Stephen Wawrin
About Stephen Wawrin
Stephen R. Wawrin is Escalade’s Vice President Finance, Chief Financial Officer, and Secretary; age 51 as of March 28, 2025. He joined Escalade in 2005 and has served as CFO since the first day of fiscal 2015, after roles as Corporate Controller and VP–Finance & Administration for Escalade’s Sporting Goods business; prior experience includes public accounting at BKD (now FORVIS) from 1999–2005 . Over 2021–2024, Escalade’s revenues and EBITDA trended lower amid post-pandemic normalization, while net income improved in 2024; total shareholder return (TSR) swung from $68.71 to $134.74 to $101.53 on a $100 initial base in 2022–2024, reflecting share-price volatility despite 2024 profit improvement .
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenues ($) | $313,612,000* | $313,757,000* | $263,566,000* | $251,510,000* |
| EBITDA ($) | $36,731,000* | $32,378,000* | $23,482,000* | $22,140,000* |
| Net Income ($) | — | $17,989,000 | $9,829,000 | $12,986,000 |
| TSR – value of $100 | — | $68.71 | $134.74 | $101.53 |
| *Values retrieved from S&P Global. |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Escalade, Inc. | CFO, VP Finance & Secretary | 2015–present | Principal financial officer; corporate finance leadership |
| Escalade, Inc. | VP–Finance & Administration, Sporting Goods | 2008–2015 | Led finance/admin for core operating segment |
| Escalade, Inc. | Corporate Controller | 2005–2008 | Corporate accounting and controls |
| BKD, LLP (now FORVIS) | Public accounting | 1999–2005 | External audit/public accounting experience |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| BKD, LLP (now FORVIS) | Public accountant | 1999–2005 | Audit/accounting expertise relevant to CFO role |
Fixed Compensation
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Base salary rate ($) | $333,720 | $333,720 | $345,400 |
| Salary paid ($) | $331,670 | $334,269 | — |
| Target bonus (% of base) | 100%–130% (NEO range) | 100%–130% (NEO range) | — |
| Actual annual incentive paid ($) | $124,728 | $237,586 | — |
| All other comp ($) | $15,506 | $16,339 | — |
Notes:
- Annual incentive is under the Profit Incentive Plan; targets set annually, allocation based primarily on target percentages of Company revenues and profits with Committee discretion .
- Company employs executives at will; no individual employment contract for the CFO .
Performance Compensation
Annual cash incentive (Profit Incentive Plan)
| Item | 2023 | 2024 |
|---|---|---|
| Metrics | Company revenues and profits; Committee quantitative/qualitative assessment | Company revenues and profits; Committee quantitative/qualitative assessment |
| Target (as % base) | 100%–130% (NEO range) | 100%–130% (NEO range) |
| Actual payout ($) | $124,728 | $237,586 |
| Clawback | Subject to amended clawback policy (Nov 2023) | Subject to amended clawback policy (Nov 2023) |
Equity awards (time-based RSUs)
| Grant date | Award type | Shares granted (#) | Vesting schedule | Reported grant value in year ($) |
|---|---|---|---|---|
| Mar 3, 2023 | RSUs | 8,331 | 1/3 on each of 1st, 2nd, 3rd anniversaries | $106,470 (Restricted Stock Awards, 2023) |
| Apr 3, 2024 | RSUs | 7,200 | 1/3 on each of 1st, 2nd, 3rd anniversaries | $92,304 (Restricted Stock Awards, 2024) |
| Mar 11, 2025 | RSUs | 6,000 | 1/3 on each of 1st, 2nd, 3rd anniversaries | — (granted 2025) |
- Company has not granted options to NEOs in recent years; none outstanding for Wawrin at FY-end 2023/2024 .
- Clawback: Recovery of incentive-based compensation for certain restatements/misconduct within a 3-year lookback; hedging and certain derivatives, margin purchases prohibited by insider trading policy .
Equity Ownership & Alignment
Beneficial ownership
| As-of date | Shares beneficially owned (#) | % of class | Included vested RSUs | Unvested RSUs (excluded) |
|---|---|---|---|---|
| Feb 28, 2024 | 39,309 | 0.29% | 6,309 vested by Mar 4, 2024 | 8,054 unvested |
| Feb 25, 2025 | 45,177 | 0.33% | 7,677 vested by Apr 3, 2025 | 7,577 unvested |
Outstanding unvested RSUs at fiscal year-end
| Fiscal year-end | Unvested RSUs (#) | Market value at FY-end ($) |
|---|---|---|
| Dec 31, 2023 | 14,363 | $288,553 (at $20.09) |
| Dec 31, 2024 | 15,254 | $217,827 (at $14.28) |
Additional alignment and policies
- Options: None outstanding (exercisable or unexercisable) at FY-end 2023/2024 .
- Hedging/margin: Hedging and monetization transactions, purchases on margin, and buying/selling puts and calls are prohibited by policy .
- Pledging: No pledging disclosed in the proxy; no related party transactions disclosed for executive officers .
- Ownership guidelines: Not disclosed for executives in the 2024/2025 proxies.
Employment Terms
- Employment at will; no individual severance agreement for CFO; no cash severance upon termination (benefits generally available to salaried employees only) .
- Change-in-control: Under the 2017 Incentive Plan, unvested RSUs accelerate if not assumed or substituted by the acquirer; potential value of unvested awards at FY-end 2023/2024 shown above .
- Clawback: Amended and restated Feb 2014 policy (amended Nov 2023) applies to incentive-based compensation .
- Non-compete/non-solicit: Not disclosed for CFO (no individual agreement referenced) .
- Deferred comp/pension: Company does not maintain nonqualified deferred compensation plans .
Investment Implications
- Pay-for-performance tilt: CFO’s variable cash bonus rose materially in 2024 ($238k vs $125k) as net income improved, while stock-based “compensation actually paid” is sensitive to share price—aligning incentives with TSR and profitability .
- Retention vs. liquidity: Absence of CFO severance enhances cost discipline but raises retention risk; staggered 3-year RSU vesting (2023–2025 grants) creates ongoing service-based retention and potential periodic selling pressure around vest dates (each grant’s 1/3 annual tranche) .
- Alignment and risk controls: Modest but rising ownership (0.29% → 0.33%) plus prohibition on hedging/margin enhances alignment; no options reduces leverage risk; CIC acceleration could incentivize continuity through a transaction but also create optics of payout sensitivity in M&A scenarios .
- Governance backdrop: CFO reports functionally to the Audit Committee on risk/ICFR; company acknowledged past material weaknesses with remediation underway, underscoring the CFO’s central role in controls and disclosure quality .