ALBANY INTERNATIONAL CORP DE
For the period ended May 16, 2025. Filed Apr 3, 2025.
View on SEC.govAbout this filing
What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
May 16, 2025 · Filed Apr 3, 2025
Contents
Summary Compensation Table
The following table sets forth information concerning the compensation of the NEOs for 2022, 2023 and 2024.
| Name and Principal Position | Year | Salary ($) | Bonus($)1 | Stock Awards($)2 | Option Awards($)3 | Nonequity Incentive Plan Compensation ($)4 | Change in Pension Value and Nonqualified Deferred Compensation Earnings($)5 | All Other Compensation($)6 | Total |
|---|---|---|---|---|---|---|---|---|---|
| Gunnar Kleveland, President and CEO | 2024 | 920,250 | — | 1,854,000 | — | 1,009,9147 | — | 137,658 | 3,921,822 |
| 2023 | 300,000 | — | 3,300,000 | — | 507,480 | — | 139,669 | 4,247,149 | |
| Robert Starr, Chief Financial Officer | 2024 | 582,825 | — | 880,650 | — | 451,5708 | — | 97,511 | 2,012,556 |
| 2023 | 412,885 | — | 1,454,898 | — | 507,214 | — | 80,939 | 2,455,936 | |
| Merle Stein, President, Machine Clothing | 2024 | 342,668 | — | 595,550 | — | 329,4139 | — | 120,280 | 1,387,911 |
| Chris Stone, President, Albany Engineered Composites | 2024 | 182,692 | — | 2,400,000 | — | 353,53810 | — | 6,110 | 2,942,341 |
| Joseph Gaug, VP - General Counsel & Secretary | 2024 | 447,133 | — | 496,622 | — | 324,42211 | — | 20,201 | 1,288,378 |
| 2023 | 428,942 | — | 434,109 | — | 480,207 | — | 21,523 | 1,364,781 | |
| 2022 | 408,516 | — | 330,750 | — | 439,368 | — | 19,209 | 1,197,843 |
1 The figure provided represents the Annual Incentive Plan bonus earned, or any additional discretionary bonus awarded, during that year, if any, for performance during that year, but which was actually paid in the subsequent year.
2 The figure provided for each year represents the grant date fair value, in dollars, of (a) the target share amounts contained in any Performance Awards granted during that year under the 2017 or 2023 Incentive Plans, (b) all Restricted Stock Units granted in that year under the Company’s Restricted Stock Unit Plan, and (c) all Performance Phantom Stock granted in that year under the Company’s Performance Phantom Stock Plan. In all cases, the total presented is the aggregate grant date fair value computed in accordance with FASB ASC Item 718.
3 No options have been granted since 2002.
4 Includes (a) profit-sharing under the Company's U.S. profit-sharing plan and (b) the actual cash award received relative to the NEO's APP Performance Award granted under the 2017 or 2023 Incentive Plans, in each case earned during the year reported and paid during the subsequent year.
5 The figure provided for each year, if any, represents the aggregate change in the actuarial present value of each NEO’s (except Mr. Halftermeyer’s) accumulated benefit under all defined benefit and actuarial pension plans (including supplemental plans) from the prior year. The change is calculated between the pension plan measurement dates used by the Company for financial statement reporting purposes in each year. The figure also reflects any changes in actuarial assumptions. Reference is made to Note 4 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for a discussion of these assumptions. The figure provided for Mr. Halftermeyer represents the change in present value of the private pension purchased for Mr. Halftermeyer through a Swiss insurance company in accordance with Swiss law (see footnote 4 to the “Pension Benefits” table on pp. 61). There were no above-market or preferential earnings during 2022, 2023 or 2024 for any of the NEOs under any deferred compensation plans.
6 The 2024 amounts in this column consist of the following items shown in the table that follows under All Other Compensation on pp. 54.
7 Includes (a) profit-sharing of $6,900 and (b) an APP Performance Award of $1,003,014.
8 Includes (a) profit-sharing of $6,900 and (b) an APP Performance Award of $444,670.
9 Includes (a) profit-sharing of $6,853 and (b) an APP Performance Award of $322,560.
10 Includes (a) profit-sharing of $3,538 and (b) an APP Performance Award of $350,000.
11 Includes (a) profit-sharing of $6,900 and (b) an APP Performance Award of $317,522.
| ALBANY INTERNATIONAL | 2024 AIN PROXYSTATEMENT | Compensation Discussion and Analysis | 53 |
The below table sets forth information concerning the compensation of two additional individuals for whom disclosure would have been required but for the fact that the individual was not serving as an executive officer of the Company at the end of 2024.
| Name and Principal Position | Year | Salary ($) | Bonus($) | Stock Awards($) | Option Awards($) | Nonequity Incentive Plan Compensation ($) | Change in Pension Value and Nonqualified Deferred Compensation Earnings($) | All Other Compensation($) | Total |
|---|---|---|---|---|---|---|---|---|---|
| Daniel Halftermeyer, Former President, Machine Clothing12 | 2024 | 740,319 | — | 822,400 | — | 467,02013 | (21,100) | 231,485 | 2,240,124 |
| 2023 | 787,588 | — | 2,322,624 | — | 597,071 | 50,064 | 226,732 | 3,984,079 | |
| 2022 | 672,071 | — | 738,000 | — | 549,318 | 11,310 | 200,240 | 2,170,939 | |
| Greg Harwell, Former President, Albany Engineered Composites | 2024 | 320,319 | — | 733,307 | — | 392,84314 | — | 220,318 | 1,666,787 |
| 2023 | 507,640 | — | 2,218,928 | — | 533,008 | — | 22,988 | 3,282,564 | |
| 2022 | 490,000 | — | 637,000 | — | 546,159 | — | 19,397 | 1,692,556 |
12 Amounts reported for Mr. Halftermeyer in 2024 under the columns for Salary and All Other Compensation represent either the amount paid in euros, translated into U.S. dollars at the rate of 1.03872 dollars per euro, or the amount paid in Swiss franc, translated into U.S. dollars at the rate of 1.10498 dollars per Swiss franc, which are the rates used by the Company in its 2024 Consolidated Statements of Income and Retained Earnings.
13 The actual cash award received relative to the NEO's APP Performance Award granted under the 2023 Incentive Plan.
14 The actual cash award received relative to the NEO's APP Performance Award granted under the 2023 Incentive Plan, paid during 2024 upon the NEO's separation from the Company.
| ALBANY INTERNATIONAL | 2024 AIN PROXYSTATEMENT | Compensation Discussion and Analysis | 54 |
ALL OTHER COMPENSATION
| Name | Company Contributions to 401(k) Plan1 | Life Insurance Premiums2 | Severance Pay | Relocation Benefit3 | Private Swiss Health Insurance 4 | French Social Programs5 | International Assignment Expenses6 | Tuition Expenses7 | Company Car8 | Taxable Awards | Total |
|---|---|---|---|---|---|---|---|---|---|---|---|
| G. Kleveland | $17,250 | $7,482 | $— | $112,860 | $— | $— | $— | $— | $— | $66 | $137,658 |
| R. Starr | $17,250 | $4,162 | $— | $76,032 | $— | $— | $— | $— | $— | $66 | $97,511 |
| M. Stein | $15,467 | $1,129 | $— | $— | $2,012 | $— | $48,839 | $35,299 | $17,534 | $— | $120,280 |
| D. Halftermeyer | $— | $— | $— | $— | $13,052 | $120,490 | $97,068 | $— | $875 | $— | $231,485 |
| C. Stone | $5,288 | $756 | $— | $— | $— | $— | $— | $— | $— | $65 | $6,110 |
| G. Harwell | $14,180 | $4,680 | $201,458 | $— | $— | $— | $— | $— | $— | $— | $220,318 |
| J. Gaug | $13,435 | $6,688 | $— | $— | $— | $— | $— | $— | $— | $78 | $20,201 |
1 Amounts represent the total Company contributions to the NEO's account under the Company's ProsperityPlus 401(k) defined contribution plan.
2 Reflects premiums paid by the Company with respect to life or other insurance for the benefit of the NEO or beneficiaries designated by the NEO.
3 Reflects expenses associated with executive relocation.
4 Includes premiums paid by the Company with respect to maintenance of private Swiss health insurance coverage.
5 Includes contributions to maintain the NEO in French social programs, including state pension schemes, during his expatriation (of which approximately $37,677 was the NEO's employee contribution paid by the Company).
6 Expenses related to the NEO's international assignment, consisting of housing and tax adjustments. The figure provided for Mr. Stein is comprised of housing. The figure provided for Mr. Halftermeyer is comprised of housing ($68,059) and tax adjustments ($29,009).
7 Expenses related to tuition paid for the benefit of the NEO's children.
8 Perquisites valued on the basis of the taxable benefit for the private use of a Company car.
| ALBANY INTERNATIONAL | 2024 AIN PROXYSTATEMENT | Compensation Discussion and Analysis | 55 |
CEO PAY RATIO
We are required to disclose:
■The median annual total compensation of all of our employees, excluding our CEO;
■The annual total compensation of our CEO; and
■The ratio between those two amounts.
Mr. Kleveland's total compensation for 2024 as reported in the Summary Compensation Table above was $3,921,822. Using the same methodology, the annual total compensation of our median employee in 2024 (excluding Mr. Kleveland) was $53,241.
The ratio of the two amounts is 74:1.
To perform the foregoing calculation, we started with the total number of employees working for the Company and its subsidiaries worldwide as of December 31, 2024; we used our entire worldwide employee population and did not use statistical sampling. We then determined total compensation paid to each employee for all of 2024, excluding only changes in value of any vested pension benefits, as we concluded that it would have been extremely burdensome to determine such changes for all employees. Each employee’s total compensation was then translated into U.S. dollars using the exchange rate applicable to each employee’s country of employment, as used by the Company in its 2024 Consolidated Statements of Income and Retained Earnings. On this basis, we determined that our median employee, for the purposes of this disclosure, was an employee located in the United States.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.