Enrique Miñarro Viseras
About Enrique Miñarro Viseras
Enrique Miñarro Viseras is President, Otis EMEA (since October 2023) and was 47 years old as of February 4, 2025 . Company performance context for 2024: Service organic sales grew 6.8%, maintenance portfolio grew 4.2%, adjusted operating profit margin expanded by 50 bps, adjusted diluted EPS grew 8.2%, and operating cash flow and adjusted free cash flow were each about $1.6B . Otis emphasizes pay-for-performance, strong clawbacks, robust stock ownership requirements, and prohibits hedging/pledging and single-trigger vesting on change in control .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ingersoll Rand | SVP & GM, Global Precision & Science Technologies; SVP & GM, Global Pressure & Vacuum Solutions (EMEIA) | Not disclosed | Not disclosed |
| Gardner Denver Holdings, Inc. | Vice President & GM, EMEIA | Not disclosed | Not disclosed |
External Roles
None disclosed for Mr. Miñarro Viseras in the 2024 10-K executive officer profiles and 2025 proxy statement excerpts reviewed .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary Rate ($) | — | $700,000 |
| Salary Earned ($) | $172,983 | $656,942 |
| STI Target (% of Salary) | 90% | 90% |
| STI Paid ($) | $147,723 | $920,497 |
Performance Compensation
2024 Short-Term Incentive (STI) Plan Design and Outcomes
- Design: Variable cash based on pre-established annual financial goals, the Compensation Committee’s assessment of ESG objectives, and individual performance; payout range 0–200% of target .
- 2024 STI amounts for Enrique Miñarro Viseras (Plan-based awards table): | Amount | Threshold ($) | Target ($) | Maximum ($) | |---|---:|---:|---:| | 2024 STI opportunity | $39,989 | $592,428 | $1,184,856 |
- Actual 2024 STI paid: $920,497 .
Long-Term Incentive (LTI) Structure and 2024 Grants
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Mix and target value: For NEOs, 50% PSUs, 25% RSUs, 25% SARs; Mr. Miñarro Viseras’ 2024 target LTI value: $2,500,000 .
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Award mechanics: RSUs vest ratably over 3 years; SARs vest ratably over 3 years, 10-year term; PSUs vest after 3-year performance period based on goals; exceptions for death/disability/CIC/qualifying terminations per plan .
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2024 PSU metrics and payout geometry: | Metric | Weight | Performance Period | TSR Modifier | Payout Range | |---|---:|---|---:|---:| | Cumulative adjusted EPS | 60% | 2024–2026 | +/-20% vs. S&P 500 Industrials | 16%–200% incl. TSR adj. | | Average Organic Sales Growth | 40% | 2024–2026 | +/-20% vs. S&P 500 Industrials | 16%–200% incl. TSR adj. |
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2024 Grants to Enrique Miñarro Viseras: | Grant Type | Grant Date | Shares/Units | Exercise Price | Grant Date Fair Value ($) | |---|---|---:|---:|---:| | SARs | 2/6/2024 | 26,940 | $91.94 | $655,378 | | RSUs | 2/6/2024 | 7,128 | — | $655,348 | | PSUs (Target) | 2/6/2024 | 14,255 | — | $1,374,431 |
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Realized 2024 vesting/exercise: | Item | 2024 Quantity | 2024 Value ($) | |---|---:|---:| | Stock awards vested | 19,243 | $1,913,524 | | SARs exercised | 0 | $0 |
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Context on PSU vesting for the prior cycle (company-level): 2022–2024 PSU final payout factor was 0.82 based on 3-year performance and TSR modifier (company-wide) .
2023 New-Hire/Initial Otis Grants (Selected)
| Grant Type | Grant Date | Detail |
|---|---|---|
| SARs | 11/1/2023 | 8,458 exercisable; 16,918 unexercisable; $76.81 strike; exp 10/31/2033 |
| RSUs | 11/1/2023 | 5,404 unvested (as of 12/31/24), $500,464 value |
| PSUs | 11/1/2023 | 32,408 unearned PSUs (as of 12/31/24), $3,001,305 value |
| RSUs (special) | 11/1/2023 | 16,628, scheduled to vest 11/1/2025; $1,539,919 value (as of 12/31/24) |
Equity Ownership & Alignment
Beneficial Ownership (as of March 17, 2025)
| Holder | SARs Exercisable Within 60 Days (#) | Total Shares Beneficially Owned (#) | % of Class |
|---|---|---|---|
| Enrique Miñarro Viseras | 2,887 | 14,362 | <1% |
- Otis prohibits hedging or pledging of company stock; maintains robust stock ownership requirements .
Outstanding Equity Awards (as of 12/31/2024)
| Award | Status | Count (#) | Value ($) | Terms |
|---|---|---|---|---|
| PSUs (2/6/2024) | Unearned | 14,478 | $1,340,808 | 3-year performance; 2024–2026 cycle terms |
| RSUs (2/6/2024) | Unvested | 7,239 | $670,404 | Vests ratably over 3 years |
| SARs (2/6/2024) | Unexercisable | 26,940 | — | $91.94 strike; exp 2/5/2034 |
| PSUs (11/1/2023) | Unearned | 32,408 | $3,001,305 | 3-year performance; cycle terms |
| RSUs (11/1/2023) | Unvested | 5,404 | $500,464 | 3-year schedule |
| SARs (11/1/2023) | Exercisable/Unexercisable | 8,458 / 16,918 | — | $76.81 strike; exp 10/31/2033 |
| RSUs (11/1/2023 special) | Unvested | 16,628 | $1,539,919 | Scheduled to vest 11/1/2025 |
Note: Equity award values above reflect Otis $92.61 closing price on the last trading day of 2024 where shown .
Employment Terms
Employment Agreement and Restrictive Covenants
- Executives outside the U.S. (including Mr. Miñarro Viseras) have employment agreements driven by local regulations/practice .
- ELG Severance Plan and Change in Control Severance Plan apply to all NEOs; both require post-employment restrictive covenants (non-compete, non-solicit, etc.) .
- Company maintains strong clawback provisions; does not allow single-trigger vesting on change in control; no CIC excise tax gross-ups .
Severance and Change-in-Control Economics (Illustrative, assuming 12/31/2024 termination)
| Scenario | Component | Enrique Miñarro Viseras ($) |
|---|---|---|
| Involuntary Termination without Cause | Severance Cash (1x salary+target STI) | $1,250,682 |
| Prorated STI (based on actual performance) | $920,497 | |
| Option/SAR Value | $22,215 | |
| Stock Awards Value | $1,370,628 | |
| Other Benefits (healthcare/outplacement) | $19,725 | |
| Total | $3,583,747 |
Plan description: Severance Plan provides 1x salary + target STI (1.5x for CEO), prorated STI based on actual performance, continued healthcare and outplacement; cash severance netted against any ELG RSU vesting value; equity treatment per award terms .
Retirement and Deferred Compensation
- Pension/Defined Benefit (Spain) – Policy 7179: Present value of accumulated benefit $17,679 (as of 12/31/2024); benefit equal to 2x standard benefit; standard benefit equals 41% of annual base salary actuarially valued at retirement age 67; employee contributes 1/3 of premiums, Otis 2/3; forfeiture rules apply for voluntary/fair dismissal before retirement .
- Defined Contribution (Spain) – Policy 54742: Company contributes 7% of salary up to €72,973.18 and 23% above that cap (cap indexed annually to CPI); full vesting at age 67 with continued employment; forfeiture on voluntary termination or fair dismissal before age 67; payout lump-sum at retirement .
- Nonqualified Deferred Comp Plans: Not eligible to participate (for both Ms. Méndez and Mr. Miñarro Viseras) .
Perquisites and “All Other Compensation” (2024)
| Category | Amount ($) |
|---|---|
| Vehicle | $7,539 |
| Company Contributions to Deferred/Retirement Plans (incl. Spanish DC) | $138,848 |
| Health Benefits | $5,041 |
| Miscellaneous (incl. matching gifts, cybersecurity monitoring) | $2,110 |
| Total | $153,538 |
Performance Compensation – Metric Calibration Detail
| Metric | Weighting | Target/Definition | Actual/Payout | Vesting |
|---|---|---|---|---|
| STI (annual) | — | Financial goals, ESG, individual performance (0–200% of target) | 2024 STI paid $920,497 | Cash, after year-end |
| PSUs | 60% EPS / 40% Sales | 3-year cumulative adjusted EPS (60%); 3-year average organic sales growth (40%); TSR +/-20% vs S&P 500 Industrials | 2022–2024 company PSU payout factor 0.82 (context) | Vests after 3 years; equity settled |
| RSUs | — | Service-based; dividend equivalents reinvested | — | Ratably on each of the first three anniversaries |
| SARs | — | 10-year term; value only if stock appreciates | — | Ratably on each of the first three anniversaries |
Equity Ownership & Alignment – Additional Notes
- Retirement eligibility: As of 12/31/2024, Mr. Miñarro Viseras is not retirement-eligible; non-retirement-eligible executives forfeit unvested awards upon voluntary termination, with specified prorata vesting on involuntary termination (other than cause) for awards held >1 year .
- Upcoming vesting could create sellable supply (e.g., RSUs scheduled for 11/1/2025; ongoing annual ratable vesting), though actual sales depend on personal decisions and trading windows .
Investment Implications
- Pay-for-performance alignment is solid: STI at 90% target of salary with 2024 payout reflecting strong company outcomes; LTI is majority performance-based (PSUs) with clear 3-year financial and TSR linkage .
- Retention risk appears contained: Non-U.S. employment agreement, meaningful unvested equity (multi-year vesting), severance protections, and post-employment covenants support continuity; however, he is not retirement-eligible, so voluntary departure would forfeit unvested equity, increasing “golden handcuffs” effect .
- Insider selling pressure: No Form 4 data cited here; near-term vesting events (e.g., Nov 1, 2025 RSUs and annual vesting schedules) could create incremental liquidity, but magnitude is modest relative to Otis market float and he owns <1% of shares .
- Governance quality mitigants: Prohibitions on hedging/pledging, absence of CIC gross-ups, and double-trigger equity vesting reduce red-flag risks; robust clawbacks and stock ownership requirements further align incentives with shareholders .
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