Patrick Goris
LINCOLN ELECTRIC HOLDINGSAbout Patrick P. Goris
Patrick P. Goris, 53, is an independent director of Lincoln Electric (LECO) since 2018 and currently serves as Audit Committee Chair and a member of the Nominating & Corporate Governance Committee. He is Senior Vice President and Chief Financial Officer (CFO) of Carrier Global Corporation (since November 2020), and previously CFO of Rockwell Automation (2017–2020). The Board has designated him an “audit committee financial expert,” and he meets Nasdaq independence standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Carrier Global Corporation | Senior Vice President & CFO | Nov 2020 – Present | Global finance leadership; investor relations; strategic planning |
| Rockwell Automation | Senior Vice President & CFO | Feb 2017 – Nov 2020 | Industrial automation finance; digital operations exposure |
External Roles
| Organization | Role | Public Company Board? | Notes |
|---|---|---|---|
| Carrier Global Corporation | Senior Vice President & CFO | No | Current executive role; not a director |
| Rockwell Automation | Senior Vice President & CFO (prior) | No | Former executive role |
Board Governance
- Committee assignments: Audit Committee Chair; Nominating & Corporate Governance Committee member .
- Independence: Non-employee director; meets Nasdaq independence standards .
- Attendance and engagement: Board held 5 meetings in 2024; each director attended at least 75% of Board and committee meetings; independent directors met in executive session at every regular meeting .
- Audit Committee oversight areas include: financial reporting, internal controls, enterprise risk management, environmental/health & safety, and cybersecurity; committee has multiple financial experts .
- Related-party transactions: Company reported no related-party transactions requiring Audit Committee approval in 2024 .
Fixed Compensation
| Component ($) | 2023 | 2024 |
|---|---|---|
| Cash Fees (Board + Chair retainers) | 105,000 | 125,000 |
| Stock Awards (RSUs, grant-date fair value) | 154,996 | 154,928 |
| Change in Pension Value/Deferred Comp Earnings | 3,448 | 1,819 |
| Total | 263,444 | 281,747 |
Program structure (non-employee directors):
- Cash retainer: $95,000; Audit Chair additional $30,000; no meeting fees unless >8 meetings .
- Equity: Annual RSU grant approximately $155,000; initial RSU grant for newly elected directors .
- Deferrals: Directors may defer cash and RSUs; in 2024 Goris deferred all Board fees and elected to defer RSUs granted .
Performance Compensation
- Directors do not receive performance-based equity; RSUs vest time-based (generally one year) with double-trigger change-in-control protection; dividend equivalents paid at distribution .
- No short-term bonus or performance metrics apply to director pay .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Other public company boards | None |
| Compensation committee interlocks | None; committee members had no reportable relationships; no cross-director compensation interlocks reported |
| Potential interlocks with customers/suppliers | Not disclosed; no related-party transactions reported in 2024 |
Expertise & Qualifications
- Finance leadership: Current CFO of a multinational; deep experience in accounting, FP&A, investor relations, M&A, strategic planning .
- Technology/operations: Exposure to digital operations and “smart” manufacturing solutions enhancing operational intelligence and risk management .
- Audit committee “financial expert” designation by the Board .
Equity Ownership
| Metric | As of 12/31/2024 |
|---|---|
| Beneficial ownership (common shares) | 600 shares; under 1% of class |
| RSUs held | 741 RSUs granted 12/11/2024 (valued at $209.08 per share) |
| RSUs/Units deferred (director plan) | 6,881 shares deferred under the Non-Employee Directors’ Deferred Compensation Plan |
| Stock ownership guideline compliance | Directors must hold either shares equal to 5x annual retainer ($475,000) or at least 2,185 shares; all non-employee directors met guidelines as of 12/31/2024 (except recently appointed Fetch/Howze; Falotico new in 2025); RSUs count toward guidelines . |
Governance Assessment
- Positives:
- Strong financial oversight as Audit Chair; designated financial expert .
- Independence affirmed; no related-party transactions in 2024; robust anti-hedging/pledging policy; no pledges by directors .
- Compensation alignment: Director pay aligned to peer median after 2023 adjustments (retainers and RSU values); continued affirmation in 2024 review; use of independent compensation consultant (Meridian) with no conflicts .
- Shareholder signals: High say-on-pay support—97% approval in 2024; 96% in 2023—indicates investor confidence in pay governance .
- Potential watch items:
- External executive role (Carrier CFO) increases time demands; however, independence maintained and no conflicts disclosed .
- Ownership optics: Beneficially owned common shares are modest (600), but significant RSU deferrals count toward director ownership guidelines .
Overall: Goris’ finance depth and role as Audit Chair bolster Board effectiveness on oversight of financial reporting, ERM, and cybersecurity. Compensation and ownership practices suggest alignment with shareholders, with no evident conflicts or red flags in 2024 disclosures .