Steven R. Purvis
Director at AZZ
Board
About Steven R. Purvis
Independent director since 2015; age 60. Purvis is a CFA charterholder with over 35 years of public market investment experience, focused on small- and mid-cap equity strategies. He holds both a B.A. and M.B.A. in Business Administration from the University of Missouri and serves on AZZ’s Audit Committee (designated audit committee financial expert) and Nominating & Corporate Governance Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Luther King Capital Management (LKCM) | Principal; Equity Portfolio Manager for Small Cap, Small-Mid Cap, Mid Cap strategies | 1996–2021 | Led and participated in venture capital, private equity, and real estate investments; long-tenured investment leadership |
| Roulston Research | Investment Analyst | 1993–1996 | Equity research responsibilities |
| Waddell & Reed, Inc. | Investment Analyst | 1990–1993 | Equity research responsibilities |
External Roles
| Organization | Role | Tenure | Note |
|---|---|---|---|
| LKCM Funds | Trustee | Current | Continues to serve; fund governance experience |
| Fort Worth Employees Retirement Fund | Trustee | Current | Public pension oversight; fiduciary governance |
Board Governance
| Attribute | Detail |
|---|---|
| Independence | Independent director; AZZ states all directors other than CEO are independent |
| Committees | Audit Committee (financial expert); Nominating & Corporate Governance Committee |
| Committee Meetings FY2025 | Audit Committee: 5; Nominating & Corporate Governance: 4 |
| Attendance | Each director attended more than 75% of Board and committee meetings; all directors attended 2024 Annual Meeting |
| Executive Sessions | Independent directors met without management 5 times in FY2025 |
| Board Leadership | Independent Chair: Daniel R. Feehan; majority voting; annual elections |
| Tenure on AZZ Board | Director since 2015 |
| Outside Boards Policy | Directors expected to serve on no more than 4 public company boards |
| Retirement Policy | Mandatory retirement age 75 |
Fixed Compensation
| Component (FY2025) | Amount |
|---|---|
| Annual Board retainer (cash) | $75,000 |
| Audit Committee member retainer | $10,000 |
| Nominating & Corporate Governance Committee member retainer | $5,000 |
| Total cash fees earned (Purvis) | $90,000 |
| Meeting fees | None; attendance expected |
Performance Compensation
| Item | Detail |
|---|---|
| Annual equity grant (Non-employee directors) | Common Stock under 2023 LTIP; grant targeted for annual meeting date; increased fixed grant value to $125,000 effective March 1, 2024 |
| FY2025 stock awards (Purvis) | $124,933 grant-date fair value (annual director grant on July 9, 2024) |
| Dividends on unearned awards | AZZ does not pay accrued dividends on unearned RSUs/PSUs until vest (executive program rule) |
| Clawbacks | Compensation Recovery Policy and Executive Officer Incentive Compensation Recovery Policy (executive program) |
| Director equity performance metrics | None disclosed; director grants are fixed-value equity, not performance-conditioned |
Context for pay-for-performance culture (executive program, not applicable to director grants): STI targets 60–100% of base salary for NEOs; PSUs tied to 3-year TSR percentile and ROIC; FY2023 PSU payout at 134% based on 67th percentile TSR vs peer group; TSR payout schedule: 25%→50%, 50%→100%, 100%→200% .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Other public company boards | None for Purvis |
| Interlocks / shared directorships | None disclosed |
| Related-party transactions | None >$120,000 in FY2025; Audit Committee reviews any related-party dealings per policy |
Expertise & Qualifications
| Qualification | Evidence |
|---|---|
| Financial expertise | Audit Committee financial expert designation |
| Capital markets/investing | 35+ years public market experience; portfolio management across small/mid caps; venture/PE/real estate investments |
| Education | B.A. and M.B.A. in Business Administration (University of Missouri); CFA charterholder |
| Governance experience | Trustee roles at LKCM Funds and Fort Worth Employees Retirement Fund |
Equity Ownership
| Metric | Value |
|---|---|
| Beneficial ownership (Purvis) | 21,660 shares |
| % of shares outstanding | <1% (asterisk indicates less than 1%) |
| Ownership guidelines (directors) | 5x annual cash retainer ($375,000) target; all non-employee directors met guideline as of Feb 28, 2025 |
| Hedging/pledging | Prohibited; company policy disallows pledging/hedging of AZZ securities |
| Vested vs unvested | Not disclosed for directors; RSUs/PSUs disclosure pertains to executives |
Governance Assessment
- Committee engagement and expertise: Purvis serves on two key committees, including Audit as a designated financial expert—supports board oversight quality and financial reporting rigor .
- Independence and attendance: Independent status; attended >75% of board/committee meetings; participated in robust executive sessions—signals strong governance engagement .
- Compensation alignment: Director pay emphasizes equity (Purvis: $124,933 stock awards vs $90,000 cash, ~58% equity mix), no meeting fees; ownership guideline met—alignment with shareholder interests .
- Conflicts/related parties: No related-party transactions in FY2025; pledging/hedging prohibited—low conflict risk .
- Shareholder sentiment: Prior Say-on-Pay support at 98.6% (2024) indicates favorable governance/pay perceptions; FY2025 stock up ~32.4% (Mar 1, 2024–Feb 28, 2025), bolstering investor confidence contextually (company-level) .
RED FLAGS: None disclosed specific to Purvis. No late Section 16 filings cited for Purvis; no related-party transactions; no pledging/hedging; director equity grants are fixed-value without repricing .