Troy Little
BOISE CASCADEAbout Troy Little
Troy Little, age 56, was appointed Executive Vice President, Wood Products, effective February 19, 2024, after 33 years at Boise Cascade and prior leadership roles across finance, commodity sales, and operations; he holds a B.S. in Business Administration from the College of Idaho . Under his current oversight of Wood Products, Q3 2025 segment sales fell 13% year over year to $396.4 million, with segment loss of $12.1 million versus income of $53.9 million in Q3 2024, reflecting lower EWP and plywood prices/volumes and higher per-unit conversion costs . Companywide, Q3 2025 adjusted EBITDA was $74.4 million, down 52% year over year, underscoring cyclical headwinds in the housing and commodity markets that directly impact Wood Products earnings power .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Boise Cascade | EVP, Wood Products | Feb 2024–present | Senior leader for EWP/plywood manufacturing; successor to retiring EVP Mike Brown . |
| Boise Cascade | SVP, Finance & Commodity Sales, Wood Products | Oct 2023–Feb 2024 | Led finance and commodity sales strategy for WP . |
| Boise Cascade | VP, Finance & Commodity Sales, Wood Products | May 2022–Oct 2023 | Advanced pricing/commodity management and financial planning . |
| Boise Cascade | Director of Finance & Commodity Sales, Wood Products | May 2020–May 2022 | Directed FP&A/commodity sales analytics and execution . |
| Boise Cascade | Financial Manager, Wood Products | May 2018–May 2020 | Plant/segment financial management . |
| Boise Cascade | Division Controller, Wood Products | Oct 2016–May 2018 | Division-level controllership and controls . |
| Boise Cascade | Region Manager (six manufacturing facilities in Oregon) | Prior assignment (date not specified) | Operations leadership across multiple facilities . |
Fixed Compensation
| Component | 2024 Value | Notes |
|---|---|---|
| Base salary (approved with promotion) | $540,000 | Effective Feb 19, 2024 per Compensation Committee approval . |
| Base salary (effective November 2024) | $562,000 | 4.07% increase vs Nov 2023; EVP promotion noted . |
| STIP target | 80% of actual base earnings | EVP Wood Products plan target; applied to actual base earnings . |
| Actual base earnings (2024) | $513,731 | Used to compute STIP payout . |
| STIP payout (paid Feb 2025) | $340,755 | Award payout multiple 0.85 for WP . |
| All other compensation (2024) | $62,914 | Includes company savings plan contributions ($61,402) and life insurance ($1,513) . |
| Total compensation (2024) | $1,929,196 | Salary, stock awards (grant-date fair value), STIP, pension/DC earnings, other comp . |
Performance Compensation
| Program | Metric | Weight | Threshold | Target | Max | Actual | Payout Multiple | Payout / Units |
|---|---|---|---|---|---|---|---|---|
| STIP (2024) | Corporate Adjusted EBITDA | 25% (WP) | $250m | $670m | $990m | $633m | 0.93 | Included in individual multiplier . |
| STIP (2024) | WP EBITDA | 75% (WP) | $145m | $380m | $545m | $325m | 0.82 | Combined to individual 0.85 multiple, payout $340,755 . |
| LTIP (2024 PSUs) | Corporate ROIC (3-year avg) | 100% of PSU perf | 7.5% | 12.5% | 24.0% | Perf factor set by 2024–2026 avg | Earned 0–200% of target | Vests Mar 1, 2027 . |
| LTIP (2024 RSUs) | Time-based | N/A | N/A | N/A | N/A | N/A | N/A | 1/3 vests Mar 1 of 2025, 2026, 2027 . |
| 2024 Equity Grants (Grant date: Mar 1, 2024; closing price $137.79) | Target Units | Grant-Date Fair Value |
|---|---|---|
| PSUs | 3,629 | $500,040 . |
| RSUs | 3,629 | $500,040 . |
Additional vesting/carryover:
- 2022 RSUs: One-third vest on each Mar 1 of 2023, 2024, 2025; 2022 PSUs earned at 1.52x and distributed Mar 1, 2025 .
- 2023 PSUs earned at 2.00x; vest/distribute Mar 1, 2026 .
No discretionary ad hoc bonuses were awarded to NEOs in 2024 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial shares owned (as of Mar 5, 2025) | 2,033 shares; no right to acquire within 60 days disclosed; <1% of class . |
| Outstanding unvested equity (12/31/2024) | 2024 PSU unearned: 6,532 units; market value $776,394. 2024 RSU unvested: 3,629; $431,343. 2023 PSU: 4,472; $531,542. 2023 RSU: 1,490; $177,101. 2022 Officer RSU: 389; $46,237. 2022 Non-Officer PSU: 376; $44,691. 2022 Non-Officer RSU: 188; $22,346 . |
| Stock awards vested in 2024 | 2,462 shares; value realized $339,239 (at $137.79 on Mar 1, 2024) . |
| Stock ownership guidelines | EVPs must hold 2x base salary; compliance period 5 years; company states each NEO has met or is on track . |
| Hedging/pledging | Company maintains anti-hedging and anti-pledging policies; awards subject to clawbacks (see below) . |
Employment Terms
| Provision | Terms |
|---|---|
| Employment agreements | No employment agreements other than severance agreements . |
| Severance term/renewal | Effective until Jan 31 of following year; auto-extends annually unless non-extension notice given ≥60 days prior . |
| Qualified termination (good reason or involuntary without cause) | Lump-sum 2x (base salary + target STIP); plus accrued pay, pro-rated STIP, PTO cashout, and a lump sum equal to 18 months of company-paid premiums for healthcare, life, disability, accident . |
| Double trigger CoC | Benefits payable only upon change in control and qualifying termination; if LTIP awards not replaced, time-based vesting accelerates; PSUs calculated at 1.0x for unearned portion . |
| Potential Payments (illustrative, as of proxy measurement) | Qualified Termination | Change in Control (LTIP only if not replaced) | Death/Disability (LTIP) |
|---|---|---|---|
| Base salary (2x) | $1,124,000 | — | — |
| STIP (2x target) | $899,200 | — | — |
| Insurance benefits (18 months) | $13,487 | — | — |
| LTIP acceleration | — | $1,684,603 | $2,029,653 |
| Total shown | $2,036,687 | $1,684,603 | $2,029,653 |
Restrictive covenants and policies:
- Confidentiality, non-solicitation, and non-disparagement are conditions to severance payments; clawback policies apply to STIP and LTIP .
- Executive Compensation Clawback Policy (performance-based only) and Misconduct Clawback Policy (time- and performance-based) have a 3-year lookback; Executive policy applies to awards received on/after Oct 2, 2023; misconduct includes fraud, material violation of law/policy, or reputational/financial harm .
Performance Compensation – Detailed Mechanics
| STIP Role | Components | Weight | Financial Goals (Threshold/Target/Max) | Actual | Result |
|---|---|---|---|---|---|
| Wood Products | Corporate Adjusted EBITDA | 25% | $250m / $670m / $990m | $633m | Multiple 0.93 . |
| Wood Products | WP EBITDA | 75% | $145m / $380m / $545m | $325m | Multiple 0.82 . |
| Individual outcome | Combined STIP | — | — | — | Award payout multiple 0.85; payout $340,755 on $513,731 earnings at 80% target . |
| LTIP 2024 PSUs | Metric | Threshold | Target | Maximum | Vesting |
|---|---|---|---|---|---|
| Corporate ROIC (3-year average) | ROIC | 7.5% | 12.5% | 24.0% | Single vesting on Mar 1, 2027; distribution next trading day . |
| LTIP 2024 RSUs | Metric | Vesting schedule |
|---|---|---|
| Time-based | 1/3 each on Mar 1 of 2025, 2026, 2027 | Distribution next trading day . |
Deferred Compensation and Pension
| Plan | 2024 Executive Contributions | 2024 Company Contributions | 2024 Aggregate Earnings | Year-End Balance |
|---|---|---|---|---|
| Nonqualified Deferred Compensation | $248,274 | $16,297 | $49,139 | $820,916 |
| Plan | Years of Credited Service | Present Value of Accumulated Benefit | Payments During Last FY |
|---|---|---|---|
| Supplemental Pension Plan (SUPP) | 19 | $14,089 | — |
Investment Implications
- Pay-for-performance alignment: STIP and PSUs tie directly to Adjusted EBITDA and ROIC, respectively, with explicit payout curves and three-year PSU averaging; 2024 WP underperformance drove a below-target STIP multiple (0.85), curbing cash incentives despite promotion-year base raise .
- Vesting calendar and supply overhang: Annual RSU tranches on March 1 and single PSU vest in March 2027 create predictable potential supply; 2,462 shares vested in 2024 at $137.79, signaling likely vest-driven liquidity around early March each year .
- Ownership alignment vs leverage: Beneficial ownership is modest (<1% of shares), but stock ownership guidelines require EVPs to hold 2x salary within five years; anti-hedging/anti-pledging and robust clawbacks reduce misalignment/agency risk .
- Retention and change-in-control economics: Double-trigger CoC and 2x salary+target bonus severance provide stability without tax gross-ups; LTIP acceleration only if not replaced, reducing windfall risks while ensuring continuity through cycles .
- Execution risk: Q3 2025 Wood Products losses and EWP/plywood pricing pressure highlight cyclical sensitivity; monitoring WP EBITDA trajectory and ROIC attainment through 2026–2027 is key for PSU outcomes and medium-term equity comp realization .