Dr. R. Scott B. Hartnett has been the driving force behind RBC Bearings since 1992. With a strong background in mechanical engineering and business, he holds degrees from the University of Connecticut and Harvard Business School, which guide his approach...

Dr. R. Scott B. Hartnett has been the driving force behind RBC Bearings since 1992. With a strong background in mechanical engineering and business, he holds degrees from the University of Connecticut and Harvard Business School, which guide his approach to leadership. Dr. Hartnett has a notable history in manufacturing and engineering, having spent 18 years at Torrington Company before joining RBC. Under his leadership, RBC has continuously focused on innovation and performance, aiming to enhance shareholder value while navigating the challenges of the industry. His ownership of Class B shares gives him significant control over company decisions, reflecting his deep commitment to the firm's vision. Over the years, Dr. Hartnett has developed numerous patents and published over two dozen technical papers in the field of tribology, demonstrating his expertise and influence in engineering. Recent insider trading activity shows fluctuations in his holdings averaging between $64M and $105M, signaling confidence in RBC's future prospects. Compensation-wise, Dr. Hartnett received nearly $19 million in 2021, indicating a performance-driven package aligned with company success.

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1. Rivals

2. Holdings

3. Insider Trading

4. Compensation History

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Dr. R. Scott B. Hartnett

CEO of RBC Bearings

Education

Dr. Hartnett holds a Bachelor of Science degree in Mechanical Engineering from the University of Connecticut, a Master of Business Administration from the University of Michigan, and a Doctorate in Business Administration from Harvard University.

Field of Expertise

Technology & Engineering - Engineering

Sector of Economy

Industrials

Born

January 1, 1968 - 57 years ago

CEO of RBC Bearings for

8 years 1 month (Jun 2017 - Present)

Previous Experience

Prior to joining RBC, Dr. Hartnett served as President of the Aerospace and Defense Segment of Goodrich Corporation, where he was responsible for a $2 billion business unit. He has also held various leadership roles at United Technologies Corporation and General Electric Company.

Rivals

Competitors/colleagues of Dr. R. Scott B. Hartnett

Holdings

See how much did Dr. R. Scott B. Hartnett make over time.

Dr. Hartnett's holdings in RBC fluctuate significantly, showcasing fluctuations in value. As of mid-2024, his holdings were valued over $105 million, a notable increase from earlier months. In June 2023, his holdings were worth approximately $77 million but decreased to...

Dr. Hartnett's holdings in RBC fluctuate significantly, showcasing fluctuations in value. As of mid-2024, his holdings were valued over $105 million, a notable increase from earlier months. In June 2023, his holdings were worth approximately $77 million but decreased to around $64 million by July before rebounding in the following months. These fluctuations reflect ongoing confidence in RBC’s operations and potential growth. Interestingly, this range indicates that Dr. Hartnett remains heavily invested in RBC's success, with his financial outlook closely tied to the company's performance in the stock market.

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Insider Trading

See recent insider trades of Dr. R. Scott B. Hartnett.

RRX

$1.09K

RRX at $129.91/share

Oct 13, 2023

Received

RRX

$1.09K

RRX at $148.68/share

Jul 14, 2023

Received

RRX

$1.09K

RRX at $131.66/share

Apr 14, 2023

Received

RRX

1,966 shares

RRX

Feb 23, 2023

Received

RRX

4,520 shares

RRX

Feb 17, 2023

Received

RRX

$846.91

RRX at $137.33/share

Jan 13, 2023

Received

RRX

$1.72K

RRX at $129.30/share

Jul 14, 2022

Received

RRX

1,660.875 shares

RRX

May 6, 2022

Received

RRX

$3.66K

RRX at $137.88/share

Apr 14, 2022

Received

RRX

$1.21K

RRX at $137.88/share

Apr 14, 2022

Received

Compensation History

See how much did Dr. R. Scott B. Hartnett make over time.

In 2021, Dr. Hartnett’s total compensation reached almost $19 million. His salary was around $900,000, with a performance-based bonus of $2.25 million tied to the company’s EBITDA performance. This bonus can yield up to 250% of his salary if targets are exceeded. A significant portion of his compensation also included $5.99 million in vested stock, which is a good indicator of long-term value creation. Hartnett's pay structure is designed to align closely with the company's performance, emphasizing the importance of his leadership and decision-making on RBC's financial health. This compensation approach not only attracts top talent but also motivates executives to focus on shareholder value and company goals.

Year

2021

Total Compensation

$9.19M

Salary

$900.00K

Board Justification

The compensation program is designed to attract and retain top quality executives by providing competitive cash compensation based on corporate performance, individual performance, and long-term stockholder value.

Bonus

$2.25M

Board Justification

The bonus is based on the Company's performance against its EBITDA plan for the fiscal year, with a maximum payout of 250% of base salary for achieving over 120% of the EBITDA target.

Other

$55.74K

Board Justification

Includes reimbursement of personal expenses, healthcare expenses, and a company-owned vehicle.

Restricted Stock

$5.99M(30.06K restricted stock)

Board Justification

The stock awarded is based on the prior fiscal year’s EBITDA and ROIC performance against the plans established at the beginning of the prior fiscal year, with the value of the award being $5,985,000.

Performance Metrics

The performance metrics for determining the CEO's compensation are primarily based on EBITDA performance.