15/2023 | 2,900 | $607,144 |
| RSUs | 12/15/2024 | 3,336 | $698,425 |
| PC‑RSUs | 2/25/2023 | 5,282 | $1,105,840 |
| PC‑RSUs | 2/25/2024 | 4,995 | $1,045,753 |
Market values determined using $209.36 closing price on Dec 27, 2024 .
Vested in 2024 (Activity)
| Metric | 2024 |
|---|---|
| Shares acquired on vesting (#) | 7,955 |
| Value realized on vesting (USD) | $1,390,112 |
Employment Terms
- Appointment/Role: Appointed co‑COO effective July 1, 2024; responsibilities cover consumer segments and engineering innovation; reports to CEO .
- Compensation: Base salary continues at $550,000; eligible for awards under the 2005 Equity Incentive Plan; standard employee benefits .
- Indemnification: Company’s standard Director and Officer Indemnification Agreement .
- Severance: No severance agreements with Named Executive Officers .
- Change‑in‑Control: Double‑trigger equity acceleration (RSUs and earned PC‑RSUs) upon termination without cause or resignation with good reason within 12 months of change in control; detailed definitions of “Cause” and “Good Reason” provided .
- Potential Payments (Equity Acceleration Only): $3,817,052 payable for death, disability, or involuntary termination within 12 months of a change in control (no payment for voluntary/for cause) .
- Clawback: Incentive Compensation Recovery Policy (effective Oct 2, 2023) requires recovery of excess incentive compensation upon certain accounting restatements; legacy PC‑RSUs subject to predecessor clawback policy for misconduct‑related restatements .
- ESPP: Employees (including Executive Management) may purchase shares at 85% of the lesser of the first/last trading day price in the offering period, subject to contribution and annual purchase limits .
- Retirement Contributions: For U.S. employees, company contributes 75¢ per dollar up to 10% of salary per payroll period plus an additional 5% of salary; 2024 contributions capped at $345,000 salary; Trenkle received $17,250 base and $16,500 matching contributions in 2024 .
Investment Implications
- Pay‑for‑performance alignment: Trenkle’s equity mix is entirely in RSUs and PC‑RSUs, with PC‑RSU payouts tightly linked to unadjusted revenue and operating income; FY2024 certification at 175% indicates strong operational execution and should continue to tie realized pay to performance .
- Limited cash severance risk: No severance agreements or cash change‑in‑control benefits; retention relies on ongoing equity vesting and role scope rather than contractual cash entitlements, reducing windfall risk and aligning incentives with long‑term value creation .
- Vesting and potential selling pressure: Regular RSU and PC‑RSU vesting (one‑third annually post‑certification) creates predictable vest dates; 7,955 shares vested in 2024 suggests recurring tax sell‑to‑cover potential—monitor quarterly certification/vesting windows for supply effects .
- Governance safeguards: Anti‑hedging/pledging policy and clawback framework mitigate misalignment and restatement risk; absence of options since 2014 limits incentives for high‑beta risk‑taking .
- Ownership: 22,760 shares held and significant unvested equity indicate meaningful skin‑in‑the‑game without pledging; lack of formal ownership guidelines offset by substantial equity grants .