Joseph G. Morone is the former CEO of Albany International Inc., a position he held from January 1, 2006, until January 20, 2019. He holds a Bachelor’s degree in Engineering from the University of Pennsylvania, showing a solid educational background...

Joseph G. Morone is the former CEO of Albany International Inc., a position he held from January 1, 2006, until January 20, 2019. He holds a Bachelor’s degree in Engineering from the University of Pennsylvania, showing a solid educational background in a technical field. Under his leadership, Joseph’s compensation varied quite a bit over the years, peaking at about $3.9 million in total in 2019, which included a significant performance bonus of $1.7 million. His time at Albany International was marked not just by financial success but also by his strategic decisions that emphasized engineering innovations. Interestingly, Joseph started at Albany as President for a brief period before taking on the CEO role. During his time, he saw the company's growth evolve through various performance metrics that guided his bonus structures. He remained focused on aligning employee performance with company goals, which reflects a broader approach to executive leadership that balances individual and corporate success. He also received no stock or options grants since 2002, indicating his preference for focusing on the salary and cash bonuses rather than long-term stock performance, which is intriguing for a CEO.

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1. Rivals

2. Holdings

3. Insider Trading

4. Compensation History

5. Other Albany International Inc. CEOs

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Joseph G. Morone

Ex-CEO of Albany International Inc.

Education

Bachelor's degree in Engineering from the University of Pennsylvania

Field of Expertise

Technology & Engineering - Engineering

Sector of Economy

Consumer Cyclical

Born

April 12, 1956 - 69 years ago

CEO of Albany International Inc. for

13 years 0 months (Jan 2006 - Jan 2019)

Previous Experience

President of Albany International Corp. since September 1, 2005

Rivals

Competitors/colleagues of Joseph G. Morone

Holdings

See how much did Joseph G. Morone make over time.

Joseph G. Morone has been known for not accumulating substantial stock holdings during his tenure at Albany International. His personal wealth mostly resided in his salary and cash bonuses. In 2019, he was paid approximately $3.9 million, but a large...

Joseph G. Morone has been known for not accumulating substantial stock holdings during his tenure at Albany International. His personal wealth mostly resided in his salary and cash bonuses. In 2019, he was paid approximately $3.9 million, but a large part of this came from performance bonuses rather than stock options or equity grants. He did not have shares vesting or significant stock grants during his later years, indicating that he might have preferred direct compensation methods. The absence of stock awards points to a unique choice as many CEOs typically align their wealth closely with their company's long-term stock performance. His peak wealth was primarily tied to his ability to meet performance metrics rather than the volatility of stock markets, a different strategy from many of his peers.

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Insider Trading

See recent insider trades of Joseph G. Morone.

AIN

37,145 shares

AIN

Mar 1, 2018

Received

AIN

37,456 shares

AIN

Mar 1, 2017

Received

AIN

47,233 shares

AIN

Mar 1, 2016

Received

AIN

49,024 shares

AIN

Mar 1, 2015

Received

AIN

44,830 shares

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Mar 1, 2014

Received

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68,897 shares

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Mar 1, 2013

Received

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29,096 shares

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Mar 1, 2012

Received

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22,587 shares

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Mar 1, 2011

Received

Compensation History

See how much did Joseph G. Morone make over time.

During his time as CEO, Joseph G. Morone received varied compensation packages, reflecting both his performance and the company’s success. In 2019, he earned nearly $3.9 million, which included a base salary of $831,250 and a substantial performance bonus of $1.7 million. Unlike many CEOs, he didn't participate in stock grants or stock options since 2002, which is unusual. Instead, his compensation was primarily cash-based, emphasizing his commitment to achieving short-term goals rather than long-term stock performance. This structure allowed him to directly benefit from annual performance metrics designed to propel Albany International forward. This direct cash reward system might have resonated well with stakeholders looking for immediate results rather than long-term stock dependence.

Year

2019

Total Compensation

$2.77M

Salary

$831.25K

Board Justification

The compensation philosophy aims to attract and retain talented executives while aligning compensation with company performance and shareholder value.

Bonus

$1.70M

Board Justification

Annual Performance Award based on company performance metrics for 2019, paid in cash in March 2020.

Other

$240.26K

Board Justification

Includes various forms of compensation such as profit-sharing, company-matching contributions to retirement plans, and other benefits.

Restricted Stock

$0.00(0 N/A)

Board Justification

No stock awards vested in 2019.

Performance Metrics

2019 AIN Adjusted EBITDA, AIN Days Working Capital Reduction, AIN TRIR, AIN Compliance/External Auditors, AIN Compliance/Internal Auditors.

Other Albany International Inc. CEOs

Here are other CEOs of Albany International Inc.

Frank R. Schmeler

Ex-CEO of Albany International Inc.

May 2005 - December 2005

A. William Higgins

Ex-CEO of Albany International Inc.

January 2020 - September 2023