Matt Trester
Builders FirstSourceAbout Matt Trester
Matt Trester serves as Builders FirstSource’s Principal Accounting Officer (PAO) and Vice President & Controller. He was appointed PAO effective November 6, 2024, having served as the Company’s Vice President & Controller since 2022 and previously as Director of Accounting and in other accounting roles . He is the Company’s signatory PAO on the 2024 Form 10-K and 2025 Forms 10-Q . For performance context during his tenure in senior accounting roles, BLDR delivered a 3-year TSR of 66.8% on the 2022–2024 PSU cycle (top quartile vs. index peers) , achieved FY2024 working capital at 9.0% of sales , and reported FY2024 ROIC of 20.7% and Adj. EBITDA of $2.33B .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Builders FirstSource | Principal Accounting Officer | Nov 6, 2024 – present | Leads the Company’s principal accounting function; enhances controls and reporting |
| Builders FirstSource | Vice President & Controller | 2022 – present | Oversees accounting and control activities across BLDR |
| Builders FirstSource | Director of Accounting / other accounting roles | Pre‑2022 | Progressively senior accounting/controls leadership |
External Roles
- No public company board or external roles disclosed in reviewed filings.
Fixed Compensation
- Not disclosed for Matt Trester in the 2025 Proxy; he is not listed among Named Executive Officers (NEOs) .
- Company pay philosophy (for NEOs): market-competitive base salaries, balanced fixed/variable mix, and median-oriented total direct compensation targeting .
Performance Compensation
Company’s 2024 Corporate Annual Incentive Plan (applies to NEOs; Trester’s specific participation/targets are not disclosed). Metrics, targets, and outcomes:
| Metric | Weighting | Threshold | Target | Maximum | 2024 Achievement | Payout (% of Total Target) |
|---|---|---|---|---|---|---|
| Corporate Adjusted EBITDA | 70% | $2.24B | $2.80B | ≥$3.36B | $2.33B | 28.7% for corporate NEOs; 31.6% for West Division NEO due to mix |
| Working Capital as % of Sales | 15% | 10.2% | 9.5% | ≤6.8% | 9.0% | 19.2% |
| Safety (Recordable Incident Rate) | 5% | 1.54 | 1.39 | 1.24 | 1.39 | 5.1% corporate; 0% West Division |
| Safety Training | 5% | 85% | 90% | 100% | 99.9% | 10.0% |
| RIC Training | 5% | 85% | 90% | 100% | 99.9% | 10.0% |
Long‑term equity design (NEOs): 50% RSUs (3-year time vest) and 50% PSUs tied to annual and 3‑year ROIC with a ±10% TSR modifier vs. DJ U.S. Construction & Materials Index . The 2022 PSU cycle paid out at 184.8% of target (168% ROIC attainment with +10% top‑quartile TSR modifier) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (initial) | 2,440 BLDR common shares on Form 3 filed November 8, 2024 (event date 11/6/2024) |
| Derivative holdings | None reported on Form 3 (no derivatives listed in Table II) |
| Ownership as % of outstanding | ≈0.0021% based on 113,742,815 shares outstanding as of March 28, 2025 |
| Pledging/Hedging | Company policy prohibits hedging and pledging without prior written approval of the General Counsel |
| Stock ownership guidelines | Executives: 3x salary; CEO: 5x; Directors: 5x cash retainer. Compliance monitored; all execs/directors either compliant or within grace period as of Oct 2024. Applicability to Trester is not specified in filings . |
Insider activity: We identified a Form 3 establishing initial holdings; additional Form 4 transactions were not located in our search of Company filings presented here .
Employment Terms
- Executive and Key Employee Severance Plan (adopted Feb 2023):
- Regular termination (without cause/for good reason, outside CIC window): 2.0x (Tier I) or 1.5x (Tier II) base + target bonus; pro‑rata annual bonus; partial vesting per plan; medical benefit continuation 24 months (Tier I) or 18 months (Tier II); non‑compete 24 months (Tier I) / 18 months (Tier II) .
- CIC termination (3 months pre‑ to 24 months post‑CIC): 2.5x (Tier I) or 2.0x (Tier II) base + target bonus; pro‑rata target bonus; favorable treatment of performance equity (≥target or actual-to-date); medical continuation 30 months (Tier I) or 24 months (Tier II) .
- Named participants include the CEO (Tier I) and certain other NEOs (Tier II); Matt Trester is not listed among plan participants in the 2025 Proxy .
Governance protections:
- Double‑trigger vesting on equity upon change in control; no tax gross‑ups; Dodd‑Frank compliant clawback policy effective Dec 1, 2023; anti‑hedging/anti‑pledging policy .
Performance & Track Record (Company context during Trester’s senior accounting tenure)
Quarterly results (oldest → newest):
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Revenue ($) | 3,820,306,000 | 3,657,496,000 | 4,234,064,000 | 3,941,190,000 |
| EBITDA ($) | 440,634,000* | 329,472,000* | 458,811,000* | 371,503,000* |
Annual results:
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue ($) | 17,097,330,000 | 16,400,491,999 |
| EBITDA ($) | 2,734,594,000* | 2,157,178,000* |
- Values retrieved from S&P Global.
Additional operating/comp metrics:
- 2024 Working Capital as % of Sales: 9.0% (above target) .
- 2024 ROIC: 20.7% .
- 2022–2024 TSR (for PSU modifier): 66.8%, top‑quartile within comparator set .
Say‑on‑Pay, Clawback, and Peer Group
- Say‑on‑Pay approval: nearly 95% in 2024; Committee viewed alignment as appropriate and maintained approach in 2024 .
- Clawback: Compensation Recoupment Policy (NYSE‑compliant) effective Dec 1, 2023 .
- 2024 peer group used for compensation benchmarking (selected examples): Owens Corning, PPG, Lennar, Masco, Sherwin‑Williams, Trane, W.W. Grainger, Whirlpool, LKQ, Johnson Controls, WESCO, PulteGroup, Ball, Genuine Parts, etc. (19 companies total) .
Risk Indicators & Red Flags (observed in filings)
- Double‑trigger, no gross‑ups, anti‑pledge/hedge, and clawback policies mitigate risk .
- No related‑party transactions involving Trester identified in reviewed documents.
- Governance enhancements: formation of Technology Committee (April 1, 2025) and proposal to declassify the Board .
Investment Implications
- Alignment: As PAO, Trester’s incentives are indirectly aligned through Company‑wide governance (clawback, anti‑pledge/hedge) and the broader executive compensation architecture centered on ROIC, working capital discipline, and safety; however, his individual base/bonus/equity targets are not disclosed, limiting pay‑for‑performance assessment at the person level .
- Selling pressure/retention: Initial beneficial ownership was modest (2,440 shares) with no derivatives reported on Form 3; lack of subsequent Form 4s in the filings reviewed limits visibility into vesting‑related supply or selling cadence .
- Execution risk: Trester’s continued role as PAO and signatory on 10‑K/10‑Qs embeds accountability for financial reporting and controls; Company performance metrics (working capital, ROIC) and robust TSR in the recent PSU cycle support the operating backdrop during his tenure .
Overall, disclosures indicate solid governance protections and strong company‑level performance frameworks; the absence of Trester‑specific compensation terms (salary, bonus targets, equity grants, severance tier) means investors should monitor future proxies and any Form 4 activity to gauge retention risk and incentive alignment at the individual level.