Elizabeth Hepding
Ingersoll RandAbout Elizabeth Hepding
Elizabeth M. Hepding is Senior Vice President, Corporate Development at Ingersoll Rand (IR), serving since July 2021. She is 47 years old with 4 years of service and holds an MBA from the University of Chicago Booth School of Business and a bachelor’s degree from Washington & Lee University . Company-level performance during her tenure includes strong IR TSR versus benchmarks at year-end 2024 (1-year 17%, 3-year 47%, 5-year 148%) and continued revenue and EBITDA expansion, supported by disciplined capital deployment into sustainable end-markets . IR executed 18 acquisitions in 2024, highlighting active inorganic growth aligned to her function .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PurposeBuilt Brands, Inc. | Vice President, Corporate Development | 2019–2021 | Guided expansion through acquisitions for a portfolio of specialty cleaning and disinfection brands . |
| Essendant Inc. | SVP, Strategy & Corporate Development | Six years (through 2019) | Led acquisitions, divestitures, partnerships, and enterprise transformation strategy for a national distributor . |
| UBS Investment Bank | Investment Banking (roles of increasing responsibility) | More than a decade | Led M&A and strategic advisory with increasing responsibility . |
External Roles
No public company board roles or external directorships disclosed for Hepding .
Fixed Compensation
Not disclosed for Elizabeth Hepding in the latest proxy (NEO compensation presented; Hepding is not listed as an NEO) .
Performance Compensation
Not disclosed specifically for Hepding. IR’s corporate NEO annual incentive framework (context for executive program design):
| Metric | Weighting | Threshold (50%) | Target (100%) | Maximum (200%) | Actual | Weighted Payout |
|---|---|---|---|---|---|---|
| Adjusted EPS | 75% | $2.95 | $3.28 | $3.60 | $3.39 | 105% |
| Free Cash Flow (millions) | 25% | $1,158 | $1,287 | $1,413 | $1,247 | 85% |
| Total | 100% | Formulaic payout 100% |
Long-term incentive design for NEOs in 2024: 50% PSUs (3-year Relative TSR vs S&P 500 Industrials), 25% stock options (4-year ratable vest, 10-year term), 25% RSUs (4-year ratable vest) . Compensation governance includes no hedging/pledging, clawbacks, robust ownership guidelines, and no tax gross-ups for CIC .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | Not separately disclosed for Hepding in table; footnotes confirm option holdings . |
| Options exercisable (current right to acquire within 60 days) | 20,165 options currently exercisable (2025 table) ; 17,349 options/RSUs within 60 days (2024 table) . |
| Pledging/Hedging | Company policy prohibits hedging and pledging for directors, officers, and employees . |
| Ownership guidelines (executives) | As of Feb 2025, applies to CEO direct reports VP+; levels include CEO 10x salary; CFO/SVP IRX/GC 5x; CEO direct-report SVPs 3x; VPs/Chief Accounting Officer 2x salary; retain 75% of net shares until guideline met . |
| Compliance status | As of Jan 1, 2025, all NEOs and then-serving directors with ≥1 year were in compliance (Hepding not part of this disclosure) . |
Employment Terms
- No specific offer letter or employment agreement disclosed for Hepding. NEO severance terms (context) provide 12 months of base salary and COBRA benefits for termination without cause/good reason; equity accelerations vary by event and award type .
- Company-wide Incentive Compensation Clawback Policy (NYSE-compliant) mandates recovery of erroneously awarded incentive comp for Section 16 officers upon a restatement, covering three prior years .
Performance & Track Record
IR performance over Hepding’s tenure (company-level metrics):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 5,916,300,000 [*] | 6,876,100,000 | 7,235,000,000 |
| EBITDA ($) | 1,312,200,000 [*] | 1,700,600,000 | 1,936,300,000 |
| EBITDA Margin (%) | 22.18% [*] | 24.73% [*] | 26.76% [*] |
| Cash from Operations ($) | 860,300,000 [*] | 1,377,400,000 | 1,396,700,000 |
| Capital Expenditure ($) | (94,600,000) [*] | (105,400,000) [*] | (149,100,000) [*] |
| Levered Free Cash Flow ($) | 791,925,000 [*] | 1,129,300,000 [*] | 991,987,500 [*] |
Asterisk denotes values retrieved from S&P Global.
IR TSR at year-end 2024:
| Period | IR | Proxy Peer Median | S&P 500 | S&P 500 Industrials |
|---|---|---|---|---|
| 1-Year | 17% | 1% | 23% | 16% |
| 3-Year | 47% | 0% | 23% | 25% |
| 5-Year | 148% | 56% | 82% | 62% |
Additional context:
- 18 acquisitions in 2024; management-estimated 2024 revenue contribution and disciplined purchase multiples consistent with IR’s inorganic playbook .
- Strategic focus on sustainable end-markets (life sciences, food & beverage, water, clean energy), with validation via external ESG ratings and S&P Global CSA ranking .
Say-on-Pay & Compensation Peer Group
- Say-on-Pay approval: 95% support at 2024 Annual Meeting, reflecting investor endorsement of pay-for-performance design .
- 2024 Peer Group used for compensation decisions: AMETEK, Dover, Flowserve, Fortive, IDEX, Illinois Tool Works, Mettler-Toledo, Nordson, Parker-Hannifin, Pentair, Rockwell Automation, Xylem .
- 2025 Peer Group changes: additions (Agilent, Avantor, Becton Dickinson, TransDigm) and removals (Flowserve, Nordson, Pentair) to better match size/complexity/end-market exposure .
Governance & Risk Indicators
- No related person transactions reported since Jan 1, 2024 .
- Anti-hedging/anti-pledging policy in force for insiders; robust ownership and retention guidelines; equity grant timing policies; and clawback framework reduce misalignment and risk .
Investment Implications
- Alignment: Prohibition on hedging/pledging and robust ownership retention requirements suggest strong alignment; if Hepding is a CEO direct-report SVP, a 3x salary ownership guideline applies post-Feb 2025, supporting long-term orientation .
- Retention risk: Specific severance/CIC terms for Hepding are not disclosed; however, IR’s executive program emphasizes multi-year equity (PSUs, RSUs, options) with time/performance vesting that generally strengthens retention, reduces near-term selling pressure, and aligns with TSR outcomes .
- Trading signals: Lack of Form 4 detail here limits insider selling analysis; option holdings indicate exercisable inventory (20,165) but policy constraints (no hedging/pledging) and retention requirements may temper sell pressure .
- Execution/Value creation: Corporate development remained active (18 acquisitions in 2024) and IR delivered strong TSR and EBITDA progression during Hepding’s tenure—supportive of a constructive view on inorganic value compounding and portfolio mix shift to resilient, sustainable end-markets .
S&P Global disclaimer: Where asterisked, values were retrieved from S&P Global.