Joseph John Hassett
About Joseph John Hassett
Independent director (since June 2022), age 67, and Chair of the Compensation Committee. Retired Senior Vice President and Chief Transformation Officer at Analog Devices Inc. (ADI) as of November 2024; prior roles at ADI include leading integration of Maxim Integrated, SVP Global Operations & Technology, SVP Corporate Integration Management, and other engineering and operating leadership positions. Education: BSc in Manufacturing Engineering and MBA, University of Limerick. Core credentials: large-scale M&A integration, global operations/supply chain, revenue leadership, and engineering management .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Analog Devices Inc. (ADI) | SVP & Chief Transformation Officer | Until Nov 2024 | Led strategic transformation efforts at ADI |
| Analog Devices Inc. | SVP & COO, Maxim Business | Aug 2021–2024 | Led integration of Maxim Integrated (~$2.5B business) into ADI |
| Analog Devices Inc. | SVP, Corporate Integration Management | Dec 2020–Jul 2021 | Led strategies and execution for multi‑billion‑dollar M&A integrations |
| Analog Devices Inc. | SVP, Industrial & Consumer Group | Nov 2019–Dec 2020 | Led growth initiatives in measurement, sensing, testing franchises |
| Analog Devices Inc. | SVP, Global Operations & Technology | May 2015–Nov 2019 | Set manufacturing strategy; built scalable supply chain and quality systems |
| Analog Devices Inc. | Various engineering management roles | 1982 onward | Progression through engineering and operations leadership |
External Roles
No public company directorships disclosed beyond UFPT. Background is primarily operating executive roles at ADI; no other board seats listed for Mr. Hassett in UFPT’s proxy .
Board Governance
- Committee memberships: Chair, Compensation Committee; Member, Nominating Committee; Not on Audit Committee .
- Independence: Board determined Mr. Hassett is independent under Nasdaq standards .
- Meeting cadence and attendance: Board met 4 times in 2024; each director attended at least 75% of Board and committee meetings; all directors attended the 2024 Annual Meeting . In 2023, Board met 5 times and each director attended at least 75% .
- Committee activity: Compensation Committee met 5 times (2024) and 6 times (2023) with Hassett as Chair; Nominating Committee met once (2024) and twice (2023); Audit Committee met 7 times (2024) and 8 times (2023) .
- Lead Independent Director: Daniel C. Croteau .
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Fees Earned or Paid in Cash ($) | $65,500 | $73,000 |
| Annual Cash Retainer (structure) | $55,000 | $55,000 |
| Committee Cash Retainers (structure) | Comp: $6,000; Comp Chair add’l $9,000; Audit: $9,000; Audit Chair add’l $11,000 | Comp: $6,000; Comp Chair add’l $15,000; Audit: $9,000; Audit Chair add’l $20,000 |
| Nominating Committee Fees | No additional compensation | No additional compensation |
Notes:
- Structure rows reflect disclosed program design; fees earned reflect actual cash reported for Hassett each year .
Performance Compensation
Directors receive equity grants that are time‑based (RSUs vest on May 31 following grant; options become exercisable May 31 following grant); no performance metrics apply to director equity grants .
| Equity Component | FY 2023 | FY 2024 |
|---|---|---|
| Stock Awards ($) | $50,000 | $60,000 |
| Option Awards ($) | $50,000 | $60,000 |
| RSUs Granted (and grant date) | 298 RSUs (June 7, 2023; fair value at $167.98) | 230 RSUs (June 5, 2024; fair value at $260.92) |
| Options Granted | 703 options (exercisable May 31, 2024; strike $167.98; 10‑year term) | 493 options (exercisable May 31, 2025; strike $260.92; 10‑year term) |
Compensation Committee performance framework (as overseen by Hassett for NEOs):
| Performance Measure | Description |
|---|---|
| Adjusted operating income | Operating income adjusted to exclude non‑recurring items and M&A impacts |
| Net sales | Consolidated net sales |
| Return on invested capital | Operating income net of taxes divided by average invested capital (equity + debt − cash) |
Other Directorships & Interlocks
| Company | Role | Committee Roles | Interlocks/Conflicts |
|---|---|---|---|
| None disclosed | — | — | Compensation Committee interlocks: None requiring disclosure; members (including Hassett) were not employees/officers, and no relationships requiring disclosure in 2024/2023 |
Expertise & Qualifications
- Manufacturing engineering and MBA (University of Limerick); deep operational, supply chain, and integration experience from ADI .
- Strategic M&A integration leadership; revenue leadership in ADI’s largest businesses .
Equity Ownership
| Metric | As of Apr 11, 2024 | As of Apr 11, 2025 |
|---|---|---|
| Shares Beneficially Owned | 3,294 | 4,017 |
| Percentage of Class | <1% | <1% |
| Options Exercisable within 60 days | 2,349 | 2,842 |
| RSUs Vesting within 60 days | 703 | 230 |
| Outstanding Option Awards at YE (reference) | 2,349 (12/31/2023) | 2,842 (12/31/2024) |
| Ownership Guidelines | Directors targeted to own shares valued at 3× base cash retainer within 5 years | |
| Hedging/Pledging Policy | Hedging and pledging prohibited; no margin accounts permitted |
Governance Assessment
- Positive signals:
- Independent director; chairs Compensation Committee and serves on Nominating Committee, aligning with governance best practices .
- Strong attendance: each director met at least 75% attendance in 2023 and 2024; full Annual Meeting attendance in 2024 .
- Transparent, structured director pay with balanced cash/equity mix; equity grants time‑based (no performance gaming) .
- Clear ownership alignment through stock ownership guidelines and anti‑hedging/pledging policies .
- Say‑on‑pay support: over 90% approval in 2024, indicating shareholder confidence in compensation governance overseen by the committee Hassett chairs .
- Compensation Committee interlocks: none; members independent and no relationships requiring disclosure .
- Watch items:
- CEO dual role as Chairman; mitigated by Lead Independent Director structure (Croteau) and independent majority, but concentration of roles warrants continued monitoring .
- Director options component increases risk of short‑term focus; though grants are on a predetermined schedule and time‑based, boards increasingly favor full‑value awards over options .
Notes on Related Party Transactions
- Related party transactions disclosure lists compensation paid to the CEO’s brother in 2024/2023; no related party transactions disclosed for Hassett .
Committee Assignments and Chair Roles (2025)
- Compensation Committee: Chair (met 5 times in 2024; retains sole authority over compensation consultants; oversees executive and director pay, incentives, risk in comp programs) .
- Nominating Committee: Member (met once in 2024; all members independent) .
Signals for Investors
- Hassett’s ADI background in integration and operations is additive for UFPT’s MedTech growth and M&A execution; as Comp Chair, his oversight ties NEO pay to adjusted operating income, net sales, and ROIC—metrics aligned with value creation .
- Ownership policies and anti‑hedging/pledging reduce misalignment and conflict risk; absence of interlocks or related party exposure for Hassett supports board effectiveness .