Douglas Boessen
GARMINAbout Douglas Boessen
Douglas G. Boessen is Chief Financial Officer and Treasurer of Garmin Ltd., serving since July 2014; he is age 62 per the 2024 Form 10-K executive roster and continues as CFO as of February 19, 2025 . He is a certified public accountant with a BS in Business from the University of Central Missouri and completed the executive development program at Northwestern University’s Kellogg Graduate School of Management . Under his tenure, Garmin delivered record 2024 results: revenue of $6.30B (+20% YoY) and operating income of $1.59B (+46% YoY) , with 5-year TSR reaching 239 vs S&P 500 at 197 as of Dec 28, 2024 . Named Executive Officer pay-versus-performance disclosures also show CAP rising alongside net income ($1.41B) and operating income ($1.59B) in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Garmin Ltd. | CFO & Treasurer | Jul 2014 – present | Finance leadership through multi-segment expansion and record 2024 performance . |
| EiKO Global, LLC | Chief Financial Officer | Sep 2013 – May 2014 | Private company CFO experience (lighting), operational finance discipline . |
| Collective Brands, Inc. | Chief Financial Officer | Nov 1997 – Nov 2012 | Public company CFO tenure, capital markets and corporate finance expertise . |
External Roles
| Organization | Role | Notes |
|---|---|---|
| None | — | Company disclosure indicates no external functions for Executive Management members including Boessen . |
Fixed Compensation
| Metric (USD) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary | $694,423 | $750,577 | $780,385 |
| Annual Holiday Bonus | $333 | $333 | $358 |
| All Other Compensation (incl. 401k contributions and insurance) | $35,848 | $39,348 | $40,473 |
| Total Cash (Salary + Bonus + All Other) | $730,604 | $790,258 | $821,216 |
Notes:
- 401(k) contributions in 2024 included $17,250 base and $22,875 company match for Boessen; health and insurance premiums are disclosed in the Swiss statutory report .
Performance Compensation
| Award Type | Year | Grant Date | Target Units (#) | Threshold/Max Units (#) | Grant Date Fair Value (USD) | Performance Metric | Weighting | Target | Actual | Payout (% of Target) | Vesting |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PC-RSU | 2022 | 2/25/2022 | — | — | $429,053 | Revenue | 50% | $5.25B | $4.86B | 0% | 0%; none vested |
| PC-RSU | 2022 | 2/25/2022 | — | — | $429,053 | Operating Income | 25% + 0–75% linear | $1.25–$1.325B | $1.03B | 0% | 0%; none vested |
| PC-RSU | 2023 | 2/25/2023 | 6,604 | 1,651/11,557 | $625,057 | Revenue | 25% (up to 50%) | $4.60–$5.00B | $5.228B | Earned; part of 147.2% | 1/3 at Certification (Feb 2024), then annually |
| PC-RSU | 2023 | 2/25/2023 | — | — | $625,057 | Operating Income | 25% (up to 75%) | $1.020–$1.095B | $1.092B | Earned; part of 147.2% | As above |
| PC-RSU | 2024 | 2/25/2024 | 4,995 | 1,249/8,741 | $649,899 | Revenue | 25% (up to 50%) | $5.25–$6.00B | $6.297B | Earned; part of 175% | 1/3 at Certification (Feb 2025), then annually |
| PC-RSU | 2024 | 2/25/2024 | — | — | $649,899 | Operating Income | 25% (up to 75%) | $1.150–$1.250B | $1.594B | Earned; part of 175% | As above |
| RSU (time-based) | 2022 | 12/15/2022 | 1,432 | — | $374,912 | — | — | — | — | — | Vests 1/3 annually over 3 years |
| RSU (time-based) | 2023 | 12/15/2023 | 3,452 | — | $624,933 | — | — | — | — | — | Vests 1/3 annually over 3 years |
| RSU (time-based) | 2024 | 12/15/2024 | 3,933 | — | $825,222 | — | — | — | — | — | Vests 1/3 annually over 3 years |
Additional details:
- 2023 PC-RSUs certified at 147.2% of target; vest in three equal annual installments starting February 2024 .
- 2024 PC-RSUs certified at 175% of target; vest starting February 2025 .
- No stock options granted; Garmin has not granted options since 2014 and has no repricing policy .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership (Direct/Indirect) | 12,989 shares as of April 11, 2025 . |
| Shares Outstanding (Voting-rights basis) | 192,641,210 as of April 11, 2025 . |
| Ownership % of Outstanding | ~0.0067% (12,989 / 192,641,210) based on cited figures . |
| Unvested RSUs | 1,432 (12/15/2022), 3,452 (12/15/2023), 3,933 (12/15/2024) . |
| Unvested PC-RSUs | 6,604 (2/25/2023), 4,995 (2/25/2024) . |
| Market Value of Unvested Awards | RSUs: $299,804; $722,711; $823,413. PC-RSUs: $1,382,613; $1,045,753. Valued at $209.36/share (Dec 27, 2024 close) . |
| 2024 Shares Vested (Value Realized) | 8,929 shares; $1,531,047 . |
| Hedging/Pledging | Prohibited under Garmin’s Anti-Hedging and Anti-Pledging Policy . |
| Executive Ownership Guidelines | No formal stock ownership guidelines for executives (alignment achieved via substantial equity awards) . |
Insider selling pressure lens:
- Scheduled vesting from 2023 PC-RSUs (Feb 2024–Feb 2026) at 147.2% and 2024 PC-RSUs (Feb 2025–Feb 2027) at 175% increases potential delivery of shares; actual sales depend on individual trading plans and company windows .
Employment Terms
| Provision | Terms |
|---|---|
| Employment Agreement | Garmin states it does not have employment agreements with key executive officers . |
| Severance | No severance agreements for Named Executive Officers . |
| Change-of-Control | Double-trigger: accelerated vesting of unvested RSUs/PC-RSUs if terminated without cause or resigns for good reason within 12 months post-change-of-control; PC-RSUs vest earned amounts based on certification status . |
| Potential Equity Vesting Value (CoC scenarios) | For Boessen: Death/Disability or involuntary termination within 12 months of CoC: $4,274,294 (value of unvested equity at $209.36/share) . |
| Clawback | SEC/NYSE-compliant incentive compensation recovery policy effective Oct 2, 2023; predecessor clawback applies to earlier awards . |
| Hedging/Pledging | Prohibited . |
Compensation Structure Analysis
- Mix evolution: Boessen’s stock awards increased from $803,965 (2022) to $1,475,121 (2024), while base salary rose from $694,423 (2022) to $780,385 (2024), reinforcing equity-heavy pay and alignment with performance .
- Incentive metrics: PC-RSUs tied purely to audited Company revenue and operating income—no adjustments—max payout up to 175% of target; 2022 targets missed (0%), 2023 achieved (147.2%), 2024 exceeded (175%) .
- Policy safeguards: No options (since 2014), no repricing/backdating, no severance/cash CoC, double-trigger equity acceleration only; anti-hedging/pledging policy and clawback in place .
Compensation Peer Group & Say-on-Pay
- Comparator group: Acushnet, Brunswick, Deckers, DexCom, HEICO, Logitech, NetApp, Polaris, Teledyne, Textron, Trimble, Visteon, Winnebago, YETI, Zebra (2024 updates noted) .
- Benchmarking stance: Garmin does not set pay to specific peer percentiles; focuses on internal equity and retention .
- Shareholder approvals: 2024 say-on-pay received over 94% support ; 2024 Swiss vote approved FY2025 max aggregate Executive Management compensation ($11M) with 95.61% support ; 2025 proxy proposes FY2026 max Executive Management compensation of $19M .
Performance & Track Record
- Company performance in 2024: Revenue $6.2969B (+20% YoY), operating income $1.594B (+46%), segment growth across fitness (+32%), outdoor (+16%), marine (+17%), aviation (+4%), auto OEM (+44%) .
- TSR: 5-year TSR value rose to 239 (Garmin) vs S&P 500 197 and S&P 500 Consumer Discretionary 194 as of Dec 28, 2024 .
- Risk posture: Legal proceedings not expected to be material; macro/currency and Taiwan manufacturing risks disclosed; retention risk noted given no employment agreements and Swiss severance constraints .
Investment Implications
- Pay-for-performance integrity: Boessen’s incentives directly tied to audited revenue and operating income with strong out-year visibility on vesting from high-certification PC-RSUs (175% for 2024), supporting alignment with shareholder outcomes (record revenue/operating income, robust TSR) .
- Selling pressure: Elevated scheduled vesting through 2025–2027 (from 2023/2024 PC-RSUs and RSUs) could create periodic liquidity events; anti-hedging/pledging reduces misalignment risk .
- Retention/transition risk: Absence of severance agreements and employment contracts plus double-trigger-only CoC terms limit cash obligations but increases potential retention risk if market compensation shifts; governance mitigants include clawback and strong say-on-pay support .
- Governance quality: Transparent comparator group, no option grants, and high shareholder approval rates suggest disciplined compensation oversight; continued operating outperformance under Boessen enhances confidence in execution .