Posted: 04/16/2025 07:58 am
Myers Industries, Inc. (NYSE: MYE), a pivotal player in the plastics products industry, has recently been navigating through significant executive transitions and adjusting its compensation strategies amid evolving business landscapes. The company's financial and strategic orientation can be particularly observed through the compensation patterns of its top executives and the latest shifts in its leadership.
A deeper look into the company's recent executive compensation reveals a spectrum of financial rewards that underscore Myers Industries' approach to fostering leadership excellence while maneuvering through business adjustments. In 2024, Jim Gurnee, the former Vice President of Sales and Commercial Excellence, was awarded a total compensation of $935,939. The package comprised a base salary of $290,808 and a significant portion of $237,831 in stock awards, alongside $407,301 in other compensations. The absence of a bonus and incentive plan compensation in Gurnee's package perhaps indicates a performance-aligned strategy focusing on equity rather than immediate cash rewards.[^1]
Moving back to 2023, Jeff Baker, Vice President of Shared Services, received a total compensation of $1,001,518. His package included a salary of $380,606 and stock awards amounting to $368,342, augmented by $219,136 through the incentive plan. These figures suggest a heavier reliance on incentive plans during that period, reflecting Myers Industries' commitment to aligning executive compensation with performance metrics and long-term goals.[^2]
The compensation narrative becomes more striking when considering Michael McGaugh, President and Chief Executive Officer. In 2020, his total compensation was $2,017,024, which increased significantly to $2,699,503 in 2021. This escalation predominantly came from stock awards and incentive plans, illustrating a robust emphasis on rewarding strategic leadership and sustained company growth.[^3][^4]
These insights into compensation are taking place against a backdrop of recent notable corporate shifts. Daniel Hoehn’s reappointment as the interim CFO follows the resignation of Grant Fitz, indicating a strategic interim leadership transition aimed at stabilizing fiscal management during challenging times for the business.[^5] This move is also timely, given Myers Industries’ highlight of key financial strategies, including managing the impact of recent acquisitions and steering business towards profitability and debt reduction.[^6]
Moreover, the financial strategy appears closely linked to Myers’ recent investment pursuits, like the acquisition of Signature Systems. This decision underscores a broader objective of enhancing market positioning, though it brings alongside considerable financial challenges and expectations. The company aims for a notable adjusted EPS target by 2029, leveraging acquisitions and international expansion strategies to mitigate current financial strains.[^7]
In conclusion, Myers Industries continues to evolve its leadership and financial strategy with executive compensation playing a central role in maintaining robust governance. As the company grapples with current economic pressures and strategic acquisitions, the focus remains on aligning compensation with performance to drive future growth and stability.
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[^1]: U.S. Securities and Exchange Commission, Jim Gurnee Compensation 2024, [sec.gov](https://www.sec.gov/Archives/edgar/data/69488/000095017025039442/0000950170-25-039442-index.htm).
[^2]: U.S. Securities and Exchange Commission, Jeff Baker Compensation 2023, [sec.gov](https://www.sec.gov/Archives/edgar/data/69488/000114036124013909/0001140361-24-013909-index.htm).
[^3]: U.S. Securities and Exchange Commission, Michael McGaugh Compensation 2020, [sec.gov](https://www.sec.gov/Archives/edgar/data/69488/000114036123012681/0001140361-23-012681-index.htm).
[^4]: U.S. Securities and Exchange Commission, Michael McGaugh Compensation 2021, [sec.gov](https://www.sec.gov/Archives/edgar/data/69488/000114036122010281/0001140361-22-010281-index.htm).
[^5]: Business Wire, "Myers Industries Announces Resignation of CFO Grant Fitz, Names Daniel Hoehn to Interim Role," [businesswire.com](https://www.businesswire.com/news/home/20250403215728/en/Myers-Industries-Announces-Resignation-of-CFO-Grant-Fitz-Names-Daniel-Hoehn-to-Interim-Role/).
[^6]: Business Wire, Myers Industries’ First Quarter 2025 Results, [businesswire.com](https://www.businesswire.com/news/home/20250401235523/en/Myers-Industries-Announces-Reporting-Date-and-Conference-Call-for-2025-First-Quarter-Results/).
[^7]: Seeking Alpha, "Myers Industries: Attractively Priced But Waiting For All The Stars To Align," [seekingalpha.com](https://seekingalpha.com/article/4746776-myers-industries-attractively-priced-but-waiting-for-all-the-stars-to-align).
