Akhil Mahendra
IDEX CORP /DE/About Akhil Mahendra
Akhil Mahendra is Interim Chief Financial Officer and Vice President, Corporate Development at IDEX Corporation (IEX). He was appointed interim CFO effective May 30, 2025 and has been with IDEX for ~two years in Corporate Development; age 44, B.S. Mechanical Engineering (Kettering University) and MBA (University of Michigan) . He signed the Q3 2025 10‑Q CFO certification in his interim role . Company performance context tied to incentive design: 2024 Net Income $505.0M and Adjusted EBITDA $874.3M; 2024 TSR value of $100 investment was 129 versus peer group 198 . In Q2 2025, he reported adjusted EBITDA margin of 27.4%, free cash flow of $147M (94% conversion), and cost savings of $14M for the quarter, with updated FY guidance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| IDEX Corporation | Interim Chief Financial Officer | Appointed May 30, 2025 | Oversaw finance; presented earnings and guidance; highlighted $14M quarterly savings and capital allocation priorities . |
| IDEX Corporation | Vice President, Corporate Development | ~2 years (prior to May 2025) | Corporate development leadership during period that included tuck‑in acquisitions (e.g., Micro‑LAM announced July 2025) . |
| Rivian Automotive, Inc. | Vice President, Corporate Development | 2020–2023 | Led corporate development at EV manufacturer . |
| Morgan Stanley | Investment Banking (roles of increasing responsibility) | Not disclosed | M&A and capital markets experience leveraged in corporate development roles . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public company directorships or external board roles disclosed in filings for Mahendra . |
Fixed Compensation
No base salary, target bonus %, or actual bonus paid for Mahendra has been disclosed in public filings; his interim CFO appointment included an equity grant (below) but did not disclose cash compensation details .
Performance Compensation
Company Short‑Term Incentive Design (context for executive bonuses)
| Metric | 2024 Weight | 2025 Weight | Notes |
|---|---|---|---|
| Adjusted EBITDA | 40% | 40% | Primary profitability metric . |
| Organic Sales Growth | 40% | 40% | Focus on underlying growth excluding acquisitions . |
| Adjusted Cash Flow Conversion | 10% | 20% | Increased emphasis in 2025 on cash generation . |
| Sustainability | 10% | 0% | Removed from MICP in 2025; initiatives continue via annual goals . |
Equity Award Details (Interim CFO appointment)
| Award Type | Grant Value ($) | Grant Approval Date | Vesting | Other Terms |
|---|---|---|---|---|
| Restricted Stock | $500,000 | Approved May 20, 2025 | Cliff vest three years after grant date, subject to continued service | No special arrangements; standard award agreement applies . |
Recent Operating Performance (execution context)
| Metric | Q2 2025 |
|---|---|
| Organic Sales Growth (YoY) | 1% |
| Adjusted EBITDA Margin | 27.4% |
| Free Cash Flow | $147M; 94% conversion |
| Cost Savings (quarter) | $14M; on track for $62M full‑year |
| Capital Returns | $50M share repurchase in May 2025; $440M authorization remaining |
Equity Ownership & Alignment
- Equity grant: $500,000 restricted stock, cliff‑vesting after three years, aligning retention and long‑term value creation .
- Stock ownership guidelines: CFOs are required to hold 3× base salary in IDEX common stock; PSUs at target count, stock options excluded from compliance calculation .
- Hedging and pledging: Prohibited for all officers and directors (short‑sales, options, collars, margin pledging, etc.) .
- Clawbacks: Dodd‑Frank‑compliant policy to recoup incentive compensation after material restatements; broader clawback for improper conduct applies to time‑based awards as well .
- Beneficial ownership and pledged shares for Mahendra: Not disclosed in proxy tables; no related party transactions reported .
Employment Terms
| Item | Disclosure |
|---|---|
| Appointment | Interim CFO effective May 30, 2025; continues as VP Corporate Development . |
| Arrangements/Understandings | None; no family relationships; no Item 404 related‑party transactions . |
| Severance/Change‑of‑Control | Not disclosed for Mahendra. Company’s Incentive Award Plan (IAP) generally provides full vesting upon qualifying termination within 24 months post change‑of‑control, or if awards are not assumed; PSU cash‑out mechanics described for 2022–2024 grants (context) . |
| Garden leave/Non‑compete/Non‑solicit | Not disclosed. |
| CFO Stock Ownership Guideline | 3× base salary . |
| Insider Trading Policy | Prohibits hedging/pledging for all employees and directors . |
Investment Implications
- Retention and selling pressure: The $500,000 restricted stock award cliff‑vests three years post‑grant, creating a concrete retention lock‑up window; potential discretionary selling pressure may align with vesting, but timing and elections are unknown .
- Pay‑for‑performance alignment: With cash compensation not disclosed, Mahendra’s disclosed incentive is equity‑based; broader IDEX incentive architecture (EBITDA, organic growth, cash conversion) ties bonus outcomes to financial results, emphasizing cash conversion more in 2025 .
- Governance risk controls: Strong guardrails—no hedging/pledging, clawbacks, stock ownership guidelines—reduce alignment risks and potential red flags commonly associated with executive trading or option repricing (explicitly prohibited) .
- Execution signal: As interim CFO, Mahendra’s Q2 2025 guidance and savings cadence ($14M quarterly; $62M FY target) support disciplined cost control and cash generation, favorable for near‑term earnings quality and FCF conversion .
- Unknowns to monitor: Absence of disclosed base salary/bonus targets, unreported personal share ownership or pledging status, and any individualized severance/CIC terms; track future Form 4 filings and the 2026 proxy for comprehensive ownership and compensation detail .