Catherine A. Plaisted
About Catherine A. Plaisted
Catherine A. Plaisted is Senior Vice President, Marketing at Ethan Allen (ETD), promoted to this role on November 3, 2024, after serving as Vice President, Marketing earlier in 2024 . The 2025 proxy lists her among the Named Executive Officers (NEOs), but it does not disclose her age or education . During fiscal 2025, ETD delivered $614.6 million of net sales (-4.9% y/y), an adjusted operating margin of 10.2%, and $61.7 million in operating cash flow, while maintaining strong gross margins and a robust balance sheet; adjusted diluted EPS was $2.04 (vs. $2.49 in FY2024) . Brand performance remained strong, with Newsweek naming Ethan Allen America’s #1 Premium Furniture Retailer for the third consecutive year in 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ethan Allen | Senior Vice President, Marketing | Nov 3, 2024 – present | Executive leader for marketing; listed as SVP Marketing and company contact on multiple ETD press releases through 2025 . |
| Ethan Allen | Vice President, Marketing | At least Jun 2024 – Nov 2024 | Marketing leadership; served as VP Marketing and company contact on press releases in mid/late 2024 . |
Fixed Compensation
| Item | FY2024 | FY2025 | Notes |
|---|---|---|---|
| Scheduled Base Salary ($) | $250,000 | $286,000 | Raised on promotion to SVP (effective Nov 3, 2024); +14.4% . |
| Salary Earned (SCT) ($) | — | $273,671 | Salary actually paid in FY2025 per Summary Compensation Table. |
| Target Bonus % | — | N/A | Plaisted did not participate in the FY2025 annual non‑equity incentive plan . |
| Discretionary Cash Bonus ($) | — | $35,000 | CEO-recommended discretionary program for execs outside AIP; equals ~12% of base salary . |
| All Other Compensation ($) | — | $2,424 | Company retirement plan contributions . |
| Total (SCT) ($) | — | $311,095 | FY2025 total compensation per SCT. |
Performance Compensation
Note: Plaisted did not participate in the FY2025 annual cash incentive plan (AIP) or the FY2025 long‑term incentive (PSUs/RSUs) .
- Annual Incentive Program (company framework and FY2025 results)
| Metric | Weight | Threshold | Target | Maximum | Actual FY2025 | Payout on Metric | Overall Payout |
|---|---|---|---|---|---|---|---|
| Net Sales ($mm) | 60% | $571.5 | $635.0 | $673.1 | $614.6 | 87% | 90.2% of target |
| Adjusted Operating Income ($mm) | 40% | $51.4 | $64.7 | $94.2 | $62.9 | 95% | 90.2% of target |
- Long‑Term Incentive (program design adopted for FY2025 PSUs)
| Metric | FY2025 Weight | FY2026 Weight | FY2027 Weight | Vesting |
|---|---|---|---|---|
| Sales Growth | 20% | 12% | 8% | 3‑year cliff vesting |
| Return on Equity | 20% | 12% | 8% | 3‑year cliff vesting |
| 3‑Year Relative TSR | — | — | 20% | Measured over full 3‑year period |
FY2025 first‑year performance toward FY2025 PSU goals (context): Net sales achieved 88% of target; ROE achieved 94% of target (TSR measured over full cycle) .
Equity Ownership & Alignment
| Item | Status |
|---|---|
| Beneficial Ownership (as of Sept 12, 2025) | No shares reported for Plaisted; 0 beneficially owned . |
| Outstanding Equity at FY2025 Year‑End | None; “Ms. Plaisted did not have any equity awards outstanding at June 30, 2025.” |
| Stock Ownership Guidelines | Executive officers must hold Company stock equal to 2x salary within 5 years; unearned PSUs and unvested options excluded; pledged shares excluded from compliance . |
| Hedging/Pledging | Directors/officers prohibited from hedging or pledging Company stock, and from holding ETD securities in margin accounts . |
Employment Terms
-
Change‑in‑Control (CIC) Severance Plan (execs other than CEO)
- Double trigger required (CIC plus qualifying termination within two years) .
- Cash: lump sum equal to 1x base salary plus average of prior 3 years’ annual incentive; plus pro‑rated bonus for year of termination .
- Equity: unvested RSUs vest immediately; outstanding PSUs vest at target .
- No tax gross‑ups; cutback to maximize after‑tax value if excise taxes apply .
- Covenants: non‑solicitation, non‑disparagement, confidentiality .
-
Indicative CIC economics for Plaisted (as of June 30, 2025)
| Component | Amount |
|---|---|
| Base Salary | $286,000 |
| Bonus Component (avg prior 3 years) | $31,000 |
| RSUs/PSUs Acceleration | $0 (no outstanding awards) |
Compensation Structure Analysis
- Mix skewed to cash in FY2025: Plaisted received salary plus a $35,000 discretionary bonus; she did not participate in the FY2025 annual incentive plan or long‑term equity programs, and had no outstanding equity at year‑end .
- Program metrics for ETD emphasize revenue growth and profitability (Net Sales, Adjusted Operating Income) in AIP, and Sales growth/ROE plus relative TSR in PSUs, aligning with long‑term value drivers .
- Governance safeguards include robust clawback, anti‑hedging/pledging policy, and stock ownership guidelines (2x salary within five years for executive officers) .
Performance & Track Record (Context)
| Indicator | FY2025 Result |
|---|---|
| Net Sales | $614.6 million |
| Adjusted Operating Margin | 10.2% |
| Cash from Operations | $61.7 million |
| Adjusted Diluted EPS | $2.04 |
| Brand Recognition | Newsweek ranked Ethan Allen America’s #1 Premium Furniture Retailer (third consecutive year, 2025) |
Compensation Peer Group (FY2025)
Arhaus; Bassett Furniture; Flexsteel Industries; Haverty Furniture; HNI; Hooker Furniture; Interface; Kirkland’s; La‑Z‑Boy; MillerKnoll; Purple Innovation; Sleep Number; Steelcase; The Lovesac Co. .
Say‑on‑Pay & Shareholder Feedback
- 2025 Say‑on‑Pay vote: For 19,242,249; Against 1,224,072; Abstain 107,497; Broker non‑votes 2,046,984 .
Compensation Committee
- Chair: John J. Dooner, Jr.; members include David M. Sable and Cynthia Ekberg Tsai .
- No external compensation consultant engaged in FY2025 .
Risk Indicators & Red Flags
- Related‑party transactions: None requiring disclosure since the start of FY2025 .
- Clawback policy in place; no tax gross‑ups for CIC benefits; anti‑hedging/pledging policy; insider trading pre‑clearance required .
- Beneficial ownership: Plaisted reported no ETD share ownership as of 9/12/2025; under stock ownership guidelines, executive officers have 5 years to achieve required holdings (2x salary) .
Investment Implications
- Alignment and selling pressure: With no outstanding equity and no reported share ownership as of 9/12/2025, Plaisted has minimal near‑term insider selling pressure; however, equity alignment is currently limited and should increase as she accumulates holdings under the 5‑year ownership guideline (2x salary) .
- Incentive structure: Because Plaisted did not participate in FY2025 AIP or LTI, her FY2025 pay was largely fixed/discretionary; investors may monitor future inclusion in performance‑based equity to strengthen pay‑for‑performance linkage at the individual level .
- Company performance and brand equity: ETD’s disciplined margin management, strong cash flow, and continued brand leadership (#1 Newsweek ranking) provide constructive backdrop for marketing execution under Plaisted’s remit .