Matthew White
LINDEAbout Matthew White
Matthew J. White, 52, has served as Executive Vice President and Chief Financial Officer of Linde since October 2018; prior roles include Senior Vice President & CFO of Praxair (2014–2018), President of Praxair Canada (2011–2013), and finance leadership posts at Fisher Scientific and GenTek . Under his financial stewardship, Linde delivered 2024 sales of $33.0B with adjusted operating margin 29.5%, EPS up 9% excluding currency, and after-tax ROC 25.9% ; in 2023, sales were $32.9B, adjusted operating margin 27.6%, EPS $14.20 up 16%, and ROC 25.4% . Linde’s 5-year TSR outperformed the S&P 500 and S&P Materials indices over 2019–2024 (LIN $211 vs SPX $197; S5 Materials $152, base 100) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Linde plc | EVP & CFO | 2018–present | Finance leadership through margin expansion, strong cash generation and disciplined capital allocation |
| Praxair, Inc. | SVP & CFO | 2014–2018 | Led finance during pre-merger period; focus on productivity and cash returns |
| Praxair Canada Inc. | President | 2011–2013 | Oversaw regional operations and growth initiatives |
| Praxair, Inc. | Finance Director; VP & Controller; VP & Treasurer | 2004–2010 | Corporate finance, controllership and treasury leadership |
| Fisher Scientific | VP, Finance | Pre-2004 | Corporate finance experience |
| GenTek | Group Controller, Finance roles | Pre-2004 | Manufacturing/performance chemicals finance |
External Roles
No external public-company board roles or committee positions are disclosed for Mr. White in Linde’s filings reviewed (Executive Officers section) .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $830,000 | $870,000 | $910,000 |
| Target Annual Bonus (% of salary) | 110% | 110% | 110% |
| Actual Annual Bonus Paid ($) (Non-Equity Incentive) | $1,596,289 | $1,791,006 | $1,292,491 |
| Perquisites & Other ($) | $37,250 | $38,500 | $40,250 |
| Change in Pension Value ($) | $58,000 | $156,000 | $161,000 |
| Total Compensation ($) | $5,995,478 | $8,292,712 | $9,023,101 |
Performance Compensation
| Grant Type (2024) | Grant Date | Units/Options | Exercise/Ref Price ($) | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|---|
| Stock Options | 3/7/2024 | 17,015 | 465.29 | $1,916,399 | 1/3 per year over 3 years; 10-year term |
| RSUs | 3/7/2024 | 2,625 | — | $1,182,694 | 3-year cliff |
| ROC PSUs (Target/Max) | 3/7/2024 | 3,940 / 7,880 | — | $1,775,167 | 3-year performance (2024–2026) vs ROC goals |
| TSR PSUs (Target/Max) | 3/7/2024 | 2,625 / 5,250 | — | $1,745,100 | 3-year performance (2024–2026) vs relative TSR |
| 2024 Annual Plan Metric | Weight | Threshold | Target | Maximum | Actual | Achievement | Payout Contribution |
|---|---|---|---|---|---|---|---|
| Sales ($mm) | 20% | 30,792 | 33,289 | 36,916 | 33,082 | 91.5% | 18.3% |
| Net Income ($mm) | 55% | 6,734 | 7,390 | 8,164 | 7,480 | 111.6% | 61.4% |
| Operating Cash Flow ($mm) | 25% | 8,960 | 9,908 | 11,279 | 9,422 | 48.8% | 12.2% |
| Strategic Non-Financial (GHG MM MT) | — | 42.5 | 38.3 | 35.2 | 37.23 | 133.4% | 6.7% |
| Core Values & Strategic Positioning | — | — | — | — | Favorable; set at 160% | — | — |
| Corporate Payout Factor | — | — | — | — | — | — | 107.6% |
Equity Ownership & Alignment
| Category (as of 4/1/2025) | Amount |
|---|---|
| Ordinary Shares | 78,661 |
| Stock Units (DSUs/RSUs/deferred PSUs) | 8,223 |
| Total Beneficial (Shares + Units) | 86,884 |
| Options Exercisable within 60 days | 303,347 |
| Unvested RSUs (12/31/2024) | 8,095 |
| Unearned PSUs (12/31/2024) | 26,324 |
| Ownership as % of Shares Outstanding | ~0.018% (86,884 ÷ 472,911,618) |
| 2024 Option Exercises (Shares / Value Realized) | 126,070 / $43,556,526 |
| 2024 Stock Vesting (Shares / Value Realized) | 18,390 / $8,506,295 |
| Ownership Guideline (CFO) | 3× base salary; all covered executives in compliance |
| Hedging/Pledging | Prohibited for executives; retention of shares until guideline met |
Notes:
- Outstanding equity awards for Mr. White span multiple option grants (e.g., 2017–2024 awards) with detailed strike prices and expirations, and 8,095 RSUs plus 26,324 PSUs outstanding at 12/31/2024 .
Employment Terms
- Status & Agreement: No individual severance agreements; NEOs (including CFO) covered by U.S. Severance Plan .
- Severance: Without-cause termination generally limited to up to 26 weeks of base pay; no severance for for-cause terminations; Company retains discretion to pay additional severance .
- Change-in-Control: No additional severance benefits on termination in connection with a change-in-control; deferred compensation balances accelerate unless executive elected otherwise .
- Equity Treatment (Illustrative 12/31/2024 values): Involuntary termination equity awards value $6,688,273; change-in-control equity awards value $16,335,686 (plan-based equity treatment) .
- Clawback: Recapture policy for three years upon restatement; broader recovery/cancellation authority for misconduct/conflicts even absent restatement .
- Tax Gross-ups: No excise tax gross-ups; tax gross-ups not provided for perquisites (except international assignment benefits available broadly) .
Investment Implications
- Pay-for-performance alignment: Annual bonus heavily weighted to Net Income (55%) and Operating Cash Flow (25%), with ESG-linked GHG reduction embedded (part of the 25% strategic component). 2024 payouts were near target overall (Corporate payout 107.6%), indicating balanced goal setting and execution .
- Equity exposure and retention: LTI mix emphasizes PSUs (ROC/TSR, 50%), options (30%) and RSUs (20%) with stringent vesting and holding requirements, reinforcing long-term alignment and discouraging hedging/pledging .
- Limited severance risk: No individual severance contracts, capped severance under U.S. plan, and no single-trigger equity acceleration at change-in-control (company policy “does not accelerate upon CIC”), mitigating governance and payout risk on transitions .
- Near-term selling/vesting pressure: 2024 option exercises (126,070 shares; $43.6M realized) and upcoming unvested RSUs (8,095) and PSUs (26,324) suggest periodic supply from vesting/exercises; monitor Form 4 activity around March grant/vesting cycles .
- Strong execution track record: Under Mr. White’s finance leadership, Linde sustained high ROC (25.9% in 2024; 25.4% in 2023), expanding margins, robust cash flow ($9.4B in 2024), and consistent shareholder returns via buybacks/dividends, supporting long-term TSR outperformance .
- Shareholder support: Say-on-pay approval of ~92.7% at the July 2024 AGM indicates broad investor endorsement of compensation practices and outcomes .