Kenny Bement
TRIMBLEAbout Kenny Bement
Trimble appointed Kenny (Kenneth) Bement as Chief Accounting Officer effective September 2, 2025; he is 46, a CPA and CMA, with a Master of Accountancy from Brigham Young University and prior leadership roles at Conservice, Gopuff, Ancestry, Vista Outdoor, and senior finance roles at Alphabet and Raytheon; he also led the FASB revenue project that resulted in ASC 606 . He joins Trimble amid an incentive framework that ties executive pay to Revenue, ARR, and adjusted EBITDA via the OneBonus Plan (TOP) and long‑term PRSU goals split 50/50 between relative TSR vs the S&P 500 and ARR growth over three years .
Company performance context
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue ($USD) | $3,798.7M* | $3,683.3M* | N/A* |
| EBITDA ($USD) | $745.4M* | $712.2M* | N/A* |
Values retrieved from S&P Global.*
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Conservice | Chief Accounting Officer | Feb 2024–Aug 2025 | Led accounting operations for utility management solutions provider . |
| Gopuff | Chief Accounting Officer & Corporate Controller | Oct 2021–Nov 2023 | Scaled controls and reporting for rapid-delivery consumer platform . |
| Ancestry | Chief Accounting Officer | 2018–2021 | Built scalable teams and processes for high-growth private enterprise . |
| Vista Outdoor | Chief Accounting Officer & Corporate Controller | (prior to 2018, year not specified) | Led accounting and controllership at a public consumer/outdoor company . |
| Alphabet; Raytheon Technologies | Senior finance/accounting roles | (years not specified) | Senior roles in global technology companies supporting scalable systems and processes . |
| Financial Accounting Standards Board (FASB) | Led revenue project (ASC 606) | (earlier career) | Primary author of the ASC 606 revenue recognition standard under U.S. GAAP . |
External Roles
No public company directorships or committee roles disclosed .
Fixed Compensation
| Element | Amount/Term | Effective Date | Notes |
|---|---|---|---|
| Base Salary | $400,000 | 09-02-2025 | Annual base . |
| One-time bonus | $200,000 | 2025 service | Paid subject to good standing at TOP payout date for 2025 . |
| Annual cash bonus eligibility | TOP | From 2026 | Corporate metrics: Revenue, ARR, adjusted EBITDA; non‑financial modifier up to ±10% for some NEOs (program context 2024) . |
Performance Compensation
Annual Incentives (TOP)
| Metric | Weighting | Target | Actual | Payout | Notes |
|---|---|---|---|---|---|
| Revenue | Program metric | Not disclosed | Not disclosed | Corporate payout rate was 160.2% in 2024 | Applies company-wide for corporate component; Bement eligible starting 2026 . |
| ARR | Program metric | Not disclosed | Not disclosed | Included in corporate payout | 2024 plan continued Revenue, ARR, adjusted EBITDA at corporate level . |
| Adjusted EBITDA | Program metric | Not disclosed | Not disclosed | Included in corporate payout | TOP structured similarly for executives and broader employee base . |
| Non-financial modifier | Up to ±10% (some NEOs) | OKRs | Not disclosed | Applied case-by-case | Introduced in 2024 for predefined objectives (e.g., customer milestones, M&A) . |
Long-term Incentives (program design; future eligibility)
| Instrument | Weighting (Non‑CEO NEOs) | Performance/vesting | Measurement |
|---|---|---|---|
| PRSUs | 50% of target LTI | 50% TSR vs S&P 500; 50% ARR growth | Single 3-year period (TSR and ARR) . |
| RSUs | 37.5% | Time-based vesting | Annual grants at March committee meeting . |
| Stock options | 12.5% | Time-based vesting | Annual grants at March committee meeting . |
Bement’s new-hire equity grants
| Grant | Size | Vesting | Grant date | Notes |
|---|---|---|---|---|
| RSUs (hire) | $1,000,000 | Equal annual installments over 3 years | 09-02-2025 | Form 4 shows 12,170 RSUs granted, vesting 33.3% annually beginning 09-02-2025 . |
| RSUs (relocation) | $1,000,000 | Equal annual installments over 3 years | Upon relocation completion | Eligibility tied to relocation to Westminster, CO . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Initial statement of beneficial ownership | Form 3 filed 09-04-2025 . |
| RSU grant recorded | 12,170 RSUs on 09-02-2025; 33.3% annual vest over 3 years starting 09-02-2025 . |
| Hedging/pledging | Prohibited for executives and directors . |
| Stock ownership guidelines (executives) | CEO: 8x salary; other executive officers: 3x; CAO: 2x; 5 years to achieve; 50% after-tax retention of shares until met . |
| Clawback policy | Mandatory “no-fault” recovery for restatements; discretionary recovery for misconduct causing restatement (3‑year lookback); Section 16 officers must acknowledge policy . |
| Equity grant timing | Annual awards in March; hire/promotion awards on effective date; no coordination with MNPI . |
Employment Terms
| Provision | Term |
|---|---|
| Appointment | Chief Accounting Officer effective 09-02-2025 . |
| Indemnification | Standard form indemnification agreement per 11/15/2017 8‑K Exhibit 10.1 . |
| Executive Severance Agreement (form) | Company will enter with Bement per 2025 Form 10‑K Exhibit 10.11 . |
| Severance (without cause / good reason) | Lump sum: 1x base salary + target bonus; pro‑rated bonus; $35,000 COBRA; pro‑rata vesting for time‑based awards; PRSUs vest pro‑rata based on actual performance; release required . |
| Change-in-control (double‑trigger) | If terminated during CIC “Termination Period”: 150% of base + target bonus; pro‑rated bonus; $35,000 COBRA; acceleration of unvested stock options and time‑based RSUs; settlement timed to comply with 409A . |
| Age & Service Equity Vesting Program | Eligible; program provides enhanced vesting and certain health benefits for selected employees nearing retirement; amended multiple times through 05-01-2024 . |
Compensation Structure Analysis
- Emphasis on equity: Two $1,000,000 RSU grants with 3-year equal annual vesting point to retention-focused, time‑based equity rather than near‑term cash, consistent with Trimble’s philosophy to weight pay “at risk” and long‑term .
- Program metrics tightened: 2024 PRSU weighting shifted to 50/50 between TSR and ARR (from 25/75 in 2023) based on stockholder feedback, increasing direct linkage to relative stock performance .
- Risk mitigants: Prohibition on hedging/pledging and robust clawback policy reduce misalignment and recovery risks .
- No tax gross‑ups or executive‑only pensions; perquisites limited to optional annual physical exam .
Investment Implications
- Retention and alignment: Bement’s $2 million RSU package with 3‑year vesting, combined with CAO stock ownership requirement (2x salary) and 50% share retention until guideline met, suggests low near‑term selling pressure and strong alignment with shareholders .
- Execution profile: His ASC 606 authorship and multi‑company CAO/controller track record imply strong controls and revenue recognition expertise, relevant to Trimble’s continued subscription migration and ARR orientation .
- Severance/CIC economics: Standard double‑trigger CIC with 1.5x salary+target bonus and pro‑rated awards is competitive but not excessive; pro‑rata vesting and robust 409A compliance reduce adverse incentives while preserving retention in strategic scenarios .
- Bonus leverage: Corporate 2024 TOP payout at 160.2% indicates plan can amplify cash compensation in strong years; Bement’s eligibility from 2026 ties his cash variable comp to Revenue, ARR, and adjusted EBITDA outcomes, aligning pay with key value drivers .