The Ledger ResearchPrivate

The Front Office

Scouting report · APH

R. Adam Norwitt

  • Chairman & CEO, APH since 2009-01src

Amphenol CEO since January 2009 and Chairman since May 2026; joined in 1998

A−83 / 100

Ranked #6 of 23

Scouting sheet

as of 24 Sep 2026
Delivers guidance8812 beat · 1 met · 2 missed · 0 withdrawn
Answers the question744 dodges in 24 answers on 2 calls
Capital allocation100company five-year record: compounds
Pay design6091% performance-conditioned · revenue, eps, individual, time only · 92.2% for · 0.52% of net income
Skin in the game83stake worth $463.2m, 21× last year's pay
Age
56src
In the role
18 yr
Promises scored
15
Hit rate
87%
Dodges / 100 answers
16.7
Airtime on calls
72%
Every promise, oldest firstBBBBBBBBBBBXBMX

What to weigh

Watch 4

  • Since the May 2026 meeting one person holds both Chairman and CEO. He is the only director the board does not count as independentsrc
  • Sold about $219m of stock in the twelve months to 2026-09-24 (1,425,212 pre-split shares, all from exercising $22.37 options), in three Form 4 filings. None ticks the 10b5-1 box. His owned share count stayed at 2,795,652 pre-split throughoutsrc
  • CEO pay ratio 1,188:1 against the worldwide median employee (335:1 against the US median), on $22.4m of 2025 paysrc
  • Long-term pay is stock options only, vesting 20% a year over five years with no performance condition beyond the share price; the 2025 grant was valued at $14.6msrc

In their favour 2

  • The bonus plan has teeth: he was paid no 2023 bonus because constant-currency sales dipped and Adjusted Diluted EPS rose only $0.01src
  • Required to hold stock worth 6x salary; company policy bans hedging, short sales, derivatives and pledging of company stocksrc

Career

  1. 2026 – now
    Amphenol Corporationsrc
    Chairman & CEO
    Board appointed him Chairman on 2026-02-04, effective at the 2026-05-21 annual meeting, on Martin Loeffler's retirement (Chairman since 1997)
  2. 2009 – 2026
    Amphenol Corporationsrc
    President & CEO; director since 2009
    Formally appointed effective 2009-01-05 under the succession plan announced 2008-06-17 (8K-2008-06-17); Loeffler became Executive Chairman
  3. 2007 – 2008
    Amphenol Corporationsrc
    President & Chief Operating Officer
    Newly created office, effective 2007-01-01; he was 37 at the announcement
  4. 2006 – 2006
    Amphenol Corporationsrc
    Senior Vice President & Group General Manager, Worldwide RF and Microwave Products
    June to December 2006
  5. 2004 – 2006
    Amphenol Corporationsrc
    Vice President & Group General Manager, Worldwide RF and Microwave Products
  6. 1998 – 2003
    Amphenol Corporationsrc
    Group general manager, general manager and business development manager in various operating groups, about five years resident in Asia
    Joined in 1998 (8K-2006-12-11); the proxy gives these roles without dates

Undated in the sources

  • Gibson, Dunn & Crutcher LLPsrc, Corporate lawyer

Not located: Years at Gibson, Dunn & Crutcher (before 1998) are not dated in any source searched; 1998-2003 roles are described only collectively

Achievements

  • CEO since January 2009, after two years as President & COO; the proxy counts more than 17 years as CEO and about 27 years with Amphenolsrc
  • Amphenol's GAAP net income rose from $1,928.0m (FY2023) to $4,270.3m (FY2025)src
  • Q2 2026 sales rose 55% year on year, with sales and Adjusted Diluted EPS above the top of guidancesrc
  • Named Chairman in 2026, succeeding the Chairman of 29 years, Martin Loeffler, whom he had followed as CEOsrc
  • 2025 annual bonus paid at the plan maximum (200% multiplier) on revenue and Adjusted Diluted EPS growthsrc

Education

  • Georgetown University, School of Foreign Service, BS International Politicssrc
  • University of Michigan Law School, JD Lawsrc
  • INSEAD, MBA Businesssrc

Background

  • Family No family-relationship statement located for him in the filings read (the 2026 proxy is silent on it). Part of his holding sits in a trust he votes, named the Norwitt Family Trust on his Forms 4src
  • Boards Sits on no other public company boardsrc
  • Boards Co-chair of AdvanceCT (Connecticut economic development) and on the boards of Georgetown University and the U.S.-China Business Council, per a search summarysrc
  • Other Trained as a corporate lawyer at Gibson, Dunn & Crutcher before joining Amphenol; lived about five years in Asia for the company and is fluent in French and Chinesesrc
  • Other Recommends pay for the other executive officers and consults the Compensation Committee on essentially all pay matters, but does not vote on or take part in setting his ownsrc
  • Other Perquisites: car and driver ($15,694 in 2025) and security services ($9,631), including monitoring of a home security system; the company reports no other perquisitessrc

The promise ledger

15 scored · 0 open
ResultWhat was promisedWhere it is scoredHow
B BeatQ3 2024 · sales $3.70–3.80bn · adj EPS $0.43–0.45APH row 1written outlook
B BeatQ4 2024 · $3.95–4.05bn · $0.48–0.50APH row 2said it
B BeatFY 2024 · $14.85–14.95bn · $1.82–1.84APH row 3written outlook
B BeatQ1 2025 · $4.00–4.10bn · $0.49–0.51APH row 4said it
B BeatQ2 2025 · $4.90–5.00bn · $0.64–0.66APH row 5said it
B BeatQ3 2025 · $5.4–5.5bn · $0.77–0.79APH row 6said it
B BeatQ4 2025 · $6.0–6.1bn · $0.89–0.91APH row 7said it
B BeatFY 2025 · $22.66–22.76bn · $3.26–3.28APH row 8written outlook
B BeatQ1 2026 · $6.90–7.00bn (incl. ~$900m CommScope) · $0.91–0.93APH row 9written outlook
B BeatQ2 2026 · $8.1–8.2bn · $1.14–1.16APH row 10said it
B BeatAndrew (CommScope OWN/DAS) close · "first half of 2025" → "first quarter of 2025"APH row 11written outlook
X MissedLütze Europe close · by end of Q3 2024APH row 12written outlook
B BeatCommScope CCS close · "first half of 2026" → "by the end of the first quarter of 2026"APH row 13written outlook
M MetTrexon close · by end of Q4 2025APH row 14written outlook
X MissedChina tax matter · $100m "best estimate", range $100m–~$300mAPH row 15written outlook

Questions dodged

16.7 per 100 answers

  1. Q1 2026 · CPO revenue/profit implications · Mark Delaney — asked what CPO means for Amphenol's revenue and profit potential versus current designs; the answer described breadth and customer aims, then: "And what does that mean in terms of the quantum of the business? I mean, that all, I think, remains to be seen" ([5]→[6], R. Norwitt).

    from APH · dossier-2026-09-24.md

  2. Q1 2026 · multi-year capacity agreements · Amit Daryanani — asked whether Amphenol/CommScope are being approached for them and how it would fund capacity; the answer confirmed customers participate in investments and widen order commitments, then: "I mean you're probably not going to hear us talk about it very explicitly" ([11]→[12], R. Norwitt). No amount, customer or term.

    from APH · dossier-2026-09-24.md

  3. Q1 2026 · content value vs copper volume · Joseph Giordano — "But I'm not going to be able to give you a pound and length kind of metric here." ([39]→[40], R. Norwitt).

    from APH · dossier-2026-09-24.md

  4. Q2 2026 · fibre share of the AI business · Amit Daryanani — asked for any framework on how big fibre is within the AI run rate; the answer listed copper, optics and power as "really significant pieces" "without putting, you know, to the decimal point numbers behind it" ([12]→[13], Richard Adam Norwitt). (The "$10.5 billion to $11 billion AI revenue run rate" in the question is the analyst's figure, not managem…

    from APH · dossier-2026-09-24.md

Calls reviewed

  • FY2026-Q1.roic.json — 12 answers, 71% of the words
  • FY2026-Q2.roic.json — 12 answers, 73% of the words

Sources

18
  1. Filing Amphenol DEF 14A, 2026 annual meeting (accession 0001104659-26-040688) · 2026-04-08
  2. Filing Amphenol DEF 14A, 2024 annual meeting (accession 0001104659-24-044584) · 2024-04-08
  3. Filing Amphenol 8-K Item 5.07, 2026 annual meeting results (0001104659-26-065682) · 2026-05-22
  4. Filing Amphenol 8-K Items 5.02/7.01, Loeffler retirement and Norwitt named Chairman (0001104659-26-010676) · 2026-02-05
  5. Filing Amphenol 8-K Item 5.02, Norwitt formally appointed President & CEO (0001104659-09-001459) · 2009-01-09
  6. Filing Amphenol 8-K Ex. 99.1, management succession plan (0001104659-08-040431) · 2008-06-17
  7. Filing Amphenol 8-K Ex. 99.1, Norwitt named President & COO (0001104659-06-080747) · 2006-12-11
  8. Filing Amphenol Q2 2026 earnings release, 8-K Ex. 99.1 (0001104659-26-087904) · 2026-07-29
  9. Filing Amphenol FY2025 10-K, signature page (0001104659-26-013549) · 2026-02-11
  10. Filing SEC XBRL companyconcept us-gaap/NetIncomeLoss, CIK 820313 (FY2025 10-K, 0001104659-26-013549) · 2026-02-11
  11. Filing Amphenol 8-K Item 8.01, two-for-one stock split effected 2026-09-02 (0001104659-26-105485) · 2026-09-04
  12. Filing Form 4, R. Adam Norwitt (reporting CIK 1276461), option exercise and gift of 2025-10-28 (0001104659-25-104350) · 2025-10-30
  13. Filing Form 4, R. Adam Norwitt, gift of 2025-12-09 (0001104659-25-119968) · 2025-12-10
  14. Filing Form 4, R. Adam Norwitt, exercise-and-sale of 2026-02-12 (0001104659-26-015165) · 2026-02-13
  15. Filing Form 4, R. Adam Norwitt, exercise-and-sales of 2026-05-01/04/05 (0001104659-26-055799) · 2026-05-05
  16. Filing Form 4, R. Adam Norwitt, annual option grant of 2026-05-22 (0001104659-26-066927) · 2026-05-27
  17. Filing Form 4, R. Adam Norwitt, exercise-and-sale of 2026-07-31 (0001104659-26-089782) · 2026-08-03
  18. Web search result WebSearch: Hartford Business Journal 2026 Power 50, R. Adam Norwitt (search summary: co-chair of AdvanceCT; boards of Georgetown University and the U.S.-China Business Council) · 2026-09-24