Ronald J. Bisio
Senior Vice President, Field Systems at TRMB
Executive
About Ronald J. Bisio
Senior Vice President leading Trimble’s Field Systems sector, responsible for advanced positioning, agriculture industry solutions, civil construction field systems, and geospatial operations . 2024 corporate performance delivered revenue of $3.68B, ARR of $2.26B in Q4, GAAP operating income of $461M, and adjusted EBITDA of $1.00B, reflecting continued mix shift to recurring software and stronger gross margins . Field Systems’ 2024 bonus metrics (revenue, operating income, ARR) produced a 142.0% payout before a +5% individual modifier, evidencing execution against sector goals . Company TSR in Pay vs Performance shows a $100 investment valued at $169 vs $300 for the IT peer group in 2024, while ARR reached $2,257.8M and GAAP net income was $1,504.4M .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Trimble | SVP, Field Systems (advanced positioning, agriculture, civil construction field systems, geospatial) | — | Leads multi‑end‑market operational execution across core field solutions and geospatial businesses |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base salary rate ($) | $450,000 | $460,000 |
| Target annual cash bonus (% of base) | 80% | 80% |
| Actual bonus paid ($) | $324,966 | $545,642 |
| Bonus payout (% of target) | — | 149.1% (142.0% financial × +5% modifier) |
Performance Compensation
Annual Bonus Plan (TOP) – Corporate metrics (used in part for Bisio’s payout)
| Metric (weight) | Threshold | Target | Maximum | Actual | Payout rate |
|---|---|---|---|---|---|
| Revenue (20%) | $3,494M | $3,640M | $3,822M | $3,711M | 1.39x |
| Adjusted EBITDA (40%) | $896M | $963M | $1,050M | $1,001M | 1.44x |
| ARR (40%) | $2,117M | $2,205M | $2,293M | $2,282M | 1.87x |
| Weighted corporate payout | — | — | — | — | 1.602x (160.2%) |
Annual Bonus Plan (TOP) – Field Systems sector metrics for Bisio
| Metric (weight) | Threshold | Target | Maximum | Actual | Payout rate |
|---|---|---|---|---|---|
| Revenue (20%) | $1,344M | $1,415M | $1,486M | $1,411M | 0.97x |
| Operating Income (60%) | $393M | $427M | $465M | $434M | 1.17x |
| ARR (20%) | $294M | $306M | $318M | $340M | 2.00x |
| Weighted sector payout | — | — | — | — | 1.299x (60% weight) |
| Combined payout (sector 60% + corporate 40%) | — | — | — | — | 1.420x (142.0%) |
| Non‑financial modifier | — | — | — | — | +5% |
| Resulting payout of target | — | — | — | — | 149.1% |
Long‑Term Incentives (2024 grants)
| Instrument | Weight of LTI | Grant date | Shares/units | Terms |
|---|---|---|---|---|
| PRSUs (ARR + TSR) | 50% (non‑CEO NEO mix) | 3/19/2024 | 24,128 target | 50% ARR (FY2024–FY2026) + 50% TSR vs S&P 500 (CY2024–CY2026); payout curve 0–200%; vests 4/15/2027 |
| RSUs (time‑vested) | 37.5% (non‑CEO NEO mix) | 3/19/2024 | 18,096 | Vests 1/3 per year; vesting start 4/15/2024 |
| Stock options | 12.5% (non‑CEO NEO mix) | 3/19/2024 | 18,096 | 10‑yr term, $63.47 strike; vests 1/3 per year from 4/15/2024 |
| 2024 LTI grant date fair values ($) | RSUs | PRSUs | Options | Aggregate |
|---|---|---|---|---|
| Bisio | $1,148,553 | $1,947,974 | $463,412 | $3,559,939 |
PRSU Outcomes (2012 rules/2022 grants finalized in 2025)
| 2022 PRSU criterion | Period | Payout rate |
|---|---|---|
| TSR vs S&P 500 | 4/1/2022–3/31/2025 | 51.8% (26th percentile) |
| ARR CAGR | FY2022–FY2024 | 156.5% (adjusted ARR $2.11B; 14.4% CAGR) |
| Combined TSR+ARR (pre‑modifier) | — | 104.1% |
| Estimated modifier | 2022–2024 | +1.3% (net of ESG and people initiatives) |
| Estimated total payout | — | 105.5% |
| Bisio shares issued from 2022 PRSUs | — | 10,801 (estimated) |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial ownership (shares) | 109,421 |
| Shares outstanding (Record Date) | 238,582,419 |
| Ownership % of outstanding | ~0.046% (109,421 / 238,582,419) |
| Stock ownership guideline | 3× salary for executive officers; compliance achieved by all executives |
| Hedging/pledging | Prohibited under Insider Trading Policy |
| Option exercises in 2024 | 0 |
| RSU shares vested in 2024 | 9,361; $558,049 value realized |
Outstanding equity detail (as of FY2024 year‑end)
| Type | Grant | Exercisable (#) | Unexercisable (#) | Strike | Expiry |
|---|---|---|---|---|---|
| Options | 3/21/2023 | 3,435 | 6,871 | $49.90 | 3/21/2033 |
| Options | 3/19/2024 | — | 18,096 | $63.47 | 3/19/2034 |
| Type | Grant | Unvested RSUs (#) | Unearned PRSUs (#) |
|---|---|---|---|
| RSUs | 3/29/2022 | 3,414 | — |
| RSUs | 3/21/2023 | 6,871 | — |
| RSUs | 3/19/2024 | 18,096 | — |
| PRSUs (ARR portion) | 3/29/2022 | 11,262 (tracking above target) | — |
| PRSUs (TSR portion) | 3/29/2022 | 2,304 (tracking below threshold) | — |
| PRSUs (ARR portion) | 3/21/2023 | 10,306 (tracking above threshold) | — |
| PRSUs (TSR portion) | 3/21/2023 | 3,435 (tracking above threshold) | — |
| PRSUs (ARR portion) | 3/19/2024 | 12,064 | — |
| PRSUs (TSR portion) | 3/19/2024 | 24,128 | — |
Employment Terms
- Employment: Written offer letter; at‑will employment .
- Severance (non‑CIC): 1.0× salary + target bonus; prorated actual bonus; 14 months COBRA cash; pro‑rata vesting of equity; estimated cash benefits $1,413,167 at FY2024 year‑end .
- Change‑in‑Control (double‑trigger): 1.5× salary + target bonus; prorated actual bonus; 14 months COBRA cash; accelerated vesting; estimated cash benefits $1,826,167 at FY2024 year‑end .
- 280G treatment: Best net (deliver full or cut back to avoid excise tax); no tax gross‑up .
- Clawback: Mandatory recovery for restatements (Dodd‑Frank/Nasdaq) and discretionary recovery for misconduct, 3‑year lookback; amended 2023 .
- Age & Service Equity Vesting Program: Retirement eligibility triggers full vesting of time‑based awards and pro‑rata vesting of PSUs; $50,000 medical/dental benefit; requires non‑compete and non‑solicit; Bisio meets qualifying retirement criteria as of Record Date .
- Perquisites: Company‑paid executive physical exam ($7,740 for Bisio in 2024) .
- Deferred compensation: Bisio aggregate balance $1,135,547 (plan suspended since 2021) .
Compensation Structure Analysis
- Mix and at‑risk orientation: Non‑CEO NEO LTI mix at ~50% PRSUs, 37.5% RSUs, 12.5% options; CEO mix more performance‑weighted . Bonuses and PRSUs tie to ARR, revenue, operating income and relative TSR .
- Metric calibration and evolution: 2024 PRSU weighting moved to 50/50 TSR/ARR based on shareholder feedback (more TSR focus vs 2023) .
- Pay outcomes linked to performance: Field Systems achieved 142.0% payout pre‑modifier (operating income and ARR outperformed, revenue slightly below target), with Bisio’s total bonus at 149.1% of target .
- Governance and risk: No hedging/pledging; clawback policy; double‑trigger for CIC vesting; stock ownership guidelines at 3× salary and met by executives .
Compensation Peer Group and Say‑on‑Pay
- Peer group (2024 review): ANSYS, Aspen Technology, Autodesk, Bentley Systems, Cadence, F5, Fortive, Juniper, Keysight, PTC, Rockwell Automation, Roper, Samsara, SS&C, Synopsys, Zebra .
- Say‑on‑Pay: 92.9% approval in 2024; program changes included equal TSR/ARR PRSU weighting and moving ESG/people modifier from PRSUs to the cash bonus modifier .
Investment Implications
- Alignment: High proportion of at‑risk compensation (bonus, PRSUs, options) tied to ARR, operating income, revenue, and TSR, alongside strict ownership/hedging/pledging policies—supporting shareholder alignment .
- Execution and performance: Sector bonus formula at 142.0% (ARR and operating income outperformance) and overall corporate payout at 160.2% suggest effective execution within Field Systems .
- Retention risk: Bisio is retirement‑eligible under the Age & Service Vesting Program, which can accelerate time‑based equity and pro‑rate PSUs—creating optionality for retirement and potential leadership transition risk in Field Systems .
- Trading signals: 2024 showed no option exercises by Bisio and modest RSU vesting; policies prohibit hedging/pledging, reducing forced selling risk, though ongoing RSU/PRSU vesting adds supply over time .