Harmonic Drive Systems Management

Management criteria checks 4/4

Harmonic Drive Systems' CEO is Akira Nagai, appointed in Jun 2013, has a tenure of 10.83 years. total yearly compensation is ¥253.75M, comprised of 17.4% salary and 82.6% bonuses, including company stock and options. directly owns 0.05% of the company’s shares, worth €1.13M. The average tenure of the management team and the board of directors is 6.5 years and 3.8 years respectively.

Key information

Akira Nagai

Chief executive officer

JP¥253.7m

Total compensation

CEO salary percentage	17.4%
CEO tenure	10.8yrs
CEO ownership	0.05%
Management average tenure	6.5yrs
Board average tenure	3.8yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Akira Nagai's remuneration changed compared to Harmonic Drive Systems's earnings?
Date	Total Compensation	Salary	Company Earnings
Dec 31 2023	n/a	n/a	JP¥2b
Sep 30 2023	n/a	n/a	JP¥5b
Jun 30 2023	n/a	n/a	JP¥7b
Mar 31 2023	JP¥254m	JP¥44m	JP¥8b
Dec 31 2022	n/a	n/a	JP¥7b
Sep 30 2022	n/a	n/a	JP¥7b
Jun 30 2022	n/a	n/a	JP¥7b
Mar 31 2022	n/a	n/a	JP¥7b
Dec 31 2021	n/a	n/a	JP¥5b
Sep 30 2021	n/a	n/a	JP¥3b
Jun 30 2021	n/a	n/a	JP¥2b
Mar 31 2021	n/a	n/a	JP¥662m
Dec 31 2020	n/a	n/a	-JP¥377m
Sep 30 2020	n/a	n/a	-JP¥1b
Jun 30 2020	n/a	n/a	-JP¥1b
Mar 31 2020	n/a	n/a	-JP¥1b
Dec 31 2019	n/a	n/a	JP¥2b
Sep 30 2019	n/a	n/a	JP¥6b
Jun 30 2019	n/a	n/a	JP¥9b
Mar 31 2019	JP¥149m	JP¥40m	JP¥11b

Compensation vs Market: Akira's total compensation ($USD1.61M) is about average for companies of similar size in the German market ($USD1.62M).

Compensation vs Earnings: Akira's compensation has been consistent with company performance over the past year.

CEO

Akira Nagai (75 yo)

10.8yrs

Tenure

JP¥253,747,000

Compensation

Mr. Akira Nagai serves as Chief Executive Officer and Chief Financial Officer of HD Systems, Inc. He serves as Chief Executive officer for Harmonic Drive Systems Inc. Mr. Nagai has been President of Harmon...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Mitsumasa Ito	Executive Chairman	44.7yrs	JP¥446.70m	0.71% ¥ 15.9m
Akira Nagai	President	10.8yrs	JP¥253.75m	0.050% ¥ 1.1m
Akira Maruyama	Senior Managing Executive Officer	7.8yrs	JP¥117.38m	0.0050% ¥ 111.7k
Kazutoshi Kamijoh	Executive Officer	4.8yrs	no data	0.010% ¥ 226.6k
Yoshihide Kiyosawa	Executive Fellow Officer	no data	no data	no data
Tetsuo Ikuta	Executive Officer & GM of Public Relations Office	no data	no data	no data
Osamu Asakura	Executive Officer	no data	no data	no data
Yoshihiro Tanioka	Executive Officer	8.7yrs	no data	0.0048% ¥ 107.2k
Naomi Shirasawa	Executive Officer & GM of Domestic Sales	no data	no data	no data
Minoru Asano	Managing Executive Officer & GM of Supply Chain Division	5.3yrs	no data	no data
Shizuka Yata	Executive Officer	1.3yrs	no data	no data

6.5yrs

Average Tenure

66yo

Average Age

Experienced Management: K3R's management team is seasoned and experienced (6.5 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Mitsumasa Ito	Executive Chairman	44.7yrs	JP¥446.70m	0.71% ¥ 15.9m
Akira Nagai	President	10.8yrs	JP¥253.75m	0.050% ¥ 1.1m
Akira Maruyama	Senior Managing Executive Officer	7.8yrs	JP¥117.38m	0.0050% ¥ 111.7k
Kazutoshi Kamijoh	Executive Officer	3.8yrs	no data	0.010% ¥ 226.6k
Yoshihiro Tanioka	Executive Officer	2.8yrs	no data	0.0048% ¥ 107.2k
Haruhiko Yoshida	Independent Outside Director	20.8yrs	no data	0.021% ¥ 482.4k
Masanobu Nakamura	Independent Outside Director	10.8yrs	no data	0.013% ¥ 300.6k
Yoshitsugu Yokokoshi	Full-time Member of Audit & Supervisory Board	3.8yrs	no data	no data
Kazuhiko Hayashi	Outside Independent Director	1.8yrs	no data	0.000020% ¥ 448.7
Hidefumi Iguchi	Member of Audit & Supervisory Board	1.8yrs	no data	0.0057% ¥ 127.0k
Yoshio Fukuda	Independent Outside Director	3.8yrs	no data	0.0011% ¥ 24.2k
Kaeko Kitamoto	Independent Outside Director	less than a year	no data	no data

3.8yrs

Average Tenure

69.5yo

Average Age

Experienced Board: K3R's board of directors are considered experienced (3.8 years average tenure).

Harmonic Drive Systems Management

Management criteria checks 4/4

Key information

Recent management updates

Harmonic Drive Systems Inc., Annual General Meeting, Jun 21, 2023

Less than half of directors are independent

Harmonic Drive Systems Inc., Annual General Meeting, Jun 22, 2022

Less than half of directors are independent

Recent updates

Upcoming dividend of JP¥10.00 per share

Harmonic Drive Systems Inc. to Report Fiscal Year 2024 Results on May 13, 2024

Now 20% overvalued after recent price rise

Third quarter 2024 earnings released: JP¥7.52 loss per share (vs JP¥24.77 profit in 3Q 2023)

Now 23% undervalued

Harmonic Drive Systems Inc. has filed a Follow-on Equity Offering.

Harmonic Drive Systems Inc. has filed a Follow-on Equity Offering.

Second quarter 2024 earnings released: EPS: JP¥0.85 (vs JP¥18.21 in 2Q 2023)

Upcoming dividend of JP¥3.00 per share at 1.0% yield

First quarter 2024 earnings released: EPS: JP¥2.44 (vs JP¥12.54 in 1Q 2023)

New minor risk - Share price stability

Now 22% undervalued after recent price drop

Investor sentiment improves as stock rises 15%

Harmonic Drive Systems Inc., Annual General Meeting, Jun 21, 2023

Full year 2023 earnings released: EPS: JP¥79.66 (vs JP¥69.01 in FY 2022)

Upcoming dividend of JP¥17.00 per share at 0.6% yield

Third quarter 2023 earnings released: EPS: JP¥24.77 (vs JP¥23.42 in 3Q 2022)

Investor sentiment deteriorated over the past week

Less than half of directors are independent

J.P. Morgan Securities plc and Nomura Securities Co., Ltd. acquired a 9.64% stake in Harmonic Drive Systems Inc. (TSE:6324) from Nabtesco Corporation (TSE:6268) for ¥47.3 billion.

Second quarter 2023 earnings released: EPS: JP¥18.21 (vs JP¥11.40 in 2Q 2022)

Upcoming dividend of JP¥11.00 per share

First quarter 2023 earnings released: EPS: JP¥12.54 (vs JP¥11.65 in 1Q 2022)

Now 21% undervalued after recent price drop

Investor sentiment improved over the past week

Harmonic Drive Systems Inc., Annual General Meeting, Jun 22, 2022

Full year 2022 earnings released: EPS: JP¥69.01 (vs JP¥6.88 in FY 2021)

Harmonic Drive Systems Inc. (TSE:6324) announces an Equity Buyback for 2,000,000 shares, representing 2.08% for ¥5,000 million.

Less than half of directors are independent

Harmonic Drive Systems Inc. to Report Fiscal Year 2022 Results on May 13, 2022

Upcoming dividend of JP¥10.00 per share

Investor sentiment deteriorated over the past week

Third quarter 2022 earnings: EPS in line with expectations, revenues disappoint

Second quarter 2022 earnings released: EPS JP¥11.40 (vs JP¥1.37 loss in 2Q 2021)

Upcoming dividend of JP¥10.00 per share

First quarter 2022 earnings released: EPS JP¥11.65 (vs JP¥1.21 in 1Q 2021)

Full year 2021 earnings released: EPS JP¥6.88 (vs JP¥8.64 loss in FY 2020)

Upcoming dividend of JP¥10.00 per share

New 90-day low: €59.50

Harmonic Drive Systems Inc. to Report Q1, 2022 Results on Aug 06, 2021

Third quarter 2021 earnings released: EPS JP¥0.70 (vs JP¥8.48 loss in 3Q 2020)

Revenue misses expectations

New 90-day high: €68.00

New 90-day high: €62.00

Revenue misses expectations

Second quarter 2021 earnings released: JP¥0.69 loss per share

New 90-day high: €56.00

New 90-day high: €55.00

New 90-day high: €52.50

New 90-day low - €44.60

First quarter earnings released

First quarter earnings released

CEO Compensation Analysis

CEO

Tenure

Compensation

Leadership Team

Average Tenure

Average Age

Board Members

Average Tenure

Average Age