Robert Farrell
TTM TECHNOLOGIESAbout Robert Farrell
Robert Farrell, 53, is President of the Communication and Computing Business Unit at TTM Technologies, Inc., a role he has held since January 2023. He has 30 years of electronics industry experience across sales, supply chain, and account management, and holds a Bachelor of Business Administration from Montreat College . Company performance context for incentive alignment in FY2024: total net revenues increased 9% year over year, Aerospace & Defense revenue grew 12%, cash flow from operations was $236.9 million, and non-GAAP EPS rose to $1.71 per share, supported by operational execution and demand in AI-related data center end markets .
| TTM 2024 Performance | Value |
|---|---|
| Total Net Revenues YoY Change | +9% |
| A&D Revenue Growth | +12% |
| Cash Flow from Operations | $236.9 million |
| Non-GAAP EPS | $1.71 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TTM Technologies | President, Communication & Computing BU | Jan 2023–present | Leads BU serving data center networking/computing customers; prior VP Sales roles |
| TTM Technologies | VP Sales – Networking & Computing | Jan 2020–Jan 2023 | Sales leadership for networking & computing segment |
| TTM Technologies | Senior Director of Sales, EMS; VP Sales, Communication & Computing | Not disclosed | Expanded sales coverage across EMS and Comm/Computing segments |
| TTM Technologies | Southeast Regional Sales Director | Joined Sept 2010 | Regional new account development and customer growth |
| Advance Circuits | New Account Development Manager; European Account Manager | Not disclosed | Account development and international customer management |
| Topsearch | Global Account Manager | Not disclosed | Global account leadership |
| Flex | Senior Supply Chain Manager | Not disclosed | Supply chain leadership supporting electronics manufacturing |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed | — | — | — |
Fixed Compensation
- Executive employment agreements: TTM does not maintain individual executive employment agreements; compensation is set annually by the Human Capital & Compensation Committee using market benchmarks and role scope .
- Cash vs. equity mix: Executives receive base salary, annual performance-based cash bonuses, and long-term equity (RSUs/PRUs); base pay reviewed annually with no fixed weighting policy .
- Pensions/serp/tax gross-ups/perquisites: No executive pension or SERP; no tax gross-ups for parachute payments; no excessive perquisites per policy .
Performance Compensation
TTM’s executive incentive architecture emphasizes pay-for-performance with annual cash bonuses and multi-year PRUs:
| Program | Metric | Weighting | Targeting & Payout Mechanics | Vesting/Measurement |
|---|---|---|---|---|
| Annual Incentive Plan | Operating Income (Global) | Majority for corporate executives; sector-weighted for BU leaders (example NEO mix varies by role) | Threshold 60% of target; payouts scale to max caps; individual goals 10% component (for NEOs), paid on certified results | Annual performance; paid in following Q1 |
| Annual Incentive Plan | Cash Flow from Operations as % of Revenue (Global) | Secondary corporate weight (example 20%) | Thresholds/maximums to curb risk; must meet financial thresholds before individual goal payout | Annual performance |
| PRUs (2023+ design) | Revenue | 40% of target award across Y1–Y3 (13⅓% each year) | Minimum (60% of goal)=6⅔%; Target=13⅓%; Max (120% of goal)=26⅔% per metric per year; proportional scaling | Banked annually; final payout adds TSR component after 3 years |
| PRUs (2023+ design) | Adjusted EBITDA | 40% of target award (13⅓% each year) | Same scaling as revenue with min/target/max | Banked annually |
| PRUs (2023+ design) | Relative TSR (3-year) | 20% of target award added at end | Payout 0% below 25th percentile; 50% at 25th; 100% at 50th; 200% at 75th+ percentile | Three-year performance period; paid in shares |
| RSUs | Time-based | N/A | Retention-focused; value tracks share price | Vest in three equal annual installments |
Risk controls: minimum thresholds, payout caps, three-year performance horizons, six-month average price normalization in PRU TSR measurement, and prohibitions on hedging/pledging to discourage excessive risk taking .
Equity Ownership & Alignment
- Stock ownership guidelines: CEO must attain ownership equal to 5× base salary within five years; CEO direct reports must attain 3× base salary within five years. Applies to executive team reporting to CEO (which includes BU presidents) .
- Hedging/pledging: Executives are prohibited from hedging and pledging TTMI securities; short sales, derivatives, collars, and margin arrangements are disallowed under the insider trading policy .
- Beneficial ownership: The Security Ownership table lists beneficial ownership for directors and NEOs; Robert Farrell is not individually listed, indicating no separate disclosure at March 12, 2025 (table includes CEO and selected executives/directors) .
Employment Terms
- Severance/change-in-control: Company uses double-trigger terms in severance agreements and equity awards (benefits or vesting only upon qualifying termination following a change in control), aligning outcomes to genuine displacement rather than transactional windfalls .
- Clawback: Revised clawback policy allows recoupment of incentive compensation upon financial restatement or material Code of Conduct violations; covers three completed fiscal years preceding violations and applies to covered executives .
- Non-compete/non-solicit: Not disclosed for Robert Farrell specifically.
- Deferred compensation: Executives may utilize deferred compensation plans; administration transitioned to Fidelity mid-2024; general program context noted in the proxy .
Investment Implications
- Strong alignment: Farrell’s incentives are governed by TTM’s three-year PRU framework (Revenue/Adjusted EBITDA/Relative TSR) and time-based RSUs, creating both operational and market discipline while promoting retention through multi-year vesting .
- Risk controls and governance: Prohibitions on hedging/pledging, robust clawback, and double-trigger CIC design reduce misalignment and minimize agency risks around transactions and restatements .
- Ownership expectations: 3× salary ownership guideline for CEO direct reports promotes “skin-in-the-game” for BU leaders; combined with no tax gross-ups and no employment agreements, compensation policy leans toward performance-tied pay without entrenchment .
- Company performance tailwinds: FY2024 operational execution and AI/data center demand support incentive monetization frameworks; this environment can amplify PRU outcomes tied to revenue and adjusted EBITDA if sustained through the three-year measurement window .
Data gaps: The proxy does not disclose Robert Farrell’s individual base salary, target bonus, actual bonus, grant sizes, or beneficial ownership line item; analysis reflects disclosed company policies and structures applicable to executives and BU leaders rather than Robert-specific dollar values .