Michelle Altamura
About Michelle Altamura
Michelle Altamura is Executive Vice President, General Counsel and Corporate Secretary at Iron Mountain, appointed in October 2024; she is 43 years old and has served in progressively senior legal and leadership roles at IRM since 2012, including Chief of Staff to the CEO, Deputy General Counsel, and regional senior counsel roles, and previously practiced at WilmerHale . She holds a bachelor’s degree from the University of Minnesota and a Juris Doctor from Northeastern University School of Law . Company performance during her tenure and recent years includes record 2024 revenue of $6.15B, Adjusted EBITDA of $2.24B, AFFO of $1.34B, and cumulative 5‑year TSR of 329% versus 23% for the MSCI US REIT Index, reflecting strong execution of Project Matterhorn across core RIM, data centers, digital solutions, and ALM .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Iron Mountain | EVP, General Counsel & Secretary | Oct 2024–present | Oversees global legal, compliance, corporate secretary functions; chairs Sustainability Executive Steering Committee . |
| Iron Mountain | SVP & Deputy General Counsel | Dec 2023–Oct 2024 | Senior legal leadership across global operations . |
| Iron Mountain | VP & Group Counsel | May 2021–Dec 2023 | Led commercial legal teams across North America, Europe, MENAT, Asia Pacific; supported high-growth business lines . |
| Iron Mountain | VP & Senior Counsel, NA/EMEA/ANZ | Feb 2020–May 2021 | Regional legal leadership across multiple geographies . |
| Iron Mountain | Chief of Staff to the CEO | Sep 2017–Feb 2020 | Supported CEO office and enterprise initiatives . |
| Iron Mountain | Various legal roles (joined IRM) | 2012–2017 | M&A and commercial legal leadership supporting growth businesses . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| WilmerHale | Associate, Corporate Department | Pre‑2012 | Transactional/legal training at a leading international law firm . |
Fixed Compensation
Not disclosed for Altamura in the latest proxy. Executive compensation policies include base salary (fixed) and annual short‑term incentives (STI) with risk‑mitigation features; no excise tax gross‑ups, no single‑trigger equity acceleration; anti‑hedging/anti‑pledging, and clawback policy adopted November 30, 2023 .
Performance Compensation
IRM’s executive incentive design (applies to the executive team Altamura leads as General Counsel) emphasizes pay for performance across financial, strategic, and long‑term value creation measures.
Annual Incentives (STI) – Design and Metrics
| Component | Weighting | Target/Payout Structure | Notes |
|---|---|---|---|
| Adjusted EBITDA & Revenue | 40% | Threshold 50%; Target 100%; Max 200% payout; example 2024 target: Adj. EBITDA $2,200M; actual $2,254M; Revenue target $6,170M; actual $6,180M . | Tied to profitable growth trajectory . |
| AFFO per Share (constant currency) | 30% | Threshold 50%; Target 100%; Max 150% payout; 2024 payout 141.3% pre‑discretion . | Aligns cash generation and dividend capacity . |
| Strategic Objectives | 30% | Structured goals across cross‑sell, capacity, DEI, GHG; 2024 payout 128.2% pre‑discretion . | Supports Project Matterhorn execution . |
| Individual Multiplier | ±25% | Applied by Board/Comp Committee to recognize individual contribution . | Governs final STI outcome . |
Notes: Compensation Committee used negative discretion to align executive STI payouts with the broader workforce; 2024 final calculated payout prior to individual multipliers was 124.9% .
Long‑Term Incentives (LTI) – Structure and Performance
| Instrument | Vesting | Metrics & Payouts | Design Intent |
|---|---|---|---|
| Performance Units (PUs) | 3‑year cliff (subject to ROIC hurdle) . | Operational Revenue (Core Plan avg of 3 one‑year goals: 96%→50%; 100%→100%; 105%→200% weighted) ; Advanced Revenue Plan (year‑3 hurdle + positive absolute TSR: 98%→300%; 100%→350%; 107%→400% weighted) ; Relative TSR vs MSCI US REIT Index: 30th→50%; 50th→100%; 75th→150%; 90th→200% with negative absolute TSR cap at 100% . | Reward sustained revenue growth and rTSR leadership; align with Project Matterhorn . |
| RSUs | Ratable over 3 years . | Time‑based vesting with dividend equivalents at settlement . | Retention and ownership alignment . |
| Stock Options (CEO only) | 3‑year ratable; 10‑year term . | FMV strike at grant; no dividends on options . | Long‑term value creation . |
Clawback policy applies to incentive compensation (cash/time‑vesting/performance‑vesting) received on or after Oct 2, 2023 upon accounting restatements or misconduct .
Equity Ownership & Alignment
| Policy Element | Altamura Applicability | Details |
|---|---|---|
| Stock Ownership Guidelines | EVP multiple | EVPs reporting to the CEO must hold Common Stock equal to 2x base salary; executives must retain 50% of net shares from vesting/exercise until guideline met; all executive team members subject to guidelines were in compliance as of March 2025 . |
| Anti‑hedging/Anti‑pledging | Applies to all directors and executives | Hedging and pledging company stock are prohibited; SVP+ cannot place IRM securities in margin accounts; trading approvals required; certain employees may trade only under pre‑approved 10b5‑1 plans with cooling‑off and restrictions . |
| Insider Trading Compliance | Company disclosure | As of April 18, 2025, all executive officers and directors were in compliance with the Insider Trading Policy . |
| Equity Plan Governance | Company‑wide | 2014 Stock & Cash Incentive Plan: minimum one‑year vesting; change‑in‑control “vesting change” provision accelerates unvested awards upon termination by company or for “good reason” within 14 days before or 12 months after change; prohibits option/SAR repricing without shareholder approval . |
Employment Terms
| Term | Disclosure | Details |
|---|---|---|
| Appointment & Role | Disclosed | Appointed EVP, General Counsel & Secretary in Oct 2024; age 43 . |
| Clawback | Disclosed | Recoupment of excess incentive‑based compensation after restatement or misconduct (SEC/NYSE‑compliant), adopted Nov 30, 2023 . |
| Change‑in‑Control (Equity) | Plan terms disclosed | Unvested awards generally vest if terminated by company or for “good reason” in connection with a “vesting change in control” (within 14 days prior or 12 months after); “good reason” includes compensation/benefit diminution or relocation >50 miles . |
| Severance Programs | Not specifically disclosed for Altamura | Company discloses CEO Severance Program No.2 and NEO Severance Program No.1 for named officers; no excise tax gross‑ups; details vary by role and change‑in‑control context . |
Company Performance Context (2020–2024)
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Revenue ($USD Billions) | $4.147 | $4.492 | $5.104 | $5.480 | $6.150 |
| Net Income ($USD Millions) | $343.10 | $452.73 | $562.15 | $187.26 | $183.67 |
Additional highlights: Organic revenue +9% YoY in 2024; Adjusted EBITDA margin 36.4%; Global data center revenue +25%, 116MW signed, capacity expanded to 1.280GW; ALM revenue +119% (integration of Regency Technologies); dividend increased (Q3’24 to $0.715; Q1’25 to $0.785) with AFFO strength .
Investment Implications
- Alignment and risk controls: Strong governance with anti‑hedging/anti‑pledging, ownership guidelines (EVP 2x salary), formal trading approvals/10b5‑1, and a robust clawback reduce misalignment and opportunistic selling pressure; company disclosed full compliance among executives as of April 2025 .
- Incentive design favors execution: Executive STI ties 70% to financial metrics (Adj. EBITDA/Revenue/AFFO per share) and 30% to strategic initiatives under Project Matterhorn, while LTI heavily weights multi‑year revenue and rTSR with ROIC hurdles and high maximum payouts—driving durable growth and rTSR leadership (329% 5‑year TSR vs MSCI US REIT 23%) .
- Change‑in‑control protections: Equity provisions use double‑trigger vesting, limiting windfalls and encouraging continuity, with shareholder‑friendly plan terms (no option repricing without approval; minimum vesting) .
- Execution risk: Company growth ambitions (data centers, digital, ALM) entail multi‑year investment and operational scaling; compensation metrics are calibrated to revenue growth and capital efficiency (ROIC), mitigating risk of growth at any cost .
No individual compensation amounts, grants, or share ownership figures for Ms. Altamura are disclosed in the latest proxy; analysis reflects company policies and executive program design governing her role .