Ramil Yaldaei
ONTO INNOVATIONAbout Ramil Yaldaei
Ramil Yaldaei, age 61, is Chief Operating Officer of Onto Innovation (ONTO) since May 2023; he previously served as Vice President, Global Operations (Metrology & Inspection) from October 2022 to May 2023 and holds a B.S. and M.S. in Physics from San Jose State University . During his tenure, Onto’s total revenue rose from $815.9M in 2023 to $987.3M in 2024 and net income increased from $121.2M to $201.7M; TSR (value of $100 invested) improved from 318.23 to 355.84, evidencing strong shareholder value creation across 2023–2024 . Onto’s 2024 annual incentives tied to corporate revenue and non-GAAP operating income were earned above target (133% and 106% payouts), with Yaldaei’s personal goals assessed at 83.3%—supporting pay-for-performance alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Onto Innovation | VP, Global Operations, Metrology & Inspection | Oct 2022 – May 2023 | Led operations for metrology/inspection segment |
| Visby Medical | SVP, Global Supply Chain & Transformation | Sep 2020 – Jan 2022 | Led supply chain strategy across commodity management, procurement, S&OP, supplier quality/engineering |
| RYCC, LLC | President | Nov 2017 – Nov 2020 | Advisory member on boards of two leading semiconductor companies; advised executives on strategic growth plans |
| Applied Materials | VP & GM, Global Part Sourcing & Technology | Sep 2005 – Nov 2017 | Managed >$2.2B materials supply chain and 550+ global employees |
| Lam Research | Managing Director, Global Sourcing & Operations | Sep 2003 – Oct 2005 | Managed global commodities supply chain with 500+ employees |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Two leading semiconductor companies (via RYCC, LLC) | Advisory Board Member | Nov 2017 – Nov 2020 | Provided board-level advisory and executive counsel for strategic growth execution |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary Rate ($) | $315,000 | $371,700 |
| Salary Paid (SCT) ($) | $310,961 | $362,977 |
| Target Annual Cash Incentive (% of Salary) | — | 65% |
| Non-Equity Incentive Paid ($) | $159,982 | $289,153 |
| All Other Compensation ($) | $10,019 | $11,105 |
| All Other Compensation Detail (2024) | Amount ($) |
|---|---|
| 401(k) Matching Contribution | $10,355 |
| Insurance (life/AD&D) | $750 |
| Perquisites and Other Personal Benefits | < $10,000 (not itemized) |
Performance Compensation
| Cash Incentive Metric (2024) | Weighting | Target | Actual | Payout |
|---|---|---|---|---|
| Corporate Revenue | 50% | $930.0M | $987.3M | 133% |
| Corporate Non-GAAP Operating Income | 50% | $262.8M | $267.3M | 106% |
| Personal Goals (Yaldaei) | 30% of cash bonus component overall program; no BU component in 2024 | — | — | 83.3% personal score |
| 2024 Equity Grants (Grant Date: 3/1/2024) | Units | Grant-Date Fair Value ($) | Vesting / Performance |
|---|---|---|---|
| PSUs (Relative TSR vs SOX) | 1,688 (target) | $424,557 | Two performance tranches at 2 and 3 years; TSR measured vs PHLX SOX; earned shares vest on 2nd and 3rd anniversaries |
| RSUs (Service-based) | 1,688 | $325,092 | Vests 33.3% annually on each of first three anniversaries of grant date |
| Equity Vesting Realized (2024) | Shares Vested | Value Realized ($) |
|---|---|---|
| RSUs/PSUs Vested (Yaldaei) | 2,913 | $647,581 |
Equity Ownership & Alignment
| Ownership / Awards (as of specified date) | Count | Value ($) | Notes |
|---|---|---|---|
| Beneficial Ownership (as of Mar 25, 2025) | 4,811 shares | — | <1% of class; shares outstanding: 48,836,509 |
| Unvested RSUs (Grant 10/3/2022) | 1,218 | $207,864 (at $170.66) | Vests over 3 years |
| Unvested RSUs (Grant 5/15/2023) | 3,389 | $578,367 (at $170.66) | Vests over 3 years |
| Unvested RSUs (Grant 3/1/2024) | 1,688 | $288,074 (at $170.66) | Vests 33.3% annually |
| Unearned PSUs (Grant 3/1/2024; target) | 1,688 | $288,074 (at $170.66) | Relative TSR vs SOX; performance tranches at 2 and 3 years |
| Stock Options Outstanding | — | — | No options outstanding or exercised in 2024 |
- Stock ownership guidelines: CEO 3× salary; other executive officers 1× salary; compliance reviewed annually; all executive officers and directors were in material compliance as of February 2025 .
- Prohibitions: Pledging/margining/hedging prohibited; short sales and derivatives also prohibited .
- Clawback: Dodd-Frank/NYSE-compliant clawback policy covering incentive compensation over prior three years .
Employment Terms
| Provision | Terms |
|---|---|
| Agreement Type | Executive Change-in-Control Agreement; double-trigger (CIC + qualifying termination) |
| Severance (CIC Qualifying Termination) | 12 months base salary ($371,700) and 100% of target annual bonus ($241,605) |
| Equity | Accelerated vesting of all unvested RSUs and performance awards; PSUs treated at target; service conditions deemed satisfied |
| Benefits Continuation | Health care benefits continuation for one year; value estimate $35,395 |
| Non-Compete / Non-Solicit | Non-compete during employment and generally 1 year post-termination; non-solicit 1 year post-termination |
| General Termination Entitlements | Accrued base pay, reimbursable expenses, accrued vacation/PTO, earned but unpaid incentives, indemnification |
| Potential Payments (as of Dec 28, 2024) | Cash Severance (Base) | Target Bonus | Accelerated Equity Value | Benefits Continuation |
|---|---|---|---|---|
| Ramil Yaldaei (CIC + Qualifying Termination) | $371,700 | $241,605 | $1,362,379 | $35,395 |
Performance & Track Record
| Metric | 2023 | 2024 |
|---|---|---|
| Total Shareholder Return (Value of $100 Investment) | 318.23 | 355.84 |
| Net Income ($ thousands) | $121,159 | $201,670 |
| Total Revenue ($ thousands) | $815,868 | $987,321 |
- 2024 annual cash incentive corporate results exceeded targets, supporting pay-for-performance alignment; personal goal score for Yaldaei was 83.3% .
- Insider activity: No stock option exercises by NEOs in 2024; Yaldaei realized $647,581 from RSU/PSU vesting; no Form 4 transactions found via our document search .
Investment Implications
- Compensation alignment: Yaldaei’s pay mix is equity-heavy with 50% PSUs on relative TSR vs SOX and service-based RSUs, linking outcomes to multi-year shareholder returns and retention; 2024 corporate goals overachievement drove above-target cash payouts (133% revenue; 106% non-GAAP OI) .
- Vesting and selling pressure: RSUs vest 33.3% annually and PSUs vest on 2nd/3rd anniversaries if earned; 2024 vested shares totaled 2,913 ($647,581), which can create periodic sell-to-cover tax events, though no option-exercise overhang exists (no options outstanding) .
- Ownership and governance: Beneficial ownership is modest (4,811 shares; <1%), but stock ownership guidelines require ≥1× salary and are in material compliance; pledging/hedging banned; clawback policy reduces risk of excess incentive pay .
- Retention/M&A dynamics: A double-trigger CIC with 1× base salary, 100% target bonus, and accelerated vesting lowers transition friction but could incentivize stability through performance periods; non-compete/non-solicit provisions (1 year) mitigate near-term competitive risk .
- Execution track record: Deep supply chain and operations expertise across leading semi-capital companies (Applied Materials, Lam) and transformation leadership (Visby) supports operational leverage amid cycle dynamics; company-level revenue/net income growth and TSR gains in 2023–2024 indicate solid performance during his tenure .