Eric Cribbs
EAGLE MATERIALSAbout Eric Cribbs
Eric Cribbs is President of American Gypsum Company LLC at Eagle Materials (EXP), age 53, serving in this role since June 2023 after leading multiple operating roles across Concrete & Aggregates, Safety, Logistics, and Procurement since 2018 . Under his tenure, American Gypsum EBITDA grew to $379.9M in FY2025 from $363.0M in FY2024 (+4.7% YoY), supporting divisional incentive funding and payouts . Company-level returns remained strong with ROE of 33.5% in FY2025 and record revenue of ~$2.3B; FY2024 similarly delivered record revenue and ~86% TSR for the fiscal year, indicating a favorable backdrop for incentive plans tied to ROE and earnings performance .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Eagle Materials | President – American Gypsum | Jun 2023 – present | Drove safety culture, secured reserves and capacity expansion; earned 95% of divisional bonus potential in FY2025 based on performance . |
| Eagle Materials | EVP, Concrete & Aggregates; Advanced Cementitious Materials; Logistics; Procurement & Materials | Jan 2021 – Jun 2023 | Oversight of multi-unit operations and supply chain . |
| Eagle Materials | VP, Concrete & Aggregates; Safety; Logistics; Procurement & Materials | Jan 2020 – Jan 2021 | Safety, logistics, and procurement leadership . |
| Eagle Materials | VP, Concrete & Aggregates | Nov 2018 – Jan 2020 | Operations leadership; laid groundwork for divisional growth . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No external directorships or interlocks disclosed . |
Fixed Compensation
| Metric | FY2024 | FY2025 |
|---|---|---|
| Base salary ($) | 346,286 | 401,692 (16% increase) |
| Annual incentive plan (AIP) design | American Gypsum divisional pool funded at 2.0% of divisional EBITDA; payout subject to individual performance and caps; no payout if EBITDA <50% of budget | Same structure; divisional pool funded at 2.0% of divisional EBITDA; threshold/budget gate and caps |
| Individual pool share / cap | 6.36% of divisional pool; cap $450,000 | 6.5% of divisional pool; cap $450,000 |
| Actual AIP paid ($) | 443,260 (96% of potential, capped) | 427,500 (95% of potential, capped) |
Performance Compensation
Annual incentive – structure and FY outcomes
- Funding: American Gypsum AIP pool = 2.0% of divisional EBITDA; 0 payout if EBITDA <50% of budget; individual payouts capped (2x salary or fixed dollar cap) .
- Goal framework: Participants assessed on goals split 50% objective, 10% budget attainment, 40% overall performance; committee applies negative discretion .
- FY2025 divisional metrics: American Gypsum EBITDA $379,940,278 → pool $7,598,806; Mr. Cribbs awarded 95% of potential; payout $427,500 for safety culture, reserves, and capacity expansion .
- FY2024 divisional metrics: American Gypsum EBITDA $362,994,238 → pool $7,259,885; Mr. Cribbs awarded 96% of potential; payout $443,260 for safety, engineering flexibility/capacity, succession planning .
Long-term incentive – design and grants
| Grant year | Instrument | Grant date | Target shares | Vesting/Performance | Notes |
|---|---|---|---|---|---|
| FY2025 | PSUs | May 24, 2024 | 1,364 | 3-year performance (FY2025–FY2027) on Average ROE with absolute TSR modifier: Threshold 10% ROE=50% payout; Target 15%=100%; Max >20%=150%; TSR modifier: 1.33x if Avg Absolute TSR >12%, cap 100% if TSR <0%; max vesting 200% of target . | Double-trigger CIC per 2023 Plan . |
| FY2025 | RSUs | May 24, 2024 | 1,364 | Time-vest: 1/3 on May 24, 2025; remainder on Mar 31, 2026 and Mar 31, 2027 (continued service) . | Double-trigger CIC per 2023 Plan . |
| FY2024 | Perf. Restricted Stock | May 23, 2023 | 1,500 | 1-year, 2-year, 3-year ROE tranches (25% / 25% / 50% target); performance earned shares vest upon certification . | 1-year tranche earned at 120% (FY2024 avg ROE 38.3%); two-year tranche certified at 120% in May 2025 . |
| FY2024 | Time-vesting Restricted Stock | May 23, 2023 | 1,500 | Vests ratably on Mar 31 of 2024, 2025, 2026 (continued service) . | CIC provisions under 2013 Plan (if not assumed) . |
PSU performance grid (applies to FY2025 awards)
| Performance level | Average ROE | Payout as % of target | Average absolute TSR | TSR modifier | Final vesting cap |
|---|---|---|---|---|---|
| Threshold | 10.0% | 50% | 0.0% | 1.00x | — |
| Target | 15.0% | 100% | 8.0% | 1.00x | — |
| Maximum | >20.0% | 150% | >12.0% | 1.33x | 200% max; if TSR <0%, cap 100% even if ROE > target . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 12,536 shares of EXP common stock (includes shares acquirable within 60 days under SEC rules) . |
| Stock ownership guidelines | 3x salary requirement; all NEOs, including Mr. Cribbs, in compliance as of record date . |
| Hedging/pledging | Prohibited: no hedging, no pledging or margin accounts under insider trading policy . |
| 2025 vesting/exercises | 2,819 shares vested; 1,401 options exercised (value realized $303,863) in FY2025 . |
| Outstanding equity at FY2025 | Performance-based restricted stock (2012–2023 cycles) and time-vesting restricted stock remain outstanding; FY2024 PSUs shown at maximum (200% of target) 2,728; FY2024 RSUs 1,364; FY2023 time-vest 500 remain; FY2023 three-year perf 900 remain; FY2023 two-year perf 450 remain . |
| Upcoming vesting supply (indicative) | RSUs from FY2024 (Mar 31, 2026 & Mar 31, 2027), remaining FY2023 time-vest (Mar 31, 2026), and PSUs ending FY2027 (subject to performance); mitigated by no-pledging and pre-clearance windows . |
Employment Terms
- Employment agreement: Company discloses it does not have employment agreements currently in effect with executives; no individual employment contract for Mr. Cribbs is disclosed .
- CIC/severance: Change-in-control continuity agreements cover CEO, CFO, and General Counsel (Haack, Kesler, Newby); Mr. Cribbs is not a party to a CIC continuity agreement .
- Equity treatment on CIC: 2023 Plan provides double-trigger vesting (awards must be assumed or substitute awards; acceleration if terminated without cause within 2 years post-CIC or if not assumed); 2013 Plan provides acceleration if awards are not assumed/replaced in a CIC .
- Death/disability and life insurance: Executive Life Insurance Plan provides basic life insurance coverage up to $2,000,000; death/disability also accelerates unvested equity per tables .
- Clawbacks: Two policies—a SEC/NYSE-compliant recoupment policy and a supplemental discretionary clawback covering incentive-based compensation .
- Insider trading controls: Restricted periods and pre-clearance for insiders; hedging/pledging prohibited .
Performance & Track Record
| Metric | FY2024 | FY2025 | Commentary |
|---|---|---|---|
| American Gypsum EBITDA ($) | 362,994,238 | 379,940,278 | +4.7% YoY; supports divisional pool growth and near-target AIP payouts. |
| Divisional AIP pool ($) | 7,259,885 | 7,598,806 | Pool = 2.0% of divisional EBITDA both years. |
| Mr. Cribbs AIP % of potential | 96% | 95% | Driven by safety culture, capacity/reserve initiatives, and divisional execution. |
| Company ROE (%) | 38.3 | 33.5 | Maintained high returns; core metric for PSUs. |
| Company revenue ($) | ~$2.3B (record) | ~$2.3B (record) | Stable record revenues across both years. |
| Company TSR (FY) | ~86% for fiscal year | — | 2024 TSR strength buoyed equity-linked compensation. |
Compensation Structure Analysis
- Mix and leverage: Significant at-risk pay via divisional EBITDA-based cash incentives and equity vehicles; Mr. Cribbs earned 95–96% of AIP potential in FY2025/FY2024, aligned with divisional outcomes .
- Shift toward PSUs: FY2025 transitioned to PSU/RSU mix under the 2023 Plan with a 3-year ROE metric and absolute TSR modifier; prior-year performance shares used multi-period ROE without an explicit TSR modifier—raising performance linkage and multi-year retention .
- Increased long-term opportunity: Target long-term equity value rose from $500,000 (FY2024) to $650,000 (FY2025), aligning with broader program enhancements and retention goals .
- Governance controls: Double-trigger CIC for 2023 awards, robust clawbacks, ownership guidelines, and hedging/pledging prohibitions reduce risk and align with shareholder-friendly practices .
Say-on-Pay & Shareholder Feedback
- Say-on-pay approvals: Strong support—97.7% approval at 2024 annual meeting, reflecting positive shareholder reception of the compensation program .
- Program evolution: Committee added multi-year PSU performance with a TSR modifier and double-trigger CIC for 2025 awards in response to ongoing reviews and feedback .
Investment Implications
- Alignment and incentives: Mr. Cribbs’ pay is tightly linked to divisional EBITDA and multi-year ROE/TSR outcomes, with demonstrated AIP outcomes closely tracking American Gypsum performance—supportive of pay-for-performance and operating focus .
- Retention risk: Unlike the CEO/CFO/GC, Mr. Cribbs lacks a CIC continuity agreement—he relies on equity acceleration provisions (subject to plan terms), which can heighten retention risk in a change-in-control scenario, though meaningful unvested equity and enhanced FY2025 LTI help offset this risk .
- Supply/overhang watch: Upcoming vesting from FY2023 time-vest shares and FY2024 RSUs (through Mar 31, 2026–2027), plus PSU certification in 2027, could create episodic insider selling windows; mitigated by no-hedge/no-pledge policy and pre-clearance .
- Governance quality: Strong controls (double-trigger CIC for 2023 Plan awards, robust clawbacks, ownership guidelines) and high say-on-pay support reduce governance red flags and support long-term investor alignment .
Key takeaway: Cribbs’ incentives are well aligned with divisional and corporate value creation (EBITDA, ROE, TSR). Retention risk primarily centers on the absence of a CIC continuity agreement, partially mitigated by larger, performance-weighted equity and double-trigger CIC protection on 2023 Plan awards. Near-term vesting cadence is manageable under strict insider policies.
All data are sourced from Eagle Materials’ definitive proxy statements unless noted.