Daniel G. Korte
About Daniel G. Korte
Independent director since 2024, age 64, and nominee to serve a three-year term ending at the 2028 Annual Meeting. Former Global Vice President of Aerospace at PPG Industries (retired 2023), CEO of LMI Aerospace (2014–2017), President, Defense at Rolls‑Royce North America (2009–2012), and earlier leadership roles at Boeing (1985–2009); brings deep commercial and defense aerospace operating expertise. Determined independent under NYSE rules; currently serves on the Corporate Governance & Nominating Committee; elected to the Board effective November 5, 2024.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| PPG Industries | Global Vice President, Aerospace | ~2018–2023 (retired 2023) | Led global aerospace solutions; expertise in commercial and defense aerospace markets Ducommun serves. |
| LMI Aerospace | Chief Executive Officer | 2014–2017 | CEO experience driving revenue and profitable growth. |
| Rolls‑Royce North America | President, Defense | 2009–2012 | Led defense business; insight into defense primes and programs. |
| Boeing | Various leadership positions | 1985–2009 | Long-tenured operating and engineering leadership in A&D supply chains. |
External Roles
| Organization | Role | Since | Committees/Impact |
|---|---|---|---|
| Woodward, Inc. | Director (public company) | 2017 | Current public company board; expands network across aerospace; specific committee roles not disclosed in DCO proxy. |
Board Governance
- Committee assignments: Member, Corporate Governance & Nominating Committee (CG&N). CG&N held three meetings in 2024; responsibilities include Board composition, director compensation, CER/EH&S oversight, succession planning, orientation/education, and performance oversight. Appointment effective November 5, 2024.
- Independence: Board determined Korte qualifies as independent under NYSE listing standards.
- Attendance and engagement: Board met eight times in 2024; all directors attended over 80% of the aggregate of all Board and applicable committee meetings; executive sessions of independent directors held after each regular Board meeting.
- Board leadership: Combined Chair/CEO structure; Lead Independent Director (Shirley G. Drazba) appointed Feb 25, 2025 with significant authorities (agendas, executive sessions, shareholder communications).
- Board refreshment: Korte among five new directors added since 2021, decreasing average tenure to 4.8 years post‑2025 meeting (assuming election).
Fixed Compensation
- 2024 Director Compensation Policy (non‑employee directors):
- Annual cash retainer $80,000; equity retainer $135,000 in RSUs; additional retainers: Lead Director $30,000; Chair fees (Audit $17,500; Compensation $12,500; CG&N $7,500; Innovation $7,500); meeting fees $2,500 per committee meeting; RSUs vest on the one‑year anniversary of grant.
| Item (2024) | Amount ($) | Notes |
|---|---|---|
| Fees Earned or Paid in Cash | 14,583 | Prorated for service from Nov 5, 2024. |
| Stock Awards (grant‑date fair value) | 50,000 | One‑time RSU grant upon appointment. |
| Total | 64,583 | Sum of cash and stock awards. |
| RSU Shares Granted | 811 | Appointment grants sized at $61.68 closing price on grant date; vest one year post‑grant. |
| RSU Vest Date | Nov 5, 2025 | One‑year vesting from appointment date. |
| Annual Policy RSU Vesting | One‑year | Annual retainer RSUs vest one year post‑grant. |
Performance Compensation
Ducommun does not disclose performance‑based compensation for directors; director equity is time‑based RSUs (no performance metrics).
| Instrument | Grant | Vesting | Performance Metrics |
|---|---|---|---|
| RSUs | 811 shares | One‑year vest (Nov 5, 2025) | None (time‑based only). |
| Annual RSU Retainer | Dollar‑denominated ($135,000) | One‑year vest | None (time‑based only). |
| Options | None disclosed | — | —. |
Other Directorships & Interlocks
| Company | Sector | Relationship to DCO | Conflict/Transactions |
|---|---|---|---|
| Woodward, Inc. | Aerospace & Defense | Potential industry adjacency (components and systems supplier); enhances network and technical oversight | No related‑party transactions with directors/executives >$120,000 disclosed since FY2024. |
Expertise & Qualifications
- Aerospace & defense operating leadership across primes and tiered suppliers; commercial and defense markets expertise aligned to Ducommun’s end markets.
- Senior leadership and strategy execution credentials (CEO, division president roles) supporting Board oversight of VISION 2027 strategy.
- Global market development and revenue growth experience relevant to CG&N’s oversight of CER and governance priorities.
Equity Ownership
| Metric | Amount | Details |
|---|---|---|
| Beneficial Ownership (shares) | 811 | Includes RSUs scheduled to vest Nov 5, 2025. |
| Ownership % of Class | <1% | “Less than one percent” per proxy table. |
| Vested vs Unvested | 0 vested / 811 unvested RSUs | Appointment RSUs vest Nov 5, 2025. |
| Pledged/Hedged | Prohibited by policy | Company policy prohibits hedging or pledging Ducommun securities; no exceptions disclosed. |
| Stock Ownership Guideline | 5× $80,000 cash retainer = $400,000 | Directors must achieve by Dec 31 of 5th year after election; all directors compliant or within allowed time as of Dec 31, 2024. |
Governance Assessment
- Strengths: Independent director with deep A&D operating background (PPG, Rolls‑Royce, Boeing, LMI) and current public board experience (Woodward), enhancing oversight of strategy and operations; CG&N membership links to Board composition, director pay, CER/EH&S, and succession planning; strong Board governance architecture (Lead Independent Director, clawback policy, hedging/pledging prohibition, stock ownership guidelines).
- Engagement/attendance signal: Board met 8 times in 2024; all directors ≥80% attendance; executive sessions after each meeting—supports effective independent oversight.
- Incentive alignment: Director pay is balanced cash/equity; RSUs vest after one year; robust ownership guideline (5× cash retainer) with 5‑year compliance window—aligns interests without short‑term risk taking.
- Conflicts/related parties: No related‑party transactions >$120,000 involving directors/executives disclosed since FY2024; monitor for potential information interlocks with Woodward, but no conflict noted.
- Shareholder signals: Advisory say‑on‑pay support high (88.3% in 2024; 94% two‑year average), indicative of broader investor confidence in Board oversight of compensation and strategy.
RED FLAGS: None disclosed specific to Korte (no pledging/hedging, no related‑party transactions, no attendance shortfall reported). Continue monitoring for interlocks related to Woodward and any evolving supplier/customer relationships that could create perceived conflicts; Audit Committee reviews related‑party items per internal controls if they arise.