Robert Larsen
Titan MachineryAbout Robert Larsen
Robert (“Bo”) Larsen is Chief Financial Officer and Treasurer of Titan Machinery Inc. (TITN), appointed effective December 1, 2022. He is a Certified Public Accountant with a BBA and MPA from the University of South Dakota and an MBA from the University of Chicago Booth School of Business . Company performance context in fiscal 2025 included cumulative TSR of 153.32, GAAP net loss of $(36.9) million, adjusted pre-tax loss of $(40.3) million, and total revenue of $2.7 billion, which drove zero annual cash bonus payouts for NEOs including Larsen .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CNH Industrial (Precision Technology Group incl. Raven Ag) | Head of Finance | Nov 2021–Sep 2022 | Led finance for precision ag tech post-acquisition; FP&A, strategy, SEC compliance |
| Raven Industries | Director of Finance – Ag Division; Director of Investor Relations | Jun 2018–Nov 2021 | Built divisional finance and IR capabilities; supported growth in precision ag |
| Raven Industries | Assistant Controller; Manager of Investor Relations; Director of External Reporting | Mar 2016–Jun 2018 | Strengthened external reporting and controls prior to acquisition |
| PricewaterhouseCoopers LLP | Accountant | Early career | Foundation in audit/accounting; CPA credential |
External Roles
- No external public-company directorships or board committee roles were disclosed in Larsen’s biography or employment filings .
Fixed Compensation
| Component | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Base Salary ($) | $100,000 | $413,333 | $440,000 |
| Target Bonus (% of Base) | 75% (pro-rated for partial year) | 75% | 75% |
| Annual Bonus Paid ($) | $137,184 | $258,740 | $0 |
| All Other Compensation ($) | $49,240 (incl. $47,907 tuition reimbursement) | $11,317 | $11,600 |
| Executive Physical ($) | — | — | $1,745.00 |
Performance Compensation
| Metric | Weight | Threshold | Target | Max | Actual | Payout % of Metric | Comments |
|---|---|---|---|---|---|---|---|
| Adjusted Pre-Tax Income ($) | 40% | 100,696,755 | 111,885,283 | 139,856,604 | (40,335,000) | 0% | Below threshold; no payout |
| Return on Assets (%) | 30% | 4.71% | 5.23% | 6.54% | (2.0)% | 0% | Below threshold; no payout |
| Total Revenue ($) | 30% | 2,781,550,885 | 3,090,612,094 | 3,863,265,118 | 2,700,000,000 | 0% | Below threshold; no payout |
| CFO Target Bonus ($) | — | — | 337,500 | — | — | 0 | Eligible range 0–150% of base |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (shares) | 37,330 (incl. restricted shares) |
| Ownership % of Outstanding | <1% |
| Restricted Shares Subject to Forfeiture | 26,775 |
| 2024 RS Award (Grant 6/3/2024) | 24,725 shares; grant-date FV $449,995; vest 25% on 4/1/2025–2028 |
| Unvested Shares Outstanding (1/31/2025) | 37,216; MV $696,684 @ $18.72 close |
| Unvested Vesting Schedule (as of 1/31/2025) | 10,441 (4/1/2025); 10,443 (4/1/2026); 10,150 (4/1/2027); 6,182 (4/1/2028) |
| Stock Options | None (no options outstanding) |
| Insider Hedging/Pledging | Prohibited by policy |
| Stock Ownership Guidelines | CFO must hold 2x annual base salary in TITN shares |
| Guideline Compliance Status | Making meaningful progress (joined CFO role Dec 2022; not yet fully met as of F2025) |
Employment Terms
| Term | Detail |
|---|---|
| Role & Effective Date | CFO and Treasurer; effective Dec 1, 2022 |
| Agreement Term | Rolling 3-year term; auto 1-year extensions each Feb 1 unless notice by Aug 1 |
| Base Salary & Equity Eligibility | Base set by Comp Committee; eligible annual restricted stock equal to base salary |
| Annual Bonus Eligibility | 0–150% of base; target 75% of base |
| Non-Compete | 24 months post-termination; prohibits owning/operating ag or construction equipment stores in states/provinces where TITN operates |
| Non-Solicit (Employees) | 24 months post-termination |
| Clawback | Complies with SEC Section 10D; compensation subject to recoupment on restatements |
| Severance (Non-CIC) | Base + average bonus (last 3 years), paid monthly over 12 months; COBRA employer-share for 12 months; as of 1/31/2025: $581,976; $1,834.91/month COBRA |
| Equity on Non-CIC Termination | Time-based awards continue vesting on original schedule; MV $696,684 (as of 1/31/2025) |
| Severance (CIC within 12 months) | 2×(base + average bonus), paid over 24 months; COBRA employer-share for 24 months; as of 1/31/2025: $1,163,952; $1,834.91/month COBRA |
| Equity on CIC Termination | Time-based awards fully vest; MV $696,684 (as of 1/31/2025) |
| Release & Conditions | Severance contingent on signing non-revocable release, compliance with covenants, cooperation, non-disparagement |
Performance Compensation
| Grant/Plan | Metric/Terms | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| FY2025 Annual Cash Incentive | Adjusted Pre-Tax Income (40%) | $111,885,283 | $(40,335,000); 0% payout | N/A |
| FY2025 Annual Cash Incentive | Return on Assets (30%) | 5.23% | (2.0)%; 0% payout | N/A |
| FY2025 Annual Cash Incentive | Total Revenue (30%) | $3,090,612,094 | $2.7B; 0% payout | N/A |
| FY2025 RS Award (6/3/2024) | Time-based restricted stock | $449,995 grant FV | Granted; no performance condition | 25% each on 4/1/2025–2028 |
Investment Implications
- Pay-for-performance linkage is intact: zero FY2025 cash bonus reflects below-threshold outcomes on pre-tax income, ROA, and revenue, aligning cash incentives with operating performance .
- Retention/pressure: meaningful unvested equity through April 2028 and 24-month non-compete reduce near-term departure risk; CIC terms are double-trigger with 2× cash and full vesting of time-based equity, which could create event-driven sensitivity .
- Alignment: CFO stock ownership guideline at 2× salary and anti-hedging/pledging policy support alignment; Larsen is progressing toward guideline compliance and holds restricted shares subject to forfeiture, limiting immediate sell pressure .
- Trading signals: No option exposure and time-based RSU cadence suggest predictable vest-related supply dates (April 1 annually), which can inform monitoring of potential 10b5-1 sales or tax-withholding share releases around those dates .