Abhi Khandelwal
LITTELFUSE INC /DEAbout Abhi Khandelwal
Abhishek (“Abhi”) Khandelwal was appointed Executive Vice President and Chief Financial Officer of Littelfuse, effective June 18, 2025; his principal worksite is Rosemont, IL . He brings 20+ years of finance and operations experience, previously serving as CFO at IDEX Corporation, Multi-Color Corporation, and CIRCOR International, with earlier finance leadership roles at IDEX from 2010–2020; he holds a B.S. in Finance (Indiana University) and an MBA (Northwestern University) . Core credentials emphasized by Littelfuse include strategic growth, disciplined capital allocation, and global operational enhancements; compensation is tied to annual AIP metrics (sales, EPS, cash flow) and long-term PSUs linked to relative TSR over a three-year period, aligning incentives with shareholder value creation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| IDEX Corporation (NYSE: IEX) | SVP & CFO; prior VP Finance Ops/Treasury/FP&A | 2010–2020; 2020–2021; 2023–2025 | Led finance operations, capital allocation and FP&A; CFO role emphasized disciplined growth and operational enhancements |
| Multi-Color Corporation | Chief Financial Officer | 2022–2023 | Global packaging label solutions; finance leadership across integration and operations |
| CIRCOR International (NYSE: CIR; acquired by KKR) | SVP & CFO | 2020–2021 | Managed finance for engineered pump/valve systems; execution through ownership transition |
Fixed Compensation
| Component | Terms | Effective/Grant Timing |
|---|---|---|
| Base Salary | $650,000 annually | Offer letter dated May 13, 2025; effective on commencement |
| Target Annual Bonus (AIP) | 85% of base salary (pro‑rated for 2025 months worked) | 2025 AIP participation |
| Cash Sign‑On Bonus | $250,000 (paid after 30 days; full repayment if resignation within 24 months per formula) | Paid post‑30 days; 24‑month clawback formula disclosed |
| Perquisites | Annual executive physical; $12,000 financial planning; standard benefits | Per offer letter |
| Principal Worksite | Rosemont, Illinois | Per offer letter |
Performance Compensation
| Incentive Type | Grant Value | Metric | Target/Performance Period | Vesting |
|---|---|---|---|---|
| Off‑cycle 2025 LTI – PSUs | ~$650,000 | Relative TSR vs Russell 3000 | 3‑year performance period | Vest after 3 years, subject to performance |
| Off‑cycle 2025 LTI – RSUs | ~$650,000 | Time‑based | Grant date (priced off 6/18/2025 close) | 33% annually over 3 years, beginning 1 year from grant |
| Equity Sign‑On – PSUs | ~$1,000,000 | Relative TSR vs Russell 3000 | 3‑year performance period | Vest after 3 years, subject to performance |
| Equity Sign‑On – RSUs | ~$1,000,000 | Time‑based | Grant date (priced off 6/18/2025 close) | 33% annually over 3 years, beginning 1 year from grant |
| Annual Incentive Plan (AIP) | Target 85% of base (pro‑rated) | Corporate Sales, AIP EPS, Cash Flow, Individual Performance | 2025 plan year | Cash payout based on metric attainment; 2025 CFO weighting not disclosed |
Notes:
- Littelfuse’s AIP framework for NEOs uses Corporate Sales, AIP EPS (adjusted), Cash from Operations, and role‑specific business unit metrics plus an Individual Performance component; 2025 retained the same metrics with heavier corporate sales weighting, but individual CFO weights were not disclosed .
- RSUs typically vest 33% annually over 3 years; PSUs vest at 3 years based on relative TSR (company disclosed Russell 3000 benchmark and April 24, 2025–April 23, 2028 performance window for initial performance shares) .
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Stock Ownership Guidelines | CFOs must hold shares equal to 3× base salary; compliance required within 5 years of appointment |
| Retention Requirement | Until guidelines are met, 50% of net after‑tax shares from option exercises/RSU vesting must be retained |
| Anti‑Pledging / Anti‑Hedging | Pledging company stock and hedging transactions are prohibited except in exceptional circumstances approved by the Board |
| Current Beneficial Ownership | Not yet disclosed in proxy tables for 2025; initial grants detailed above (PSUs/RSUs) |
Employment Terms
| Agreement/Policy | Key Terms | Duration/Trigger |
|---|---|---|
| Executive Severance Policy (EVP level) | If terminated without cause: severance equal to 1.5× (base + target bonus), pro‑rated actual bonus for year of termination, health premium support (18 months for EVP), continuation of perqs through year‑end, and outplacement up to one year; conditioned on release and post‑termination covenants (non‑compete/non‑solicit) | Applies to EVPs; duration for health premium support 18 months |
| Change‑of‑Control (COC) Agreement | Service period of 2 years post‑CoC; if terminated without cause or resign for good reason during service period: lump sum 2× (base + greater of 3‑yr avg bonus or target), pro‑rated bonus (greater of formulations), COBRA differential coverage for 2 years, outplacement up to 2 years, extended equity exercise/vesting per award terms; non‑compete obligations fall away post‑termination under COC | Agreement effective through Dec 31, 2026 for executives; Abhi has EVP‑level COC with 1.5× multiple per offer letter (company standard for EVP) |
| Equity Award Vesting Under CoC | For 2025‑granted unvested options/RSUs: full vest upon termination without cause or for good reason within 2 years post‑CoC (double trigger) | Post‑CoC termination within 2 years |
| Clawback Policy | Adopted October 2023; company may recover incentive‑based compensation upon an accounting restatement due to material noncompliance with financial reporting requirements | |
| Confidentiality & IP | Standard confidentiality/inventions agreement required by offer letter |
Investment Implications
- Strong pay‑for‑performance alignment: 2025 PSU grants are tied to 3‑year relative TSR (Russell 3000), while AIP uses sales, EPS, and cash generation metrics; RSU/PSU vesting schedules stagger supply over three years, reducing near‑term selling pressure and encouraging retention .
- Retention features: $250k cash sign‑on with 24‑month repayment obligation if Abhi resigns, plus significant sign‑on equity split between PSUs/RSUs; these mechanisms materially deter early departure and align with shareholders across the vesting horizon .
- Governance safeguards: Anti‑pledging/hedging policy, 3× salary ownership requirement within 5 years, and an October 2023 clawback add discipline; EVP‑level severance and double‑trigger CoC equity vesting are market‑standard and limit adverse incentives around control events .
- Execution focus: Littelfuse emphasizes disciplined capital deployment and operational enhancements; Abhi’s prior CFO roles and internal control certifications since Q2/Q3 2025 underscore accountability over financial reporting and disclosure controls .