Sundar PichaiSundar Pichai earned $164M in 2023
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David King

CEO of Arts-Way Manufacturing

Education

Bachelor's degree in Mechanical Engineering from Texas Tech University, MBA from the University of Texas, Tyler, and an Advanced Executive Management Degree from Insead University.

Field of Expertise

Technology & Engineering - Engineering

Born

January 1, 1957 - 68 years ago

Economy Sector

Industrials

Current Tenure

4 years 6 months (Jul 2020 - Present)

Previous Experience

Unknown

David King is the CEO of Arts-Way Manufacturing, having taken the role in July 2020 after serving as the CEO of Primoris Services from 2015 to 2019. He has a solid educational background with a Bachelor's in Mechanical Engineering from...

Year

2023

Total Compensation

$2.81M

Salary

$890.77K

Board Justification

The compensation philosophy aims to align executive compensation with the company's performance and shareholder interests, focusing on both short-term and long-term growth without encouraging excessive risk-taking.

Bonus

$1.07M

Board Justification

The annual incentive plan (AIP) for 2023 was based on performance metrics including net income, new business generated, cash management, and safety performance. The AIP target was 120% of base salary, resulting in a target bonus of $1,068,923, with an actual payout of $717,720 based on performance achievement.

Other

$145.74K

Board Justification

Other compensation includes auto allowance, personal use of company airplane, company-paid healthcare benefits, and contributions to the employee 401(k) savings account.

Restricted Stock

$703.03K(24.69K RSU)

Board Justification

The stock awards that vested in 2023 were primarily from the Long-Term Incentive Plan (LTIP), which includes Performance Stock Units (PSUs) and Restricted Stock Units (RSUs). The vested stock represents the shares acquired upon completion of the performance period and continued service.

Performance Metrics

The performance metrics for the AIP included net income, new business generated, cash management, and safety performance.