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Industrials & Aerospace

Polaris Executive Compensation (FY25)

PII · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Michael Speetzen
Latest say-on-pay support
=
April 30, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of November 2, 2026Latest filing (8-K): May 1, 2026
14 filings cited on this page
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312 figures on this page: 301 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Michael Speetzen: $9,026,124 → $11,144,637 (23.5% higher)
Say-on-pay support: 71.9% → 90.2% (18.3 points higher)
CEO pay ratio: 197:1 → 279:1 (41.6% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Polaris' chief executive and what were they paid?
Michael Speetzen, Chief Executive Officer, received $11,144,637 in total compensation for fiscal 2025. Compared with the $9,026,124 reported for fiscal 2024, Speetzen's total was 23.5% higher.
What was Polaris' say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 90.2% of votes cast for or against in favor at the meeting held April 30, 2026.
Which companies are in Polaris' peer group?
The disclosed peer group names AGCO Corporation, BorgWarner Inc., Brunswick Corporation, Dana Incorporated and Donaldson Company, Inc., among others.
What is Polaris' chief executive pay ratio?
The company reported a chief executive pay ratio of 279:1 for fiscal 2025, against median employee compensation of $39,984.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael Speetzen
Chief Executive Officer
◇—◇◇◇—◇◇
Kenneth Pucel
Executive Vice President – Global Operations and Chief Technology Officer
◇—◇◇◇—◇◇
Robert Mack
Chief Financial Officer and Executive Vice President – Finance & Corporate Development
◇—◇◇◇—◇◇
Steven Menneto
President – Off-Road
◇—◇◇◇—◇◇
Stephen Eastman
President – PG&A and Aftermarket
◇—◇◇◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael Speetzen
Chief Executive Officer
◇—◇◇◇—◇◇
Robert Mack
Chief Financial Officer and Executive Vice President – Finance and Corporate Development
◇—◇◇◇—◇◇
James Williams
Senior Vice President – Chief Human Resources Officer
◇—◇◇◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael Speetzen
Chief Executive Officer
◇—◇◇◇—◇◇
Robert Mack
Chief Financial Officer and Executive Vice President – Finance and Corporate Development
◇—◇◇◇—◇◇
Steven Menneto
Former President – Off Road
Departed during or after this year
◇—◇◇——◇◇
Kenneth Pucel
Former Executive Vice President – Global Operations and Chief Technology Officer
Departed during or after this year
◇—————◇◇
Stephen Eastman
Former President – Parts, Garments and Accessories (PG&A) and Aftermarket
Departed during or after this year
◇—◇◇◇—◇◇
Michael Dougherty
President – On Road and International
◇—◇◇◇—◇◇
James Williams
Senior Vice President – Chief Human Resources Officer
◇—◇◇◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael Speetzen
Chief Executive Officer
◇—◇◇◇—◇◇
Robert Mack
Chief Financial Officer and Executive Vice President – Finance and Corporate Development
◇—◇◇◇—◇◇
James Williams
Senior Vice President – Chief Human Resources Officer
◇—◇◇◇—◇◇
Benjamin Duke
President – Marine
◇—◇◇◇—◇◇
Michael Dougherty
Former President – On Road and International
Departed during or after this year
◇—◇◇◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Benjamin D. DukeRSU◇——◇——◇
Benjamin D. DukeOPTION◇——◇—◇◇
James P. WilliamsRSU◇——◇——◇
James P. WilliamsOPTION◇——◇—◇◇
Michael D. DoughertyRSU◇——◇——◇
Michael D. DoughertyOPTION◇——◇—◇◇
Michael T. SpeetzenRSU◇——◇——◇
Michael T. SpeetzenOPTION◇——◇—◇◇
Robert P. MackRSU◇——◇——◇
Robert P. MackOPTION◇——◇—◇◇
Fiscal 2022 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Michael SpeetzenOption◇—◇01/29/35
Option◇—◇01/31/34
RSU◇◇——
Option◇—◇02/01/33
PSU◇◇——
RSU◇◇——
RSU◇◇——
Robert MackOption◇—◇01/29/35
RSU◇◇——
Option◇—◇01/31/34
Option◇—◇02/01/33
RSU◇◇——
PSU◇◇——
RSU◇◇——
James WilliamsOption◇—◇01/29/35
RSU◇◇——
Option◇—◇01/31/34
Option◇—◇02/01/33
RSU◇◇——
PSU◇◇——
RSU◇◇——
Benjamin DukeOption◇—◇01/29/35
RSU◇◇——
Option◇—◇01/31/34
Option◇—◇02/01/33
RSU◇◇——
PSU◇◇——
RSU◇◇——
Michael DoughertyOption◇—◇01/29/35
RSU◇◇——
Option◇—◇01/31/34
Option◇—◇02/01/33
PSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
John P. Wiehoff
Board chair
◇◇———◇◇
Gary E. Hendrickson
◇◇———◇◇
Kevin M. Farr
◇◇———◇◇
Gwynne E. Shotwell
◇◇———◇◇
Lawrence D. Kingsley
◇◇———◇◇
George W. Bilicic
◇◇———◇◇
Bernd F. Kessler
◇◇————◇
Darryl R. Jackson
◇◇———◇◇
Gwenne A. Henricks
◇◇———◇◇
Michael T. Speetzen served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as Deferred Stock Units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • AGCO Corporation AGCO
  • BorgWarner Inc. BWA
  • Brunswick Corporation BC
  • Dana Incorporated DAN
  • Donaldson Company, Inc. DCI
  • Dover Corporation DOV
  • Flowserve Corporation FLS
  • Fortive Corporation FTV
  • Harley-Davidson, Inc. HOG
  • Hasbro, Inc. HAS
  • LKQ Corporation LKQ
  • Mattel, Inc. MAT
  • Oshkosh Corporation OSK
  • Parker-Hannifin Corporation PH
  • Snap-On Incorporated SNA
  • Stanley Black & Decker, Inc. SWK
  • The Timken Company TKR
  • The Toro Company TTC
  • Thor Industries, Inc. THO

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025April 30, 2026=◇◇◇
2024May 1, 2025=◇◇◇
2023April 25, 2024=◇◇◇
2022April 27, 2023=◇◇◇
2021April 28, 2022=◇◇◇
2020April 29, 2021=◇◇◇
2019April 30, 2020=◇◇◇
2018April 25, 2019=◇◇◇
2017April 26, 2018=◇◇◇
2016April 27, 2017=◇◇◇
2015April 28, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Michael Speetzen (Chief Executive Officer), FY2025 total compensation $11,144,637 (base salary $1,216,562) [exec_comp, SEC accession 0001308179-26-000087, filed 2026-03-17]

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What this page does not include

Everything above is a fact Polaris disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Polaris sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $500
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
312 figures on this page: 301 cited to the filing that reported them, 11 calculated from figures it prints.
301 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001628280-26-029305
  2. 0001308179-26-000087
    Director Compensation · Grants of Plan-Based Awards · Outstanding Equity Awards at Fiscal Year-End · Pay Ratio Disclosure · and 1 more section
  3. 0001628280-25-022206
  4. 0001308179-25-000167
    Summary Compensation Table
  5. 0001628280-24-018990
  6. 0001628280-23-014634
  7. 0001308179-23-000186
    2022 Summary Compensation Table
  8. 0001628280-22-011945
  9. 0001628280-21-008848
  10. 0001628280-20-006243
  11. 0001157523-19-001018
  12. 0001157523-18-000914
  13. 0001157523-17-001361
  14. 0001157523-16-005421
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “Polaris executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/PII (accessed 2026).
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14 filings cited on this page
Method: intel.velarion.ai/methodology
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Industrials & Aerospace rankings

Chief executive pay — Industrials & AerospaceCEO pay ratio — Industrials & AerospaceSay-on-pay support — Industrials & Aerospace

Peers Polaris discloses

The companies named in PII's own disclosed peer group.

AGCO CorporationBorgWarner Inc.Brunswick CorporationDana IncorporatedDonaldson Company, Inc.Dover CorporationFlowserve CorporationFortive CorporationHarley-Davidson, Inc.Hasbro, Inc.LKQ CorporationMattel, Inc.Oshkosh CorporationParker-Hannifin CorporationSnap-On IncorporatedStanley Black & Decker, Inc.The Timken CompanyThe Toro CompanyThor Industries, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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