Mary Jane Raymond
VEECO INSTRUMENTSAbout Mary Jane Raymond
Independent director at Veeco Instruments Inc. since 2019; age 64; member and designated financial expert of the Audit Committee. Previously EVP and CFO at Coherent Corp. (formerly II-VI) from 2014–2024; earlier senior finance and operations roles at Hudson Global, Dun & Bradstreet, Lucent Technologies, and Cummins Engine Company .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Coherent Corp. (formerly II-VI) | EVP & CFO | 2014–2024 | Company grew from ~$500M to $5.2B revenue; $11B strategic acquisitions executed |
| Hudson Global | EVP & CFO | 2005–2013 | Led finance at global staffing firm |
| Dun & Bradstreet | Principal Accounting Officer & Corporate Controller | 2002–2005 | Senior accounting leadership |
| Lucent Technologies | Merger Integration Founder/Operator | 1997–2002 | Managed ~$40B of acquisitions integration |
| Cummins Engine Company | Various operating roles incl. GM, Exec Director of Strategy | ~10 years | Strategy and general management |
External Roles
- No current public company directorships disclosed for Raymond; Board-level statistic indicates no director serves on more than three public company boards .
Board Governance
- Independence: Independent under NASDAQ rules; all committee memberships comprise independent directors .
- Committee assignments: Audit Committee member and financial expert; Audit Committee comprised of Bayless (Chair), Jackson, St. Dennis, Raymond; met five times in 2024 .
- Attendance: 100% of directors attended all Board meetings; Veeco reports all directors attended applicable committee meetings in 2024 .
- Board leadership: Independent Chairman (Richard A. D’Amore); independent directors meet in executive sessions regularly .
- Election support: Re-elected in 2024 with 45,706,476 votes for, 625,301 withheld; strong Say-on-Pay approvals (≈97% in 2022–2024) signal investor alignment .
Fixed Compensation
| Component | Policy Detail | 2024 Amount/Detail | Notes |
|---|---|---|---|
| Board retainer (cash) | $17,500 per quarter | $70,000 (implied) | Quarterly board fees for non-employee directors |
| Committee retainer (cash) | Audit: $2,500/quarter non-chair | $10,000 (implied) | Compensation Committee non-chair was $2,000/quarter from 7/1/2024; Governance $1,250/quarter (not applicable if not a member) |
| Meeting fees | None | — | No per-meeting fees; quarterly retainers only |
| Chairman premium | $12,500/quarter | — | Not applicable to Raymond |
| Total cash paid (2024) | — | $80,000 | Fees earned or paid in cash |
| Equity grant (annual) | Restricted stock; vest earlier of 1 year or pre-AGM | 3,677 shares; grant date 5/10/2024; grant-date FV $139,983 ($38.07/sh) | 2024 director equity value increased mid-year policy to $165,000, but May awards reflected $140,000 |
Performance Compensation
| Metric | 2024 Threshold | Business Plan | Target | Actual | Funded % of Bonus Targets |
|---|---|---|---|---|---|
| Adjusted Operating Income ($mm) | $30.0 | $137.3 | $155.1 | $129.4 | 62.8% |
| Veeco’s annual Management Bonus Plan for executives is based solely on Adjusted Operating Income with capped payouts and an individual performance modifier; directors do not receive performance-based pay, but Raymond oversees these programs via Board governance and Audit oversight . |
Other Directorships & Interlocks
| Company | Role | Committee Roles | Notes |
|---|---|---|---|
| None disclosed | — | — | Compensation Committee interlocks: none for Veeco; all committee members are independent . |
Expertise & Qualifications
- Audit/Finance: Designated Audit Committee financial expert; extensive CFO experience across public companies .
- M&A and Integration: >$50B transactions across transaction and integration sides; deep governance impact in prior companies .
- Operations/Strategy: Senior roles in strategy and general management; cross-industry operational experience .
Equity Ownership
| Item | As of | Amount | % of Outstanding | Notes |
|---|---|---|---|---|
| Beneficial ownership (common) | 3/12/2025 | 18,731 shares | <1% | Reported as “Less than 1%” |
| Outstanding unvested director stock awards | 12/31/2024 | 3,677 shares | — | From 5/10/2024 grant |
| Options | 12/31/2024 | 0 | — | No stock options outstanding for directors |
| Ownership guidelines (directors) | Policy | 3x annual cash retainer | — | All directors compliant or within phase-in period |
| Hedging/Pledging | Policy | Prohibited | — | Securities Trading Policy bans hedging/pledging by directors |
Governance Assessment
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Strengths:
- Independent director and Audit Committee financial expert; robust attendance; Board has strong governance practices (annual evaluations, executive sessions) .
- Transparent, shareholder-aligned compensation practices (no meeting fees; equity vests annually; anti-hedging/pledging; clawbacks for executives) .
- No related-party transactions in 2024; committee interlocks absent; independent chairman structure .
- Strong shareholder support for director elections and Say-on-Pay, bolstering investor confidence .
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Watch items:
- Mid-2024 increase in director equity value to $165,000 raises cost-of-governance; monitor future grant sizing versus performance and peer trends .
- Beneficial ownership is modest (<1%); though guidelines are met, continued tracking of alignment via annual grants and holding requirements is prudent .
-
RED FLAGS: None identified in disclosures for Raymond (no related-party transactions, no hedging/pledging, timely Section 16 compliance in 2024) .
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Signals:
- Active Audit oversight (five meetings; full committee of financial experts) and consistent board engagement suggest high board effectiveness for risk and financial reporting .
- Executive incentive frameworks (Adjusted Operating Income focus, caps, TSR-based PRSUs) indicate pay-for-performance discipline overseen by independent committees .