Brett Argirakis
MINERALS TECHNOLOGIESAbout Brett Argirakis
Brett Argirakis is Group President, Engineered Solutions at Minerals Technologies Inc. (MTX) and one of the company’s 2024 Named Executive Officers (NEOs) alongside the CEO, CFO, and other group leaders . In 2024, his segment improved operating income margin by 150 bps year-over-year to 16.5%, achieving a 200% payout on that component under the Annual Incentive Plan; productivity improved 2.3% versus a 4% target (57.5% payout), while working capital efficiency was below threshold (0% payout). Aggregate personal objectives were assessed at 128.1% of target . He has 37.6 credited years of service under MTX’s defined-benefit pension plans, evidencing long-tenured experience within the enterprise . Company performance context over FY2022–FY2024 shows revenues roughly flat and EBITDA trending upward, supporting pay-for-performance alignment framing at the enterprise level .
| Company Performance Context | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $2,125,500,000 | $2,169,900,000 | $2,118,500,000 |
| EBITDA ($USD) | $346,700,000* | $374,900,000* | $380,400,000* |
Values with asterisk retrieved from S&P Global.
Fixed Compensation
| Element (2024) | Amount ($USD) |
|---|---|
| Salary | $643,893 |
| Stock Awards (ASC 718 FV) | $649,986 |
| Option Awards (ASC 718 FV) | $211,913 |
| Non-Equity Incentive Plan Compensation | $1,176,448 |
| Change in Pension Value | $202,415 |
| All Other Compensation | $42,704 |
| Total | $2,927,359 |
| Annual Incentive Plan (AIP) – 2024 | Value |
|---|---|
| AIP Base Salary (plan rate) | $650,004 |
| Target Bonus % of Base | 75% |
| Target AIP ($) | $487,503 |
| Performance Factor Achieved | 140.4% |
| AIP Earned ($) | $684,686 |
| Non-Equity Incentive – Breakdown (2024) | Amount ($USD) |
|---|---|
| Annual Incentive Bonus | $684,686 |
| Long-Term Incentive Payout (Cash Performance Units for cycle ending 12/31/2024) | $491,762 |
| Total Non-Equity Incentive | $1,176,448 |
Performance Compensation
| AIP Component (2024) | Weighting (if disclosed) | Target | Actual | Payout |
|---|---|---|---|---|
| Operating income % of sales (Engineered Solutions segment) | Not disclosed | Maintain 2023 performance | +150 bps YoY to 16.5% | 200% |
| Working capital efficiency | Not disclosed | +1.5% improvement vs 2023 | Below threshold | 0% |
| Productivity | Not disclosed | +4% improvement | +2.3% | 57.5% |
| Personal objectives (incl. sustainability, EHS lead, supply chain leadership, operational excellence) | Not disclosed | Qualitative objectives | Collective performance assessed | 128.1% of target |
| Cash Performance Units (Cycle Granted 2022; Performance 2022–2024) | Component Weight | 2022–2024 Performance | Component Achievement |
|---|---|---|---|
| Return on Capital vs 9.0% target | 33.33% | 9.2% | 38.10 |
| TSR vs Russell 2000 | 16.67% | 102% | 18.33 |
| TSR vs S&P MidCap 400 | 16.67% | 91% | 15.17 |
| TSR vs Peer Company Index | 33.33% | 111% | 36.67 |
| Total Component Achievement | 100.00% | — | 108.27 |
| 2024 Long-Term Incentive Grants (Granted 1/23/2024) | Quantity | Pricing | Fair Value ($USD) |
|---|---|---|---|
| Performance Units (cash-settled; 2024–2026 ROC/TSR) | 8,125 | n/a | n/a (value at vest per PSU policy) |
| DRSUs (3-year vest) | 9,742 | Grant date closing price: $66.11 | $649,986 |
| Stock Options (10-year term; 3-year equal vest) | 8,367 | Exercise price: $66.72 | $211,913 |
Vesting policy: Options and DRSUs typically vest in equal installments over three years; options carry a 10-year term; 50% of after-tax appreciation/stock received must be held for at least five years .
Equity Ownership & Alignment
| Beneficial Ownership (as of 3/18/2025) | Value |
|---|---|
| Shares beneficially owned | 98,459 |
| Percent of class | <1% |
| Options exercisable within 60 days | 68,055 |
| Share Equivalent Units (Supplemental Savings Plan) | 3,626 |
| 2024 Option Exercises & Stock Vesting | Shares (#) | Value Realized ($USD) |
|---|---|---|
| Options exercised | 2,630 | $62,665 |
| Shares vested (DRSUs) | 6,807 | $450,717 |
| Outstanding Equity Holdings (12/31/2024) | Exercisable (#) | Unexercisable (#) | Exercise Price | Expiration |
|---|---|---|---|---|
| Options (grant years vary) | 6,501 | — | $38.29 | 1/19/2026 |
| 4,271 | — | $78.03 | 1/17/2027 | |
| 5,164 | — | $76.38 | 1/23/2028 | |
| 8,835 | — | $54.44 | 1/22/2029 | |
| 10,008 | — | $57.67 | 1/21/2030 | |
| 10,132 | — | $66.00 | 1/26/2031 | |
| 7,451 | 3,725 | $69.81 | 1/25/2032 | |
| 4,590 | 9,178 | $66.08 | 1/24/2033 | |
| — | 8,367 | $66.72 | 1/23/2034 | |
| Unvested DRSUs (12/31/2024) | 17,255 | — | — | Market value $1,315,004 |
- Stock ownership guidelines: CFO and Group Presidents must hold company stock equal to 4× base salary within five years; all NEOs were in compliance as of March 18, 2025 .
- Hedging, derivative transactions, short-term trading, margin accounts and pledging are prohibited; trading requires General Counsel pre-approval and is limited to announced windows .
- Retention: Executives must hold at least 50% of after-tax appreciation from exercised options and at least 50% of after-tax DRSU shares for five years .
Employment Terms
| Termination Scenario | Cash Severance ($) | Benefits ($) | Equity Acceleration (DRSUs) ($) | Equity Acceleration (Options) ($) | Equity Acceleration (Performance Units) ($) |
|---|---|---|---|---|---|
| Voluntary resignation / for-cause | 0 | 0 | 0 | 0 | 0 |
| Death, disability, retirement | 0 | $49,228 | 0 | 0 | 0 |
| Termination without cause / resignation for good reason (pre-CIC) | $1,706,261 | $49,228 | 0 | 0 | 0 |
| No termination (on/after CIC) | 0 | 0 | $1,315,004 | $196,262 | $1,796,300 |
| Termination without cause / resignation for good reason (on/after CIC) | $3,412,521 | $65,440 | $1,315,004 | $196,262 | $1,796,300 |
Policy highlights impacting economics:
- Change-in-control severance set at 3× base salary plus target bonus; no excise tax gross-ups; equity acceleration governed by double-trigger (CIC plus qualifying termination) .
- The company maintains employment agreements with NEOs including restrictive covenants (non-compete, non-solicit, confidentiality), and standardized severance provisions reviewed by the Compensation Committee .
- Clawback: In case of a material restatement, the company will seek to recoup excess incentive compensation received in the prior three years from current/former executive officers .
Retirement & Deferred Compensation
| Pension Benefits (12/31/2024) | Credited Service (Years) | Present Value ($USD) |
|---|---|---|
| Retirement Plan (Defined Benefit) | 37.6 | $1,174,874 |
| Supplemental Retirement Plan | 37.6 | $1,410,970 |
| Change in Pension Value (2024) | — | $202,415 |
| Supplemental Savings Plan (2024) | Value ($USD) |
|---|---|
| Executive Contributions | $29,880 |
| Company Contributions | $23,904 |
| Aggregate Earnings | $38,688 |
| Aggregate Balance (FYE) | $556,499 |
Compensation Structure, Peer Benchmarking, and Shareholder Feedback
- Long-term incentives mix: stock options and DRSUs (3-year vesting) plus cash PSUs linked to 3-year ROC and relative TSR versus peer group and indices; performance-based LTI weighting increased to 50% beginning 2024 .
- Comparator/peer group utilized for benchmarking includes specialty chemicals/materials names such as Ashland, Avient, Cabot, H.B. Fuller, Ingevity, Compass Minerals, Orion S.A., Tronox, among others; peer list was refreshed in 2024 post Venator’s bankruptcy .
- Say-on-Pay: 79% approval at the 2024 annual meeting for 2023 compensation, with subsequent maintenance of policies and continued shareholder engagement .
Investment Implications
- Strong alignment mechanisms: high share ownership requirements (4× salary), five-year holding requirements on realized equity, and strict anti-hedging/pledging rules reduce misalignment and speculative behavior risk .
- Incentive quality: AIP focuses on controllable segment levers (margin, productivity, working capital) and PSUs tie pay to ROC and relative TSR, promoting value-creation discipline; 2022–2024 PSU payout at 108.27 reflects outperformance vs peers/indices and ROC target .
- Retention and mobility economics: Pre-CIC severance ($1.7M cash) and CIC economics ($3.41M cash plus accelerated equity) indicate competitive retention structure; double-trigger equity acceleration reduces windfall risk while ensuring continuity through strategic events .
- Insider supply and selling pressure: 2024 saw modest option exercises (2,630 shares, $62.7K value) and DRSU vesting (6,807 shares, $450.7K) with five-year retention requirements on 50% of after-tax shares moderating sell pressure; sizable options exercisable within 60 days (68,055) represent a manageable overhang for a sub-1% holder .
- Governance and shareholder sentiment: Policy suite includes clawback, double-trigger CIC, no repricing/backdating, and no excise tax gross-ups; prior 79% Say-on-Pay support suggests general investor acceptance of pay design, aided by 2024 enterprise record operating income, EBITDA, and EPS (ex-specials) and margin expansion to 15% ahead of target .