Roopa Unnikrishnan
IDEX CORP /DE/About Roopa Unnikrishnan
Senior Vice President, Chief Strategy & Innovation Officer at IDEX. Joined IDEX in March 2022 to lead enterprise strategy and corporate development; currently oversees strategy and innovation roadmaps, tech advisory, and growth funnels, reporting to the CEO . Rhodes Scholar (India & Balliol 1995) with MPhil and MBA from the University of Oxford; prior strategy leadership across Vontier, Harman, Pfizer, Citi, BlackRock, and Katzenbach Partners . IDEX’s incentive design ties NEO pay to Adjusted EBITDA, organic sales growth, cash flow conversion and relative TSR; in 2024 the company generated $874.3M Adjusted EBITDA and $505.0M net income, with a 60% business performance factor under the annual plan .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Vontier | Chief Strategy Officer | 2021–2022 | Led corporate strategy in smarter transportation/mobility; shaped inorganic/organic growth priorities |
| Harman International | Chief Strategy Officer | 2016–2021 | Drove enterprise strategy for ~$8B automotive supplier; innovation and market expansion initiatives |
| Pfizer | VP, Corporate Strategy & Innovation; later led Talent & Organization (Pharma division) | 2007–2012 | Corporate strategy, innovation programs; human capital initiatives in pharma division |
| Katzenbach Partners | Strategy Consultant; Practice Lead, Outsourcing | 1999–2006 | Early start-up team; strategy development and people/technology mandates |
| Citi (CitiCards) | Strategy Director | 2006–2007 | Card strategy, growth and profitability focus |
| BlackRock | HR Lead, Strategic Projects (Sales & Marketing) | 2012 | Strategic projects supporting commercial functions |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Center10 Consulting | Founder | 2012–present | Innovation and strategy mandates for global clients; executive coaching |
| Rhodes Trust | Rhodes Scholar (India & Balliol 1995) | 1995 | Academic recognition; international leadership network |
| Author | The Career Catapult | 2017 | Career strategy; independent press award recognition |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $420,192 | $437,115 |
| Target Bonus % (MICP) | Not disclosed | 60% |
| Actual Bonus Paid ($) | $183,600 | $158,400 |
Performance Compensation
Annual Incentive (MICP) – Company metrics and 2024 outcomes
| MICP Objective | Threshold | Goal | Maximum | Actual | Payout | Weighting | Business Performance Factor Contribution |
|---|---|---|---|---|---|---|---|
| Adjusted EBITDA ($M) | 862.7 | 927.5 | 1,050.1 | 870.2 | 36.6% | 40% | 14.7% |
| Organic Sales Growth (%) | -3.0% | 1.0% | 5.0% | -1.9% | 47.0% | 40% | 18.8% |
| Adjusted Cash Flow Conversion (%) | 80 | 100 | 129 | 110 | 140.6% | 10% | 14.1% |
| Sustainability (score) | As defined | As defined | As defined | 125.0% | 125.0% | 10% | 12.5% |
| Total BPF | 100% | 60.1% |
- 2025 MICP design shifts cash flow conversion to 20% and removes Sustainability from the formula; initiatives continue under annual goals oversight .
Long-Term Incentives – Grants, design, vesting
| Award Type | Grant Date | Target | Strike | Vesting/Expiration | Notes |
|---|---|---|---|---|---|
| PSUs | 02/24/2022 | 1,010 shares | N/A | Vests 01/31/2025 | Relative TSR vs S&P 500; threshold 33rd percentile=33% payout, target 50th=100%, max 80th=250%; negative TSR caps payout at 100%; 1-year post-vest hold; dividend equivalents paid on actual shares |
| PSUs | 02/23/2023 | 1,275 shares | N/A | Vests 01/31/2026 | Same design |
| PSUs | 02/22/2024 | 1,280 shares | N/A | Vests 01/31/2027 | Same design |
| Stock Options | 02/22/2024 | 4,705 options | $235.13 | 25%/yr over 4 years; 10-year term (exp. 02/22/2034) | Exercise price = closing price on grant; retirement eligibility accelerates vest; granted when no MNPI timing intent |
| Stock Options | 02/23/2023 | Tranches shown | $225.69 | See table (exp. 02/23/2033) | 25%/yr vest; 10-year term |
| Stock Options | 03/21/2022 | Tranche | $198.47 | See table (exp. 03/21/2032) | 25%/yr vest; 10-year term |
- 2025 LTI adds RSUs as a third vehicle (50% PSUs; 25% options; 25% RSUs) and introduces a second PSU metric (Net Income growth, 25% weight). PSUs retain 75% weight on relative TSR; aim to emphasize profitable growth and shareholder value .
Multi-Year Compensation (Summary Compensation Table)
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | $420,192 | $437,115 |
| Stock Awards ($) | $392,930 | $447,475 |
| Option Awards ($) | $287,537 | $300,273 |
| Non-Equity Incentive ($) | $183,600 | $158,400 |
| All Other Compensation ($) | $88,739 | $84,033 |
| Total ($) | $1,372,998 | $1,427,296 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 8,150 shares of Common Stock as of March 13, 2025 |
| Ownership as % of Shares Outstanding | ~0.0108% (8,150 ÷ 75,544,109; shares outstanding on 03/13/2025) |
| Options – Exercisable vs Unexercisable (12/31/2024) | Exercisable: 3,476 (2,293 @ $198.47; 1,183 @ $225.69); Unexercisable: 10,544 (2,292 @ $198.47; 3,547 @ $225.69; 4,705 @ $235.13); 10-year expirations per grant schedule |
| PSUs – Outstanding (12/31/2024 status) | 2022 grant disclosed at 68% of target, 1,010 target shares; 2023 and 2024 grants disclosed at 0% as of 12/31/2024; vesting on 01/31/2025/2026/2027, respectively |
| Stock Ownership Guideline | Other NEOs required to hold 2x base salary; compliance required within 5 years of hire/promotion |
| Guideline Compliance Status | All NEOs meet/exceed or are on track to meet within required timeline |
| Hedging/Pledging | Prohibited for all employees and directors (no hedging or pledging, including margin accounts) |
| Deferred Compensation (SERP) Balance | Aggregate SERP balance $94,640 at 12/31/2024; registrant contributions $38,150 in 2024; no executive contributions in 2024 |
Option moneyness signal: At 12/31/2024 price $209.29, only the $198.47 tranche is in-the-money; estimated intrinsic value ≈ $10.82 × 2,293 ≈ $24.8K (using $209.29 close and strikes per table) .
Employment Terms
- Severance: If terminated without cause, severance equals one year of salary + target MICP bonus; if involuntarily terminated within two years following a change in control, severance equals two times salary + target MICP bonus (paid over 24 months), subject to release .
- Equity on Change in Control: Double-trigger equity acceleration—awards vest if termination without cause/for good reason within 24 months post-CoC; if awards not assumed or successor equity not readily tradable, awards vest in full at CoC .
- PSUs on Change in Control: Cash-valued at actual performance vs target as of CoC; paid upon retirement eligibility, termination events within 24 months post-CoC, end of performance period, or death/disability; includes dividend equivalents and specified hypothetical earnings until payment .
- Clawbacks: 2023 policy compliant with Dodd-Frank NYSE rules and broader policy to recoup awards (including time-based) upon financial restatements or certain improper conduct; 3-year look-back .
- Tax Gross-ups: No excise tax gross-up provisions; no executives eligible .
- Perquisites: Automotive/fuel allowance; supplemental long-term disability (60% of base above $300K, max $60K/year) in addition to group disability .
- Stock Grant Practices: Options priced at closing market price on grant date; annual February grants post-results; no repricing without shareholder approval; grant timing not coordinated with MNPI .
Performance & Track Record
- 2024 MICP BPF outcome: 60% (below target) due to macro headwinds; sustainability initiatives achieved above expectations (125% score) .
- Strategic actions: Company advanced long-term priorities including acquisition of Mott Corporation (largest to date) amid uncertain environment .
- Multi-year financial context (IDEX): Net Income $505.0M (2024), $596.1M (2023), $586.9M (2022); Adjusted EBITDA $874.3M (2024), $899.6M (2023), $884.2M (2022) .
Investment Implications
- Pay-for-performance alignment: Roopa’s pay mix emphasizes equity and performance-linked PSUs tied to relative TSR with downside cap when TSR is negative—aligns incentives with shareholder experience .
- Retention and CoC economics: Double-trigger CoC and 2× cash severance create retention ballast but also meaningful protection in M&A scenarios; equity acceleration limited to qualifying terminations .
- Near-term selling pressure: Low—in 2024, only the 2012–2022 option tranche ($198.47) is in-the-money at $209.29; larger 2023–2024 tranches ($225.69/$235.13) are out-of-the-money, limiting exercise-driven supply absent a rally .
- Ownership alignment and risk controls: 2× salary ownership guideline, prohibition on hedging/pledging, and robust clawbacks reduce misalignment and governance risk; no option repricing allowed .
- Program evolution: 2025 LTI introduction of RSUs increases guaranteed time-based equity, which can modestly reduce risk for executives while maintaining significant PSU weighting and adding Net Income growth metric—supports profitable growth focus .