Bruce R. Cohenour
About Bruce R. Cohenour
Bruce R. Cohenour is Senior Vice President and Chief Sales Officer at Bassett Furniture (BSET). He joined Bassett in 2011, initially as SVP of Upholstery Merchandising, was promoted to SVP of Sales & Merchandising in 2013, and has served as SVP, Chief Sales Officer since 2019 . As of the FY2023 10-K, his age is disclosed as 65 . Prior to Bassett, he served as President of the Case Goods Division at Hooker Furniture from 2007–2010, bringing deep sales and merchandising expertise . Company performance during his recent tenure has been mixed: Bassett’s TSR was $124 in 2022, $116 in 2023, and $112 in 2024 (value of an initial $100 investment), with net income of $65.3M in 2022, losses of $3.2M in 2023 and $9.7M in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bassett Furniture Industries | SVP, Upholstery Merchandising | 2011–2013 | Led upholstery merchandising; foundation for later sales leadership |
| Bassett Furniture Industries | SVP, Sales & Merchandising | 2013–2019 | Integrated sales and merchandising to align product positioning |
| Bassett Furniture Industries | SVP, Chief Sales Officer | 2019–Present | Company-wide sales leadership across wholesale channels |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Hooker Furniture Corp. | President, Case Goods Division | 2007–2010 | Led a major division; cross-company category leadership experience |
Fixed Compensation
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Base Salary ($) | 372,833 | 381,667 | 387,166 | 393,000 |
| Stock Awards ($) | 0 | 37,968 | 42,120 | 0 |
| Non-Equity Incentive ($) | 210,000 | 218,750 | 0 | 0 |
| All Other Compensation ($) | 27,114 | 25,250 | 26,250 | 26,366 |
| Total ($) | 609,947 | 663,635 | 455,536 | 419,366 |
| Annual Cash Incentive Grant (Plan-Based) | Threshold ($) | Target ($) | Maximum ($) | Equity Granted (Shares) | Grant-Date FV ($) |
|---|---|---|---|---|---|
| 2022 Grant (1/12/2022) | 62,500 | 125,000 | 218,750 | 2,400 | 37,968 |
| 2023 Grant (1/11/2023) | 40,000 | 80,000 | 200,000 | 2,400 | 42,120 |
| 2024 Grant (1/10/2024) | 37,500 | 75,000 | 173,100 | — | — |
Performance Compensation
| Metric | Weighting | 2022 Targets | 2022 Actual | 2022 Payout | 2023 Targets | 2023 Actual | 2023 Payout | 2024 Targets | 2024 Actual | 2024 Payout |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Income (pre-bonus) | ≥75% of bonus | Thresh $15.8M; Target $21.1M; Max $25.0M | $33.5M (>Max) | Maximum | Thresh $13.1M; Target $17.4M; Max $24.4M | Below threshold | 0 | Thresh $2.75M; Target $5.5M; Max $10.0M | Below threshold | 0 |
| Sales/Division Metric | ~25% of bonus | Net Sales Thresh $430M; Target $448M; Max $463M | $486M (>Max) | Maximum | Wholesale Shipments Thresh $140.4M; Target $156.0M; Max $171.6M | Below threshold | 0 | Wholesale Shipments Thresh $79.2M; Target $88.0M; Max $96.8M | Below threshold | 0 |
| Target Bonus Opportunity (% of Base) | Threshold | Target | Maximum |
|---|---|---|---|
| 2022 | 16% | 33% | 57% |
| 2023 | 10% | 21% | 57% |
| 2024 | 10% | 19% | 44% |
| Stock Award Vesting & Realized | 2023 | 2024 |
|---|---|---|
| Shares Vested (#) | 800 | 1,600 |
| Value Realized ($) | 14,520 | 24,904 |
Equity Ownership & Alignment
| Date | Beneficial Ownership (Shares) | % of Shares Outstanding | Notes |
|---|---|---|---|
| Jan 19, 2023 | 36,083 | <1% | Includes 8,059 shares held by spouse |
| Jan 18, 2024 | 35,984 | <1% | Includes 8,509 shares held by spouse |
| Jan 23, 2025 | 35,924 | <1% | Includes 8,509 shares held by spouse |
| Unvested Equity (FY-End) | Amount | Vesting Schedule |
|---|---|---|
| FY2022 | 2,400 shares | Vests 1/3 on Jan 12, 2023; Jan 12, 2024; Jan 12, 2025 |
| FY2023 | 4,000 shares | 800 shares vest on Jan 11, 2024; Jan 12, 2024; Jan 11, 2025; Jan 12, 2025 (aligned to CEO schedule) |
| FY2024 | 2,400 shares | 800 shares vest on Jan 11, 2025; Jan 12, 2025; Jan 11, 2026 |
Additional alignment policies:
- Stock ownership guidelines: Senior Vice President = 2x base salary; all named executives are in compliance .
- Anti-hedging and anti-pledging policy: hedging and pledging prohibited for officers and directors .
- Options: none outstanding for Cohenour; no option awards disclosed in 2022–2024 .
Employment Terms
| Provision | Terms |
|---|---|
| Severance Program (Senior Vice President) | Multiplier 0.125; Maximum payout = 1x Base Salary + Average Bonus + Prorated Bonus; Severance period 12 months; Outplacement 3 months, $7,500 cap; benefits cease upon employment by competitor |
| Change-in-Control (Employment Continuity Agreement) | Double-trigger equity; if terminated without cause or for good reason within 2 years of a change-in-control: lump sum = 1x “required base salary” + target bonus + average bonus (prior 3 yrs); continued health coverage 12 months; present value of life/LTD coverage for severance period; outplacement 3 months, $7,500 cap |
| Clawback | NASDAQ-compliant clawback adopted Oct 2023; recovery of erroneously awarded incentive-based compensation over prior 3 years on a non-fault basis following restatement |
| Tax Gross-Ups | None provided under change-in-control or severance arrangements |
| Restrictive Covenants | Release of claims required; one-year non-solicitation under programs |
Company Performance Context
Quarterly trends (oldest → newest):
| Metric | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue ($) | 94,702,000 | 86,554,000 | 83,410,000 | 75,619,000 | 84,340,000 | 82,162,000 | 84,348,000 | 80,103,000 |
| EBITDA ($) | 3,411,000* | 200,000* | (427,000)* | (2,903,000)* | 4,506,000* | 4,636,000* | 4,664,000* | 2,676,000* |
Annual trends (oldest → newest):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue ($) | 485,601,000 | 390,136,000 | 329,923,000 |
| EBITDA ($) | 39,824,000* | 10,906,000* | 1,376,000* |
Values with an asterisk were retrieved from S&P Global.
Pay vs performance (shareholder outcomes):
| Year | Company TSR (Value of $100) | Net Income ($000s) |
|---|---|---|
| 2022 | $124 | 65,345 |
| 2023 | $116 | (3,171) |
| 2024 | $112 | (9,695) |
Say-on-Pay (approval rates):
| Year | Approval % |
|---|---|
| 2023 | ~98% |
| 2024 | ~96% |
| 2025 | ~97% |
Compensation Structure Analysis
- Pay-for-performance alignment: Annual bonuses were zero in 2023 and 2024 as company and division metrics missed thresholds; maximum bonuses were earned in 2022 when operating income and net sales exceeded max targets .
- Equity mix and risk: Modest time-vested restricted stock grants in 2022 and 2023 (10%–16.5% of salary for named executives), with no grants since January 2023; no options outstanding; double-trigger vesting limits windfall risk .
- Market benchmarking: Korn Ferry analysis indicated total direct compensation for named executive officers, including Cohenour, below the 25th percentile versus peers; peer group includes American Woodmark, Culp, Ethan Allen, Flexsteel, Haverty, Hooker Furnishings, Kirkland’s, La-Z-Boy, Lovesac, Sleep Number, Purple Innovation; Bowflex removed due to bankruptcy .
Risk Indicators & Red Flags
- Hedging/pledging: Prohibited for officers and directors (no pledging disclosed for Cohenour) .
- Golden parachutes/gross-ups: No excise tax gross-ups under severance or change-in-control .
- Equity acceleration: Double-trigger only; awards must be assumed or vest only upon qualifying termination post-change-in-control .
- Related party transactions: None disclosed involving Cohenour; family employment transactions are disclosed for other executives .
Investment Implications
- Cohenour’s incentives are tightly bound to operating income and wholesale shipments; missed thresholds in 2023–2024 eliminated cash bonuses, while 2022 outperformance drove max payouts—this supports real pay-for-performance dynamics .
- Modest, time-based RSU awards with multi-year tranches, absence of options, and double-trigger vesting reduce near-term selling pressure and limit misalignment, while ownership guidelines (2x salary) and anti-hedging/pledging policies reinforce alignment .
- Company fundamentals show contracting revenues and EBITDA through FY2024 and mixed quarterly trends into FY2025, raising execution risk for sales-led turnaround; compensation remaining below market median may pose retention risk if recovery lags .* Values retrieved from S&P Global.
- Governance signals are constructive: strong say-on-pay approvals (~96–98%), no tax gross-ups, and updated clawback policy; however, persistence of zero bonuses in 2023–2024 indicates challenging operating conditions that may pressure sales leadership to deliver measurable improvements before variable comp resumes .