Maggie Chu
LITTELFUSE INC /DEAbout Maggie Chu
Maggie Chu, 56, is Senior Vice President and Chief Human Resources Officer at Littelfuse (LFUS), a role she has held since 2021 after serving as Segment HR Director for Caterpillar’s $20B+ Energy & Transportation segment and corporate services (2018–2021) and 15 years in global HR leadership roles at General Electric across multiple industrial businesses . She holds an MA in Human Resources (minor in statistics) from the University of Minnesota, an undergraduate degree in Electrical Engineering from Zhejiang University, and a graduate degree in Quality Management from The Hong Kong Polytechnic University; she joined ITT Inc.’s Board of Directors in Oct-2024 . Company performance context for incentive alignment: 2024 net sales declined 7% amid soft end-markets, adjusted EPS was $7.97, cash from operations was $368M, and pay-for-performance metrics emphasize Adjusted EPS, Corporate Sales, and Cash from Operations .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Caterpillar, Inc. | Segment HR Director, Energy & Transportation; Corporate Services | 2018–2021 | Led HR for a $20B+ segment; strategic HR leadership across corporate functions |
| General Electric Company | Global HR leadership roles across multiple industrial businesses | ~2003–2018 | Multi-division HR leadership driving talent and organizational effectiveness globally |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ITT Inc. (NYSE: ITT) | Director | From Oct-2024 | Board refresh; HR/talent expertise aligned to portfolio growth and culture initiatives |
Fixed Compensation
| Metric | 2021 | 2022 | 2023 |
|---|---|---|---|
| Base Salary ($) | $189,583 | $344,500 | $377,324 |
| Bonus ($) | $110,000 (sign-on) | $0 | $665 (wellness) |
| All Other Compensation ($) | $27,144 | $38,415 | $51,059 |
| Annualized Base Salary | 2023 | 2024 |
|---|---|---|
| Amount ($) | $386,100 | $413,127 |
| 2023 All Other Compensation Detail | Amount ($) |
|---|---|
| 401(k) Company Match | $19,800 |
| Supplemental Plan Company Match | $17,944 |
| Miscellaneous (health club $400; life & AD&D $1,200; tax/financial planning $11,715) | $13,315 |
| Nonqualified Deferred Compensation (Supplemental Plan) | 2022 | 2023 |
|---|---|---|
| Executive Contributions ($) | $78,352 | $226,479 |
| Company Contributions ($) | $2,370 | $17,944 |
| Aggregate Earnings/Losses ($) | ($9,031) | $56,740 |
| Ending Balance ($) | $83,765 | $393,322 |
Performance Compensation
| Component | 2021 | 2022 | 2023 |
|---|---|---|---|
| RSU Awards – Grant Date Fair Value ($) | $676,145 | $280,206 | $329,262 |
| Stock Option Awards – Grant Date Fair Value ($) | $149,649 | $283,672 | $331,204 |
| AIP (Non-Equity Incentive Plan) Payout ($) | $219,511 | $377,606 | $194,594 |
| AIP Target (% of Base Salary) | N/A | N/A | 60.0% |
| AIP Payout (% of Target) | N/A | N/A | 84.0% |
| Company AIP Performance Metrics (Framework) | Weighting (role-dependent) | 2024 Target | 2024 Actual | Achievement |
|---|---|---|---|---|
| Corporate Sales ($M) | Role-based weights set by Committee | $2,353 | $2,191 | 0% |
| Adjusted EPS (“AIP EPS”) ($) | Role-based weights set by Committee | $11.60 | $7.97 | 0% |
| Cash Flow from Operations ($M) | Role-based weights set by Committee | $380 | $368 | 84% |
| Outstanding Equity Awards (as of 12/30/2023) | Options – Exercisable (#) | Options – Unexercisable (#) | Option Strike ($) | Expiration | RSUs Unvested (#) | RSUs Market Value ($) |
|---|---|---|---|---|---|---|
| 6/1/2021 grant | 1,374 | 687 | $262.75 | 6/1/2028 | 870 | $232,777 |
| 4/28/2022 grant | 1,344 | 2,686 | $231.64 | 4/28/2029 | 821 | $219,667 |
| 4/27/2023 grant | 0 | 4,283 | $240.76 | 4/27/2030 | 1,395 | $373,246 |
| Vesting schedule (all above) | — | — | — | — | RSUs vest 33% annually; options vest 33% annually on each of first 3 anniversaries | — |
| 2023 Realizations | Amount/Count |
|---|---|
| Options Exercised (Shares / Value) | 0 / $0 |
| RSUs Vested (Shares / Value) | 1,281 / $322,890 |
Notes: 2024 AIP performance metrics and weightings applied at the Company level vary by role; 2023 AIP for Ms. Chu carried a 60% target of base salary and paid 84% of target ($194,594) based on Committee determinations of corporate and individual results .
Equity Ownership & Alignment
- Beneficial ownership: 3,058 shares as of Feb 28, 2023; indicated as less than 1% of shares outstanding (24,797,973) .
- Stock ownership guidelines: Senior Vice Presidents must hold 2× base salary in shares within 5 years; until compliant, must retain 50% of net after-tax shares upon option exercise or RSU vesting; anti-pledging and anti-hedging policies prohibit pledging or speculative hedges except rare Board-approved exceptions .
| Ownership Snapshot | As-of Date | Shares | % of Outstanding |
|---|---|---|---|
| Direct/Beneficial Ownership | 2/28/2023 | 3,058 | <1% (company disclosure) |
Employment Terms
- Employment Offer Letter: Company states NEOs have no employment agreements except an Employment Offer Letter with Ms. Chu .
- Executive Severance Policy (non-CIC): For Ms. Chu, severance equals 1× base salary plus 1× target annual bonus; continued health coverage for 12 months; outplacement for one year (assumed 7.5% of base salary); plus Supplemental Plan account balance; equity treatment varies by individual and award terms .
- Change-of-Control (CIC) Agreements: Effective Jan 1, 2024 (new) and substantively identical to prior, with a two-year service period after CIC; if terminated without cause or for good reason during the service period, cash severance equals 2× (CEO 3×) base salary plus greater of average last-3-year bonus or current-year target; pro-rata bonus (greater of formulas); COBRA premium reimbursements for 2 years (CEO 3 years); outplacement up to 2 years (CEO 3 years); equity exercisability extended per award terms; plus other plan benefits . Equity vesting terms: Pre-2025 RSUs fully vest upon CIC or “eligible retirement”; options fully vest upon death/disability/CIC/eligible retirement per prior grants; 2025 grants move to double-trigger vesting (full vesting only if termination without cause or for good reason within 2 years post-CIC) .
Compensation Structure vs Performance Metrics
- Pay-for-performance design: Committee links CAP to Adjusted EPS, Corporate Sales, and Cash from Operations; AIP amended to cap payouts, allow upward/downward discretion, and subject awards to clawback .
- 2023 AIP specifics for Ms. Chu: Threshold 30%, Target 60%, Maximum 132% of base salary; Committee approved payout at 84% of target ($194,594) reflecting corporate and individual outcomes .
- 2024 corporate performance context used in 2025 awards process: Corporate Sales and AIP EPS below threshold; Cash from Operations achieved 84%; individual performance assessments qualitative across leadership and ESG .
Vesting Schedules and Insider Selling Pressure
- Options and RSUs vest 33% annually over three years; 2023 holdings include unexercisable options scheduled to roll into exercisable status in 2024–2026, implying potential future exercise windows .
- 2023 realized activity shows zero option exercises and 1,281 RSUs vested; this suggests low near-term selling pressure from option exercises in 2023 .
Governance, Alignment, and Risk Controls
- Stock ownership guidelines and retention requirements align executive incentives; anti-pledging/anti-hedging policies mitigate misalignment risks .
- Clawback: AIP payments subject to clawback rights per Company policy overseen by the Compensation Committee .
- Non-compete: Upon CIC separation, NEOs are no longer bound by any non-compete agreements (consistent with prior agreements) .
Performance & Track Record
| Company Pay vs Performance Snapshot | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Company TSR – $100 initial value | $134.50 | $167.40 | $118.21 | $145.06 | $129.13 |
| Peer Group TSR – $100 initial value | $120.75 | $151.36 | $124.87 | $159.56 | $213.20 |
| Net Income ($M) | $130.0 | $283.8 | $373.3 | $259.5 | $100.2 |
| Adjusted EPS (Company Selected Measure) ($) | $6.23 | $12.88 | $17.26 | $11.75 | $7.97 |
- 2024 business narrative: Focused on design wins and operational enhancements amid soft demand; returned $108M to shareholders; increased dividend 8%; cash from operations $368M; completed acquisition of a 200mm wafer fab in Dortmund on Jan 1, 2025 .
Investment Implications
- Incentive alignment: Ms. Chu’s pay mix is heavily equity- and performance-based (RSUs, options, AIP), tied to Company metrics (Adjusted EPS, Sales, CFO), with clawback and ownership requirements—supportive of long-term alignment and risk control .
- Retention economics: Non-CIC severance (1× base + 1× target bonus, 12 months benefits) is moderate; CIC double-trigger cash (2× base + bonus) and equity vesting (pre-2025 single-trigger, 2025 double-trigger) reduce flight risk but can create event-driven value transfer—monitor M&A activity and grant vintages for accelerated vesting exposure .
- Selling pressure: 2023 showed zero option exercises and routine RSU vesting; with multi-year 33% vesting, watch upcoming vest dates for potential 10b5‑1 activity and tax-withholding-related dispositions rather than large discretionary sales .
- External influence: Her ITT board seat broadens network and HR/talent insights, potentially enhancing LFUS human capital strategy execution; monitor for interlocks or policy shifts impacting compensation governance .