Daniel R. Hopgood
NORDSONAbout Daniel R. Hopgood
Executive Vice President and Chief Financial Officer of Nordson Corporation since May 20, 2024, with 25+ years of finance and operating experience including Controller & Chief Accounting Officer at Eaton and general management at Meritor; began career at PwC and held SEC reporting leadership at Delphi . Education: Oakland University, Bachelors in Accounting/Finance (1990–1994) . Age: 52 as reported at appointment in April 2024 . In FY2024, Nordson delivered sales of $2.7B, EBITDA of $849M, operating profit of $674M, net income of $467M, FCF of $492M, and a 10-year TSR of 259%, contextualizing the performance environment during his onboarding .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Eaton Corporation | Controller & Chief Accounting Officer | 2021–2024 | Led global accounting/reporting and finance strategy; progressed through SVP roles including finance for $7–8B Industrial Sector and VP finance/planning for Vehicle Group . |
| Meritor, Inc. | VP, Aftermarket Americas; previously VP & Controller/Chief Accounting Officer | 2007–2012 | Ran day-to-day aftermarket business (general management experience); earlier led corporate controllership . |
| MSX International | Corporate Controller (progressed from corporate finance/reporting manager) | 1999–2006 | Directed corporate finance and controllership for automotive services firm . |
| Delphi Automotive Systems | External Reporting; supported $1.6B IPO | 1997–1998 | Led SEC reporting and compliance for IPO readiness . |
| PricewaterhouseCoopers | Manager | 1994–1997 | Public accounting foundation in audit/finance . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| American Cancer Society (Ohio, Northern Kentucky & West Virginia) | Vice Chair, Regional Board | Pre-2024–present | Community leadership and governance . |
Fixed Compensation
| Component | FY2024 Amount | Notes |
|---|---|---|
| Annualized Base Salary ($) | $520,000 | Established upon appointment as CFO. |
| Target Annual Cash Incentive (% of base) | 75% | Prorated for days served in FY2024. |
| Target Annual Cash Incentive ($) | $172,500 | Prorated target payout opportunity. |
| Actual Annual Cash Incentive ($) | $131,790 | Based on 76.4% combined factor payout. |
| Sign-on Bonus ($) | $175,000 | In lieu of forfeited bonus from prior employer. |
| Stock Awards (RSUs + PSUs) – Grant Date FV ($) | $1,232,358 | RSUs and PSUs granted in FY2024. |
| Option Awards – Grant Date FV ($) | $600,029 | Black-Scholes grant FV. |
| All Other Compensation ($) | $25,650 | Perqs + company charitable match. |
| Perquisites ($) | $5,650 | Financial planning $5,000; club dues $650. |
| Company Match of Charitable Contributions ($) | $20,000 | Charitable matching program. |
Performance Compensation
Annual Cash Incentive Award (ACIA) – FY2024 design
- Metrics and weights: Organic Revenue (40%); Base Business Operating Profit (60%) .
- Governance: Corporate financial measures account for 50% of payout for CFO; weighted average of segment measures account for 50% .
- 2024 corporate performance and payout mechanics shown below (actual-currency basis; currency-neutral provided for policy reference) .
| Metric | Weight | Corporate Target ($MM) | Corporate Actual ($MM) | % of Target (Actual Currency) |
|---|---|---|---|---|
| Organic Revenue | 40% | $2,655 | $2,544 | 68.7% |
| Base Business Operating Profit | 60% | $697 | $696 | 99.2% |
| Combined Factor Payout (CFO) | — | — | — | 76.4% |
| CFO Actual Payout ($) | — | $172.5 | — | $131.790 |
2024–2026 Performance Share Units (PSUs) – program metrics
- Three-year performance period; attainment averaged across years .
- Metrics and goals .
| PSU Metric | Weight | Threshold | Target | Maximum |
|---|---|---|---|---|
| EPS Growth | 40% | —% | 7% | 14% |
| ROIC | 30% | 9% | 13% | 17% |
| EBITDA Margin | 30% | 26% | 30% | 34% |
PSU grant details (CFO)
| Grant Date | Target Shares | Maximum Shares | Grant Date Share Valuation | Grant Date FV ($) |
|---|---|---|---|---|
| 06/01/2024 | 3,863 | 7,726 | $234.72/share | $869,716 |
Stock Options (CFO 2024 grant)
| Grant Date | Options (#) | Exercise Price ($/sh) | Vesting | Expiration | Grant Date FV ($) |
|---|---|---|---|---|---|
| 06/01/2024 | 6,699 | $234.72 | 25% annually over 4 years | 06/01/2034 | $600,029 |
Restricted Share Units (CFO 2024 grant)
| Grant Date | RSUs (#) | Grant Date Value ($) | Vesting |
|---|---|---|---|
| 06/01/2024 | 1,545 | $362,642 | Generally vest over 3 years |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of Jan 3, 2025) | — (no common shares beneficially owned reported) . Shares outstanding: 57,087,783 . |
| Executive Share Ownership Guidelines (CFO) | 3× base salary; five years to attain from appointment . |
| Required Ownership ($) | $1,560,000 . |
| Current Share Ownership Market Value ($) | $569,960 (counts owned, indirect/joint, deferred equivalents, and unvested RSUs; valued at $207.56/share on Jan 3, 2025) . |
| Hedging/Pledging | Company has anti-hedging/anti-pledging policy . |
| Clawback Policy | Clawback policy in effect . |
| Ownership Compliance Status | Newly appointed officers have up to five years; CFO not yet at guideline as of Jan 3, 2025 . |
Outstanding equity awards at FY2024 year-end (CFO)
| Award Type | Unvested/Unearned (#) | Market/Payout Value ($) | Notes |
|---|---|---|---|
| PSUs (2024–2026) | 966 | $239,400 | Unearned shares at FY-end reference valuation. |
| RSUs (06/01/2024) | 1,545 | $382,990 | Unvested RSUs market value. |
| Stock Options (06/01/2024) | 6,699 unexercisable | — | $234.72 strike; expire 06/01/2034 . |
Employment Terms
| Scenario (as of Oct 31, 2024) | Potential Payment ($) |
|---|---|
| Death & Disability | $382,990 |
| Early Retirement (Age 55) | $106,386 |
| Involuntary Termination / Without Cause or for Good Reason | $0 |
| Qualifying Termination Following Change-in-Control | $1,794,379 |
| Retirement | $0 |
- Double-trigger change-in-control policy; benefits require qualifying termination following a change-in-control .
- Change-in-control benefits include paid health care, professional outplacement up to $50,000; no excise or related income tax gross-ups .
- Severance (non-CIC) is not contractually provided to executives other than the CEO; any negotiated severance would require a release and typically include confidentiality and non-compete restrictions .
- Pension plans closed to new employees; no pension benefits listed for Hopgood .
Investment Implications
- Pay-for-performance alignment: CFO annual incentive tied to organic revenue and base business operating profit; long-term PSUs tied to EPS growth, ROIC, and EBITDA margin, reinforcing focus on profitable growth and returns .
- Retention and selling pressure: Equity mix includes options vesting over four years and RSUs over three years; near-term forced selling pressure is limited, but watch scheduled vesting and PSU outcomes through FY2026 for potential Form 4 activity windows .
- Ownership alignment: CFO must reach 3× salary over five years; current market value of owned equivalents ($569,960) indicates an accumulating position but below guideline, implying future retention of vested shares per policy until compliant .
- Downside protections: No non-CIC severance; meaningful CIC benefits only under double-trigger, which reduces “golden parachute” concerns and aligns with governance best practices (clawback; anti-hedging/pledging) .