Posted: 12/17/2024 03:44 pm
The compensation for Cavco's executives is underlined by both high base salaries and substantial stock awards. In 2023, CEO William C. Boor received a total compensation of over $5.4 million. This package included a salary of $950,000, stock awards amounting to $2.3 million, and incentive plan compensation exceeding $2.1 million. Such figures reflect the trend in public companies to closely link executive pay with performance metrics³.
The compensation structure at Cavco not only rewards executives for past performance but also ties a significant portion of pay to company shares. This aligns executives' interests with those of shareholders, fostering a culture focused on long-term growth. Former General Counsel Mickey Dragash was compensated a total of approximately $1.3 million in 2024, despite a lower base salary relative to CEO Boor. Notably, a substantial portion of this package was under "all other compensation," amounting to $689,124, highlighting Cavco's broader approach to executive rewards².
In 2022, Matthew A. Niño, President of Cavco's Retail division, received $1.52 million. While his salary stood at $200,000, the compensation package was bolstered primarily by incentive plan compensation, illustrating the importance Cavco places on aligning pay with divisional performance objectives⁴.
Looking back to 2020, former CFO Daniel L. Urness earned over $2 million. Urness's compensation package was diversified with a combination of stock awards and option awards making up a significant portion⁵.
In 2019, Charles E. Lott, President of Fleetwood Homes, Inc., a subsidiary of Cavco, received a total of $872,581. Of this amount, $75,000 was attributed to bonuses while incentive plan compensation made up over half a million dollars, again demonstrating Cavco's strategic emphasis on performance-linked incentives⁶.
Overall, Cavco's executive compensation packages are heavily weighted towards performance-based incentives and stock options, mirroring industry trends in linking pay to company growth and shareholder value.
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1. Cavco Industries, Inc. Stock Information - Market Snapshot from provided data.
2. SEC Filings for Mickey Dragash's 2024 Compensation - [SEC Archive Link](https://www.sec.gov/Archives/edgar/data/278166/000027816624000088/0000278166-24-000088-index.htm).
3. SEC Filings for William C. Boor's 2023 Compensation - [SEC Archive Link](https://www.sec.gov/Archives/edgar/data/278166/000156459023007737/0001564590-23-007737-index.htm).
4. SEC Filings for Matthew A. Niño's 2022 Compensation - [SEC Archive Link](https://www.sec.gov/Archives/edgar/data/278166/000156459022023759/0001564590-22-023759-index.htm).
5. SEC Filings for Daniel L. Urness's 2020 Compensation - [SEC Archive Link](https://www.sec.gov/Archives/edgar/data/278166/000156459021033990/0001564590-21-033990-index.htm).
6. SEC Filings for Charles E. Lott's 2019 Compensation - [SEC Archive Link](https://www.sec.gov/Archives/edgar/data/278166/000156459020029390/0001564590-20-029390-index.htm).
