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Mark M. Gitin

Chief Executive Officer at IPG PHOTONICS
Board
Since June 5, 2024
Age
58 years
Education
Holds a B.S. in Electrical Engineering from the University of California, Davis, and an M.Eng. and Ph.D. in Electrical Engineering from Cornell University.
Tenure
Joined IPGP on 06-05-2024 and has served as the Chief Executive Officer since that date.

Also at IPG PHOTONICS

APL
Angelo P. Lopresti
General Counsel, Secretary, and Senior Vice President
IS
Igor Samartsev
Senior Vice President, Chief Scientist
TPM
Timothy P.V. Mammen
Senior Vice President and Chief Financial Officer

About

Mark M. Gitin, Ph.D. is a seasoned executive currently serving as the Chief Executive Officer of IPG Photonics Corporation. He is 58 years old as of February 20, 2025.

He holds a B.S. in Electrical Engineering from the University of California, Davis, and both an M.Eng. and Ph.D. in Electrical Engineering from Cornell University. His academic credentials have contributed to his deep technical expertise in the lasers and optics sector.

With over 30 years of experience in the industry, his extensive career includes high-level positions at MKS Instruments, Inc. and Coherent, Inc., where he held several management roles and was instrumental in leading photonics divisions. Since joining IPGP on 06-05-2024 as CEO, he has been pivotal in guiding the company’s strategic direction.

$IPGP Performance Under Mark M. Gitin

Past Roles

OrganizationRoleDate RangeDetails
MKS Instruments, Inc. Executive Vice President and General Manager, Photonics Solutions Division 2023
MKS Instruments, Inc. Senior Vice President and General Manager, Photonics Solutions Division 2019–2023
MKS Instruments, Inc. Vice President and General Manager, Photonics Business Unit 2017–2019 Also assumed responsibility for the Instruments and Motion Business Unit in 2018
Coherent, Inc. Multiple roles: Vice President of Strategic Marketing, Vice President of Business Development, and Vice President and General Manager of the Diodes, Fibers, and Systems Business Unit March 1995 – September 2017 Held various management roles in the lasers and optics sector

Fixed Compensation

Data from  FY 2024
Component NameAmount ($USD)Payment ScheduleAdditional Details
Base Salary411,346 Prorated for CEO service in 2024 (annualized at 775,000)Start date: June 5, 2024
New Hire Bonus775,000 Paid in 2024 contingent on continued employmentEqual to 100% of annual base salary; conditions apply
Service-Based RSUs2,500,000 Vest in three equal annual installments starting post-commencementRepresents 50% of the 5,000,000 total RSU grant value; non-performance based
Relocation Stipend500,000 One-time payment during relocationProvided to facilitate move from California to Massachusetts
Temporary Housing14,720 Provided for up to six months during relocationPart of relocation package

Performance Compensation

Data from  FY 2024

Operating Margin PSUs

MetricThreshold (units)Target (units)Maximum (units)Vesting ScheduleEvaluation PeriodGrant Date Fair Value ($USD)Additional Details
Operating Margin PSUs7,197 28,790 57,580 Vest on June 5, 2027 (one installment)3-year period starting Jan 1, 2024 2,499,836 Valuation pursuant to ASC 718; payout contingent on achieving pre-determined operating margin metrics

Organic Revenue Growth PSUs

MetricThreshold (payout %)Target (units)Maximum (payout)Vesting ScheduleEvaluation PeriodGrant Date Fair Value ($USD)Additional Details
Organic Revenue Growth PSUs25% of target 14,395 200% of target Cliff vest in March 2027Jan 1, 2024 – Dec 31, 2026 2,499,836 Based on organic revenue growth; targets are confidential and set at challenging levels; includes dividend equivalents