Steve Bunger
About Steve Bunger
Independent Non‑Executive Chairman of the Board at Cavco Industries; Chairman since April 2019, Director since April 2004; age 64. Background includes serving as President & CEO of Pro Box Portable Storage since 2014 and prior leadership at Mobile Mini, Inc. (Chairman 2001–2012; President & CEO 1997–2012; joined in 1983 with earlier executive roles). Qualifications highlighted by Cavco: broad operational, managerial, marketing, and acquisition experience guiding evaluation of growth opportunities .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Pro Box Portable Storage, Inc. | President & CEO | 2014–present | Provider of portable storage solutions in AZ, OK, CO |
| Mobile Mini, Inc. | Chairman of the Board | 2001–2012 | Led one of the largest providers of portable storage containers/mobile offices in U.S., Canada, U.K. |
| Mobile Mini, Inc. | President & CEO | 1997–2012 | Operational and growth leadership |
| Mobile Mini, Inc. | VP Operations & Marketing; EVP & COO | 1983–1997 | Executive roles prior to CEO |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Pro Box Portable Storage, Inc. | President & CEO | 2014–present | Portable storage solutions in AZ, OK, CO |
| Other current public company directorships | — | — | None disclosed in Cavco’s proxy |
Board Governance
- Role and independence: Independent Director serving as Non‑Executive Chairman; Cavco separates Chair and CEO to enhance board independence .
- Committee assignments: Not a member of any board committee (Audit, Compensation, Corporate Governance & Nominating, Legal & Compliance Oversight) .
- Board and committee activity: Board held 4 meetings in FY2025; each Director attended at least 75% of Board and applicable committee meetings. Independent Directors met regularly in executive sessions; all Directors attended the July 30, 2024 annual meeting .
- Majority vote policy: Directors failing to receive a majority must tender an irrevocable resignation; board must disclose its determination within 90 days after certification of results (applies to uncontested elections) .
Shareholder Vote Signal (Election outcome)
| Meeting Date | Proposal | Votes For | Votes Against | Abstentions | Broker Non‑Votes |
|---|---|---|---|---|---|
| July 30, 2024 | Elect Steven G. Bunger (Class III, term to 2027) | 7,251,565 | 174,744 | 565 | 231,838 |
Fixed Compensation
Director Compensation Policy (FY2025)
| Component | Amount |
|---|---|
| Annual cash retainer (non‑employee Directors) | $75,000 |
| Chairman of the Board additional cash fee | $50,000 |
| Committee fees – Audit | Chair $20,000; Member $10,000 |
| Committee fees – Compensation | Chair $20,000; Member $7,500 |
| Committee fees – Corporate Governance & Nominating; Legal & Compliance Oversight | Chair $15,000; Member $7,500 |
| Annual equity award (Chairman) | ≈$170,000 in time‑based RSUs |
| Annual equity award (other Directors) | ≈$120,000 in time‑based RSUs |
| RSU vesting schedule | 100% on anniversary of grant or next annual meeting, if earlier |
FY2025 Director Pay – Steve Bunger
| Name | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| Steven G. Bunger | 125,000 | 170,092 (grant date: July 30, 2024) | 295,092 |
Performance Compensation
| Award Type | Grant Value | Grant/Measurement Dates | Vesting | Performance Metrics |
|---|---|---|---|---|
| Time‑based RSUs (Chairman annual grant) | ≈$170,000 (FY2025) | Grant date July 30, 2024 | 100% on anniversary or next annual meeting | None disclosed for Directors (time‑based only) |
- Unvested stock as of March 29, 2025: Bunger held 405 unvested RSUs .
- Option awards: None disclosed for Bunger; only Ms. Blount held 4,500 unexercised options as of March 29, 2025 .
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Compensation Committee interlocks | None: FY2025 Compensation Committee members Moster (Chair), Blount, Sze; all independent; no executive officer interlocks at other entities during FY2025 . |
| Current public company boards (Bunger) | None disclosed . |
Expertise & Qualifications
- Cavco highlights Bunger’s breadth of operational, managerial, marketing, and extensive acquisition experience used to guide management and evaluate growth opportunities .
Equity Ownership
| Item | Amount |
|---|---|
| Beneficial ownership (Cavco common stock) | 6,547 shares; <1% of class |
| RSUs vesting within 60 days (in beneficial ownership footnote) | 405 RSUs included in vesting‑within‑60‑days count |
| Stock ownership guidelines (Directors) | Required to own ≥5x annual cash retainer within 5 full fiscal years of appointment/election |
| Hedging/pledging/derivatives policy | Prohibited for Directors; no hardship exemption |
| Section 16(a) compliance (FY2025) | Company believes all Directors complied; no delinquent filings reported |
Governance Assessment
- Board independence and leadership: Independent Chairman role and explicit separation of Chair and CEO strengthen oversight and investor alignment .
- Pay‑for‑service structure: Director pay is modest in cash with majority of value via time‑based RSUs; Chairman receives higher RSU grant; no performance metrics for Directors, reducing pay complexity but also limiting performance alignment for board equity grants .
- Ownership and trading discipline: Robust stock ownership guidelines (5x retainer) and strict prohibitions on hedging, pledging, short selling, and derivatives support alignment and reduce risk from pledging/hedging practices .
- Attendance and engagement: Board met four times in FY2025; all Directors met at least 75% attendance and attended the 2024 annual meeting; independent Directors held regular executive sessions—signals of engagement .
- Shareholder support: Bunger reelected in 2024 with strong support; Say‑on‑Pay support historically strong (over 98% approval at 2024 annual meeting) indicating broader governance confidence .
- Conflicts and related‑party transactions: Audit Committee reviews/approves related‑party transactions; none reportable since the beginning of FY2025—no conflict signals identified .
RED FLAGS
- None identified in filed documents: no reportable related‑party transactions; strict anti‑hedging/pledging; Section 16 compliance; independent chair. Monitoring item: absence of performance‑linked director equity (awards are time‑based) may modestly dilute direct performance linkage versus PSUs, though common in U.S. board practice .