Michael McGaugh took the reins as CEO of Myers Industries, Inc. on April 6, 2020, during a challenging time marked by a global pandemic. He previously served as Executive Vice President at BMC Stock Holdings, where he honed his skills...

Number of Employees

2.5K

Year

2023

Total Compensation

$3.65M

Salary

$721.81K

Board Justification

The compensation philosophy is designed to attract and retain talented executives, align their interests with those of shareholders, and incentivize performance that drives long-term shareholder value.

Bonus

$549.55K

Board Justification

The annual incentive plan is a cash-based incentive plan based on achieving targeted levels of adjusted EBITDA. For 2023, the target goal was $108 million, with a maximum goal of $152 million. The actual adjusted EBITDA achieved was $97.3 million, resulting in a payout of 75.8% of the target bonus.

Other

$227.79K

Board Justification

Other compensation includes contributions to the 401(k) plan, executive physicals, dividends upon vesting of restricted stock awards, and temporary housing costs.

Restricted Stock

$2.15M(107.58K RSU)

Board Justification

The stock awards that vested in 2023 were restricted stock units that were granted in prior years and vested based on continued employment and performance metrics. The total number of shares that vested in 2023 was 107,575.

Performance Metrics

The primary performance metric for the annual bonus is adjusted EBITDA, while long-term incentives are based on cumulative adjusted EBITDA over a three-year performance period, subject to a relative total shareholder return (TSR) modifier.

SEC Filing

From March 18, 2024

Michael McGaugh

Ex-CEO of Myers Industries

MM

Education

Not specified

Field of Expertise

- Not Specified

Born

March 12, 1974 - 50 years ago

Is Founder?

No

Tenure

2 years 11 months (Apr 2020 - Apr 2023)

Previous Experience

Executive Vice President and Chief Operating Officer of BMC Stock Holdings, Inc.