Philip Straub
GARMINAbout Philip Straub
Executive Vice President, Managing Director – Aviation at Garmin International, Inc. since February 2017; joined Garmin in July 1993 as a Software Engineer and has held roles including Director of Engineering and Software Engineering Manager . Age 53 as of February 21, 2024 . Company performance under the current executive team delivered record 2024 revenue of $6.30B (+20% YoY) and record operating income of $1.59B (+46% YoY) , with a $100 investment in Garmin stock valued at $239.08 by year-end 2024 (S&P 500 Consumer Discretionary peer group at $193.57) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Garmin International, Inc. | Executive Vice President, Managing Director – Aviation | Feb 2017–present | Not disclosed |
| Garmin International, Inc. | Software Engineer | Joined Jul 1993 | Not disclosed |
| Garmin International, Inc. | Director of Engineering | Not disclosed | Not disclosed |
| Garmin International, Inc. | Software Engineering Manager | Not disclosed | Not disclosed |
External Roles
No external public company boards or external roles disclosed for Straub in company filings .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 739,423 | 751,442 | 825,481 |
| Holiday Bonus ($) | 333 | 4,579 (includes $4,246 30th-anniversary bonus with tax gross-up) | 358 |
| All Other Compensation ($) | 35,848 | 39,348 | 40,473 |
| Target Cash Bonus % | Not applicable; Garmin does not pay annual cash incentive awards to NEOs | Not applicable | Not applicable |
Performance Compensation
Performance Framework (PC‑RSUs – Company Metrics and Outcomes)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue Target ($B) | 5.25 | 4.600 | 5.250 |
| Revenue Actual ($B) | 4.86 | 5.228 | 6.297 |
| Operating Income Target ($B) | 1.25 | 1.020 | 1.150 |
| Operating Income Actual ($B) | 1.03 | 1.092 | 1.594 |
| Payout (% of Target) | 0% (no vest) | 147.2% | 175% |
| Vesting Schedule | N/A | Three equal annual installments starting Feb 2024 (within 30 days of certification) | Three equal annual installments starting Feb 2025 (within 30 days of certification) |
2024 Grants (Straub)
| Award | Grant Date | Units | Threshold | Target | Maximum | Grant Date Fair Value ($) |
|---|---|---|---|---|---|---|
| RSUs | 12/15/2024 | 4,050 | — | — | — | 849,771 |
| PC‑RSUs | 2/25/2024 | — | 1,538 | 6,150 | 10,763 | 800,177 (at 100% target; 175% max would be $1,400,309) |
| 2024 PC‑RSU Earned % | Certification Feb 2025 | — | — | — | — | 175% earned, vesting in three equal annual installments starting Feb 2025 |
Outstanding Equity Awards at 2024 Fiscal Year-End (Straub)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| RSUs – Unvested Units (#) | 2,483 | 4,142 | 4,050 |
| RSUs – Market Value ($) | 519,841 | 867,169 | 847,908 |
| PC‑RSUs – Unvested Units (#) | 0 | 7,396 | 6,150 |
| PC‑RSUs – Market Value ($) | 0 | 1,548,427 | 1,287,564 |
| Vesting Mechanics | RSUs: 1/3 per year; PC‑RSUs: 1/3 per year post‑certification | RSUs: 1/3 per year; PC‑RSUs: 1/3 per year post‑certification | RSUs: 1/3 per year; PC‑RSUs: 1/3 per year post‑certification |
Stock Awards Vested in 2024 (Straub)
| Metric | 2024 |
|---|---|
| Shares Acquired on Vesting (#) | 12,155 |
| Value Realized on Vesting ($) | 2,117,117 |
Equity Ownership & Alignment
| Ownership Metric | As of Apr 11, 2025 |
|---|---|
| Total Beneficial Ownership (shares) | 75,586 |
| Ownership as % of Shares Outstanding | <1% |
| Stock Ownership Guidelines | No formal executive stock ownership guidelines |
| Hedging/Pledging | Prohibited for NEOs and directors under Anti‑Hedging and Anti‑Pledging Policy |
- Employee Stock Purchase Plan available to all employees, including NEOs, at 85% of market price with annual limits .
- Insider Trading Policy applies to directors, officers, and employees; filed as Exhibit 19.1 to the 2024 Form 10‑K .
Employment Terms
| Term | Details |
|---|---|
| Severance | No severance agreements with NEOs |
| Change‑of‑Control | Double‑trigger: acceleration of unvested RSUs/PC‑RSUs if terminated without cause or resigns with good reason within 12 months post‑CoC; PC‑RSUs earned pre‑certification accelerate per performance outcome, with timing rules tied to certification date |
| Cause/Good Reason Definitions | “Cause” includes felony conviction, willful misconduct, habitual neglect; “Good Reason” includes material diminution of role/comp, relocation >50 miles, etc. |
| Clawback | Incentive Compensation Recovery Policy effective Oct 2, 2023 (NYSE/SEC‑compliant); legacy clawback for pre‑policy PC‑RSUs allows discretionary recovery upon misconduct‑driven restatements within 3 years |
Related Party Transactions and Governance
- Two of Straub’s family members are non‑executive employees at Garmin International; each received >$120k and < $350k in 2024; the Audit Committee reviewed and approved these related person transactions .
- In October 2024, the Audit Committee ratified previously unapproved related party transactions for Straub and others, including annual compensation to family members exceeding the company’s $60k review threshold but below $300k; similar additional transactions were also ratified concurrently .
Compensation Peer Group and Shareholder Votes
- Comparator group used for executive pay benchmarking: Acushnet, Brunswick, Deckers, DexCom, HEICO, Logitech, NetApp, Polaris, Teledyne, Textron, Trimble, Visteon, Winnebago, YETI, Zebra; updated in 2024 to add/remove several names .
- 2024 Say‑on‑Pay approval: >94% support; Committee made no changes specifically in response .
- Swiss binding vote: 2025 maximum aggregate Executive Management compensation ($11.0M) approved with 95.61% support; Board max compensation approved with 99.77% support .
Performance Compensation – Detailed Metrics, Weighting and Vesting
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| 2022 Revenue ($B) | 50% | 5.25 | 4.86 | 0% | N/A (no vest) |
| 2022 Operating Income ($B) | 25% / up to 75% interpolated | 1.25–1.325 | 1.03 | 0% | N/A |
| 2023 Revenue ($B) | 25% / up to 25% interpolated | 4.60–5.00 | 5.228 | Earned in 147.2% total (incl. OI) | 1/3 at certification (Feb 2024), then 1st/2nd anniversaries |
| 2023 Operating Income ($B) | 25% / up to 75% interpolated | 1.020–1.095 | 1.092 | Included in 147.2% | As above |
| 2024 Revenue ($B) | 25% / up to 50% interpolated | 5.25–6.00 | 6.297 | Earned at 175% total (incl. OI) | 1/3 at certification (Feb 2025), then 1st/2nd anniversaries |
| 2024 Operating Income ($B) | 25% / up to 75% interpolated | 1.150–1.250 | 1.594 | Included in 175% | As above |
Investment Implications
- Pay‑for‑performance alignment: Straub’s long‑term equity is heavily performance‑contingent (revenue and operating income) with above‑target outcomes in 2023–2024 leading to elevated vesting (147.2% and 175%), directly linking realized comp to operating execution .
- Retention and timing: Significant unvested RSUs/PC‑RSUs, with three‑year vesting and certification‑linked PC‑RSU tranches (first within 30 days of February certification), create predictable vesting windows that can influence trading/liquidity dynamics; hedging/pledging is prohibited, and insider trading policy applies .
- Governance and risk: No cash severance or CoC cash; equity acceleration only on a double trigger, plus robust clawback policy; strong say‑on‑pay support reduces governance overhang, while ratified related party employment of family members warrants ongoing monitoring of Audit Committee controls .
- Equity ownership: Beneficial ownership is <1% of shares outstanding; combined with sizable unvested awards, alignment is driven more by future equity vesting than current ownership stake .