Richard P. Messina
About Richard P. Messina
Senior Vice President and Chief Technology Officer at Strattec Security Corporation, with ~17 years at STRT and prior engineering leadership at Delphi; appointed to his current role in June 2023. He holds an MBA from Oakland University and a BS in Mechanical Engineering from Kettering University; age 57 as of the 2024 proxy disclosure . Company performance during his recent tenure includes FY2025 stock +149% vs +14% for S&P 500 and FY2024 stock +32% vs +22% for S&P 500, with sales rising to $565M (+5%) and EBITDA to $37.5M; FY2025 cash from operations surged to $71.7M and net income reached $18.7M .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Strattec Security Corporation | Senior Vice President & Chief Technology Officer | June 2023–present | Technology leadership; product and engineering oversight |
| Strattec Security Corporation | Chief Technology Officer | May 2023–June 2023 | Elevated engineering strategy |
| Strattec Security Corporation | Vice President—Global Engineering | Jan 2020–May 2023 | Led global engineering; platform development |
| Strattec Security Corporation | VP—Global Sales & Access Control Products | Aug 2013–Dec 2019 | Drove commercialization of access solutions |
| Strattec Security Corporation | VP—Access Control Products | Dec 2008–Aug 2013 | Product leadership; access control portfolio |
| Delphi Corporation | Chief Engineer—Power Closures Engineering (NA & Asia) | 2006–Nov 2008 | OEM program leadership; complex electromechanical systems |
| Delphi Corporation | Engineering Group Manager | 2001–2006 | Managed engineering teams and programs |
External Roles
No public company directorships or external governance roles disclosed for Mr. Messina in the company’s proxies .
Fixed Compensation
| Year | Base Salary (paid) | Target Bonus % | Actual Bonus Paid | Stock Awards (grant-date FV) | All Other Compensation | Total |
|---|---|---|---|---|---|---|
| FY2024 | $343,000 | 35% of base | $132,655 | $63,156 | $28,330 | $567,141 |
| FY2023 | $334,421 | 35% of base | $0 | $86,469 | $27,193 | $448,083 |
- FY2024 base salary rate set effective Jan 1, 2024 at $348,000 (paid $343,000 due to timing) .
- All other compensation includes 401(k) match, group life, LTD, and a $9,600 auto allowance in FY2024 .
Performance Compensation
| Program | Metric | Weighting | Threshold | Target | Maximum | Actual | Payout vs Target |
|---|---|---|---|---|---|---|---|
| FY2024 STIP (Executives) | Profit Before Tax (company factor) | 50% (plus 50% individual goals) | $12M hurdle | $24M | 200% line above target | $24.6M | 1.05× of target for company factor |
| FY2025 STIP (Company-wide) | EBITDA | 50% | $20.6M | $22.9M | $34.3M | $41.6M | 200% |
| FY2025 STIP (Company-wide) | Cash From Operations | 50% | $38.7M | $51.7M | $64.6M | $71.6M | 200% |
- FY2025 STIP changed to objective financials (EBITDA and operating cash flow) with participants including NEOs and substantially all U.S. employees; payouts reached maximum (200%) on both metrics .
Equity Ownership & Alignment
| Date (Record) | Shares Beneficially Owned | % of Class | Unvested RSAs | Options Outstanding | Notes |
|---|---|---|---|---|---|
| Aug 21, 2024 | 14,780 | <1% | 5,700 | 1,050 @ $79.73 strike, exp. 08/20/24 | Unvested RSAs counted as “sole voting power only”; options were far OTM vs $25.00 FY2024 close |
Outstanding equity awards at FY2024 year-end:
- RSAs: 900 (granted 08/17/2021; remaining tranche vested 08/17/2024) $22,500 value at $25.00 ; 1,900 (08/22/2022; vests 1/3 annually through 08/22/2025) $47,500 ; 2,850 (08/23/2023; vests 1/3 annually through 08/23/2026) $71,250 .
- Options: 1,050 exercisable at $79.73 (expired 08/20/2024); no intrinsic value at $25.00 close .
Stock ownership guidelines (adopted early FY2025):
- CEO: 5× base salary; CFO and other executive officers: 2× base salary; executives must hold net vested shares until in compliance .
Trading policies:
- Strict prohibitions on hedging, short sales, margin accounts, and pledging of STRT stock; all transactions require pre-clearance .
Employment Terms
| Term | Detail |
|---|---|
| Agreement structure | Evergreen employment agreements (auto-renew annually unless notice); base salary cannot be decreased (except proportionally in broad reductions) . |
| Non-compete & confidentiality | Non-compete during employment and for the shorter of one year post-termination or the duration of employment; confidentiality obligations extend two years post-employment . |
| Benefits | Group term life insurance equal to 2× base salary (capped at $500,000); standard employee benefits . |
| Severance (without cause) | Continuation of base salary (typically six months, up to 12 months based on officer service) and health/dental coverage; Messina’s modeled amount at FY2024: $369,084 (salary $348,000; benefits $21,084) . |
| Change-of-control (double trigger) | Lump sum equal to 2× base salary plus highest prior annual bonus; continuation of benefits; equity accelerates under plan; Messina’s modeled amount at FY2024: total $908,064 (salary $696,000; bonus $169,895; benefits $42,169) . |
| Equity acceleration | RSAs vest immediately upon change of control per plan terms; FY2024 tables show immediate vesting values for unvested awards . |
| Clawback | Board-adopted clawback policy for erroneous incentive comp on restatement (SEC/Nasdaq-aligned) . |
Investment Implications
- Alignment: Messina’s pay mix emphasizes unvested RSAs with multi-year vesting, combined with strict anti-hedging/anti-pledging and stock ownership guidelines—positive alignment signals for retention and shareholder value creation .
- Near-term selling pressure: Upcoming RSA tranches from 2022–2023 grants vest through 2026; however, required holding until guideline compliance reduces sell pressure risk relative to typical executives .
- Retention vs. exit economics: Standard non-compete and severance; change-of-control payout modeled at ~$0.9M for FY2024 suggests moderate transition costs; equity acceleration under change-of-control increases sensitivity to M&A outcomes .
- Execution backdrop: Corporate results show strong FY2025 EBITDA and cash flow outperformance with 200% STIP payout, ~5% sales growth, and top-decile TSR, supporting a performance culture under which Messina’s technology leadership operates .
- Governance and pay risk: No related-party transactions; “no excise tax gross-ups”; 2024 Say-on-Pay approval >78%; compensation peer group modernized—limited governance red flags observed .
Appendices
Company Performance (context)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Net Income (USD) | $(6.7)M | $16.3M | $18.7M |
| Sales (USD) | — | $538M | $565M |
| EBITDA (USD) | — | $34.4M | $37.5M |
| TSR (Indexed $100) | $54.97 | $75.76 | $184.91 |
Governance & Compensation Programs (context)
- Compensation committee moved to fully objective annual metrics and added PSUs (CEO FY2025) to increase long-term alignment; no hedging/pledging; clawback in place; director/EO ownership requirements elevated .
- Compensation peer group includes Allient, CVG, Douglas Dynamics, Gorman-Rupp, Holley, Hurco, Manitex, Methode Electronics, Miller Industries, NN Inc., Powell, Power Solutions Int’l, Mayville Engineering, Motorcar Parts of America, Stoneridge, Twin Disc, Vishay Precision Group .
- 2024 Say-on-Pay approval exceeded 78% .
- No related party transactions in FY2025 .
Note: Executive-specific data for Mr. Messina is drawn from Strattec’s 2024 and 2025 definitive proxy statements; where the FY2025 NEO roster changed, company-wide plan design and performance context are provided and cited accordingly .