Regan Fackrell
About Regan Fackrell
Regan Fackrell, age 46, is President of Standard Casualty Company (SCC), Cavco’s insurance subsidiary, a role he assumed effective September 4, 2024; he brings extensive experience in brokerage operations, insurance distribution, and strategic partnerships from prior roles at Trucordia, American Family Insurance, and Entrata . During FY2025 (year ended March 29, 2025), Cavco reported net income of $171.0 million and company-selected Adjusted pre-tax income of $223.4 million; cumulative TSR on a $100 base reached $350, providing performance context for executives who participate in Cavco’s incentive system that emphasizes rTSR, growth, and ROIC .
Past Roles
| Organization | Role | Years | Strategic impact / scope |
|---|---|---|---|
| Standard Casualty Company (Cavco insurance subsidiary) | President | 2024–present | Leads SCC; joins with extensive experience in brokerage operations, insurance distribution, and strategic partnerships . |
| Trucordia | Head of National Brokerage | 2024 (prior to Cavco) | Led national brokerage activities, contributing distribution expertise . |
| American Family Insurance | Director of Sales and New Producer Development | 2023–2024 | Built producer pipeline and sales enablement in a large multi-line insurer . |
| Entrata (embedded insurance JV) | Head of Insurance | 2021–2023 | Led embedded insurance strategy and partnerships . |
| American Family Insurance | Director of New Business Development; multiple leadership roles | 2006–2021 | Drove new business development across distribution/partnership channels . |
External Roles
- No public company directorships disclosed for Fackrell in Cavco’s 2025 proxy; he is listed among executive officers, not directors .
- Standard Casualty’s website lists him as President of SCC, confirming role visibility to customers and partners (external site) .
Fixed Compensation
- Cavco’s FY2025 proxy discloses compensation detail for NEOs only (CEO, CFO, President–Manufacturing, President–Retail, General Counsel). Fackrell is an executive officer but not an NEO; his base salary and bonus are not individually disclosed in FY2025 materials .
Performance Compensation
Short-Term Incentive Program (STIP) design for NEOs (framework informing executive incentives)
| Element | Structure | Weights/Targets | Caps/Notes |
|---|---|---|---|
| Company performance | Earnings-driven: 90% factory-built housing adjusted pre-tax profit vs budget; 10% financial services adjusted pre-tax profit vs budget | Threshold at 70% of budget; Target 100%; Stretch at 130% of budget | Payouts capped at 200% of target . |
| Individual objectives | Role-specific objectives mutually agreed with CEO | Targets set by role; paid upon achievement | Counts toward STIP; no threshold/max for individual component . |
Long-Term Incentive Program (LTIP) design for NEOs (2025 grant structure)
| Award | Vesting/Period | Metrics | Weighting | Payout range |
|---|---|---|---|---|
| RSUs (time-based) | 33%/33%/34% annually over three years | Time-based | — | — |
| PRSUs (performance-based) | 3-year performance period; measured/issued in May 2027 (FY2025–FY2027) | rTSR vs peer group (value creation); Volume growth vs industry (growth); ROIC (capital deployment) | 33% / 33% / 34% | 50% (threshold) to 200% (stretch) of target |
PRSU calibration example (FY2023 PRSU earnout for NEOs, measured over FY2023–FY2025)
| Measure | Weight | Threshold | Target | Stretch | Actual result |
|---|---|---|---|---|---|
| Growth (market share improvement) | 1/3 | >0% | 5% | 10% | 20.1% |
| Operational improvement (floors per employee) | 1/3 | >2% | 5% | 8% | 2.9% |
| Value creation (relative TSR) | 1/3 | 20th pct | 50th pct | 80th pct | 83.8% |
Notes:
- Cavco’s compensation philosophy ties incentives to shareholder value; equity awards are under the 2023 Stock Plan; bonus payouts are capped at 200% of target .
- The STIP’s explicit 10% weight on Financial Services segment profits underscores sensitivity to SCC’s performance at corporate incentive levels .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (direct) | 115 CVCO shares acquired via stock award on May 20, 2025 (direct); reported on Form 4 (filed May 21, 2025) . |
| Initial reporting | Filed Form 3 on Sept 17, 2024 (no securities owned at appointment) . |
| Ownership as % of SO | ≈0.0014% of 8,001,491 shares outstanding as of June 2, 2025 (115 / 8,001,491); shares outstanding from proxy plus Form 4 share count . |
| RSU/option breakdown | Fackrell’s specific vest schedules and any options are not disclosed in the proxy; standard RSU schedule for NEOs is 33%/33%/34% over three years . |
| Hedging/pledging | Company policy prohibits hedging, pledging, short selling, and derivatives by officers and directors . |
| Ownership guidelines | Officers’ guidelines: CEO 5x salary; CFO 3x; EVPs 2x; Presidents–Manufacturing and Retail 1x; other roles not explicitly listed; applicability to SCC President not specified in table . |
| Clawback | Board-adopted incentive compensation clawback policy for certain executives (posted on IR site) . |
Employment Terms
| Term | Disclosure |
|---|---|
| Appointment | Transitioned into role effective Sept 4, 2024 (from interim president Steve Like); announced via 8‑K Item 5.02 . |
| Employment agreement | No Fackrell-specific employment or severance agreement disclosed in FY2025 proxy or the Sept 2024 8‑K; FY2025 proxy discusses agreements for CEO, CFO, and GC only . |
| Severance/CIC | Not disclosed for Fackrell; CEO/CFO/GC terms provided for reference in proxy; no terms listed for subsidiary presidents . |
| Non-compete/Non-solicit | Not disclosed for Fackrell; CEO agreement includes such provisions (reference for program context) . |
| Say-on-Pay support | 2024 Say-on-Pay passed with >98% support, indicating broad shareholder endorsement of the program structure . |
Investment Implications
- Alignment and incentive levers: Cavco’s incentive architecture emphasizes multi-year rTSR, growth vs industry, and ROIC (PRSUs), with annual STIP tied primarily to factory-built housing and secondarily to financial services profits; as SCC President, Fackrell’s operational execution contributes to a segment that explicitly influences corporate incentive outcomes for top officers .
- Ownership and selling pressure: Currently modest direct ownership (115 shares) and no disclosed options; policy bans hedging/pledging, reducing misalignment risk; limited near-term selling pressure implied by small award scale .
- Retention/contractual protections: No individual employment or severance terms disclosed for Fackrell (contrast with CEO/CFO/GC), suggesting fewer contractual retention backstops; retention is likely driven by role scope and incentive opportunity rather than guaranteed severance .
- Governance/controls: Clawback policy, anti-hedging/pledging rules, and strong Say‑on‑Pay support (>98%) signal a shareholder-aligned compensation regime with recourse in case of restatements or misconduct .
Overall, the compensation framework’s focus on rTSR, growth, and ROIC, together with anti-hedging/pledging and clawback policies, supports alignment; Fackrell’s leverage to value creation stems from SCC performance feeding into financial services profitability, a component of corporate STIP metrics for senior leadership .
Sources
- Cavco 2025 DEF 14A (executive officers, compensation design, ownership, policies, performance): .
- Cavco 8‑K (Sept 9, 2024) – appointment/transition at SCC: .
- SEC filings: Form 3 (Sept 17, 2024) and Form 4 (May 21, 2025) for Regan Fackrell .
- Standard Casualty Company site (role confirmation): .
- Education/background (BYU accounting degrees; historical profile): .