Maxwell Krakowiak
About Maxwell Krakowiak
Senior Vice President and Chief Financial Officer of Revvity since September 6, 2022; appointed at age 33 after joining the company in October 2018 and rising through corporate finance leadership roles . Under his tenure, the company’s FY2024 adjusted EPS rose to $4.90 from $4.65 in FY2023, with organic revenue growth of ~1% and free cash flow conversion of 96%; the FY2024 Global ICP achieved 142% of target and company TSR value of $100 reached 116.71 versus peer TSR 132.45, reflecting stronger EPS/FCF execution amid modest topline growth . FY2023 saw industry headwinds: GAAP EPS from continuing operations of $1.44, GAAP revenue of $2,751 million, and operating margin compression, with pay outcomes reduced accordingly .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Revvity (PerkinElmer) | VP, Corporate Finance | Oct 2021 – Sep 2022 | Led corporate finance; positioned for CFO promotion; supported investor communications and capital deployment initiatives later formalized as 2024 strategic objectives . |
| Revvity (PerkinElmer) | Sr. Director – Commercial Finance | Nov 2020 – Oct 2021 | Commercial finance leadership; supported pricing and growth initiatives . |
| Revvity (PerkinElmer) | Sr. Director – FP&A | Pre–Nov 2020 | Corporate planning and performance analytics . |
| Revvity (PerkinElmer) | CFO | Sep 6, 2022 – Present | Drove EPS and FCF execution in FY2024; led investor outreach, digital/ERP integration, and capital deployment actions . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| General Electric Company | Executive Manager – Corporate Audit Staff | Jan 2018 – Oct 2018 | Led cross-functional audit engagements; operational rigor and controls . |
| General Electric Company | Senior Manager – Corporate Audit Staff | May 2014 – Jan 2018 | Financial management roles across GE; process discipline and governance . |
Fixed Compensation
| Item | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary Rate (effective date) | $500,000 (9/6/2022) | $500,000 (annual) | $525,000 (9/2/2024) |
| Target Bonus % of Salary (Global ICP) | 75% (set upon promotion) | 75% | 75% |
| Actual Cash Bonus (Global ICP) | $310,065 (164% payout; prorated) | $111,563 (30% payout) | $615,038 (156% payout) |
| All Other Compensation | $16,250 | $19,548 | $25,168 |
Performance Compensation
Short-Term Incentives (Global ICP) – FY2024 Detail
| Metric | Weighting | Target | Actual Result | Achievement % | Maxwell Payout |
|---|---|---|---|---|---|
| Organic Revenue Growth | 40% | 2.0% | 1.0% | 65% | Company 142% × Individual 110% = 156% of target ($615,038) |
| Adjusted EPS | 40% | $4.65 | $4.95 | 200% | See above |
| Free Cash Flow Conversion | 20% | 80–85% | 96% | 180% | See above |
| Overall | — | — | — | 142% | 156% (with 110% individual modifier) |
Short-Term Incentives (Global ICP) – Prior Years
| Year | Corporate Achievement | Individual Modifier | Payout (% of Target) | Payout ($) |
|---|---|---|---|---|
| 2023 | 17% | 175% | 30% | $111,563 |
| 2022 | 139% | 118% | 164% | $310,065 |
Long-Term Incentives (LTIP) – Structure and Grants
| Plan Year | Component | Grant Date | Quantity | Vesting | Grant Date Fair Value |
|---|---|---|---|---|---|
| 2024 | PRSU | 2/5/2024 | 10,106 target units | Vests after 3-year performance; metrics include organic revenue growth & adjusted operating margin; relative TSR modifier | $1,050,013 |
| 2024 | Stock Options | 2/5/2024 | 28,028 options | Vest 1/3 annually; 7-year term; exercise price $104.635 | $1,047,775 |
| 2023 | PRSU | 2/16/2023 | 6,024 target units | 3-year performance; relative TSR modifier | $812,517 |
| 2023 | Restricted Stock (RS-T) | 2/16/2023 | 3,012 shares | 100% vest on 3rd anniversary | $406,259 |
| 2023 | Stock Options | 2/16/2023 | 8,666 options | Vest 1/3 annually; 7-year term; exercise price $133.20 | $405,436 |
| 2023 | Additional Options | 2/16/2023 | 5,333 options | Same; exercise price $133.20 | $249,502 |
| 2023 | RSU (time-based) | 2/16/2023 | 1,865 units | Time-based; schedule per plan | $250,003 |
| 2022 | RSU (promotion) | 9/15/2022 | 1,903 units | 100% vest on 3rd anniversary | $249,978 |
| 2022 | Options (promotion) | 9/15/2022 | 5,901 options | Vest 1/3 annually; 7-year term; exercise price $134.23 | $249,986 |
Performance Outcomes:
- 2021 LTIP (3-year cycle concluded FY2023): 137% achievement on adjusted revenue and adjusted EPS .
- 2022 LTIP (cycle concluded FY2024): 0% achievement; no PRSU vesting .
Equity Ownership & Alignment
Beneficial Ownership (as of Feb 16, 2024)
| Item | Shares |
|---|---|
| Stock (aggregate amount) | 3,207 |
| Acquirable within 60 days (options/rights) | 13,859 |
| Total beneficially owned | 17,066; <1% of class |
Stock Ownership Guidelines and Trading Policy:
- Guideline: Executive/Senior Vice President must hold stock valued at 2× base salary; all NEOs in compliance as of Feb 14, 2025 .
- No hedging or pledging of company stock; NEO trades must occur under pre-established, company-approved 10b5-1 plans .
Outstanding Equity Awards (FY2024 year-end) – Maxwell Krakowiak
| Type | Exercisable (#) | Unexercisable (#) | Exercise Price | Expiration | Notes |
|---|---|---|---|---|---|
| Options | 0 | 28,028 | $104.635 | 2/5/2031 | 2024 LTIP options |
| Options | 2,888 | 5,778 | $133.200 | 2/16/2030 | 2023 LTIP options |
| Options | 1,777 | 3,556 | $133.200 | 2/26/2030 | Additional 2023 options |
| Options | 3,934 | 1,967 | $134.230 | 9/15/2029 | 2022 promotion options |
| Options | 1,031 | 516 | $175.390 | 3/4/2029 | 2022 options |
| Options | 5,000 | 0 | $183.350 | 8/16/2028 | 2021 grant |
| Options | 1,196 | 0 | $123.430 | 3/5/2028 | 2018 grant |
| Stock/Units | Unvested (#) | Market/Payout Value ($) |
|---|---|---|
| Restricted Stock (RS-T) | 3,012 | $337,314 |
| RSU | 1,865 | $208,861 |
| RSU | 1,903 | $213,117 |
| PRSU (2024 target) | 10,106 | $1,131,771 |
| PRSU (2023 target) | 6,024 | $674,628 |
| PRSU (legacy) | 142 | $15,903 |
Insider Selling Pressure:
- Option Exercises: 0 in FY2024; stock vested 241 shares with $24,958 realized value, indicating limited near-term selling pressure .
- 2023 options largely above market at year-end (no acceleration value), shifting by FY2024 to some in-the-money exposure (options acceleration value $206,146 in termination scenarios) .
Employment Terms
| Provision | Terms |
|---|---|
| Appointment & Start Date | Appointed CFO effective September 6, 2022; age 33 at appointment . |
| Agreement Term | Initial term of 1 year from 9/6/2022; continues year-to-year until terminated . |
| Base Salary & Bonus Target | Starting salary $500,000; Global ICP target 75% of salary . |
| Severance (without Cause) | “Full Salary” (base + prior year’s bonus) paid for 12 months; lump-sum equivalent of 12 months company-paid benefit premiums and executive physical fee; payments commence on day 60 post-termination upon release execution . |
| Change-in-Control (Double Trigger; within 36 months) | Lump-sum: unpaid salary + pro-rata prior year bonus + 2× “Full Salary” + 24 months benefit premiums; full acceleration of RS/RSU/option awards; PRSUs paid at target; extended option exercise window . |
| Excise Tax Treatment | No 280G gross-up; “best-of” approach to maximize after-tax payments or reduce to safe harbor . |
| Disability | Company bridges salary above STD for first 180 days and above LTD for next 12 months; 100% vesting of options, RS, PRSUs upon death or total disability; option exercise window up to 1 year or original expiry . |
| Non-Compete / Non-Solicit | 1-year post-employment non-compete and non-solicit; enforceable scope and injunctive relief provisions . |
| Clawbacks | Global ICP recoupment for restatements; SEC/NYSE-compliant clawback policy adopted Oct 2, 2023; option gain repayment for certain prohibited activities . |
| Trading Policy | 10b5-1 plans required; no hedging, derivatives, or pledging; director trades pre-cleared . |
Compensation & Ownership Trends (Summary)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary ($) | $365,124 | $500,000 | $507,692 |
| Stock Awards ($) | $324,899 | $1,468,779 | $1,050,013 |
| Option Awards ($) | $324,955 | $654,938 | $1,047,775 |
| Non-Equity Incentive ($) | $383,210 | $111,563 | $615,038 |
| All Other Comp ($) | $16,250 | $19,548 | $25,168 |
| Total ($) | $1,464,439 | $2,754,828 | $3,245,686 |
Performance & Track Record
- FY2024 Global ICP exceeded maximum EPS and strong FCF conversion, with organic revenue near minimum; overall achievement 142% and Maxwell’s payout 156% of target after a 110% individual modifier tied to investor outreach, digital/ERP, financial operations and capital deployment initiatives .
- FY2023 headwinds: GAAP EPS from continuing operations $1.44, GAAP revenue $2,751m, operating income $301m (10.9% margin), which drove lower ICP payouts (30% of target for Maxwell) .
- LTIP cycles show performance sensitivity: 2021 LTIP paid at 137% (adjusted revenue/EPS), while 2022 LTIP paid 0% (adjusted revenue/EPS), reinforcing pay-for-performance alignment .
- Company TSR value of initial $100 investment at 116.71 in 2024 vs peer group TSR 132.45; net income $270m and adjusted revenue $2,756m in 2024, reflecting portfolio and margin dynamics during his tenure .
Equity Ownership & Alignment (Additional)
- Stock ownership guideline for his level: 2× base salary; all NEOs compliant as of Feb 14, 2025; pledging prohibited .
- Trades restricted to approved 10b5-1 plans; no hedging allowed .
- FY2024 “Option Exercises and Stock Vested”: 0 options exercised; 241 shares vested worth $24,958, indicating limited realized equity sales .
Employment Contracts, Severance, and Change-of-Control Economics
| Scenario | Key Cash Components | Equity Treatment | Health/Other |
|---|---|---|---|
| Termination without Cause | 12 months “Full Salary” (base + prior bonus) | Standard plan treatment; no acceleration | Lump-sum 12 months premiums + executive physical |
| Change-in-Control + Termination (Double Trigger; ≤36 months) | Lump-sum unpaid salary + pro-rata bonus + 2× “Full Salary” | Full acceleration of RS/RSU/options; PRSUs at target; extended option exercise window | Lump-sum equivalents of 24 months premiums |
| Disability/Death | Salary bridge over STD/LTD; termination after 12 months notice period | 100% vesting of options, RS, PRSUs; exercise window up to 1 year or original term | — |
Potential Payments (as of FY2024 year-end estimates):
- Change-in-control with qualifying termination: Total $4,175,045; includes base salary $1,050,000, bonus $223,126, pro-rata bonus $111,563, accelerated equity (RS $775,195; options $206,146; PRSU $1,806,399) and health lump-sum $2,616 .
- Termination without cause: Total $637,871; includes base salary $525,000, bonus $111,563, health lump-sum $1,308; no equity acceleration .
Risk Indicators & Red Flags
- No excise tax gross-up; “best-of” safe harbor approach under 280G .
- No option repricing without shareholder approval; clawback policies strengthened in 2023 to meet SEC/NYSE rules .
- Pledging and hedging prohibited; trading limited to 10b5-1 plans .
- Related party transaction policy in place; no specific related party transactions disclosed for Maxwell .
Compensation Peer Group (Benchmarking)
Peer set includes Agilent, Bruker, Hologic, Thermo Fisher, Danaher, Waters, Illumina, QIAGEN, Avantor, Catalent, Bio-Rad, Bio-Techne, Exact Sciences, QuidelOrtho, Cooper Companies; Revvity revenue at approval was at ~25th percentile and market cap at ~45th percentile versus peers for setting 2024 targets (CFO LTIP target at 400% of salary) .
Investment Implications
- Strong pay-for-performance linkage: ICP weighted to EPS/FCF delivered outsized Maxwell payout in 2024 while LTIP results vary materially by cycle (137% vs 0%), signaling real performance sensitivity and reduced risk of windfalls .
- Retention risk mitigated: One-year non-compete/non-solicit, meaningful unvested equity, ownership guideline compliance, and double-trigger CoC protection without tax gross-ups balance retention with shareholder alignment; insider selling constrained by 10b5-1 policy and minimal exercises/vestings in 2024 .
- Alignment & optionality: 2024 equity choice program led Maxwell to take roughly half in options, increasing leverage to stock price appreciation while maintaining PRSU exposure to revenue/margin goals and TSR modifier; current in-the-money options and sizable PRSU targets could increase selling pressure around vest dates but are tempered by policy controls .
- Change-of-control economics: 2× “Full Salary” and full equity acceleration under double-trigger may modestly increase deal-related payouts, but lack of gross-ups and best-of approach limit shareholder-unfriendly optics; monitor adoption of new 10b5-1 plans or accelerated grant activity ahead of potential strategic events .