Randall Data
SPX TechnologiesAbout Randall Data
J. Randall Data is SPX Technologies’ President, Global Operations and a named executive officer (NEO). His role centers on enterprise-wide operational execution and value creation; the proxy does not disclose age or education. SPX reported 2024 one‑year TSR of 44% with 13.9% revenue growth and 38.9% operating income growth; PSUs granted in 2022 paid out at 150% on r‑TSR vs peers for the 2022–2024 cycle, evidencing alignment with shareholder returns . Company revenues and EBITDA have expanded multi‑year (see table below; values from S&P Global).
Past Roles
| Organization | Role | Years (as disclosed) | Strategic Impact |
|---|---|---|---|
| SPX Technologies | President, Global Operations | 2024 NEO listing | Enterprise operations leadership and execution |
| SPX Technologies | President, Heating and Global Operations | 2023 NEO listing | Segment oversight; heating platform operations |
| SPX Technologies | President, South Africa and Global Operations | 2022 NEO listing | Led South Africa business and global ops during legal simplification and de-risking |
External Roles
Not disclosed in the proxy statements reviewed.
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary Paid ($) | $516,444 | $539,157 | $567,075 |
| Base Salary Rate (as of effective date) | — | $544,619 (effective 3/27/2023) | $571,850 (effective 3/25/2024) |
| Target Annual Bonus (% of Base) | 70% | — | 70% |
Performance Compensation
Annual Incentive Design and 2024 Corporate Results (applies 100% to Data)
| Metric | Weight | Threshold | Target | Maximum | Actual | Payout |
|---|---|---|---|---|---|---|
| Adjusted EBITDA ($mm) | 50% | 340.0 | 359.0 | 385.0 | 403.9 | 200.0% |
| Adjusted Free Cash Flow ($mm) | 25% | 309.0 | 335.0 | 369.0 | 392.0 | 200.0% |
| Adjusted Revenue ($mm) | 25% | 1,829.0 | 1,892.0 | 1,987.0 | 1,916.1 | 125.3% |
| Total Corporate Payout | — | — | — | — | — | 181.3% |
Annual Bonus Outcomes
| Year | Base Salary at Year-End | Target Bonus % | Bonus Achieved (% of Target) | Total Bonus ($) |
|---|---|---|---|---|
| 2022 | $521,167 | 70% | 138.5% | $505,293 |
| 2023 | $544,619 (rate from 3/27/2023) | — | — | $762,467 |
| 2024 | $571,850 (rate from 3/25/2024) | 70% | 181.3% | $725,872 |
Long‑Term Incentives (Grant Mix, Vesting, Key Terms)
| Year | Options (#) | Exercise Price | Vesting | RSUs (#) | Vesting | PSUs (#, target) | Performance Metric / Cycle |
|---|---|---|---|---|---|---|---|
| 2022 | 9,814 | $48.97 | 33 1/3% p.a. over 3 yrs | 3,874 | 33 1/3% p.a. over 3 yrs | 7,747 | r‑TSR vs S&P 600 Capital Goods; 2022–2024; 150% payout achieved |
| 2023 | 4,204 | $71.93 | 33 1/3% p.a. over 3 yrs | 1,824 | 33 1/3% p.a. over 3 yrs | 5,469 | r‑TSR multi‑year; capped at target if TSR negative |
| 2024 | 6,850 | $116.40 | 33 1/3% p.a. over 3 yrs | 2,992 | 33 1/3% p.a. over 3 yrs | 5,984 | r‑TSR vs aggregated S&P 600/400 Capital Goods; 2024–2026; 0–200% payout; capped at target if TSR negative |
2024 PSUs thresholds: 30th percentile pays 50%; target 55th; max 85th percentile; linear interpolation . Grants on 2/28/2024; PSU fair value $950,917; RSU $348,269; Options $348,254 .
Equity Ownership & Alignment
- Stock ownership guidelines: Other executive officers must hold 3x annual salary; unvested time‑based RSUs count; PSUs/unexercised options excluded. All NEOs were in compliance as of March 17, 2025 .
- Hedging/pledging: Prohibited for all directors and executive officers .
- Clawbacks: Company maintains Dodd‑Frank compliant clawback plus pre‑existing policy; applies to cash and equity for restatements and misconduct; three‑year lookback under Dodd‑Frank policy .
Beneficial Ownership (as of March 17, 2025)
| Holder | Shares Beneficially Owned | Right to Acquire within 60 Days (Options/RSUs) | 401(k) Plan Shares | Percent of Class |
|---|---|---|---|---|
| J. Randall Data | 49,180 | 9,758 | 3,762 | <1% |
Outstanding Equity Awards at FY 2024 Year‑End (Data)
| Award Date | Options Unexercisable | Options Exercisable | Exercise Price | Expiry | RSUs Not Vested | PSUs (Unearned) | Notes |
|---|---|---|---|---|---|---|---|
| 3/1/2022 | 3,272 | — | $48.97 | 3/1/2032 | 7,747 (RSU MV $1,127,343) | 11,621 (assumed 150% PSU level) | RSUs vest 33 1/3% p.a.; PSUs based on r‑TSR cycle certified |
| 3/1/2023 | 4,204 | 2,101 | $71.93 | 3/1/2033 | 5,469 (MV $795,849) | 8,204 (assumed 150% level) | |
| 2/28/2024 | 6,850 | — | $116.40 | 2/28/2034 | 5,984 (MV $870,792) | 11,968 (assumed 200% level disclosure basis) |
2024 Option Exercises/Stock Vested: 27,412 options exercised ($2,505,217 value); 12,752 shares vested ($1,422,794 value) .
Employment Terms
- Change‑in‑Control/Severance Structure: Double‑trigger; accelerated vesting of all unvested equity at target on termination following CIC; no tax gross‑ups on CIC payments; robust clawback policies .
Potential Payments (assuming termination on 12/31/2024; stock $145.52)
| Scenario | Salary Multiple | Bonus Treatment | Accelerated Equity | Other Compensation | Total |
|---|---|---|---|---|---|
| Involuntary w/o Cause or Resignation for Good Reason | 1x ($571,850) | 1x of higher of prior‑year actual or current target ($762,467) | Equity vesting of awards otherwise vesting within 1 year ($453,874) | $105,399 (vacation payout, outplacement up to $35k, 1yr benefits) | $1,893,590 |
| Termination Following Change‑in‑Control | 2x ($1,143,700) | 2x of higher of prior‑year actual or current target ($1,524,933) | Accelerated vesting of all unvested equity at target ($4,507,576) | $144,340 (2yrs benefits, outplacement up to $35k, perquisites continuation) | $7,320,549 |
| Disability/Death | — | Pro‑rated portion of higher of prior‑year actual or current target ($762,467) | Accelerated full unvested equity at target ($4,507,576) | $31,458 | $5,301,501 |
Bonus program definitions: threshold=50% payout; max=200% payout; Data’s bonus tied 100% to corporate metrics .
Governance, Peer Group, Say‑on‑Pay
- Peer group targeting: Compensation elements targeted at market median; majority of LTI performance‑based; relative TSR component included to align executive pay with shareholder value .
- Say‑on‑Pay: ~97% approval in 2024; average >93% approval since 2016, reflecting strong shareholder support for pay program .
Company Performance Context
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $1,460.9M * | $1,741.2M * | $1,983.9M * |
| EBITDA ($USD) | $191.5M* | $291.6M* | $408.8M* |
*Values retrieved from S&P Global.
Compensation Structure Analysis
- Mix and risk: Increasing base salary rate from $544,619 (2023) to $571,850 (2024) reflects scope/market alignment; variable pay dominates with 70% bonus target and LTI split (50% PSUs, 25% RSUs, 25% options), maintaining at‑risk structure .
- Performance stringency: 2024 corporate metrics required strong EBITDA/FCF outperformance; PSUs cap at target if TSR is negative, reducing windfall risk .
- Clawback/No gross‑ups/No repricing: Shareholder‑friendly features reduce governance risk .
Risk Indicators & Red Flags
- Hedging/pledging: Prohibited (alignment positive) .
- Option repricing: Not permitted without shareholder approval .
- Related party transactions: Audit Committee oversees; no problematic transactions disclosed affecting NEOs .
- Insider transactions: Data realized $2.5M from option exercises in 2024; stock vesting $1.42M. The proxy does not state discretionary selling beyond tax/exercise obligations; monitor Form 4s for ongoing activity .
Equity Ownership & Guideline Compliance
- Ownership requirement: 3x salary; Data in compliance as of March 17, 2025 .
- Composition: 49,180 shares beneficially owned; 9,758 shares rights to acquire within 60 days; 3,762 shares held via 401(k); no pledging .
Employment Terms (Additional Provisions)
- Double‑trigger CIC; accelerated vesting at target on CIC termination; one‑year/ two‑year vesting catch‑up on non‑CIC terminations; benefit continuation and outplacement assistance; clawbacks apply .
Investment Implications
- Pay‑for‑performance alignment is strong: 2024 bonus mechanics tied to EBITDA/FCF/revenue drove a 181.3% payout, while PSUs hinge on r‑TSR with caps, reducing asymmetric upside risk; this aligns Data’s incentives with cash generation and shareholder returns .
- Retention risk mitigated by multi‑year vesting and guideline compliance: Significant unvested RSUs/PSUs across 2022–2024 grants and stock ownership guidelines support retention and long‑term orientation; hedging/pledging prohibitions and robust clawbacks further align behavior .
- Event risk under CIC: The standard double‑trigger CIC terms create sizable accelerated vesting and 2x cash multiples, implying potential payout of ~$7.32M for Data, which is meaningful but typical for peers; investors should consider CIC exposure in M&A scenarios .
- Trading signals: 2024 option exercise value ($2.5M) indicates realized value from prior grants; monitor ongoing Form 4 activity for any pattern of net selling beyond tax/exercise funding .