Cynthia Belak
TELEDYNE TECHNOLOGIESAbout Cynthia Belak
Cynthia Belak is Senior Vice President and Controller of Teledyne Technologies (TDY), appointed effective February 18, 2025; she previously served as Vice President and Controller since May 2015, and Vice President, Risk Assurance since January 2012, having held finance roles at Teledyne since January 2010. She is 68 years old and has been with Teledyne for ~15 years, overseeing controllership and risk assurance functions central to financial reporting integrity and internal control effectiveness . Company performance context during her tenure: 2024 net sales were $5,670.0 million, non-GAAP diluted EPS was $19.73, cash from operations was $1,191.9 million, and free cash flow was $1,108.2 million; management highlighted record backlog and record non-GAAP EPS in Q4 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Teledyne Technologies | Senior Vice President & Controller | Feb 2025–present | Corporate controller leadership over financial reporting and controls |
| Teledyne Technologies | Vice President & Controller | May 2015–Feb 2025 | Enterprise controllership, accounting policy and reporting oversight |
| Teledyne Technologies | Vice President, Risk Assurance | Jan 2012–May 2015 | Risk assurance leadership supporting internal audit and control frameworks |
| Teledyne Technologies | Finance roles | Jan 2010–Jan 2012 | Finance positions prior to VP appointment |
External Roles
No external directorships or outside roles for Belak are disclosed in the proxy .
Performance Compensation
Teledyne’s executive incentive architecture (applies broadly to senior executives; specific individual payouts for Belak are not disclosed):
- Annual Incentive Plan (AIP) metrics and 2024 corporate performance outcomes:
| Metric | Weighting | 2024 Target | 2024 Actual | Payout Factor Basis |
|---|---|---|---|---|
| Adjusted Income Before Taxes (IBT, $mm) | 40% | $1,081.3 | $993.1 | 75.5% multiplier for the IBT component |
| Adjusted Revenue ($mm) | 25% | $6,034.9 | $5,718.9 | 84.3% multiplier for the revenue component |
| Managed Working Capital (% of sales) | 15% | 24.7% | 27.1% | 0% multiplier (below 95% of target → zero) |
| Individual Objectives | 20% | Goal-based | Goal-based | 0–200% weighting (committee assessment; individual specifics not disclosed for Belak) |
- Long-term incentives (design):
| Instrument | Vesting/Performance | Measurement | Period |
|---|---|---|---|
| Stock Options | Time-based; 1/3 per year; 10-year term | Stock price appreciation | 3-year vest schedule (10-year life) |
| Cash Performance Plan | Performance-based | 40% cumulative adjusted IBT, 30% cumulative revenue, 30% relative TSR vs S&P 500 | 3-year performance period |
| Performance-based RSUs | Performance + time-based | TSR relative to S&P 500 over 3 years; cliff vest at year 3 if goals met | 3-year performance period |
Notes:
- 2024 AIP corporate performance yielded an illustrative combined performance weighting of 71.3% before individual objectives (example shown in proxy) .
- Teledyne emphasizes pay-for-performance; AIP payouts scale 0–200% per metric with thresholds and accelerators; 2024 outcomes were below target due to IBT, revenue shortfalls, and MWC miss .
Equity Ownership & Alignment
- Stock ownership guidelines:
| Role | Guideline (Multiple of Base Salary/Retainer) |
|---|---|
| Executive Chairman, CEO, President & COO | 5x base salary |
| Other Named Executive Officers | 3x base salary |
| Directors | 5x annual director retainer |
- Hedging and pledging: Insider trading policy prohibits short sales, put/call transactions, margin accounts, and pledging without prior approval; no advance approvals were granted to directors or named executives in 2024 .
- Beneficial ownership: The proxy’s ownership table covers directors and named executive officers; Belak is not included, and her specific share ownership and vested/unvested breakdown are not disclosed .
Employment Terms
- Change in control protections: Double-trigger provisions are included in NEO severance agreements (requires both a change in control and qualifying termination) .
- Clawback: Teledyne maintains a clawback policy compliant with NYSE rules covering incentive compensation, including time-based stock options and RSUs, in cases of restatements, fraud, willful misconduct, or fiduciary breaches .
- Committee oversight: The Personnel & Compensation Committee reviews and approves employment agreements, severance, change-in-control terms, and special compensation arrangements for executive officers .
- Hedging/pledging limits apply company-wide to employees participating in equity programs, reinforcing alignment and risk controls .
Performance & Track Record (Company context relevant to Controller oversight)
| Metric | 2023 | 2024 |
|---|---|---|
| Net Sales ($mm) | $5,635.5 | $5,670.0 |
| GAAP Diluted EPS ($) | $18.49 | $17.21 |
| Non-GAAP Diluted EPS ($) | $19.69 | $19.73 |
| GAAP Operating Margin (%) | 18.4% | 17.4% |
| Non-GAAP Operating Margin (%) | 22.0% | 22.0% |
| Cash from Operations ($mm) | $836.1 | $1,191.9 |
| Free Cash Flow ($mm) | $721.2 | $1,108.2 |
Additional context:
- Q4 2024 achieved record sales and record non-GAAP EPS; management cited record backlog entering 2025 .
- 2024 say‑on‑pay approval was 95.8%, indicating strong shareholder support for executive compensation practices .
- Peer group benchmarking references 15 industrial/tech peers for market-informed pay setting .
Investment Implications
- Alignment: Robust stock ownership guidelines, anti-hedging/pledging policy, and NYSE-compliant clawbacks indicate strong alignment and governance, reducing risks of misaligned incentives and pledging-related selling pressure .
- Incentive levers: AIP’s emphasis on adjusted IBT, revenue, and managed working capital, plus three-year TSR-weighted long-term plans, tie compensation to operational efficiency and market-relative returns—relevant to Controller-driven working capital discipline; note that 2024 MWC underperformance resulted in zero payout for that component, tempering cash awards despite record cash flow .
- Retention risk: Specific pay levels, equity grants, severance and change-in-control economics for Belak are not disclosed; governance structure (double-trigger for NEOs, committee oversight) suggests standard protections, but absence of Form 4 visibility here limits assessment of near-term selling pressure signals for Belak .
- Monitoring: Given Belak’s February 2025 elevation to Senior VP & Controller, monitor subsequent proxy disclosures and Form 4 filings for equity awards, vesting schedules, and any ownership changes to refine views on pay-for-performance alignment and potential trading signals .