Pierre Barthelet
Senior Vice President, Strategy, Business Development & Advanced Technologies at 
Garrett Motion
Garrett MotionExecutive
About Pierre Barthelet
Pierre Barthelet is Senior Vice President, Strategy, Business Development & Advanced Technologies at Garrett Motion (GTX), a role he has held since 2023 after serving as SVP, Marketing & Product Management since the 2018 spin-off from Honeywell; he joined Honeywell Transportation Systems in 2001. He is 59, holds a Master’s in Aeronautics (Ecole Nationale Supérieure de l’Aéronautique et de l’Espace) and a Ph.D. in Fluid Dynamics (Institut National Polytechnique, Toulouse), and leads Garrett’s growth/profitability strategy, electrified offerings, and commercial excellence initiatives . Company performance context: 2024 Net Income $282M and Adjusted EBITDA $598M; 2023 net sales $3.9B (+8% YoY), Net Income $261M, Adjusted EBITDA $635M with 16.3% margin; pay-versus-performance TSR indices show $100 growing to $163.88 (2024) and $175.50 (2023), illustrating investor returns during the recent period .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Garrett Motion Inc. | SVP, Strategy, Business Development & Advanced Technologies | 2023–Present | Develops/deploys growth and profitability strategy; leads electrified offerings; drives commercial excellence |
| Garrett Motion Inc. | SVP, Marketing & Product Management | 2018–2023 | Led commercial growth/profitability, OE turbo business, electrified offerings; drove commercial/functional excellence |
| Honeywell Transportation Systems | SVP, Marketing & Product Management | 2016–2017 | Led marketing/product management prior to spin-off; foundation for Garrett’s strategy execution |
| Honeywell Transportation Systems | Joined company | 2001 | Built domain expertise in transportation systems; progression to senior leadership |
External Roles
- No public company directorships or external board roles disclosed for Barthelet in GTX proxy statements (executive officer bio lists internal responsibilities and education only) .
Fixed Compensation
- Not disclosed for Pierre Barthelet (he is not a Named Executive Officer (NEO); Summary Compensation Table covers CEO, CFO, and certain SVPs only) .
Performance Compensation
Company incentive constructs (apply broadly to executives; specific Barthelet payouts not disclosed):
- Short-term Incentive (ICP) design: 75% based on objective company criteria; 25% based on individual goals (2025 metrics: Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow Conversion) .
- 2023 ICP company metrics and results:
| Metric | Weighting | Threshold | Target | Maximum | Actual Achievement | Payout |
|---|---|---|---|---|---|---|
| Adjusted EBITDA ($M) | 40% | $502 | $590 | $679 | $635 | 138% |
| Adjusted EBITDA Margin (%) | 40% | 14.4% | 15.7% | 17.0% | 16.4% | 144% |
| Adjusted Free Cash Flow Conversion (%) | 20% | 52.7% | 62.0% | 71.3% | 70.4% | 185% |
- Long-term Incentive (LTI) PSUs: 60% PSUs / 40% RSUs; PSUs vest on three-year performance periods with equal weighting across Relative TSR, cumulative Adjusted EBITDA, and cumulative Adjusted EBITDA Margin (2023 grants: 2023–2025; 2024 grants: 2024–2026). RSUs vest in three equal annual installments on grant anniversaries (e.g., March 5, 2024 grants) .
- 2025 LTI enhancement: added a fourth PSU metric tied to “New Growth Vectors” (wins/awarded revenue across automotive/industrial) alongside TSR/EBITDA/margin .
- No stock options granted in 2022–2024 (shift toward RSUs/PSUs lowers exercise-based risk) .
Equity Ownership & Alignment
| Policy Element | Details |
|---|---|
| Ownership Guidelines | For 2025, executives reporting to the CEO must hold ≥3x base salary in GTX stock; prior NEO guidelines shown as 5x CEO, 3x CFO, 3x CTO, 2x ISC SVP, 3x GC . |
| Retention Ratio | Until guideline achieved, retain at least 50% of shares acquired from company awards post-tax . |
| Compliance Status | All NEOs were in compliance with guidelines as of Dec 31, 2024 (Barthelet-specific status not disclosed) . |
| Hedging/Pledging | Company policy prohibits hedging and pledging by directors and executive officers; trading blackout periods enforced . |
| Repricing Ban | Equity plans prohibit repricing or exchange of underwater options without shareholder approval . |
| Beneficial Ownership | Proxy tables present directors and NEOs; Barthelet’s individual ownership is not disclosed (less than 1% owners by name shown; table based on 204,546,908 shares outstanding) . |
- Section 16(a) compliance note: Nine Form 4s for executive officers were inadvertently filed three days late related to PSU vesting conditions; company disclosed the administrative lapse .
Employment Terms
- Company Severance Plan (for NEOs; Barthelet’s specific participation not disclosed): Involuntary termination without cause → 18 months base salary continuation (24 months for CEO), prorated annual bonus; double-trigger (post-change-in-control termination) → 18 months salary (24 months for CEO) plus 1.5x target bonus (2x for CEO), plus prorated bonus; Swiss-based executives typically do not receive continued health/welfare benefits from company due to government provisions .
- Post-termination restrictions (representative terms in 2020 continuity award annex): 12-month non-compete, non-solicit/non-deal provisions, with garden leave offsets; permitted passive holdings up to 5% of equity; candidate must disclose offers during restriction period .
Performance & Track Record
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Net Income ($M) | 495 | 390 | 261 | 282 |
| Adjusted EBITDA ($M) | 607 | 570 | 635 | 598 |
- 2023 execution highlights: expanded hybrid/alternative fuel turbo offerings, two additional high-volume wins for electric compressors, launched first hydrogen ICE application for commercial vehicles; >$422M adjusted free cash flow enabled deleveraging and buybacks; >50% of R&D invested in zero-emission technologies .
- Role-function overlay: Barthelet leads strategy and advanced technologies, including electrified solutions and commercial excellence, aligning with growth vectors embedded into 2025 PSU metrics .
Compensation Committee Analysis
- Talent Management & Compensation Committee: Chair Julia Steyn; members Paul Camuti, Joachim Drees, Robert Shanks, Steven Tesoriere; 8 meetings in 2024; fully independent under Nasdaq; retains Meridian Compensation Partners as independent consultant (no other services; independence and conflicts assessed) .
- Pay governance: stock ownership guidelines; anti-hedging/anti-pledging; clawback policy compliant with SEC/Nasdaq listing standards; annual say-on-pay and frequency proposals recommended by Board .
Compensation Peer Group (for PSU TSR assessments)
- 2023 grant peer group: Allison Transmission; American Axle; Autoliv; BorgWarner; Cooper-Standard; Dana; Gentex; Modine; Sensata; Timken; Visteon; Autoneum; ElringKlinger; HELLA; LEONI; Martinrea; TI Fluid Systems .
- 2024 grant peer group: Allison Transmission; American Axle; Autoliv; BorgWarner; Cooper-Standard; Dana; Gentex; Modine; Sensata; Timken; Visteon; Autoneum; ElringKlinger; HELLA; Martinrea; TI Fluid Systems .
Equity Vesting & Insider Selling Pressure
- RSUs vest in three equal annual tranches; PSUs vest at the end of three-year performance periods (e.g., 2023–2025; 2024–2026), creating periodic liquidity events that may coincide with blackout windows; company restricts trading during blackout periods and prohibits hedging/pledging, mitigating opportunistic selling pressures .
- 2025 PSU inclusion of “New Growth Vectors” increases at-risk equity tied to commercial wins, potentially influencing timing of vest outcomes and perceived execution risk .
Employment Terms – Clawback & Related Policies
- Clawback policy: recovery of incentive-based compensation upon qualifying accounting restatement; compliant with SEC/Nasdaq listing standards; filed as exhibit to 10-K .
- Responsible Equity Grant Practices: fixed grant dates at FMV; no backdating/repricing or retroactive grants; shareholder approval required for repricing .
Investment Implications
- Alignment: Strong structural alignment via EBITDA/margin/FCF ICP metrics, multi-factor PSU design (including TSR) and ownership/retention rules; 2025 addition of “New Growth Vectors” directly links Barthelet’s strategic remit (electrified/industrial wins) to equity outcomes, improving pay-for-performance linkage .
- Disclosure gaps: As a non-NEO, Barthelet’s specific salary, bonus, and grant sizes are not disclosed; beneficial ownership also not itemized, limiting precision in retention/selling pressure analysis; monitor future proxies and Forms 4 for trend visibility .
- Execution risk: Company delivered solid EBITDA and FCF performance in 2023–2024 and advanced electrification wins; tying PSUs to new growth vectors raises bar on commercial execution in Barthelet’s domain—positive if achieved, but raises risk if wins slip or macro headwinds persist .
- Governance comfort: No options repricing, hedging or pledging allowed; independent compensation oversight with Meridian; clawback policy in place—reducing governance red flags and misalignment risks .