Richard Schlecht
DULUTH HOLDINGSAbout Richard Schlecht
Richard W. Schlecht is Senior Vice President of Product Development & Sourcing at Duluth Holdings Inc. (DLTH). He is 44 years old as of the company’s FY 2025 10-K, holds a BSBA with a minor in Statistics from Denver University, and has served in successive product leadership roles at DLTH since 2013, advancing from Director of Product Development to VP and then SVP across product, visual/creative, merchandise, inventory, and sourcing functions . He is the son of Stephen L. Schlecht, DLTH’s Chairman, which is disclosed in SEC filings and related-party sections of recent proxies . Company performance context over his tenure shows revenue in the mid-$600M range in FY 2024 and FY 2025 with EBITDA compressing, indicative of retail margin pressure; details below with S&P Global disclaimer.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Duluth Holdings Inc. | Director of Product Development | Sep 2013 – Mar 2016 | Led product development function |
| Duluth Holdings Inc. | Vice President of Product Development | Mar 2016 – Feb 2020 | Scaled product development leadership |
| Duluth Holdings Inc. | SVP, Product, Visual & Creative | Feb 2020 – Mar 2022 | Oversaw product plus visual/creative |
| Duluth Holdings Inc. | SVP, Product, Merchandise & Inventory | Mar 2022 – Oct 2023 | Added merchandise & inventory accountability |
| Duluth Holdings Inc. | SVP, Product Development & Sourcing | Oct 2023 – Present | Heads product development and sourcing |
External Roles
No external public-company directorships or committee roles are disclosed for Richard W. Schlecht in DLTH filings reviewed .
Fixed Compensation
| Year | Base Salary ($) | Bonus ($) | Stock Awards ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|
| 2020 | 269,135 | 61,291 | 140,007 | — | 470,433 |
| 2022 | — | — | — | — | 502,458 |
| 2023 | — | — | — | — | 838,727 |
| 2024 | — | — | — | — | 502,458 |
| 2025 (through filing) | — | — | — | — | ≈283,750 |
Notes:
- DLTH did not establish Annual Incentive Plan performance metrics during FY 2020; instead, the Compensation Committee approved discretionary bonuses after year end (affecting all NEOs, including Richard) .
- In FY 2019, the company did not pay annual incentive payouts to NEOs due to not meeting EBT&B threshold outcomes; this disclosure is general for NEOs, not itemized by individual .
Performance Compensation
Restricted stock awards (time-based vesting) outstanding as of Jan 31, 2021 and scheduled vesting:
| Award Tranche | Shares Unvested (#) | Vesting schedule |
|---|---|---|
| Grant (2) | 2,056 | Vest in 4 equal installments: Mar 8, 2019; Mar 8, 2020; Mar 8, 2021; Mar 8, 2022 |
| Grant (3) | 4,238 | Vest in 4 equal installments: Apr 8, 2020; Apr 8, 2021; Apr 8, 2022; Apr 8, 2023 |
| Grant (4) | 16,452 | Vest in 4 equal installments: Feb 3, 2021; Feb 3, 2022; Feb 3, 2023; Feb 3, 2024 |
Key points:
- These grants are restricted stock in Class B common stock, time-based rather than performance-conditioned for the stated tranches .
- The 2015 Equity Incentive Plan permits RSUs and PSUs with performance goals, but the tranches above reflect time-based vesting .
Equity Ownership & Alignment
| As-of date | Class | Shares | Ownership % of class | Notes |
|---|---|---|---|---|
| Feb 3, 2020 (Form 3) | Class B Common | 46,904 (Direct) | — | Initial statement of beneficial ownership upon becoming Section 16 officer |
| Record date (2021 Proxy) | Class B Common | 82,323 (Beneficial) | <1% of Class B; <1% total voting power | Includes 5,590 shares held in UTMA accounts for his children |
Additional alignment policies:
- Specific DLTH anti-hedging/pledging provisions and executive stock ownership guidelines were not found in the reviewed DLTH filings for Richard; related-party disclosures do note his family relationship and that compensation is reviewed under the company’s related party policy .
Employment Terms
| Item | Disclosure |
|---|---|
| Employment agreement | Not party to an employment agreement; compensation governed by offer letter and Compensation Committee oversight |
| Severance/change-in-control | Not disclosed for Richard W. Schlecht in reviewed filings; severance/CoC terms disclosed pertain to Stephen L. Schlecht (Chairman) |
| Non-compete/non-solicit | Not disclosed for Richard W. Schlecht; such restrictions apply to Stephen L. Schlecht’s agreement |
| Start date at DLTH | Director of Product Development role began Sep 2013 |
| Years in current role | SVP, Product Development & Sourcing since Oct 2023 |
Company Performance Context During Tenure
| Metric | FY 2014 | FY 2020 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue ($USD) | 163,089,000* | 615,624,000 | 646,681,000 | 626,629,000 |
| EBITDA ($USD) | 17,462,000* | 50,191,000* | 21,306,000* | 1,885,000* |
Values retrieved from S&P Global.*
Investment Implications
- Pay-for-performance alignment: Recent disclosures show Richard’s 2020 compensation included discretionary cash bonus tied to company-level outperformance after COVID-related suspension of metrics; more recent years reflect total compensation without detailed breakdowns, and equity grants cited appear largely time-based, suggesting limited direct linkage to explicit performance targets in disclosed tranches . This may temper pure pay-for-performance signals.
- Vesting and potential selling pressure: Time-based vesting schedules through 2024 create periodic share delivery events; however, no Form 4 transactions were located in this dataset, and no pledging disclosures were found, limiting visibility into near-term selling pressure catalysts .
- Ownership alignment: Beneficial ownership is below 1% of Class B, with some holdings in UTMA accounts; this is modest “skin in the game” versus founder-level holdings, implying alignment primarily via role accountability and annual/equity compensation rather than outsized ownership .
- Retention/contract risk: Lack of a bespoke employment agreement (offer letter basis) and absence of disclosed severance/CoC terms for Richard reduces guaranteed retention economics, increasing reliance on ongoing equity awards and career trajectory for retention .
- Governance/related-party oversight: Ongoing disclosures note his familial relationship; DLTH’s related party policy requires Audit Committee oversight, reducing conflict risk but warranting monitoring for future transactions or grants .