Phillip Sawarynski
Senior Vice President and Chief Financial Officer at TRMB
Executive
About Phillip Sawarynski
Phillip Sawarynski, 52, has served as Trimble’s Chief Financial Officer since August 2024, after roles spanning treasury, corporate development, Trimble Ventures co-lead, divisional finance, and general management since joining Trimble in 2009; he holds a B.S. in Chemical Engineering (University of Michigan) and an MBA (Carnegie Mellon) . Under Trimble’s Connect & Scale strategy, 2024 performance included revenue of $3.68B (−3% reported, +5% organic), ARR of $2.26B (+14% YoY), GAAP operating income of $461M (12.5% margin), adjusted EBITDA of $1.0B (27.2% margin), and GAAP diluted EPS of $6.09; management highlighted long-term TSR outperformance vs the S&P 500 over 20 years . In 2025, management reiterated momentum and raised full-year guidance after Q3 results (ARR $2.31B, non-GAAP operating margin 28.2%) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Trimble | Chief Financial Officer | Aug 2024–present | Oversight of finance and capital allocation; advanced Connect & Scale and recurring revenue mix . |
| Trimble | Treasurer | 2018–2024 | Liquidity management; capital markets; supported portfolio re-segmentation and divestitures . |
| Trimble Ventures | Managing Director & Co-head | 2021–2024 | Corporate venture investing aligned to platform strategy . |
| Trimble | VP, Corporate Development | 2022–2024 | Led M&A, JV formation (e.g., AGCO JV, Mobility divestiture) . |
| Trimble Mobility & Intelligent Transportation | Sector VP Finance | 2015–2018 | Drove financial discipline and subscription shift in transportation . |
| Trimble Imaging Division | General Manager | 2013–2015 | Product leadership and portfolio integration . |
| Trimble Agriculture | Finance Director | 2009–2011 | Enabled growth and operating model evolution . |
| Trimble Geospatial | Finance Director | 2011–2013 | Supported segment financial operations and analytics . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Nexus Corporation | Chief Financial Officer | Pre-2009 | Private company CFO experience prior to Trimble . |
| Ford Motor Company | Finance/Engineering positions | Pre-2009 | Operational finance/engineering exposure in OEM context . |
| The Dow Chemical Company | Finance/Engineering positions | Pre-2009 | Process/industrial operations experience . |
| International Paper Company | Finance/Engineering positions | Pre-2009 | Manufacturing and cost discipline background . |
Fixed Compensation
| Metric | 2024 | Notes |
|---|---|---|
| Base salary rate ($) | $450,000 | Effective April 29, 2024 per offer; confirmed by People & Compensation Committee . |
| Salary paid ($) | $430,493 | Reflects partial-year CFO tenure and payroll timing . |
| Target bonus (%) | 80% of base salary | CFO target reset to 80% in 2024; plan cap 2.2x with modifier . |
| Target bonus ($) | $343,094 | Calculated from quarterly average base salary per TOP . |
| Actual bonus paid ($) | $549,559 | Based on 160.2% corporate payout; no personal modifier . |
| All other compensation ($) | $4,000 | Company 401(k) match; perquisites < $10,000 . |
Performance Compensation
Annual Cash Bonus (TOP) – 2024
| Metric | Weight | Threshold (0.5x) | Target (1.0x) | Max (2.0x) | Actual | Payout rate |
|---|---|---|---|---|---|---|
| Revenue ($MM) | 20% | 3,494 | 3,640 | 3,822 | 3,711 | 1.39x |
| Adjusted EBITDA ($MM) | 40% | 896 | 963 | 1,050 | 1,001 | 1.44x |
| ARR ($MM) | 40% | 2,117 | 2,205 | 2,293 | 2,282 | 1.87x |
| Corporate weighted payout | — | — | — | — | — | 1.602x (160.2%) |
| Non-financial modifier (CFO) | — | — | — | — | — | 0% (none applied) |
Result: CFO bonus paid at 160.2% of target; $549,559 .
Long-term Incentives – Grants and Design (2024 cycle)
| Award type | CFO grant detail | Vesting / terms |
|---|---|---|
| RSUs | 19,286 RSUs (grant 1/16/2024; $970,279 FV) + 13,270 RSUs (grant 3/19/2024; $842,247 FV) | Time-based vests 1/3 annually; vest start 2/15/2024 (Jan grant) and 4/15/2024 (Mar grants) . |
| PRSUs (TSR/ARR) | Target 17,694 PRSUs ($1,428,525 FV) | 50% TSR vs S&P 500 (25th/50th/75th pct = 50%/100%/200%); 50% ARR growth (0/100/200%); vest 4/15/2027; combined payout up to 2x target . |
| Stock Options | 13,270 options at $63.47 strike ($339,825 FV), term 10 years | Time-based vests 1/3 annually; vest start 4/15/2024; expire 3/19/2034 . |
| Annual LTI mix policy | Non-CEO NEOs: ~50% PRSU, 37.5% RSU, 12.5% options | Emphasis added to TSR in 2024 from 25/75 to 50/50 based on shareholder feedback . |
Legacy PRSU Outcome (2022 grant)
| Metric | Period | Payout rate | Shares issued |
|---|---|---|---|
| ARR-only (CFO award) | FY2022–FY2024 ARR CAGR | 156.5% (CAGR 14.4%; adjusted ARR $2.11B) | 3,203 shares (target 2,047 × 1.565) . |
Equity Ownership & Alignment
Beneficial Ownership and Policies
| Item | Detail |
|---|---|
| Shares beneficially owned | 34,427 shares; <1% of class . |
| Shares counted within 60 days | Includes 4,423 unissued shares scheduled to vest within 60 days of record date . |
| Stock ownership guideline | 3x base salary for executive officers (CEO 8x; CAO 2x) . |
| Compliance status | Executives, including NEOs, have met required ownership levels as of record date . |
| Hedging/pledging | Prohibited for all executives and directors under Insider Trading Policy . |
| Clawback | Mandatory recovery for restatements and discretionary recovery for certain misconduct (3-year lookback) . |
Outstanding (Unvested) Equity at FY-end 2024
| Award | Count (#) | Market value ($) | Notes |
|---|---|---|---|
| RSUs (Jan 2024 grant) | 19,286 | 1,361,013 | Value at $70.57 FY-end price . |
| RSUs (Mar 2024 grant) | 13,270 | 936,464 | Time-based vesting . |
| PRSUs (ARR leg, 2024 grant) | 8,847 | 624,333 | ARR leg of 2024 PRSU . |
| PRSUs (TSR leg, 2024 grant) | 17,694 | 1,248,666 | TSR leg of 2024 PRSU . |
| Options (Mar 2024 grant) | 13,270 | — | Unexercisable at FY-end; strike $63.47; term to 3/19/2034 . |
Vesting cadence implies potential selling windows each April/February over 2025–2027 for RSUs/options; PRSU vest cliff in April 2027 subject to performance .
Employment Terms
| Provision | Base case (no change in control) | Change in control (double-trigger) |
|---|---|---|
| Cash severance | 100% of base + target bonus; prorated actual bonus for year of termination . | 150% of base + target bonus; prorated actual bonus for year . |
| Health benefits | Lump-sum approximating 14 months COBRA . | Lump-sum approximating 14 months COBRA . |
| Equity treatment | Pro rata vesting of outstanding equity; PRSUs settle pro rata after performance assessment . | Full acceleration of outstanding equity . |
| Triggers | Termination by company without cause or by executive for good reason; no single-trigger vesting . | Termination within 12 months post-CoC or 3 months pre-CoC in connection with CoC . |
| Excise tax gross-up | None; best-net cutback provision applies . | |
| Age & Service Equity Vesting Program | Retirement eligibility (≥55; service and “70 rule”); full vest of time-based awards; pro rata PRSUs; $50,000 medical/dental; requires non-compete and non-solicit . | |
| At-will employment | Confirmed in offer letter . |
Compensation Peer Group and Shareholder Feedback
Peer group for 2024 benchmarking included ANSYS, Aspen Technology, Autodesk, Bentley Systems, Cadence, F5, Fortive, Juniper, Keysight, PTC, Rockwell, Roper, Samsara, SS&C, Synopsys, Zebra . 2024 Say-on-Pay passed with 92.9% support; TSR weight was increased in PRSUs and a non‑financial modifier added to the annual bonus instead of PRSU modifiers based on investor feedback .
Investment Implications
- Pay-for-performance alignment is strong: CFO’s 2024 cash bonus paid 160.2% on revenue/ARR/EBITDA metrics; LTI emphasizes TSR and ARR over three years, with RSU/option time-based vests anchoring retention .
- Retention risk appears manageable: ownership guideline met; multi-year RSU/option vesting through 2027; PRSU cliff in 2027; severance is competitive but lacks tax gross-ups, and change-in-control is double-trigger—reducing windfall risk .
- Insider selling pressure could cluster around annual RSU/option vest dates (Feb/Apr) and PRSU vest in April 2027, though hedging/pledging are prohibited; monitor Form 4 filings for timing and magnitude .
- Execution track record supports value creation: ARR growth (+14% YoY in 2024), margin expansion, and portfolio simplification underpin CFO’s strategic narrative and 3/4/30 long-term targets discussed with investors .