George C. Bobb III
TELEDYNE TECHNOLOGIESAbout George C. Bobb III
George C. Bobb III, age 50, is President and Chief Operating Officer of Teledyne Technologies, serving since January 1, 2024; he previously led the Aerospace & Defense Electronics Segment and held roles overseeing Marine Instrumentation, Engineered Systems, Teledyne Scientific & Imaging, and the company’s IT function . Company performance under the current executive team posted a record 2024 for sales, cash flow, non-GAAP EPS, and operating margin; orders exceeded sales for five consecutive quarters with record backlog, while AIP payouts were trimmed versus target due to revenue, earnings and managed working capital shortfalls . Teledyne’s five-year TSR index (initial $100) reached 136 in 2024 versus 181 for the peer group (S&P 1500 Industrials), reflecting steady value creation with underperformance versus peers over that period .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Teledyne Technologies | President & Chief Operating Officer | Jan 2024–present | Led cost management and margin expansion, cross-Teledyne collaboration, and succession planning initiatives (recognized at 200% for individual AIP objectives in 2024) . |
| Teledyne Technologies | Executive Vice President | Jul 2023–Dec 2023 | Senior corporate leadership bridging segment operations and corporate programs . |
| Teledyne Technologies | Senior Vice President | Oct 2021–Dec 2023 | Oversaw multiple groups (Marine Instrumentation, Engineered Systems, Scientific & Imaging, IT) . |
| Teledyne Technologies | Vice President & President, Aerospace & Defense Electronics Segment | Jul 2019–Oct 2021 | Segment leadership across A&D electronics portfolio . |
| Teledyne Controls LLC | President | Apr 2018–Oct 2021 | Led avionics/controls subsidiary operations . |
| Teledyne Technologies | Chief Compliance Officer (prior legal positions) | Prior to 2018 | Compliance and legal leadership . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No outside directorships or external roles disclosed for Mr. Bobb in the proxy . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $531,400 | $640,000 |
| Perquisites and Other ($) | $23,119 (car allowance, 401(k), ESPP match) | $24,962 (car allowance $12,000; 401(k) $11,766; ESPP match $1,196) |
Performance Compensation
Annual Incentive Plan (AIP) – 2024 structure and outcome
| Component | Weighting | Target | Actual | Payout Mechanics | Result |
|---|---|---|---|---|---|
| Adjusted Income Before Taxes | 40% | $1,081.3m | $993.1m (91.8% of target) | Linear scale with thresholds (0% below 75%; 200% at ≥120%) | 30.2% adjusted weight (40%×0.755) |
| Adjusted Revenue | 25% | $6,034.9m | $5,718.9m (94.8% of target) | Linear scale with thresholds (0% below 67%; 200% at ≥120%) | 21.1% adjusted weight (25%×0.843) |
| Managed Working Capital (% of Sales) | 15% | 24.7% | 27.1% (94.5% of target) | 0% below 95%; 200% at ≥105% | 0.0% |
| Individual Objectives (Bobb) | 20% | 100% | 200% (exceeded) | 0–200% based on Committee assessment | 40.0% (20%×2.0) |
| AIP Performance Weighting | — | — | — | Sum of adjusted weights | 91.3% |
| Target Bonus (% of Salary) | — | 100% | — | — | — |
| Actual Bonus ($) | — | — | — | AIP Target × Performance Weighting | $584,200 |
Long-Term Incentives – grant design and 2024 awards
| Component | 2024 Target (% of Salary) | 2024 Dollar Target | Key Terms | 2024 Grant Detail |
|---|---|---|---|---|
| Stock Options | 100% | $640,000 | 10-year term; vest ratably 1/3 per year; exercise price at fair market value | 3,742 options @ $441.98 (1/23/24 grant) |
| Performance Plan (Cash, 3-yr) | 100% | $640,000 | 40% adj. income before taxes; 30% revenue; 30% relative TSR vs S&P 500; max 200%; IBT is absolute threshold | 2024–2026 targets: IBT $3,624.6m; Revenue $19,154.6m; TSR vs S&P 500 |
| Performance-based RSUs (3-yr) | 100% | $640,000 | Vest at 3rd anniversary subject to relative TSR vs S&P 500: 0% below 25th percentile; 50% at 25th; 100% at ≥50th | Threshold 733; Target 1,465; Max 1,465 units (1/23/24) |
Outstanding equity and vesting status (as of 12/29/2024)
| Instrument | Detail | Vesting / Terms | Market Value Basis |
|---|---|---|---|
| Unexercised Options (exercisable/unexercisable) | 3,214 exercisable; 1,607 unexercisable from 10/25/2022 grant | Options vest 1/3 annually; full vest on change in control; 12 months post-death exercise window | $471.44 per share (12/27/2024 close) |
| 2024 Option Grant | 3,742 unexercisable @ $441.98, exp. 1/23/2034 | 1/3 per year vesting | — |
| RSUs – 2022 Award (max) | 516 shares eligible at max if TSR ≥100% of S&P 500 | 82.2% vested on 1/25/2025 based on 3-year TSR performance | $471.44 per share (valuation basis for tables) |
| RSUs – 2023 Award (max) | 772 shares eligible at max | Vest subject to 3-year TSR vs S&P 500 | $471.44 per share |
| RSUs – 2024 Award (max) | 1,465 shares eligible at max | Vest subject to 3-year TSR vs S&P 500 | $471.44 per share |
| 2024 Stock Vested | 303 shares vested from 1/26/2021 grant; value $126,945 (at $418.96) | 89.4% vesting confirmed for 2021 award | $418.96 per share (1/26/2024) |
| 2024 Option Exercises | None (Bobb) | — | — |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial Ownership (Shares) | 30,882 (includes 772 unvested restricted stock; 20,491 options exercisable within 60 days) |
| Shares Outstanding (for % calc) | 46,837,299 |
| Ownership % of Shares Outstanding | ~0.07% (30,882 / 46,837,299) |
| Stock Ownership Guideline | President & COO must retain equity equal to 5× base salary |
| Compliance with Guidelines | As of end-2024, all NEOs and directors were compliant or within allowed time to comply |
| Hedging / Pledging | Prohibited absent pre-approval; no approvals granted to directors or NEOs in 2024 |
Employment Terms
| Provision | Details |
|---|---|
| Change-in-Control Agreement | Double-trigger; benefits if terminated without cause or resign for good reason within 3 months before or 24 months after a change in control |
| Cash Severance Multiple | 2× (highest base salary in prior year + AIP target or higher of 3-year average) for Bobb |
| AIP / Performance Plan Treatment | Pro-rated current-year AIP; performance plan paid at 120% of target upon termination (prorated at target if no termination) |
| Equity Treatment | Immediate vesting of all stock options; removal of RSU restrictions upon change in control |
| Welfare Benefits | Continuation for up to 24 months post-termination (employee pays prior share) |
| Outplacement | Up to $15,000 |
| 280G Treatment | “Better-of” after-tax: unreduced payment (no tax gross-up) or reduction below excise tax threshold |
| Potential Payments (Illustrative) | Change-in-control followed by termination: $7,107,053; no termination: $1,719,207; death/disability: $2,162,294 (as of 12/29/2024) |
Deferred Compensation and Pensions
| Item | 2024 |
|---|---|
| Executive Deferred Compensation – Contributions | $244,916 |
| Executive Deferred Compensation – Aggregate Balance | $937,934 |
| Defined Benefit Pension Participation | No participation in Teledyne’s domestic defined benefit plans (Bobb not a participant) |
Compensation Structure Notes
- AIP metrics emphasize adjusted income before taxes (40%), adjusted revenue (25%), managed working capital (15%), and individual goals (20%), aligning with profitable growth and operational efficiency; 2024 underperformance on revenue/earnings/MWC lowered payouts despite a record year overall .
- Long-term incentives were rebalanced to equal thirds among options, Performance Plan, and performance-based RSUs starting 2024, informed by Exequity and peer practice .
- Peer group used for benchmarking includes Agilent, Ametek, Bruker, Fortive, Garmin, Howmet, IDEX, Keysight, Mettler-Toledo, Revvity, Teradyne, TransDigm, Trimble, Waters, Xylem, Zebra .
- 2024 say-on-pay approval: 95.8% .
- Clawback policy covers incentive compensation (including time-vested options/RSUs) for restatements, felony/willful misconduct, breach of fiduciary duty, fraud/embezzlement .
Investment Implications
- Alignment: High at-risk pay with equal-weighted multi-year, multi-metric LTIs (options + three-year cash performance plan + relative TSR RSUs) supports shareholder alignment; strict anti-hedging/pledging and robust ownership guidelines (5× salary for President & COO) materially reduce misalignment risk .
- Retention: Double-trigger change-in-control protections with 2× cash severance and comprehensive equity acceleration create strong retention through strategic cycles; illustrative CIC severance value of ~$7.1m underscores “golden handcuffs” during potential corporate events .
- Selling pressure: No 2024 option exercises by Bobb and meaningful unvested RSUs/options suggest limited near-term selling pressure; vesting cadence (1/3 options annually; RSUs at 3 years) staggers realization and aligns with performance targets .
- Execution risk: 2024 AIP results highlight operational risks in revenue, earnings and working capital management despite record backlog—continued focus on cost discipline and margin expansion (noted in Bobb’s 200% individual goal rating) remains critical to unlocking higher incentive payouts and improved TSR relative to peers .
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