Jennifer L. Slater
About Jennifer L. Slater
Jennifer L. Slater, age 51, has served as Strattec’s President & CEO since July 1, 2024 and as a director since 2024; she previously held senior leadership roles at Sensata Technologies and Clarios focused on automotive and industrial technology product businesses . Under her tenure in FY2025, Strattec delivered 5.1% net sales growth to $565M, EBITDA up 9.3% to $37.5M, cash flow from operations up sharply to $71.7M, and a stock price move from just below $25 to more than $62, producing a ~149% TSR that ranked at the 95th percentile of the Russell 2000; FY2025 closing price and 52-week high/low were $61.02 and $61.02/$22.65, respectively . The 2025 pay program tied annual bonuses 100% to consolidated EBITDA and cash flow, and introduced PSUs tied to multi-year EBITDA margin improvement, reinforcing pay-for-performance alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sensata Technologies (NYSE: ST) | EVP & GM, Performance Sensing | Apr 2024 | Led performance sensing portfolio in industrial tech; product strategy and sales oversight . |
| Sensata Technologies | SVP, Automotive & Aftermarket | Apr 2023–Apr 2024 | Drove auto and aftermarket businesses; growth and portfolio focus . |
| Sensata Technologies | VP & GM, Heavy Duty & Off-Road | Sep 2022–Mar 2023 | Managed HD/Off-Road segment; operational execution . |
| Clarios (automotive energy storage) | Group VP & GM, Global OE & Products | 2019–Sep 2022 | Led global OE and product businesses; commercial and product management leadership . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Valvoline Inc. (NYSE: VVV) | Director | Since Jul 2022 | Public company board experience; enhances governance credentials . |
Fixed Compensation
| Component (FY2025) | Amount | Notes |
|---|---|---|
| Base Salary | $650,000 | Established at hire; unchanged for FY2025 . |
| Sign-on Cash Bonus | $550,000 | Employment sign-on bonus upon joining in July 2024 . |
| All Other Compensation | $47,818 | 401(k) match $28,438; life insurance $1,380; perquisites $18,000 . |
Performance Compensation
| Component (FY2025) | Target | Actual/Payout | Design Details |
|---|---|---|---|
| Annual STIP – EBITDA (50% weighting) | $22.9M | $41.6M; payout 200% of target | 100% of STIP based on consolidated financials; payout range 0–200% . |
| Annual STIP – Cash Flow from Operations (50% weighting) | $51.7M | $71.6M; payout 200% of target | Metrics approved by Compensation Committee; paid in August following year . |
| STIP Opportunity (CEO) | 100% of salary ($650k) | Paid $1,300,000 (200% of target) | Minimum 0%, maximum 200% of target . |
| Stock Awards (RSA/PSU aggregate grant-date value) | — | $2,804,248 | Includes $1,482,363 sign-on equity value; RSAs and PSUs under ASC 718 . |
Long-term Incentives Detail
| Award | Grant Date | Target/Units | Vesting | Performance Metric |
|---|---|---|---|---|
| Annual RSA | 10/25/2024 | $650,000 target; 16,878 RSAs | 1/3 each anniversary over 3 years (service) | Stock price performance drives value . |
| Annual PSU (FY25–FY27) | 16,878 PSUs target; Threshold 8,439; Max 33,756 | Settles end of FY2027 | 3-year performance with service requirement | EBITDA margin; targets require +100 bps improvement each in FY2026 and FY2027; FY2025 actual margin 6.6% (above target) . |
| Sign-on RSA | 10/25/2024 | 37,854 RSAs | 1/3 each year on July 1 (hire anniversary) | Retention-focused; “make-whole” award . |
Equity Ownership & Alignment
| Measure (as of Aug 15, 2025) | Amount | Notes |
|---|---|---|
| Total Beneficial Ownership | 71,610 shares | 1.7% of class; 4,160,284 shares outstanding . |
| Voting/Ownership Breakdown | Sole voting & investment: 12,618; Sole voting only: 58,992 | Table lists director/officer unvested restricted shares; footnote indicates RSAs are unvested as of date . |
| Unvested RSAs (Outstanding) | 16,878; 37,854 | Market values $1,029,896; $2,309,851 at $61.02 close on 6/27/2025 . |
| Unvested PSUs (Outstanding) | 33,756 (max) | Market/payout value $2,059,791 at $61.02 close (max scenario) . |
| Ownership Guidelines | CEO: 5x base salary | Executives must hold all net vested shares until guideline met . |
| Hedging/Pledging | Prohibited | No hedging, short sales, margin accounts, or pledging; pre-clearance required . |
Insider selling pressure watch: Annual RSA tranches and sign-on RSAs vest one-third each year on July 1 (hire anniversary), creating predictable vesting events that can lead to net share sales for tax and diversification around early July each year .
Employment Terms
| Term | Provision | Detail |
|---|---|---|
| Agreement Term | Initial term through June 30, 2027 | Auto-renews each July 1 for one year unless 60-day non-renewal notice; salary reductions only via proportionate, company-wide actions . |
| Severance – No Cause/Good Reason | Cash severance | One year’s base salary; FY2025 illustration: $650,000 . |
| Severance – No Cause/Good Reason | Bonus severance | Average of prior two years’ bonuses (or target if <2 years); FY2025 illustration: $1,950,000 . |
| Severance – No Cause/Good Reason | LTI acceleration | Unvested RSAs fully vest; PSUs vest at target . |
| Severance – Change-in-Control (CiC) | Cash severance | $1,300,000 (indicative of 2x base salary) . |
| Severance – CiC | Bonus severance | $2,900,000 . |
| Severance – CiC | LTI acceleration | RSAs and PSUs vest at target upon qualifying termination in connection with CiC (double trigger) . |
| Death/Disability | Bonus severance | Prior year bonus accrual; PSUs vest at target; RSAs fully vest . |
| Equity Valuation Basis (Illustrative) | — | Termination tables use $62.21 closing price on 6/27/2025; outstanding awards use $61.02 . |
| Clawback | Restatement-based recovery | Excess incentive compensation over last three completed fiscal years; SEC/Nasdaq compliant . |
| Tax Gross-ups | None | No excise tax gross-ups in CiC . |
Board Governance and Service
- Director since 2024; not independent due to CEO role; not a member of Audit, Compensation, or Nominating committees; regularly attends Board and committee meetings .
- Board held five meetings in FY2025; all directors attended >75%; executive sessions of non-employee directors held at every Board meeting .
- Separate independent Chair (F. Jack Liebau, Jr.) provides oversight and mitigates dual-role risks; Board reviews leadership structure periodically .
- Non-employee director compensation structure described (retainers and restricted stock); Ms. Slater, as CEO, is not part of this program .
Director Compensation (for context; CEO is employee director)
| Element | FY2025 Program | Notes |
|---|---|---|
| Annual Retainer (Non-Employee Directors) | $170,000 ($85k cash + $85k restricted stock) | Transition year included immediate $50k grant for prior service and $85k forward vesting grant; chair and committee chair retainers: $60k Chair; $20k Audit; $15k Compensation/Nominating . |
Compensation Structure Analysis
- At-risk pay increased: 75% of CEO’s target annual compensation at risk, and 50% in long-term equity; shift from historical RSAs-only to a mix including PSUs tied to EBITDA margin targets, improving pay-for-performance rigor .
- STIP redesigned to be 100% objective financials (EBITDA and cash flow), eliminating subjective/individual components and aligning with transformation priorities; FY2025 paid at maximum (200% of target) on outperformance .
- Company does not grant stock options; equity mix focuses on RSAs and PSUs, lowering option-related risk and emphasizing share ownership and margin improvement .
- Governance safeguards: anti-hedging/pledging, ownership guidelines (CEO 5x salary), clawback; no excise tax gross-ups; limited perquisites .
Say-on-Pay & Shareholder Feedback
- 2024 Say-on-Pay support exceeded 78%; 2025 advisory vote recommended FOR by Board; annual cadence with next advisory vote expected in 2026 .
Investment Implications
- Strong pay-for-performance linkage: Maximum STIP payout driven by outsized EBITDA and cash flow performance under Slater’s first year aligns incentives with value creation; multi-year PSUs require sustained margin expansion, reinforcing discipline across FY25–FY27 .
- Vesting calendar suggests periodic supply from RSA vesting around July 1 annually, potentially creating short-term insider-selling pressure for tax withholding and diversification; monitor Form 4s around vest dates .
- Alignment and risk: Significant unvested equity and strict anti-hedging/pledging policies support long-term orientation; CiC economics provide meaningful protection (indicative 2x salary cash plus bonus severance and full target equity vesting on double-trigger), lowering retention risk but increasing potential M&A-related dilution costs .
- Governance mitigants: Independent Chair, non-committee status for CEO, high Board attendance, and use of independent compensation consultant (Pay Governance) temper dual-role concerns and support investor confidence in oversight and incentive design .