Ulrich Bartel
Senior Vice President and President, Coperion and Advanced Process Solutions at 
Hillenbrand
HillenbrandExecutive
About Ulrich Bartel
Ulrich Bartel is Senior Vice President at Hillenbrand and Group President overseeing Coperion’s Performance Materials division, Rotex, and Coperion’s Aftermarket division; he has served as President of Coperion since June 2021 and as President of Advanced Process Solutions (APS) since June 2022 . He holds a degree in process technology from the Technical University of Braunschweig and began his career at Coperion in 1990 as a process engineer, with international leadership assignments in Singapore, Japan, China, and the U.S. . Hillenbrand’s executive bonus metrics for his role emphasize Adjusted EBITDA, Order Intake (for Coperion), and Cash Conversion Cycle; in fiscal 2024, Coperion achieved 77.6% payout on Adjusted EBITDA, 0% on Order Intake, and 61.9% on CCC, translating to a 54.3% Company Performance Factor for Coperion that drives Bartel’s STIC outcomes . Age was disclosed as 63 in the company’s 2023 Form 10‑K; he has been a Named Executive Officer since 2023 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Hillenbrand | Senior Vice President; Group President (APS: Coperion Performance Materials, Rotex, Aftermarket) | 2022–present | Oversees APS platform and Rotex, aligning operations to HOM and segment strategy |
| Hillenbrand/Coperion | President, Coperion | 2021–present | Improved growth performance and financial results; leveraged HOM across Coperion |
| Coperion | President, Polymer Division | 2020–2021 | Led division transition and performance management |
| Coperion | Vice President, Compounding Machines | 2013–2020 | Ran global compounding machines operations |
| Coperion (U.S. subsidiary) | President & CEO (Ramsey, NJ; responsibility also for Wytheville, VA and Houston, TX) | 2009–2013 | Led U.S. manufacturing and sales footprint |
| Coperion / Werner & Pfleiderer | Process Engineer and subsequent leadership posts across Asia and Europe | 1990–2013 | International assignments including integration of Keya (China) post-acquisition |
External Roles
No public company directorships or external board roles disclosed.
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | 455,218 | 526,824 |
| All Other Compensation ($) | 19,883 | 20,309 (perqs: executive physical $1,528; vehicle allowance $18,781) |
Performance Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Stock Awards – Grant Date Fair Value ($) | 937,862 | 974,077 |
| Non-Equity Incentive Plan Compensation (STIC cash bonus) ($) | 142,607 | 207,263 |
| LTIC Target Opportunity ($) | 800,000 | 950,000 |
STIC Design and Outcomes (Fiscal 2024)
| Component | Weight | Target | Actual | Payout Level |
|---|---|---|---|---|
| Hillenbrand Adjusted EBITDA (Consolidated) | 50% | $570 | $516 | 68.6% |
| Hillenbrand Net Revenue | 25% | $3,544 | $2,974 | 0% |
| Hillenbrand Cash Conversion Cycle (Days) | 25% | 66.0 | 72.3 | 76.1% |
| Company Performance Factor – Hillenbrand | — | — | — | 53.3% |
| Coperion Adjusted EBITDA | 50% | $411 | $383 | 77.6% |
| Coperion Order Intake | 25% | $2,440 | $1,903 | 0% |
| Coperion Cash Conversion Cycle (Days) | 25% | 45.9 | 52.9 | 61.9% |
| Company Performance Factor – Coperion | — | — | — | 54.3% |
Notes:
- Bartel’s Company Performance Factor allocation: 25% Hillenbrand, 75% Coperion .
- Individual Performance Factor for Bartel: 95% .
- STIC calculation: Target STIC Award $403,647 × 54.1% CPF × 95% IPF = $207,263 paid .
LTIC Architecture and Bartel Award Detail
- Mix: 2/3 performance-based RSUs (split evenly between Shareholder Value RSUs and Relative TSR RSUs), 1/3 time-based RSUs; maximum payout for performance RSUs = 200% since FY2023 . | Award Type | Grant Date | Target Shares | Measurement Period | Vesting | Max Payout | |---|---|---:|---|---|---:| | Shareholder Value RSUs | 12/7/2023 | 7,979 | FY2024–FY2026 | Vests 9/30/2026 (contingent on shareholder value formula) | 200% | | Relative TSR RSUs | 12/7/2023 | 7,979 | FY2024–FY2026 | Vests 9/30/2026 (contingent on TSR percentile vs index peers) | 200% | | Time-Based RSUs | 12/7/2023 | 7,979 | — | Vests 1/3 on 12/7/2024, 12/7/2025, 12/7/2026 | — | | Shareholder Value RSUs | 12/7/2022 | 5,167 | FY2023–FY2025 | Vests 9/30/2025 | 200% (post-2023 policy) | | Relative TSR RSUs | 12/7/2022 | 5,167 | FY2023–FY2025 | Vests 9/30/2025 | 200% | | Time-Based RSUs | 12/7/2022 | 5,167 | — | Vests 1/3 on 12/7/2023, 12/7/2024, 12/7/2025 | — |
Realized in FY2024:
- Vested PB RSUs (2022 grants): 3,415 shares, $117,032 value .
- Vested time-based RSUs: 4,060 shares, $159,921 value .
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Total Beneficial Ownership (12/13/2024) | 48,316 shares; less than 1% of outstanding |
| Shares Outstanding (Record Date) | 70,413,053 |
| Directly Owned Shares | 24,179 |
| Options Exercisable within 60 Days | 20,086 |
| RSUs Vesting within 60 Days | 4,051 |
| Unvested Time-Based RSUs (Market Value at $27.80) | 13,153 units; $365,653 |
| Unvested Performance RSUs – Shareholder Value (Target) | 13,543 units; $376,495 |
| Unvested Performance RSUs – Relative TSR (Target) | 17,115 units; $475,797 |
| Stock Options Outstanding (Exercisable) | 5,664 @ $31.11 exp. 12/2/2025; 5,340 @ $36.08 exp. 12/7/2026; 4,427 @ $45.78 exp. 12/7/2027; 4,655 @ $41.32 exp. 12/6/2028 |
| Anti‑Hedging / Anti‑Pledging Policy | Pledging and hedging prohibited for directors and officers |
| Pledged Shares | None; company discloses no pledging by directors or executives |
| Ownership Guideline | Senior Vice Presidents: 2× base salary |
Note: At $27.80 closing price on 9/30/2024, all listed option strike prices are above market, implying options out‑of‑the‑money at that date .
Insider activity signal:
- Form 4 filed for transactions dated 09/30/2025 reflects RSU-related entries and a disposition event; reporting as Sr. VP & President, APS .
Employment Terms
| Provision | Detail |
|---|---|
| Employment Agreement | Mr. Bartel’s agreement is governed by German law via Hillenbrand Germany Holding GmbH; differs from U.S. executives’ terms accordingly . |
| Non‑Compete / Non‑Solicit | Company standard for senior executives provides non‑competition and non‑solicitation for ~1–2 years post‑termination (U.S. executives); Bartel’s terms align to German market practice . |
| Severance (Non‑CIC) | Termination without cause or resignation with good reason: $750,557 salary & cash; $503,250 accelerated vesting; total $1,253,807 (no health continuation indicated) . |
| Disability / Death | Permanent disability: $529,947 cash; $442,823 accelerated vesting; total $972,770. Death: $332,911 cash; $442,823 accelerated vesting; total $775,734 . |
| Retirement | $732,029 cash; $503,250 accelerated vesting; total $1,235,279 (Bartel qualifies for accelerated vesting in retirement context due to age/service) . |
| Change‑in‑Control (Double Trigger) | Total estimated benefits $3,217,400; breakdown: $1,073,860 salary‑based compensation; $998,166 incentive compensation; $1,201,627 accelerated vesting; tax cutback of $(56,253); no tax gross‑up; benefits payable only upon CIC plus qualified termination . |
| Clawback | Company maintains clawback over cash and equity incentives in event of financial restatement . |
| Anti‑Hedging / Anti‑Pledging | Hedging, short sales, and pledging prohibited; no margin accounts permitted . |
| Deferred Compensation / Pension | Not eligible for Supplemental Retirement Plan (SRP); Germany‑based group accident insurance provides €110,000 death and €300,000 disability coverage . |
| Perquisites | 2024 perqs: executive physical $1,528; vehicle allowance $18,781 . |
Performance Compensation – Equity Vesting Schedules
| Award | Key Dates |
|---|---|
| Time‑Based RSUs (2023 grant) | 1/3 vested 12/7/2024; remaining tranches scheduled 12/7/2025 and 12/7/2026 . |
| Performance RSUs (2023 grants) | Measurement FY2024–FY2026; vest scheduled on 9/30/2026 (subject to performance) . |
| Performance RSUs (2022 grants) | Measurement FY2023–FY2025; vest scheduled on 9/30/2025 (subject to performance) . |
| Options | Expirations in 2025, 2026, 2027, 2028; strikes: $31.11, $36.08, $45.78, $41.32 . |
Compensation Structure Analysis
- Pay-for-performance architecture: STIC metrics widened in 2024 for EBITDA payout curve (33 1/3% at 80% of target vs prior 50% at 85%) and LTIC shifted to heavier performance RSU mix with 200% max payout to maintain competitiveness and incentive strength .
- Peer group benchmarking: Target compensation benchmarked to 50th percentile; peer group expanded in 2024 to include Columbus McKinnon to align revenue positioning .
- Say‑on‑Pay support: >94% approval each of the past eleven years, indicating shareholder support for pay design .
- Risk and governance: Double‑trigger CIC, no tax gross‑ups, robust anti‑hedging/anti‑pledging, and clawback provisions reduce governance risk and pay design red flags .
Investment Implications
- Alignment and retention: Bartel’s compensation is heavily performance‑based (EBITDA, Order Intake for Coperion, CCC) with multi‑year LTIC contingent on shareholder value and relative TSR, reinforcing long‑term value creation incentives; upcoming vesting dates (9/30/2025; 12/7/2025; 9/30/2026; 12/7/2026) are key retention and potential trading windows .
- Limited near‑term option exercise pressure: As of 9/30/2024, all exercisable options carried strikes above the $27.80 closing price, suggesting minimal exercise‑driven selling pressure unless the stock appreciates materially .
- CIC economics and severance: Double‑trigger CIC benefits total ~$3.22M with no gross‑ups, and German‑law severance schedule is moderate relative to U.S. packages, lowering parachute risk while preserving retention .
- Ownership and pledging: Beneficial ownership of 48,316 shares with no pledging and strict anti‑hedging policy supports alignment; Senior Vice President ownership guideline of 2× salary applies, though individual compliance status is not disclosed .
- Execution track record: Career progression from process engineering to global divisional leadership and APS Group President, with documented improvements in Coperion performance, indicates strong operating acumen—particularly relevant given APS’s EBITDA‑centric incentives .