Anthony Eheli
TITAN INTERNATIONALAbout Anthony Eheli
Anthony C. Eheli (age 47) is Titan International’s Vice President and Chief Accounting Officer, appointed in March 2021 after a decade at Danaher Corporation where he held Global Director of FP&A and Global Corporate Controller roles across two divisions . During his tenure, Titan navigated a cyclical downturn while executing the Carlstar acquisition; 2024 results were $1.8B sales and $128.1M Adjusted EBITDA (net loss $(3.6)M), with pay-for-performance programs tied to Adjusted EBITDA, cash flow, and working capital management . Over 2019–2024, Titan disclosed sales CAGR 5% and Adjusted EBITDA CAGR 28%; cumulative TSR since 12/31/2019 equaled $189 vs peer group $276 in 2024 (illustrating cyclicality and volatility) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Danaher Corporation | Global Director of FP&A; Global Corporate Controller (two divisions) | 2011–2021 | Global FP&A leadership and corporate controllership across divisions |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $290,000 | $300,000 | $300,000 |
| Target Annual Bonus (% of Base) | 50% | 50% | 50% |
Notes:
- Compensation Committee indicates Eheli’s base salary was ~50th percentile vs peer group in 2024 .
Performance Compensation
2024 Annual Cash Bonus Structure and Outcome
| Component | Metric(s) | Weighting | Target (Context) | Actual Achievement | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual cash bonus | Adjusted EBITDA, Cash Flow, Working Capital | 65% company / 35% individual | 50% of base salary target | Determined holistically; payout at 70% of target for Eheli | $105,000 | N/A (cash award under annual program) |
Equity Awards (Service-Based RSUs)
| Grant Date | Type | Units Granted | Grant-Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|---|
| Mar 10, 2024 | RSUs | 17,500 | $225,225 (mean of high/low price $12.87) | Vests in 3 equal tranches on 1st, 2nd, 3rd anniversaries |
| Mar 14, 2023 | RSUs | 13,334 | Not disclosed | Vests in 3 equal tranches on anniversaries |
| Mar 10, 2022 | RSUs | 6,667 | Not disclosed | Vests in 3 equal tranches on anniversaries |
Vesting realized in 2024: 17,113 RSUs vested with $214,830 value realized (based on closing prices on vesting dates) .
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial ownership (common shares) | 70,276; less than 1% of shares outstanding |
| Shares outstanding (record date Apr 16, 2025) | 63,704,208 |
| Unvested RSUs (12/31/2024) | 37,501; market value $254,632 at $6.79 close |
| Options (exercisable/unexercisable) | None disclosed for Eheli |
| Pledging/Hedging | Company policy prohibits hedging and pledging by officers/directors/employees |
| Ownership guidelines | Director guidelines disclosed (5x cash retainer); executive guidelines not disclosed |
Implications of unvested equity: Service-based RSUs scheduled to vest across 2025–2027 on grant anniversaries, supporting retention and alignment; vesting events typically create administrative/tax transactions but no pledging allowed under policy .
Employment Terms
- Employment agreement: Eheli does not have an employment agreement; therefore not entitled to severance or change-in-control benefits upon termination or a change in control .
- Clawback: Compensation Recovery Policy adopted Dec 2023; recovers incentive-based compensation paid on/after Oct 2023 in event of required accounting restatement due to material noncompliance .
- Deferred comp and benefits: Participates in 401(k) match (included in “All Other Compensation”); no nonqualified deferred comp participation disclosed (Carlstar plan pertains to Narancich) .
- Non-compete/Garden leave: Not disclosed for Eheli (applies to executives with contracts; Eheli has none) .
Investment Implications
- Pay-for-performance alignment: Eheli’s incentive design weights core operating metrics (Adjusted EBITDA, cash flow, working capital), with a modest target bonus (50% of base) and service-based RSUs vesting over three years—clear linkage to operating discipline without excessive risk-taking .
- Retention risk and selling pressure: Unvested RSUs (37,501) vesting through 2027 promote retention; policy prohibiting pledging mitigates alignment risk; while RSU vestings can trigger tax-related transactions, no insider selling pattern is disclosed here .
- Contract economics: Absence of an employment agreement removes severance/change-in-control “golden parachute” exposure for Eheli, reducing structural payout risk relative to contracted executives .
- Execution and value creation context: Titan’s cyclical end-markets and 2024 net loss alongside Carlstar integration underscore execution risk; however, multi-year EBITDA CAGR and TSR variability highlight leverage to cycle management and capital allocation (including buybacks) under the broader executive team .
Overall, Eheli’s compensation mix is conservative and operationally anchored, with strong alignment via multi-year RSUs and no pledging permitted; lack of severance/change-in-control benefits lowers payout risk, and vesting cadence supports retention—net positive for investor alignment amid cyclical execution demands .