Ingrid Estrada
Keysight TechnologiesAbout Ingrid Estrada
Ingrid A. Estrada is Senior Vice President at Keysight, serving since August 2017 as Chief People and Administrative Officer and Chief of Staff; in May 2025 she was appointed Senior Vice President overseeing corporate infrastructure and operations/supply chain, succeeding Soon Chai Gooi . She is 60 years old and holds an MBA from Santa Clara University and an executive master’s degree from Stanford University; her career spans HR, supply chain, manufacturing, and sourcing roles across HP, Agilent, and Keysight . Company performance during FY2024 was challenged: GAAP revenue was $4.98B (-9% YoY) and GAAP net income $614M (-42% YoY), with Non-GAAP EPS of $6.27 (-25% YoY), and the FY22–FY24 PSU TSR tranche paid 0% while the Non-GAAP Operating Margin tranche paid 111.7% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Keysight | SVP, Chief People & Administrative Officer and Chief of Staff | Aug 2017–present | Led global workforce strategy and corporate administration; promoted to lead Corporate Infrastructure & Operations in May 2025 |
| Keysight | SVP, Human Resources | Dec 2013–Aug 2017 | Built HR frameworks post spin; supported culture and talent integration |
| Agilent | VP & GM, Global Sourcing | 2011–2013 | Drove supply chain sourcing strategy across enterprise |
External Roles
No public company directorships or external board roles disclosed for Ms. Estrada in the available filings.
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 547,917 | 575,667 | 578,000 |
| Target STI (% of Salary) | Not disclosed | Not disclosed | 90.0% (H1 40.5%, H2 40.5%, ESG 9.0%) |
| Actual STI Paid ($) | 555,380 | 535,795 | 477,284 |
| All Other Compensation ($) | 10,417 | 11,560 | 11,560 |
Performance Compensation
Equity Grants and Mix
- Long-term incentives are 60% PSUs and 40% RSUs for NEOs; no stock options are granted (policy since 2014) .
FY2024 STI Structure and Payouts
| Component | Weight | Target ($) | Actual Payout ($) | Actual (% of Target) |
|---|---|---|---|---|
| H1 Financial (Non-GAAP EPS, Revenue) | 40.5% of salary | 234,090 | 217,184 | 92.78% |
| H2 Financial (capped at 100%) | 40.5% of salary | 234,090 | 234,090 | 100.00% |
| Annual ESG | 9.0% of salary | 52,020 | 26,010 | 50.00% |
| Total STI | 90.0% of salary | 520,200 | 477,284 | 91.75% |
ESG objectives achieved a 50% payout (women hires missed target; URM new hires met target; population objectives not met) .
FY22–FY24 PSU Program Outcomes (Certified Nov 20, 2024)
| Metric | Target | Actual | Payout |
|---|---|---|---|
| Relative TSR vs S&P 500 TR | 100% at equals index; 25% at −40 ppts; 200% at +40 ppts | Keysight TSR −13.5% vs S&P 500 32.7% (−46.2 ppts) | 0% |
| Non-GAAP Operating Margin (OM) | 100% at plan; 50% at −5 pts; 200% at +5 pts | FY22 29.3% (136%), FY23 30.3% (110%), FY24 26.3% (89%); average 111.7% | 111.7% |
PSU shares earned for Ms. Estrada from OM tranche: target 3,583; earned 4,002; cash value $684,836 (based on Nov 20, 2024 close) .
FY2024 Stock Awards (Grant Date Fair Values)
| Grant Date | Type | Target/Units | Grant Date Fair Value ($) |
|---|---|---|---|
| 11/15/2023 | PSU (OM) | Target 1,286; Max 10,288 | 770,771 |
| 11/15/2023 | PSU (TSR) | Target 3,086; Max 12,346 | 822,182 |
| 11/15/2023 | RSU | 8,231 | 1,096,287 |
| Total FY2024 Stock Awards | — | — | 2,689,239 |
Equity Ownership & Alignment
| Ownership Detail | Amount |
|---|---|
| Shares Owned Directly | 79,819 |
| Deferred Stock | 14,200 |
| Total Beneficial Ownership | 94,019 |
| Outstanding Unvested RSUs (by grant) | 1,637 (11/18/2020) ; 2,332 (11/17/2021) ; 4,193 (11/16/2022) ; 8,037 (11/15/2023) |
| Market Value of Unvested RSUs (at $149.01) | $243,929; $347,491; $624,799; $1,197,593 |
| Outstanding Unearned/Unvested PSUs (by grant) | 12,822 (5/18/2022 Stabilization) ; 4,293 (11/16/2022) ; 858 (11/16/2022) ; 6,173 (11/15/2023) ; 5,144 (11/15/2023) |
| Market/Payout Value of Unvested PSUs | $1,910,606; $639,700; $127,851; $919,839; $766,507 |
| RSU Vesting Cadence | 25% per year from grant date (retirement eligibility may alter treatment) |
| Stock Options | None outstanding; none granted in FY2024 |
| Ownership Guidelines | Executives must hold 3x salary or 40,000 shares; compliance confirmed as of FY2024 |
| Hedging/Pledging | Prohibited for executives and directors; quarterly blackout windows; 10b5-1 plans permitted |
| Deferred Settlement Election | 25% of 24,350 RSUs from 11/5/2014 deferred until separation; settlement timing per plan |
Employment Terms
| Provision | Key Terms |
|---|---|
| Change-of-Control (CoC) Severance | Two times salary + target cash incentive; $80,000 medical premium payment; full vesting of time-based awards; pro-rated cash incentive; performance awards governed by award agreements; “better after-tax” (no tax gross-ups) |
| Severance Plan | Benefits for qualifying terminations per plan; retirement-eligible status changes treatment; Stabilization PSUs not eligible for acceleration |
| Non-Solicit/Conduct | 2-year non-solicit; proprietary information compliance; restrictions on public statements; no actions causing disrepute; release required |
| Clawbacks | Recoupment Policy (vested 2014–10/1/2023 awards) for restatements/fraud; Recovery Policy (Rule 10D-1) mandated recovery of erroneously awarded incentive comp on/after 10/2/2023 regardless of fault |
Termination and CoC Economics (Estimated as of 10/31/2024)
| Scenario | Cash Severance ($) | Benefit Continuation ($) | Stock Award Accel. ($) | Stock Award Cont’d Vesting ($) | Performance Awards ($) | Pension ($) | Total ($) |
|---|---|---|---|---|---|---|---|
| Involuntary/Good Reason with CoC | 2,196,400 | 80,000 | 2,413,813 | — | 5,089,465 | 1,115,383 | 10,895,061 |
| Qualifying Termination under Severance Plan | 1,210,659 | 20,000 | — | 2,413,813 | 3,247,971 | 1,115,383 | 8,007,826 |
| Voluntary/For Cause | — | — | — | — | — | 1,115,383 | 1,115,383 |
| Death/Disability | — | — | 2,413,813 | — | 3,178,859 | 1,115,383 | 6,708,055 |
| Retirement | — | — | — | 2,413,813 | 3,178,859 | 1,115,383 | 6,708,055 |
| CoC (No Replacement Equity) | — | — | 2,413,813 | — | 5,158,577 | — | 7,572,390 |
Definitions of “cause,” “good reason,” and treatment of awards on change-of-control and retirement are detailed in the proxy .
Investment Implications
- Pay-for-performance alignment: FY22–FY24 TSR PSUs paid 0% while OM PSUs paid 111.7%, indicating long-term equity outcomes are sensitive to operating margin delivery versus market-relative returns; FY2024 STI delivered 91.75% of target, with ESG at 50% payout .
- Retention and selling pressure: Significant unvested RSUs/PSUs with annual vesting cadence and policy-permitted 10b5-1 plans suggest mechanical selling for tax/liquidity could occur around vest dates, but hedging/pledging bans and blackout windows mitigate risk; ownership guideline compliance and deferred stock elections further align incentives .
- Change-of-control economics: Double-trigger structure with ~2x cash multiple and sizeable equity acceleration/continued vesting represents meaningful protection but no tax gross-ups; strong clawback regime reduces governance risk .
- Role transition: May 2025 elevation to lead corporate infrastructure and operations places Estrada closer to core supply chain execution, a lever for margin and cash conversion; focus areas may shift KPI line-of-sight from HR to operational metrics over time .
- Overall: Compensation heavily at-risk via PSUs and STI tied to EPS/revenue/ESG, with robust governance (clawbacks, anti-pledging). Watch OM trajectory and supply chain execution under her expanded remit as leading indicators for PSU outcomes and potential incremental vesting value realization .