Andrew Wamser
About Andrew Wamser
Andrew Wamser is Executive Vice President and Chief Financial Officer of NCR Atleos (NATL) since January 27, 2025. He previously served as CFO of BlueLinx (2023–2025), CFO of Mativ (2018–2023), VP Finance/Treasurer/IR at AutoNation (2014–2018), and held investment banking roles at Barclays and UBS (Managing Director), with an MBA from Washington University in St. Louis and BA from Miami University (OH) . Under his finance leadership, Atleos reported FY2024 revenue of $4.30B, adjusted EBITDA of $781M (+7% y/y), adjusted EPS of $3.22, and free cash flow of $242M, and guided Q1 2025 adjusted EBITDA to $165–175M and EPS to $0.50–$0.60 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BlueLinx Holdings Inc. | SVP & Chief Financial Officer | Jul 2023–Jan 2025 | Led finance for wholesale distributor; public-company CFO experience |
| Mativ Holdings | EVP & Chief Financial Officer | Feb 2018–Apr 2023 | Oversaw FP&A, tax, treasury, accounting, IR, strategy/M&A for global specialty materials |
| AutoNation, Inc. | VP Finance, Treasurer & Investor Relations | Aug 2014–Jan 2018 | Corporate finance and capital markets leadership at Fortune 500 auto retailer |
| Barclays Capital; UBS | Investment Banking (MD at UBS) | Prior to 2014 | Global Industrials coverage, capital markets advisory |
External Roles
None disclosed in Atleos filings .
Fixed Compensation
| Component | 2025 Terms | Notes |
|---|---|---|
| Base Salary | $400,000 | Effective at start date; bi-weekly payroll |
| Annual STI Target | 50% of base salary | For 2025 plan year; not prorated despite Jan 27 start; requires employment at payout (expected Mar 2026) |
| Sign-on Equity | $750,000 RSUs (time-based) | 3-year cliff vest; grant date is first of the month following employment date |
| Ongoing LTI (from 2026) | Target equity award = 75% of base salary ($300,000) | Same types/proportions as senior executives under 2023 Stock Incentive Plan (program uses RSUs/PSUs) |
| Employment Status | At-will | Letter specifies at-will employment and conditions |
Performance Compensation
| Program Element | Metric | Weighting | Target Design | Payout / Vesting |
|---|---|---|---|---|
| Annual STI (Company design) | Adjusted EBITDA | 35% | Threshold/Target/Max set annually | 2024 actual $781M → 98% payout post adjustments; 2025 program unchanged in design |
| Annual STI (Company design) | Free Cash Flow | 35% | Threshold/Target/Max set annually | 2024 actual $242M → 152% payout post adjustments; 2025 unchanged |
| Annual STI (Company design) | Revenue | 30% | Threshold/Target/Max set annually | 2024 actual $4.32B → 138% payout post adjustments; overall 129% funded |
| Long-Term Incentive (NEO program) | Relative TSR vs S&P SmallCap 600 | 60% of LTI (PSUs) | 25th/50th/75th percentile → 50%/100%/200% payout | 3-year performance period (2024–2026); cliff vest in 2027; 12-month post-vest hold |
| Long-Term Incentive (NEO program) | Time-based RSUs | 40% of LTI (RSUs) | Annual grants | Ratable vesting over 3 years; 12-month post-vest hold |
| CFO 2025 Sign-on Equity | Time-based RSUs | 100% | $750,000 grant | 3-year cliff vest; grant date first of month post-start |
Note: Wamser’s STI target for 2025 is 50% of base salary; the Company’s STI metric framework for 2025 remains unchanged from 2024 (metrics and weights), though specific 2025 target values are not disclosed in filings .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | “Other Executives” group (includes Wamser, Burson, Duvall) held 20,694 shares as of Mar 7, 2025; individual breakdown for Wamser not separately disclosed; total shares outstanding 73,392,031 |
| Stock Ownership Guideline (CFO) | Must own Atleos equity ≥ 1x base salary by 5th anniversary of hire (2030) |
| Broader Exec Ownership Rules | NEO guidelines: CEO 6x salary; other named executives 3x; 100% of net shares must be held until guideline met (added in 2024) |
| Hedging/Pledging | Prohibited for directors/executives; no margin loans or pledging Atleos securities |
| Clawback | NYSE- and rule-compliant clawback for incentive compensation upon financial restatement (3-year lookback) |
Employment Terms
- Start date and role: Appointed EVP & CFO effective January 27, 2025 .
- At-will employment; acceptance certifies no conflicting non-compete; standard IP/confidentiality expectations .
- Executive Severance Plan (Non-CIC): If terminated without cause or for good reason, lump sum = 1.0x salary + target bonus, pro-rated current-year bonus, up to 18 months COBRA, 12 months life insurance, outplacement; restrictive covenants: 12-month non-compete, 24-month non-solicit .
- Change-in-Control Severance Plan (double-trigger): Tier-based severance (Tier II for prior CFO and other NEOs): 2.0x salary + target bonus, pro-rated bonus, 2 years benefits, 1 year outplacement; double-trigger accelerated vesting treatment; restrictive covenants: 18-month non-compete, non-solicit; no excise tax gross-ups; “better-of” cutback applies .
Performance & Track Record
FY2024 Company pay-versus-performance and fundamentals:
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Net Income ($USD Millions) | $(132) | $92 |
| Adjusted EBITDA ($USD Millions) | $732 | $781 |
| TSR (Value of $100 initial) | $108 | $159 |
FY2024 and Q1 2025 operational/financial highlights:
| Metric | FY 2024 | Q1 2025 Guidance |
|---|---|---|
| Revenue ($USD Billions) | $4.30 | — |
| Adjusted EBITDA ($USD Millions) | $781 | $165–$175 |
| Adjusted EPS ($USD) | $3.22 | $0.50–$0.60 |
| Free Cash Flow ($USD Millions) | $242 | Negative in Q1 (inventory build), positive in Q2–Q4 |
| Interest Expense ($USD Millions) | — | ~$65 for 2025 (below-the-line assumption) |
| Effective Tax Rate | 21% (FY24) | Low 30s (2025 assumption) |
| Share Count (FD avg) | 74M (FY24) | ~75M (2025 assumption) |
Wamser contributed CFO commentary on refining EBITDA definition to reduce volatility (excluding other income/expense such as pension and FX, ~$5–10M quarterly impact), and provided 2025 below-the-line and working capital/inventory context .
Compensation Peer Group (Benchmarking)
2025 peer group used by CHRC/FW Cook for executive compensation benchmarking: ACI Worldwide, Brink’s, Ciena, Concentrix, Diebold Nixdorf, Euronet Worldwide, Insight Enterprises, Light & Wonder, Pitney Bowes, Plexus, Sanmina, ScanSource, Western Union, Xerox . Peer changes in 2024 were made to better align with Atleos’ industry, size, cost structure, and global reach .
Say-on-Pay & Shareholder Feedback
2024 Say-on-Pay support was 97.8%, indicating strong investor approval of executive compensation program design (pay-for-performance, clawback, ownership, double-trigger CIC) .
Investment Implications
- Alignment: CFO package emphasizes variable pay (STI linked to EBITDA/FCF/Revenue; LTI blend of PSUs on relative TSR and RSUs) and ownership build (1x salary by 2030), with hedging/pledging bans and clawback—supporting shareholder alignment and governance quality .
- Retention vs. Selling Pressure: Three-year cliff RSUs for sign-on and post-vest holding requirements in the broader NEO program, combined with ownership guidelines and non-compete/non-solicit covenants, lower near-term selling pressure and mitigate attrition risk .
- Severance Economics: Non-CIC and double-trigger CIC severance frameworks (tiered multiples, pro-rata bonus, benefit continuation) are market-standard and provide retention value without excise tax gross-ups; governance guardrails (better-of cutback) reduce shareholder-unfriendly outcomes .
- Execution Signal: FY2024 fundamentals and Q1 2025 outlook communicated by Wamser show focus on margin quality, reduced volatility in EBITDA reporting, and working capital discipline—positive for predictability and potential rerating if sustained .