Matt Niño
About Matt Niño
Matt Niño is President, Retail at Cavco Industries (CVCO), serving in this role since March 2020; he is age 57 in the 2025 proxy and has over thirty years of retail experience spanning Palm Harbor Villages (PHV), Palm Harbor Homes (PHH), and Pacesetter Corp . He progressed from Retail Sales Consultant at PHH in 1997 to Executive Vice President at PHH (2003–2011) and PHV (2010–2020) before becoming President, Retail upon Cavco’s acquisition of PHH assets in April 2011 . His incentive design ties closely to operating results: corporate STIP pays on segment pre-tax profits, individual objectives, and a separate business-unit profit component for retail; long-term PRSUs measure relative TSR, market share growth, and operational efficiency over three-year periods .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Pacesetter Corp. | Sales Manager | ~7 years prior to 1997 | Early sales leadership foundation in retail housing |
| Palm Harbor Homes (PHH) | Retail Sales Consultant → Executive Vice President | 1997–2011 | Progression to EVP; contributed to retail growth until PHH asset acquisition (Apr 2011) |
| Palm Harbor Villages (PHV) | Executive Vice President | 2010–2020 | Led Cavco’s main retail division; positioned for President, Retail role |
| Cavco Industries (CVCO) | President, Retail | Mar 2020–present | Oversees retail operations; compensation linked to retail pre-tax income |
External Roles
No public company directorships or external board roles disclosed in the CVCO proxy statements reviewed .
Fixed Compensation
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary ($) | $200,000 | $200,000 | $200,000 |
| All Other Compensation ($) | $5,427 | $7,278 | $7,695 |
Notes:
- FY2024 “All Other Compensation” includes life insurance premium $2,328 and 401(k) match $4,950 for Niño .
- FY2025 “All Other Compensation” includes life insurance premium $2,520 and 401(k) match $5,175 for Niño .
Performance Compensation
Total Annual Compensation (mix of cash and equity)
| Component ($) | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Stock Awards (RSUs + PRSUs, grant-date fair value) | $251,844 | $250,160 | $299,955 |
| Non-Equity Incentive Plan Compensation (STIP cash) | $1,234,760 | $1,046,718 | $884,617 |
| Total Compensation ($) | $1,692,031 | $1,504,156 | $1,392,267 |
STIP Structure, Targets, and Payouts
| Year | Metric | Weighting/Target Structure | Target | Actual | Payout Mechanics |
|---|---|---|---|---|---|
| FY2024 | Company performance (Factory-Built Housing pre-tax profit) | 90% of corporate STIP; threshold 70% of forecast; stretch 130% | Niño: 25% of base salary | $33,058 | Approved by Board in May following year |
| FY2024 | Company performance (Financial Services pre-tax profit) | 10% of corporate STIP; threshold 70% of forecast; stretch 130% | Included in above | Included in above | Approved by Board in May following year |
| FY2024 | Individual objectives | Mutually agreed with CEO; Niño component | $50,000 | Full attainment noted | Paid in May 2024 |
| FY2024 | Retail business profit component | Percentage of retail pre-tax income; no threshold/maximum | N/A | $963,660 | Paid in May 2024 |
| FY2025 | Company performance | Corporate STIP paid based on 90/10 segment profit (per structure) | Niño: $50,000 in target for company component | $56,640 | Paid in May 2025 |
| FY2025 | Individual objectives | Mutually agreed with CEO; 25% of base salary target | $50,000 | $50,000 | Paid in May 2025 |
| FY2025 | Retail business profit component | Percentage of retail pre-tax income; no threshold/maximum | N/A | $777,977 | Paid in May 2025 |
| FY2023 | Corporate STIP (plan-based awards) | Threshold/Target/Max for corporate STIP | $75,000 / $100,000 / $125,000 | N/A (plan-based estimates) | Paid per corporate STIP; actual included in total STIP above |
| FY2023 | Retail business profit component | 5% of pre-tax income; no threshold/maximum | N/A | Included in total STIP above | Paid per STIP policy |
Long-Term Incentive Plan (LTIP) – PRSUs and RSUs
- PRSU performance metrics: equal allocations across (1) relative total shareholder return versus peer group, (2) market share growth versus the manufactured housing industry, and (3) operating efficiency measured by units produced per employee; measured over three-year periods with threshold, target, and maximum payout levels; PRSUs settle in shares at period end .
- RSUs vest 33%/33%/34% on annual anniversaries of grant date .
- FY2025 stock vested for Niño: 658 shares; realized value $237,517 .
Equity Ownership & Alignment
Beneficial Ownership (as of record dates)
| As-of Date | Shares Beneficially Owned | % of Class |
|---|---|---|
| June 2, 2023 | 2,778 | Less than 1% (company table asterisk) |
| June 3, 2024 | 894 | Less than 1% (company table asterisk) |
| June 2, 2025 | 1,064 | Less than 1% (company table asterisk) |
Outstanding Equity Awards at FY2025 Year-End (March 29, 2025)
| Grant Date | Unvested RSUs (#) | Market Value ($) | Unearned PRSUs at Target (#) | Market/Payout Value ($) |
|---|---|---|---|---|
| 5/25/2022 | 204 | $104,848 | 600 | $308,376 |
| 5/15/2023 | 228 | $117,183 | 509 | $261,606 |
| 5/22/2024 | 339 | $174,232 | 509 | $261,606 |
Notes:
- Market values computed by company at $513.96 closing price on March 28, 2025 .
- No options listed for Niño at FY2025 year-end; earlier grants existed but are not shown as outstanding in FY2024/FY2025 tables .
Outstanding Equity Awards at FY2024 Year-End (March 30, 2024)
| Grant Date | Unvested RSUs (#) | Market Value ($) | Unearned PRSUs at Target (#) | Market/Payout Value ($) |
|---|---|---|---|---|
| 5/24/2021 | 86 | $34,319 | 250 | $99,765 |
| 5/25/2022 | 402 | $160,422 | 600 | $239,436 |
| 5/15/2023 | 339 | $135,281 | 509 | $203,121 |
Notes:
- Market values computed by company at $399.06 closing price on March 29, 2024 .
- RSUs vest 33%/33%/34%; PRSUs vest at end of three-year performance periods .
Ownership Policies and Alignment
- Stock Ownership Guidelines: President – Retail must own and retain shares equal to 1x annual base salary; no specific compliance status disclosed for Niño .
- Securities Trading Policy prohibits hedging, pledging, short selling, and derivatives; margin accounts and pledges are prohibited; 10b5-1 plans require pre-clearance and strict conditions .
- Clawback Policy: adopted effective Dec 1, 2023, enabling recoupment of incentive compensation in event of accounting restatement; method of recoupment includes reimbursement and cancellation of awards .
Employment Terms
- No written or oral employment or severance agreements with Niño during FY2024 (at-will); severance/change-in-control tables in FY2024 and FY2025 show no quantified payments for Niño (dashes) .
- Company-wide change-in-control mechanics (plan terms): double-trigger treatment, time-based awards vest, performance awards vest at target upon qualifying termination around a change-in-control .
Investment Implications
- Strong operational alignment: Niño’s STIP materially depends on retail segment pre-tax income with no threshold/maximum caps for the business unit component, indicating high sensitivity of cash pay to retail performance; FY2025 retail profit payout was $777,977 and FY2024 was $963,660 .
- Corporate metrics are earnings-driven: 90% factory-built housing and 10% financial services pre-tax profits drive the corporate STIP component, with clear threshold/target/stretch guardrails; Niño’s company performance payout was relatively small versus business-unit profit, reinforcing unit-level accountability .
- Equity exposure emphasizes multi-year outcomes: substantial unearned PRSUs outstanding across 2022–2024 grant cycles tied to TSR, market share, and operating efficiency, aligning with sustained value creation; RSU schedules staggered 33/33/34 mitigate cliff-risk and steady vesting may contribute to predictable sellable supply upon vest .
- Retention risk profile: lack of severance or change-in-control cash protection for Niño (versus CEO/CFO) suggests limited “golden parachute,” potentially reducing retention lock-in during industry upcycles; however, meaningful PRSU/RSU overhang provides some retention through unvested equity .
- Governance safeguards: robust anti-hedging/anti-pledging policies and a formal clawback policy reduce misalignment risks and deter speculative behavior; say-on-pay support has been strong (97% approval in 2023), signaling investor comfort with incentive design .
Monitoring note: We searched for recent Form 4 filings to analyze potential insider selling pressure but found no matches in the document corpus; continue monitoring SEC Form 4 for Niño to assess vest-related sales and any 10b5-1 activity [Search attempt: no results].