Barbara Balinski
TENNANTAbout Barbara Balinski
Senior Vice President, Chief Transformation Officer at Tennant Company (since May 2024). Joined Tennant in 2018 as VP of Engineering and became SVP, Technology & Innovation in March 2021, leading R&D, Marketing, and IT; currently oversees enterprise ERP modernization and cross-functional transformation execution . Prior roles include engineering leadership at Whirlpool (2005–2017) and eleven years with Saturn/General Motors; B.S. Mechanical Engineering, University of Minnesota . Company performance context: FY2024 net sales +3.5% YoY, organic growth +3.2%, Adjusted EBITDA $208.8M and margin +70 bps, driving 98.7% of target CIP payout and 123.8% payout for 2022–2024 PRSUs .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Tennant Company | SVP, Chief Transformation Officer | 2024–present | Executive oversight of ERP/SAP modernization; alignment and momentum across functions . |
| Tennant Company | SVP, Technology & Innovation | 2021–2024 | Led R&D, Marketing, IT; advanced innovation pipeline and robotics offerings . |
| Tennant Company | VP, Engineering | 2018–2021 | Built and led autonomous mobile robot program; strengthened product development . |
| Whirlpool Corporation | Director/Product Development; engineering leadership | 2005–2017 | Led Integrated Business Units engineering; product and go-to-market initiatives . |
| Saturn/General Motors | Design/engineering roles | ~1986–1997 | Automotive product development across roles of increasing responsibility . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Dunwoody College of Technology | Board of Trustees Member | 2023–present | Governance oversight for STEM-focused institution . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Annualized Base Salary ($) | $343,248 | $385,364 |
| Salary Paid ($) | $337,545 | $385,364 |
| Incentive Target as % of Base | 2023 | 2024 |
|---|---|---|
| CIP Target (%) | 60% | 60% |
| LTIP Target (%) | 125% | 125% |
| Summary Compensation | 2023 | 2024 |
|---|---|---|
| Stock Awards ($) | $321,838 | $481,620 |
| Option Awards ($) | $107,280 | — |
| Non-Equity Incentive Plan Comp (CIP) ($) | $411,898 | $228,213 |
| All Other Compensation ($) | $33,185 | $51,954 |
| Total ($) | $1,211,746 | $1,147,151 |
Performance Compensation
| 2024 CIP Structure (Company-level) | Weighting | Threshold | Target | Maximum | Actual | Payout |
|---|---|---|---|---|---|---|
| Adjusted EBITDA$ (in $000s) | 50% | $166,000 | $205,000 | $220,000 | $204,172 | 98.7% of target |
| Adjusted EBITDA% | 25% | 14.4% | 16.0% | 16.6% | 15.97% | 98.7% of target |
| Total Revenue (in $000s) | 25% | $1,154,000 | $1,282,000 | $1,353,000 | $1,278,565 | 98.7% of target |
| 2024 CIP Award – Balinski | Threshold ($) | Target ($) | Maximum ($) | Actual Payout ($) | Vesting/Payment Timing |
|---|---|---|---|---|---|
| Executive Officer CIP | $115,609 | $231,219 | $462,437 | $228,213 | Paid per plan post-year end (within ~2.5 months) |
| 2024–2026 LTIP – Balinski | Metric | Weighting | Target | Maximum | Vesting |
|---|---|---|---|---|---|
| PRSUs (shares and grant value) | ROIC & Cumulative EPS | 60%/40% | 2,186 sh; $240,810 | 4,372 sh; $481,620 | 12/31/2026 |
| Restricted Stock (shares and grant value) | N/A | N/A | 2,186 sh; $240,810 | N/A | 100% on 3rd anniversary (grant 2/27/2024 → 2/27/2027) |
| 2022–2024 LTIP Payout (Company-level) | Metric | Weighting | Threshold | Target | Maximum | Actual | Payout |
|---|---|---|---|---|---|---|---|
| Incentive ROIC (12M avg/3Y simple avg) | 60% | 16.6% | 22.1% | 24.3% | 19.18% | 123.8% of target | |
| 3-Year Cumulative EPS ($) | 40% | $11.95 | $15.94 | $17.53 | $18.24 | 123.8% of target |
Equity Ownership & Alignment
| Beneficial Ownership (as of 3/6/2025) | Shares | % of Outstanding |
|---|---|---|
| Barbara A. Balinski | 27,018 (incl. options exercisable within 60 days: 15,547) | ~0.14% (27,018/18,806,189) |
- Stock ownership guidelines: CEO 5x salary, CFO 3x, other NEOs 2x; Balinski is subject to holding requirement until guideline met; must retain 50% of net shares from vesting/exercise until compliant; transitional allowance permits limited sales: up to 20% of directly owned shares in first 12 months from Feb 1, 2024 and 10% in next 12 months (subject to limits) .
- Hedging and pledging prohibited for officers/directors under insider trading policy (mitigates misalignment risk) .
| Outstanding Equity Awards – Balinski (12/31/2024) | Grant Date | Exercisable Options (#) | Unexercisable Options (#) | Exercise Price ($) | Expiration | Unvested Restricted Stock (#) | Market Value ($) | Unearned PRSUs (#) | Market/Payout Value ($) |
|---|---|---|---|---|---|---|---|---|---|
| 04/26/2018 | 1,878 | — | 73.90 | 04/26/2028 | — | — | — | — | |
| 02/26/2019 | 2,926 | — | 63.65 | 02/26/2029 | — | — | — | — | |
| 03/02/2021 | 3,860 | — | 78.24 | 03/02/2031 | — | — | — | — | |
| 03/01/2022 | 2,619 | 1,310 | 78.78 | 03/01/2032 | 1,169 | $95,309 | 2,339 | $190,699 | |
| 02/28/2023 | 1,477 | 2,954 | 72.88 | 02/28/2033 | 1,472 | $120,012 | 2,944 | $240,024 | |
| 02/27/2024 | — | — | — | — | 2,186 | $178,225 | 2,186 (2024 PRSU target) | $240,810 (target grant value) |
| Option/Stock Vests and Exercises (2024) | Shares Exercised | Value Realized ($) | Shares Vested | Value Realized ($) |
|---|---|---|---|---|
| Barbara A. Balinski | — | — | 3,835 | $423,160 |
Employment Terms
- Plan participation: As an executive appointed since Oct 2018, Balinski participates in the Executive Officer Severance Plan (not party to separate Executive Agreements); double-trigger applies for CIC cash severance; equity generally accelerates on CIC .
- Severance – Termination Without Cause (unrelated to CIC): Cash severance $385,364; CIP (pro-rata based on actuals) $228,213; benefits $13,262; total $626,839 .
- Severance – Within 3 Years of CIC: Cash severance $1,235,241 (2x annual compensation under Severance Plan); CIP target $231,218; benefits $19,893; total $1,486,353; plus accelerated awards value $1,031,646 .
- Clawback/recoupment: Policies cover restatements and certain misconduct; broader policy applies to access persons; Committee discretion on amounts .
- No tax gross-ups; no option repricing/backdating; fully independent Compensation Committee with Pearl Meyer as independent consultant .
Investment Implications
- Pay-for-performance alignment: CIP and PRSU payouts tie directly to revenue, EBITDA$, margin, ROIC, and EPS—company delivered record net sales, higher Adjusted EBITDA and margin, yielding 98.7% CIP and 123.8% PRSU payouts, supporting incentive integrity .
- Retention and selling pressure: Strong unvested equity (restricted stock/PRSUs) with upcoming vesting (2025–2027) and 50% net-share holding requirement until ownership guideline achieved temper near-term selling; transitional allowances could allow limited sales in 2024–2026 windows (20% then 10%), but pledging/hedging prohibited .
- Change-in-control economics: Double-trigger severance (~$1.49M cash/CIP/benefits) plus ~$1.03M accelerated equity implies meaningful CIC value; not excessive by plan design (2x annual compensation under Severance Plan) .
- Execution track record: Led ERP modernization milestones and robotics innovation; role central to operational transformation—positive for medium-term value creation and risk-managed delivery of growth strategy .