Reuben Shaffer
TE ConnectivityAbout Reuben Shaffer
Reuben M. Shaffer is Senior Vice President and Corporate Controller at TE Connectivity, appointed to succeed retiring Controller Robert Ott effective January 3, 2025; he is a Certified Public Accountant with a bachelor’s degree from Drexel University and has 16 years at TE, now <1 year in his current role, age 46 . TE’s FY2024 performance context for executive incentives: net sales $15.8B, GAAP operating margin 17.6%, GAAP net income $3,193M (+67% YoY), GAAP EPS $10.34, cash from operations ~$3.5B, and TSR ~24.5% including dividends .
Past Roles
| Organization | Role | Years | Strategic impact / focus |
|---|---|---|---|
| TE Connectivity | Senior Vice President & Corporate Controller | Jan 2025–present (<1 year) | Executive finance leadership; corporate controller role |
| TE Connectivity | Vice President, Assistant Corporate Controller | Dec 2023–Dec 2024 (1 year) | Corporate accounting and reporting support |
| TE Connectivity | Vice President, Internal Audit | Oct 2021–Nov 2023 (2 years) | Internal audit leadership |
| TE Connectivity | Controlling & Global Treasury roles (increasing responsibility) | Jul 2008–Sep 2021 (13 years) | Controlling and treasury functions |
| Protiviti | Manager | Pre-2008 | Management experience in consulting environment |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Protiviti | Manager | Pre-2008 | Prior to joining TE |
Fixed Compensation
Not disclosed for Mr. Shaffer (non-NEO). TE describes stock ownership requirements and executive policies applicable to all executive officers (see Equity Ownership & Alignment) .
Performance Compensation
TE’s incentive design for executives emphasizes corporate and segment KPIs and long-term equity. Mr. Shaffer’s specific payouts are not disclosed; below is TE’s FY2024 corporate-level Annual Incentive Plan (AIP) framework and results.
| Metric | Weighting | 1H FY2024 Target Range | 1H Actual | 1H Score (% of target) | 2H FY2024 Target Range | 2H Actual | 2H Score (% of target) | FY Score / Notes |
|---|---|---|---|---|---|---|---|---|
| EPS (adjusted) | 20% | $3.50–$3.75 | $3.67 | 100.0% | $3.52–$3.82 | $3.82 | 101.2% | FY EPS score 100.6% |
| Revenue (adjusted) | 30% | $7,750–$8,010 | $7,688 | 89.9% | $7,920–$8,150 | $8,051 | 100.0% | FY revenue score 94.9% |
| Operating Income (adjusted) | 30% | $1,330–$1,455 | $1,453 | 100.0% | $1,345–$1,470 | $1,508 | 123.0% | FY op income score 111.5% |
| KPI (weighted across segments) | 20% | Not disclosed (*) | Not disclosed (*) | 147.1% | Not disclosed (*) | Not disclosed (*) | — | Corporate-level AIP earned award 112.6% |
- PSU program: 3-year average relative EPS growth vs S&P 500 Non-Financial Index; vesting threshold at 25th percentile for 50% payout, target 50th for 100%, max 75th for 200% (cliff vest after year 3) .
- Stock options: 10-year term; exercise price equals NYSE closing price on grant date; vest 25% annually starting first anniversary .
Equity Ownership & Alignment
| Item | Policy / Data | Status |
|---|---|---|
| Stock ownership guideline | CEO: 6x salary; CFO & other executives: 3x salary; 5-year compliance window | Applies to Mr. Shaffer (as an executive officer) |
| Ownership compliance | As of FY2024 year-end, NEOs met requirements; individual compliance for Mr. Shaffer not disclosed | Not disclosed |
| Hedging / pledging | Hedging and pledging of TE securities prohibited for officers and directors | Prohibited |
| Beneficial ownership (group) | Directors, nominees, and executive officers as a group: 2,036,670 shares; 0.9% of outstanding | Group data |
| Options (group) | Executive officers’ options exercisable within 60 days: 1,691,281 | Group data |
Insider trading policy enforces trading window restrictions and bans margin accounts/pledges for executives .
Employment Terms
| Provision | TE Framework | Notes |
|---|---|---|
| Notice period | Up to 12 months for NEOs if involuntary termination or “good reason” within 12 months post-change-in-control | NEO-specific; applicability to non-NEO executives (e.g., Controller) not disclosed |
| End of notice period consideration | 12 months’ pay for non-compete/non-solicitation covenants | NEO framework |
| Change-in-control treatment | PSUs vest at target; stock options and RSUs fully vest upon qualifying termination after change-in-control (double-trigger); Section 280G cutback (no excise tax gross-ups) | Company-wide equity plan terms |
| Clawback | Recovery of erroneously awarded incentive compensation following required restatement; potential recovery for overpayments; disciplinary actions for misconduct | Applies to covered executive officers (includes NEOs) |
| Equity grant timing | Annual grants generally in Q1 open window; options at grant-date closing price; no timing of MNPI | Policy-level detail |
Investment Implications
- Alignment: Strong governance—no hedging/pledging, robust clawback policy, and executive stock ownership requirements (3x salary for non-CEO executives)—supports pay-for-performance alignment for finance leadership roles like Controller .
- Retention and incentives: Newly appointed to Controller (Jan 2025), with TE’s AIP metrics linked to EPS, revenue, operating income and KPIs; FY2024 corporate AIP earned 112.6%, indicating above-target payouts that reward execution amid mixed end-market conditions; Mr. Shaffer’s personal payout not disclosed .
- Equity and selling pressure: Individual beneficial ownership and award details for Mr. Shaffer are not disclosed; monitor future proxy tables and Form 4 filings for grant/vesting cadence and any transactions (policy-level blackout windows apply) .
- Change-in-control economics: Company plan terms (double-trigger vesting, no excise tax gross-ups) limit windfall risk while protecting executives, reducing governance red flags typical of single-trigger acceleration .
Add-on context: FY2024 say-on-pay approval ~93% and a stable peer-group framework support compensation credibility and investor acceptance of TE’s incentive designs .