Ben Patel
LINCOLN ELECTRIC HOLDINGSAbout Ben Patel
Ben P. Patel (age 57) is an independent director of Lincoln Electric, serving on the Board since 2018. He currently sits on the Audit, Finance, and Nominating & Corporate Governance Committees. The proxy refers to him as “Dr. Patel,” but does not disclose degree details or institutions. He brings more than 20 years of R&D and innovation leadership in materials science, automation, and sustainability from senior roles at Smurfit Westrock/WestRock, Cooper Tire, Tenneco, and General Electric .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Smurfit Westrock | Chief Innovation and Science Officer | Apr 2023 – Dec 2024 | Led global R&D to advance sustainable packaging solutions |
| Cooper Tire & Rubber Company | SVP & Chief Technology Officer | Nov 2019 – Jul 2021 | Technology leadership in specialized tire manufacturing |
| Tenneco, Inc. | SVP & Chief Technology Officer | 2011 – 2019 | Built global R&D organization; led advanced technology development |
| General Electric Company | Various roles (incl. Senior Scientist) | ~13 years | Progressive technical roles at GE |
External Roles
| Company/Institution | Role | Tenure | Notes |
|---|---|---|---|
| — | — | — | No other public company directorships disclosed |
Board Governance
- Committee assignments (2025 slate): Audit (member), Finance (member), Nominating & Corporate Governance (member). The Audit Committee’s 2024 report lists him among signatories, evidencing active participation .
- Independence: Listed as independent; all four Board committees are fully independent. Independent Directors met in Executive Session at each regular 2024 Board meeting .
- Attendance disclosure: Company-level disclosure notes Director attendance at Board and committee meetings was >75% in 2024 (no individual rates provided). Five Board meetings were held in 2024 .
- Lead Independent Director: Curtis E. Espeland .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Fees Earned or Paid in Cash ($) | 85,000 | 95,000 |
| Stock Awards ($) | 154,996 | 154,928 |
| Change in Pension Value & Nonqualified Deferred Comp Earnings ($) | 152 | 87 |
| Total ($) | 240,148 | 250,015 |
Program structure for non-employee directors (current): $95,000 annual cash retainer; Committee chair fees of $30,000 (Audit) or $20,000 (Compensation & Executive Development, Finance, Nominating & Corporate Governance); no regular meeting fees unless meetings exceed thresholds. Annual RSU grant at a fixed value of approximately $155,000; initial RSU grant upon appointment also approximately $155,000. No perquisites; anti-hedging/pledging; double-trigger change-in-control provisions; independent advisor oversight .
Performance Compensation
- Non-employee director equity is delivered as fixed-value RSUs; no performance share or option awards for directors are disclosed in the director program .
- RSU grant details:
- 741 RSUs granted to each then-serving non-employee director on Dec 11, 2024 (grant-date closing price: $209.08) .
- 757 RSUs granted to each then-serving non-employee director on Dec 7, 2023 (grant-date closing price: $204.75) .
- Deferral elections: Dr. Patel elected to defer RSUs granted in 2023 and 2024 under the Non-Employee Directors’ Deferred Compensation Plan .
| Equity Detail | 2023 | 2024 |
|---|---|---|
| RSUs granted (count) | 757 (at $204.75 close) | 741 (at $209.08 close) |
| Performance metrics | None disclosed for director RSUs | None disclosed for director RSUs |
| Deferral election | Elected deferral | Elected deferral |
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| Current public company boards | None |
| Interlocks/related parties | Company reports no related-party transactions requiring Audit Committee approval in 2024 |
Expertise & Qualifications
- Core expertise: material science, automation and “smart” systems, extensive R&D leadership, sustainability insights; experience supporting LECO’s advanced manufacturing growth strategy .
- Governance: Experience as a Lincoln Electric director; participates on Audit, Finance, and Nominating & Corporate Governance Committees .
- Notable: Referred to as “Dr. Patel” (doctoral credential implied; institution/field not disclosed) .
Equity Ownership
| Ownership Item | Amount / Status |
|---|---|
| Beneficial ownership (common shares) | 1,113 shares; <1% of class (as of Dec 31, 2024) |
| Deferred shares in Non-Employee Directors’ DCP | 6,881 shares not reflected in beneficial ownership table |
| RSUs held (as of Dec 31, 2024) | 741 RSUs per director (2024 grant) |
| Ownership guidelines | 5x annual retainer ($475,000) or 2,185 shares; all non-employee directors satisfied as of Dec 31, 2024 except three recent appointees (Fetch, Howze, Falotico) |
| Hedging/pledging | Prohibited; no pledges in place for any Directors or executive officers |
Governance Assessment
- Positives (board effectiveness and alignment)
- Independent director with multi-committee roles (Audit, Finance, Nominating & Corporate Governance), supporting strong oversight breadth .
- Compensation mix balanced and aligned with shareholders via fixed-value RSUs; no perqs; anti-hedging/pledging; double-trigger CIC; compensation reviewed against peer median with independent advisor .
- Demonstrated long-term alignment through meaningful deferred share balance and compliance with director ownership guidelines (not among exceptions) .
- No related-party transactions disclosed for 2024; independent directors meet in executive session at each regular Board meeting .
- Watch items
- Individual attendance rates are not disclosed (only company-level >75%); continue to monitor future proxy disclosures for personal attendance metrics .
- As an Audit Committee member (not identified as the financial expert), continued focus on cybersecurity, EHS, and internal controls remains important given oversight scope .
RED FLAGS: None identified in disclosures—no other public company directorships, no related-party transactions, no pledging, and anti-hedging/pledging policies in force .
Appendix: Committee Context and Company Practices (relevant to director oversight)
- Audit Committee oversight includes EHS and cybersecurity; 2024 report signed by committee including Dr. Patel .
- Company-wide governance practices include clawback policy for executives, robust ownership guidelines, and active shareholder engagement; while executive-focused, these practices shape the governance environment directors oversee .