Stephen F. Blackwood
TELEDYNE TECHNOLOGIESAbout Stephen F. Blackwood
Stephen F. Blackwood, age 62, is Executive Vice President and Chief Financial Officer of Teledyne Technologies (TDY) as of February 18, 2025; he served as Senior Vice President and CFO starting December 2023, and earlier held senior finance roles including Strategic Sourcing, Tax and Treasurer, and Vice President & Treasurer . Company performance during his CFO tenure included 2024 net sales of $5,670.0 million, GAAP EPS of $17.21, non-GAAP EPS of $19.73, and record free cash flow of $1,108.2 million; management cited five consecutive quarters of orders exceeding sales and record backlog, while acknowledging some target shortfalls in AIP metrics (adjusted income before taxes at 91.8% of target, adjusted revenue at 94.8%, and managed working capital at 94.5%) . Over 2019–2024, Teledyne’s cumulative TSR translated to $136 on a $100 initial investment versus $181 for the S&P 1500 Industrials peer index, providing context for relative shareholder returns across the period .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Teledyne Technologies | EVP & CFO | Feb 18, 2025 – Present | Executive leadership of finance; oversight of capital allocation, margin initiatives, compliance; signatory on SEC filings . |
| Teledyne Technologies | SVP & CFO | Dec 2023 – Feb 17, 2025 | Led cash management, procurement and compliance initiatives; achieved 125% of individual AIP goals for 2024 . |
| Teledyne Technologies | SVP, Strategic Sourcing, Tax & Treasurer | Jan 1, 2019 – Dec 2023 | Enterprise sourcing and tax leadership; treasury management . |
| Teledyne Technologies | VP & Treasurer | Prior 5+ years | Corporate treasury leadership . |
External Roles
No external directorships or public-company board roles were disclosed for Mr. Blackwood in the proxy or executive officer biographies .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $400,000 | $420,708 | $520,000 |
| Perquisites/Other ($) | $21,150 (car allowance and benefits) | $22,039 (car allowance and benefits) | $23,500 (car allowance $12,000; 401(k) $11,500) |
Performance Compensation
Annual Incentive Plan (AIP) – Structure and Company Results (FY 2024)
| Metric | Weight | Target | Actual | Payout Rule | Company Outcome |
|---|---|---|---|---|---|
| Adjusted Income Before Taxes | 40% | $1,081.3m | $993.1m | 0% below 75%; linear to 120% cap | 91.8% of target → 75.5% multiplier |
| Adjusted Revenue | 25% | $6,034.9m | $5,718.9m | 0% below 67%; linear to 120% cap | 94.8% of target → 84.3% multiplier |
| Managed Working Capital (% sales) | 15% | 24.7% | 27.1% | 0% ≤95%; linear to 200% ≥105% | 94.5% of target → 0% multiplier |
| Individual Objectives | 20% | Exec-specific goals | Achieved | 0–200% based on Committee assessment | CFO achieved 125% (cash management, margin, procurement, compliance) |
Annual Incentive Plan – Stephen F. Blackwood (FY 2024)
| Component | Target (% of Salary) | Actual (% of Salary) | Payout ($) |
|---|---|---|---|
| AIP | 80% | 61.0% | $317,300 |
Long-Term Incentives – Structure
| Program | Design | Weight/Target |
|---|---|---|
| Stock Options | 10-year term; vest 1/3 annually; strike at grant-date closing price | Target value 80% of salary for CFO |
| Performance Plan (3-year cash) | 40% 3-yr adj. income before taxes; 30% 3-yr revenue; 30% relative TSR vs S&P 500; threshold/target/max mechanics | Target 80% of salary for CFO |
| Performance RSUs (3-year) | Vest at 3-year anniversary based on relative TSR vs S&P 500; 25th percentile threshold; up to 100% vesting at ≥50th percentile | Target value 80% of salary for CFO |
Long-Term Incentives – Stephen F. Blackwood (2024 Grants)
| Instrument | Grant Date | Target (% of Salary) | Dollar Value | Units/Options | Key Terms |
|---|---|---|---|---|---|
| RSUs (Performance-based) | Jan 23, 2024 | 80% | $416,000 | 952 max-units (2024 award) | 3-year performance period to Jan 23, 2027; relative TSR vs S&P 500 |
| Stock Options | Jan 23, 2024 | 80% | $415,994 grant-date fair value | 2,432 options | Strike $441.98; vest 1/3 annually; expire Jan 23, 2034 |
| Performance Plan (2024–2026) | Jan 2024 cycle | 80% | Notional target (80% of $520k) | N/A | 3-yr metrics: adj. income before taxes, revenue, relative TSR |
Historical Vesting and Exercises
- 2022 performance-based restricted stock vested 82.2% on Jan 25, 2025, based on 3-year relative TSR performance; 2021 awards vested 89.4% on Jan 26, 2024 .
- Mr. Blackwood did not exercise any stock options in 2024; his 2024 vesting included RSUs from the 2021 award tranche consistent with company-wide vesting outcomes .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 30,433 shares; less than 1% of shares outstanding . |
| Ownership Breakdown | Includes 445 unvested restricted stock; 184 shares in Teledyne’s 401(k); and 18,756 options exercisable within 60 days (does not include 1,847 unvested RSUs) . |
| Outstanding Equity Awards (as of FY2024 YE) | Unvested RSUs/Restricted Stock: 421 (2022 award), 445 (2023 award), 952 (2024 award); market values disclosed using $471.44 closing price on Dec 27, 2024 . |
| Options Outstanding (selected strikes) | 5,046 (strike $192.00, exp. 1/23/28); 6,952 ($217.39, exp. 1/22/29); 4,646 ($383.33, exp. 1/21/30); 3,667 ($441.51, exp. 7/27/31); 2,680/1,338 (exercisable/unexercisable, $360.39, exp. 10/25/32); 2,432 unexercisable ($441.98, exp. 1/23/34) . |
| Hedging/Pledging | Prohibited for directors and executive officers without prior approval; no such approvals granted to named executives in 2024 . |
| Stock Ownership Guidelines | Executive Vice Presidents must hold shares equal to 3× base salary; as of end-2024, all NEOs (including CFO) complied or had time remaining to comply . |
Employment Terms
| Provision | Terms |
|---|---|
| Change-in-Control (CIC) Severance | Double-trigger; 2× multiple of (highest base salary in prior year + bonus using higher of current target or 3-year average), prorated current-year AIP at 100%, Performance Plan paid assuming 120% performance (100% for CEO), continued health/welfare benefits (24 months for CFO), option vesting and RSU restriction removal; better-of cut/no-cut to avoid 280G excise taxes . |
| AIP Treatment on Termination | If death/disability/normal or early retirement with ≥6 months of service, award calculated at year-end; otherwise forfeited . |
| Option Treatment on Termination | CIC: full vest (unless assumed/replaced); death: full vest, 12 months to exercise; disability: continued vesting, remainder of term to exercise; retirement: forfeiture, remainder of term to exercise; other termination: forfeiture, 30 days to exercise . |
| Performance Plan & RSU Treatment | CIC (no termination): pro-rated and paid; retirement/death/disability: pro-rated and paid per plan timing; other termination: forfeited . |
| Clawback Policy | Recovery of incentive compensation (including time-based options/RSUs) for financial restatements or misconduct (felony, fraud, fiduciary breach), compliant with NYSE rules . |
| Tax Gross-Ups | None for CIC; shareholder-unfriendly gross-ups avoided per policy . |
Multi-Year Compensation Summary (NEO-level totals for context)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Stock Awards ($) | $500,000 | $160,681 | $378,687 |
| Option Awards ($) | $153,543 | — | $415,994 |
| Non-Equity Incentive ($) | $213,100 | $411,920 | $443,840 (AIP $317,300; 2022–2024 Performance Plan $126,540) |
| Total Compensation ($) | $1,287,793 | $1,015,348 | $1,782,021 |
Deferred Compensation
| Item | 2024 |
|---|---|
| Executive Contributions | $0 (no new contributions) . |
| Aggregate Earnings | $129,693 . |
| Aggregate Balance | $2,033,096 . |
Compensation Peer Group and Benchmarking
Teledyne’s committee benchmarks NEO pay to a peer group (e.g., Agilent, Ametek, Bruker, Fortive, Keysight, Teradyne, TransDigm, Waters, Xylem, Zebra, etc.), typically aiming at the 50th percentile while adjusting for role criticality and performance; peer-group medians at last review were $4.8 billion TTM revenue and $25.2 billion market cap versus Teledyne at $5.6 billion revenue and $18.8 billion market cap at that time . The committee engages independent consultant Exequity and reported strong 2024 say-on-pay support (95.8%) with an annual frequency .
Equity Award Vesting Schedules (Key 2024 Grants)
- RSUs: Granted Jan 23, 2024; performance period through Jan 23, 2027; vesting based on TDY’s 3-year relative TSR versus S&P 500 (≥25th percentile for partial vesting; full vest at ≥50th percentile) .
- Options: Granted Jan 23, 2024; strike $441.98; vest 1/3 per year; expiration Jan 23, 2034 .
Investment Implications
- Alignment: Strong pay-for-performance architecture (AIP with multiple financial metrics; 3-year Performance Plan and RSUs linked to relative TSR), stock ownership at 3× salary, and explicit clawback reduce agency risk and enhance shareholder alignment .
- Retention and Overhang: Meaningful unvested RSUs (1,847 units) and multiple unexercisable option tranches point to moderate retention incentives; double-trigger CIC terms and benefit continuation further mitigate departure risk .
- Selling Pressure: CFO had no option exercises in 2024, but 2022/2023/2024 RSU cycles create predictable vesting events; lack of hedging/pledging approvals in 2024 reduces forced-sale risk .
- Performance Sensitivity: 2024 outcomes missed certain AIP targets (especially working capital), tempering payouts; continued execution on cash management and margin expansion—areas highlighted in CFO’s objectives—should drive incentive realization and capital efficiency .