Desiree Bacher
LINDEAbout Desiree Bacher
Desiree Bacher is Linde’s Senior Vice President and Chief Human Resources Officer (CHRO), appointed effective September 1, 2025; she also oversees Communications, AI & Digitalization, and Global Giving . She joined Linde in 1999 and has held senior finance and operations roles across Asia Pacific and the U.S.; she holds a Bachelor of Science in Accountancy and is a Certified Public Accountant . Company performance context: in 2024 Linde delivered sales of $33.0B, adjusted operating margin of 29.5%, EPS up 9% (10% ex-FX), and ROC of 25.9% . PSUs granted in 2022 paid at 200% for ROC and 184% for relative TSR (71st percentile) for the 2022–2024 period, underscoring pay-for-performance alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Linde Philippines | Controller; later Commercial Manager | 1999–2003 | Built foundational finance and commercial capabilities in Philippines operations |
| Linde | Vice President, Finance | 2003–2004 | Advanced regional finance leadership prior to Asia assignment |
| Linde (Singapore/APAC) | Senior finance roles across APAC | 2004–2010 | Led regional finance; strengthened governance across APAC |
| Linde (Manila) | Established and led first captive shared service organization | 2010–2013 (approx.) | Created captive SSC to scale transactional excellence and productivity |
| Linde (ASEAN & South Asia, Singapore) | Chief Financial Officer | Post-2013–2019 (approx.) | Oversaw multi-country finance, capital discipline and growth support |
| Linde (United States) | Head of Global FP&A | 2019–2023 (approx.) | Led global performance management and forecasting |
| Linde (Global) | SVP, Communications, AI & Corporate Procurement | ~2024–Aug 2025 | Drove enterprise AI/digitalization and strategic sourcing; led global comms |
| Linde (Global) | SVP & CHRO | Sep 1, 2025–present | Leads global HR; continues oversight of Communications, AI & Digitalization, and Global Giving |
External Roles
No public company directorships or external boards disclosed in filings or company leadership bios for Bacher. Skip.
Fixed Compensation
- Executive pay program elements (applies to executive officers generally): base salary (cash), annual performance-based variable compensation (cash), and equity awards (stock options, PSUs, RSUs) .
- Perquisites are limited and reviewed annually; examples include charitable matching and, for the CEO, required personal aircraft use for security/time management, calculated at incremental per-trip cost; executives are not reimbursed for taxes on perquisites except certain international assignment benefits available broadly .
Performance Compensation
2024 Annual Variable Compensation – Corporate Design (applies to executive officers):
- Corporate payout factor for annual variable compensation: 107.6% of target .
- Financial metrics, weights, goals, and 2024 outcomes:
| Metric | Threshold ($mm) | Target ($mm) | Maximum ($mm) | Actual ($mm) | Weight | Achievement | Payout |
|---|---|---|---|---|---|---|---|
| Sales (GAAP, adjusted per plan) | 30,792 | 33,289 | 36,916 | 33,082 | 20% | 91.5% | 18.3% |
| Net Income (GAAP, adjusted per plan) | 6,734 | 7,390 | 8,164 | 7,480 | 55% | 111.6% | 61.4% |
| Operating Cash Flow | 8,960 | 9,908 | 11,279 | 9,422 | 25% | 48.8% | 12.2% |
Strategic Non-Financial Goals:
- GHG emissions reduction component (weighted within strategic/non-financial): payout factor 133.4% of target for 2024 .
- Core values (safety, compliance, sustainability, inclusion) and relative performance/strategic positioning components set at 160% of target for 2024 .
| Measure | Threshold Goal | Target Goal | Maximum Goal | Actual | Achievement | Payout |
|---|---|---|---|---|---|---|
| GHG Emissions (MM MT) | 42.5 | 38.3 | 35.2 | 37.23 | 133.4% | 6.7% |
Long-Term Incentive (LTI) Structure (applies broadly to executives):
- PSUs: 3-year performance period; vest based on ROC and relative TSR; no dividends before vest; must hold post-vest shares until ownership requirement met .
- Stock Options: 10-year term; 3-year ratable vest; no repricing without shareholder approval; post-exercise holding until ownership requirement met .
- RSUs: 3-year cliff vest; no dividends before vest; post-vest holding until ownership requirement met .
- For grants covering 2024–2026: ROC payout schedule (50% PSU mix in 2024) and TSR payout schedule:
| PSU Measure (2024–2026) | Threshold | Target | Maximum | Payout Scale |
|---|---|---|---|---|
| Average Annual ROC | 25.0% → 50% | 26.0% → 100% | ≥27.0% → 200% | Interpolated between levels |
| Relative TSR Rank | 25th %ile → 25% | 50th %ile → 100% | ≥75th %ile → 200% | Interpolated between levels |
- 2025 design update: PSU weighting split evenly—ROC PSUs 25% and TSR PSUs 25% of LTI; options 30%, RSUs 20% .
Equity Ownership & Alignment
| Policy/Practice | Details |
|---|---|
| Stock ownership guideline | Other executive officers must hold shares equal to 3x base salary; 5-year compliance window with at least 20% progress annually |
| Holding requirement | Until guideline met, executives cannot sell any Linde shares and must retain all shares from vesting/exercise net of tax/exercise |
| Hedging/Pledging | Hedging and pledging of Linde stock are prohibited for directors and executive officers |
| Clawback (recapture) | If a restatement is required, excess incentive compensation for Section 16 officers is recoverable for the prior 3 fiscal years; awards may be canceled or gains recovered for prohibited activities (conflict of interest, prejudice to company interests, noncompete/confidentiality violations, policy violations) irrespective of restatement |
| Insider trading policy | Company policy in place; filed as Exhibit 19 to the 2024 Form 10-K |
Implication for insider selling pressure: Sales are restricted until ownership compliance is met; hedging/pledging are banned—both reduce near-term selling pressure signals .
Employment Terms
| Item | Disclosure |
|---|---|
| Appointment | Appointed Senior Vice President & CHRO effective September 1, 2025 |
| Severance program | No individual executive severance agreements; U.S. Severance Plan applies to eligible employees (including executive officers): max 26 weeks base pay for without-cause terminations; no severance for cause; company discretion to provide additional severance |
| Change-in-control (CIC) | No additional severance benefits due to CIC; equity awards subject to “double-trigger” (no acceleration unless termination without cause or for good reason within 2 years post-CIC) |
| Equity vesting mechanics | Options/PSUs/RSUs follow plan rules: pro-rata vesting upon death/disability; continued vesting upon retirement meeting age/service thresholds; RSUs settle per schedule; PSUs convert to RSUs at CIC based on higher of target vs. performance-to-date, with double-trigger for acceleration |
| Ownership compliance timeline | 5 years with 20% per year progress; sale restrictions until compliance |
| Clawbacks & conduct | Clawback policy covers cash and equity; awards/gains can be canceled/recovered for conflicts, noncompete/confidentiality breaches, or policy violations |
Performance & Track Record
| Company Metric | 2024 | Notes |
|---|---|---|
| Sales ($B) | 33.0 | Flat vs. 2023; underlying sales up 2% (price +2%, volumes stable) |
| Adjusted operating profit ($B) | 9.7 | Up 7% YoY; adjusted margin 29.5% (+190 bps) |
| Adjusted EPS ($) | 15.51 | Up 9% (10% ex-FX) |
| ROC (after-tax) | 25.9% | +50 bps YoY |
| Operating cash flow ($B) | 9.4 | Strong cash generation |
| Capital returned ($B) | 7.1 | Dividends and buybacks; dividend +9% (31st consecutive increase) |
| 5-year cumulative return | LIN: 211; SPX: 197; S5MATR: 152 | Indexed to $100 starting 12/31/2019, with dividends reinvested |
| 2022–2024 PSU payouts | ROC 200%; TSR 184% (71st %ile) | Certified by HC Committee |
Compensation Committee & Governance Signals
- HC Committee oversees executive pay, engages independent consultant Pearl Meyer (independence assessed per Nasdaq factors) .
- 2024 say-on-pay approval: ~92.7% in favor; HC Committee considers shareholder feedback in design decisions .
- Compensation peer group spans large U.S./European industrials & healthcare/technology adjacencies to reflect talent and investment markets (e.g., Honeywell, Caterpillar, Thermo Fisher, SAP, Merck, Danaher) .
- Best practices include: substantial pay-at-risk; no option repricing; no excise tax gross-ups; anti-hedging/pledging; no accelerated vesting solely upon CIC; clawback policy .
Investment Implications
- Alignment: Strong pay-for-performance framework with multi-year PSU metrics (ROC and relative TSR), double-trigger equity vesting, strict ownership/holding rules, and anti-hedging/pledging policies support long-term shareholder alignment for executive officers including the CHRO .
- Retention and execution: Bacher’s deep multi-geography finance, shared services, FP&A, and procurement background, coupled with oversight of AI/digitalization, suggests operational discipline and productivity focus—key levers given Linde’s sustained margins, ROC, and backlog strategy .
- Risk controls: No CIC severance multipliers, no tax gross-ups, robust clawbacks, and conservative equity grant/vesting practices limit adverse governance signals and reduce forced selling pressure via ownership retention requirements .