Scott Robins
Builders FirstSourceAbout Scott Robins
Scott L. Robins (age 58) is President – West Division at Builders FirstSource, serving in this role since January 2021 and bringing over three decades of building products operating experience. He holds a bachelor’s degree in Finance from Weber State University and completed an executive development program at the University of Virginia Darden School of Business . Company performance context for his 2024 incentive outcomes: BLDR achieved Adjusted EBITDA of $2.33B (vs. $2.8B target), Working Capital as % of Sales of 9.0% (better than 9.5% target), and 3-year TSR of 66.8% (top quartile vs peers), which drove 2022 PSU payouts at 184.8% of target; West Division EBITDA was ~15% below target in 2024 and West Division RIR missed threshold .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Builders FirstSource | President – West Division | Jan 2021 – Present | Leads West Division operations; compensation partly tied to West Division EBITDA and safety metrics . |
| Builders FirstSource | SVP & Chief Operating Officer – West | Feb 2018 – Jan 2021 | West region operating leadership . |
| Builders FirstSource / ProBuild | SVP – Operations (BLDR/ProBuild) | 2015 – 2018 (SVP title since BLDR acquired ProBuild in 2015; SVP at ProBuild since 2007) | Multi-region operations leadership through ProBuild acquisition integration . |
| Hope Lumber Company | Vice President of Operations | 2004 – 2007 | Regional operations leadership prior to ProBuild . |
| Anderson Lumber; Stock Building Supply | Various operational, sales, supply chain roles | 1988 – 2004 | Early career operating roles in building products . |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 550,000 | 570,350 | 593,164 |
| Target Bonus (% of salary) | — | — | 100% |
| Target Bonus ($) | — | — | 588,489 |
| Actual Bonus Payout ($) | — | — | 417,512 |
Performance Compensation
2024 Corporate Annual Incentive Plan (Robins)
| Metric | Weight | Threshold | Target | Maximum | 2024 Achievement | Robins Payout (% of total target) |
|---|---|---|---|---|---|---|
| Adjusted EBITDA (Corporate and West Division split) | 70% (35% corp + 35% West) | $2.24B | $2.8B | ≥$3.36B | $2.33B corporate; West Division ~15% below its target | 31.6% |
| Working Capital as % of Sales | 15% | 10.2% | 9.5% | ≤6.8% | 9.0% | 19.2% |
| Safety Goal (RIR reduction) | 5% | 1.54 RIR | 1.39 RIR | 1.24 RIR | West Division missed threshold | 0% |
| Safety Training | 5% | 85% trained | 90% | 100% | 99.9% trained (Company and West) | 10% |
| RIC Training | 5% | 85% trained | 90% | 100% | 99.9% trained (Company and West) | 10% |
| Total | 100% | — | — | — | — | 70.8% |
- Robins’ 2024 annual bonus payout: $417,512 (70.8% of $588,489 target) .
Long-Term Incentives (Equity)
- 2024 LTIP mix: 50% time-vesting RSUs (3-year ratable) and 50% PSUs (3-year cliff) based on annual ROIC tranches for 2024–2026 and a 3-year average ROIC tranche; +/-10% TSR modifier vs Dow Jones U.S. Construction & Materials Index .
- 2024 Grants (Robins): RSU 3,197 units (grant-date value $624,982); PSU target 3,197 (threshold 359; max 7,033; grant-date value $648,479); grant date 3/15/2024 .
- 2022 PSU vesting outcome (vested 2/17/2025): ROIC tranches yielded 168% of target; 3-year TSR of 66.8% (top quartile) added +10% of 168% (= +16.8%), for total 184.8% payout .
Equity Ownership & Alignment
- Beneficial ownership: 128,654 BLDR shares as of March 28, 2025 (<1% of shares outstanding) .
- 2024 stock vested: 33,301 shares; value realized $6,203,477 (timed by vest dates) .
- Outstanding and unvested awards (12/31/2024) and indicative value at $142.93/share:
- 2022 RSU: 1,931 units ($275,998); 2022 PSU: 10,703 units ($1,529,780; performance period complete; vested 2/17/2025) .
- 2023 RSU: 4,192 units ($599,163); 2023 PSU: 6,286 units ($898,458) .
- 2024 RSU: 3,197 units ($456,947); 2024 PSU: 3,197 units ($456,947) .
- Ownership guidelines: Executives must hold ≥3x base salary; directors/executives were either compliant or within grace period as of Oct 2024 .
- Hedging/pledging: Policy prohibits hedging and pledging of company stock without prior written approval of the General Counsel .
- Clawback: Dodd-Frank compliant recoupment policy effective Dec 1, 2023; recovery of erroneously paid performance-based incentive comp over the prior three completed fiscal years in event of a restatement .
Key vesting dates that may influence trading windows
- Feb 17, 2025: 2022 RSU/PSU vesting (PSUs at 184.8% payout) .
- Mar 15, 2025/2026/2027: 2023–2024 RSU annual tranches vest .
- Mar 15, 2026: 2023 PSUs vest (subject to ROIC/TSR) .
- Mar 15, 2027: 2024 PSUs vest (subject to ROIC/TSR) .
Employment Terms
- Severance plan tier: Tier II participant (executive and key employee severance plan adopted Feb 2023) .
- Non-compete/non-solicit: 18 months post-termination for Tier II (24 months for Tier I) .
- Regular severance (without change in control): 1.5x base salary + 1.5x target bonus; pro rata bonus based on actual results; 18 months health benefits differential; pro rata vesting of time-based RSUs to next tranche and PSUs based on actual performance; double-trigger only for CoC .
- Change-in-control severance: 2.0x base salary + 2.0x target bonus; pro rata target bonus; 24 months health benefits differential; equity acceleration (time-based RSUs full; PSUs at target or actual if applicable for started periods) .
- Potential payments if terminated on 12/31/2024 (illustrative):
- Without cause/for good reason, no CoC: Cash $2,100,000; health $30,733; equity $2,881,539; total $5,109,276 .
- With CoC: Cash $2,625,000; health $40,978; equity $4,217,293; total $7,048,439 .
- Death/Disability: Equity $4,217,293; total $4,217,293 .
Compensation Structure Notes
- Pay mix and design: Annual bonus metrics (85% financial: Adjusted EBITDA and Working Capital; 15% CSR: safety and training) with linear interpolation and caps; LTIP 50/50 RSU/PSU with ROIC as primary PSU metric and TSR modifier .
- 2024 outcomes for Robins: Total bonus at 70.8% of target due to EBITDA under-target and West Division safety RIR below threshold; strong performance on working capital and training metrics .
- 2022 PSU payout at 184.8% reflects high ROIC/TSR over 2022–2024 performance period, signaling upside alignment with shareholder returns during that window .
- Anti-hedging/pledging, no tax gross-ups, double-trigger CoC treatment, and a formal clawback policy underpin governance quality of pay programs .
Say-on-Pay, Peer Group, and Governance Context
- Say-on-Pay support: Nearly 95% approval at 2024 annual meeting; committee kept programs largely consistent with prior year .
- Compensation peer group for 2024 benchmarking: 19 large-cap industrials/building products companies (e.g., Owens Corning, PPG, Trane, Sherwin-Williams, WESCO, Lennar, etc.) .
- Insider trading controls and stock ownership guidelines enforced; board and committees fully independent where required .
Investment Implications
- Incentive alignment: Robins’ pay is strongly at-risk with measurable financial/operational targets (EBITDA, Working Capital, safety) and multi-year ROIC/TSR equity, indicating pay-for-performance linkage. 2024 bonus at 70.8% of target reflects underperformance on EBITDA and West Division safety, while PSU structures rewarded prior high ROIC/TSR, culminating in 184.8% payout for 2022 PSUs .
- Retention and CoC economics: As a Tier II executive, Robins has meaningful but not excessive severance (1.5x regular; 2.0x CoC) with 18-month non-compete, supporting retention while moderating change-in-control costs; equity uses double-trigger vesting .
- Selling pressure watchpoints: Large scheduled vestings (Feb 17 and Mar 15 each year through 2027) can coincide with potential Form 4 activity; monitor trading windows around those dates for incremental supply from tax-withholding or sales .
- Alignment and governance: ~129k shares beneficially owned and ownership guidelines (3x salary) plus anti-pledging/hedging and a clawback policy reduce misalignment/agency risk; say-on-pay support near 95% indicates shareholder endorsement of structure .