Anthony Sandeen
Senior Vice President, Automotive & Medical, Industrial & Instrumentation and Global Sales at 
TTM TECHNOLOGIES
TTM TECHNOLOGIESExecutive
About Anthony Sandeen
Anthony J. Sandeen (age 52) is Senior Vice President of Automotive & Medical, Industrial & Instrumentation (AMI&I) and Global Sales at TTM Technologies since January 2024; he previously served as President of AMI&I from June 2020 to January 2024 . He holds a bachelor’s degree in English from St. John’s University (Collegeville, Minnesota) . Company performance during his recent tenure includes FY2024 total net revenues up 9% year-over-year (Aerospace & Defense +12%), Non-GAAP EPS of $1.71 (vs. $1.33 prior year), cash from operations of $236.9 million, and ~2.0 million shares repurchased for $34.5 million, reflecting execution against diversified growth drivers (AI/data center demand and A&D strength) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TTM Technologies | President, AMI&I | 2020–2024 | — |
| Beyonics Technology Ltd.; Ying Shing Enterprises Limited; Ying Hao; Fischer Technology | Chief Commercial Officer | 2017–2020 | — |
| TTM Technologies | SVP, AMI&I & Global Sales | 2024–present | — |
| Notes: Roles and dates as disclosed; strategic impact not specifically disclosed in proxy . |
External Roles
No public company directorships or external board roles are disclosed for Sandeen in the proxy .
Fixed Compensation
| Component | 2024 | Notes |
|---|---|---|
| Base salary | Not disclosed | Sandeen is not a Named Executive Officer (NEO) in the proxy; NEO salaries are disclosed separately . |
| Target bonus % | Not disclosed | Company plan design and metrics disclosed (see Performance Compensation), but individual targets for non-NEOs are not . |
| Perquisites | Limited | Company states it does not provide excessive perquisites; executives participate in broad-based benefits . |
| Deferred compensation | Available; no company match | Executives may elect to defer comp; conservative design, no employer contributions . |
Performance Compensation
Annual Incentive Plan design and recent results:
- Plan metrics emphasize pay-for-performance with mix of Company-wide and (for sector leaders) sector measures; weights for NEOs include Global Operating Income, Global Cash Flow as % of Revenue, Sector Operating Income, and Individual Goals (weights vary by role) .
- FY2024 certified performance: 102.3% of global operating income target and 100.9% of global cash flow as % of revenue; individual payouts disclosed for NEOs; non-NEO payouts (including Sandeen) not disclosed .
| Metric | Typical weighting (illustrative by role) | 2024 Target | 2024 Actual | Payout Mechanics |
|---|---|---|---|---|
| Global Operating Income | CEO/CFO/COO: 70%; Sector leaders: 30% | Set by HCCC | 102.3% of target | Scaled payouts with caps; 0–200% of target |
| Global Cash Flow as % of Revenue | 20% (most roles) | Set by HCCC | 100.9% of target | Scaled payouts with caps |
| Sector Operating Income | 40% (sector leaders) | Set by Sector | Not disclosed in proxy for non-NEOs | Scaled payouts |
| Individual Goals | 10% (most roles); capped at 100% | Role-specific | Assessed by HCCC | Adds to payout within cap |
Long-Term Equity (RSUs and PRUs):
- RSUs vest in three equal annual installments (retention focus); pro-rata vesting upon death, long-term disability, or retirement (age ≥62 and ≥5 years’ service) .
- PRUs utilize a three-year performance period with equal weighting of annual revenue and adjusted EBITDA (banking by year), and a relative TSR component (additive 20% weighting starting 2023; modifier for pre-2023 grants). Earnout ranges 0–200% (2023+) or 0–240% (pre-2023) of target; threshold levels and caps mitigate excessive risk .
- FY2022–2024 PRU cohort settled with TSR modifier of 88% and final shares released equal to 93.3% of original granted shares (program example; not specific to Sandeen) .
| Equity Type | Weighting | Vesting/Measurement | Key Metrics | Range |
|---|---|---|---|---|
| RSUs | Executives generally: 45% RSU / 55% PRU (CEO 30%/70%) | 3-year, equal tranches | Service-based | Fixed schedule |
| PRUs (2023+) | See weighting above | 3-year; annual revenue & EBITDA (40%); TSR additive (20%) | Revenue, Adjusted EBITDA, Relative TSR | 0–200% of target |
| PRUs (pre-2023) | — | 3-year; annual revenue & EBITDA with TSR modifier | Revenue, Adjusted EBITDA, Relative TSR | 0–240% of target |
Equity Ownership & Alignment
| Item | Status |
|---|---|
| Total beneficial ownership (shares) | Not disclosed for Sandeen (beneficial ownership table covers directors and NEOs) . |
| Ownership % of outstanding | Not disclosed for Sandeen . |
| Vested vs. unvested breakdown | Not disclosed for Sandeen . |
| Options (exercisable/unexercisable) | Not disclosed for Sandeen; directors have legacy options; equity plan permits options . |
| Hedging/Pledging | Prohibited for officers and directors (puts, calls, derivatives, collars, short sales, pledging) . |
| Stock ownership guidelines | CEO: 5x salary; CEO direct reports: 3x salary within 5 years; applies to alignment for senior executives (Sandeen is a senior executive) . |
| Compliance status | Individual compliance for Sandeen not disclosed; policy exists and monitored . |
Employment Terms
| Term | Detail |
|---|---|
| Employment start at TTM | In TTM leadership since at least June 2020 (President AMI&I); SVP role since Jan 2024 . |
| Years in current role | ~1+ year (as of proxy filed March 13, 2025) . |
| Employment agreement | Company does not have executive employment agreements . |
| Severance – Change in Control | Executive change-in-control severance agreements are double-trigger; cash lump sum equals 2x (base salary + target bonus at 100%); unvested RSUs/PRUs accelerate if awards not assumed or upon qualifying termination within 12 months post-CIC; 12-month non-solicitation and confidentiality; no tax gross-ups . |
| Equity vesting – CIC | If acquiring entity assumes awards, continued vesting; if not assumed, immediate vesting at target; PRU payout greater of target or pro-forma performance at CIC plus remainder of target . |
| Retirement/disability vesting | Pro-rated RSU vesting; PRU pro-rata based on plan terms . |
| Clawback | Robust clawback policy maintained . |
| Non-compete | Not specifically disclosed; non-solicitation covenant is disclosed . |
Performance & Track Record
| Area | Evidence |
|---|---|
| Company TSR/PRU outcomes | FY2022–2024 PRU cohort settled with 88% TSR modifier and 93.3% of original granted shares released (program outcome example) . |
| Execution highlights | FY2024: revenue +9% YoY; A&D +12%; Non-GAAP EPS $1.71; cash from operations $236.9M; repurchased ~2.0M shares for $34.5M . |
Compensation Structure Analysis
- Strong pay-for-performance: Annual bonuses tied to operating income and cash flow with sector overlays; PRUs tied to revenue, adjusted EBITDA, and relative TSR with thresholds and caps, supporting long-term value creation and risk control .
- Governance-friendly features: Double-trigger CIC; no tax gross-ups; prohibition on hedging/pledging; robust clawback; no excessive perquisites; no option repricing without shareholder approval .
- Ownership alignment: Stock ownership guidelines (CEO 5x; direct reports 3x) and multi-year vesting reinforce alignment and retention; individual compliance for Sandeen not disclosed .
Say-on-Pay & Shareholder Feedback
- 2024 say-on-pay approval was ~97.7%, indicating broad shareholder support for the executive compensation framework and its alignment with performance .
Investment Implications
- Alignment: Prohibition on hedging/pledging and stock ownership guidelines for CEO direct reports (3x salary in 5 years) suggest high alignment and reduced agency risk for senior operators like Sandeen .
- Retention: Multi-year RSU/PRU vesting, double-trigger CIC protections, and non-solicitation covenants indicate moderate retention strength; lack of employment contracts adds flexibility but increases at-will mobility; individual severance specifics for Sandeen not itemized but policy applies to executive officers .
- Performance signals: Company-level 2024 execution (revenue growth, cash generation, EPS improvement) and disciplined incentive design (revenue/EBITDA/TSR) are positives; however, absence of Sandeen-specific payout/ownership detail limits precision on personal selling pressure or guideline compliance .
- Trading watchouts: Without Form 4 detail in the proxy for Sandeen, monitor insider filings for any sales around RSU/PRU vest dates; note policy banning pledging/hedging mitigates key red flags .