Norman Kroenke
About Norman Kroenke
Norman Kroenke is Executive Vice President, FGI Europe, with 20+ years of industry experience. He previously served over 15 years as EVP of FGI International GmbH & Co. KG (FGI Germany), building a European sales presence for the sanitaryware platform, and earlier was on the management board of Sanitop (Germany’s largest wholesale sanitaryware provider) from 1995–2005 . His age is disclosed as 60 (2023), 61 (2024), and 62 (2025) across successive proxies . Company performance during 2024 included 12.4% revenue growth to $131.8M with operating margin contraction to −1.6% and a net loss of $1.7M; Europe revenue rose 15.9% year-over-year to $13.3M, relevant to his regional remit .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| FGI International GmbH & Co. KG (FGI Germany) | Executive Vice President | 15+ years prior to EVP Europe | Built European sales presence for sanitaryware platform |
| Sanitop (Germany) | Management Board Member | 1995–2005 | Leadership at Germany’s largest wholesale sanitaryware provider |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Sanitop (Germany) | Management Board Member | 1995–2005 | Largest wholesale sanitaryware provider in Germany |
Fixed Compensation
No Kroenke-specific base salary, bonus targets, or perquisites are disclosed in FGI’s proxies; NEO tables cover CEO, Executive Chairman, and U.S. EVP, not EVP Europe .
Performance Compensation
No Kroenke-specific RSU/PSU/option grants or vesting schedules are disclosed. 2024 equity grant mechanics and annual bonus metrics are described for Named Executive Officers only (CEO and Executive Chairman), with 2024 MIB below threshold resulting in no payout for NEOs; these disclosures do not attribute awards or metrics to EVP Europe .
Equity Ownership & Alignment
- Hedging and pledging: Company policy prohibits pledging, short sales, options on company stock, and hedging transactions by directors, officers, and employees (including designees), supporting alignment with shareholders .
- Beneficial ownership: Proxies present ownership for directors and NEOs; Kroenke is not listed in those tables, so total beneficial ownership, pledged shares, or compliance with ownership guidelines are not disclosed for EVP Europe .
Employment Terms
No Kroenke-specific employment agreement, severance terms, change-of-control provisions, non-compete/non-solicit, or clawbacks are disclosed. The 2024–2025 8-K items detail other executives’ transitions and compensation but do not reference EVP Europe .
Performance & Track Record
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue ($USD) | $161.7M | $117.2M | $131.8M |
| Income from Operations ($USD) | $5.09M | $2.30M | $(2.10)M |
| Net Income (Loss) ($USD) | $3.68M | $0.58M | $(1.73)M |
| Operating Margin (%) | 3.1% | 2.0% | −1.6% |
| Europe Revenue ($USD) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Europe | $16,844,015 | $11,477,070 | $13,301,990 |
Notes:
- Europe revenue grew 15.9% YoY in 2024, after declining 31.9% in 2023 vs. 2022; while not directly attributed to Kroenke, this trend is relevant to his regional remit .
Board Governance
Kroenke is not a director; board independence, committee membership, and meeting attendance pertain to directors and committee members (Audit, Compensation, Nominating & Corporate Governance) .
Related Party Transactions & Policies
- Related-party policy requires audit committee review for arm’s-length terms; Foremost’s majority ownership and potential support are disclosed separately in filings .
Investment Implications
- Alignment: Ban on hedging and pledging mitigates misalignment risks; absence of disclosed ownership for EVP Europe limits visibility into skin-in-the-game and potential insider selling pressure .
- Pay for performance and retention signal opacity: Lack of Kroenke-specific compensation/vesting/severance data constrains analysis of incentive alignment and retention risk. The company’s 2024 NEO bonuses paid zero due to below-threshold performance, signaling stricter payout discipline at least for disclosed NEOs; applicability to EVP Europe is not disclosed .
- Execution risk in Europe: After a 2023 downturn, 2024 Europe revenue rebounded (+15.9% YoY) but overall company margins compressed and net loss emerged; sustained European growth and margin recovery are key levers under Kroenke’s regional leadership .
- Trading signals: Without Form 4 visibility for Kroenke and with no disclosed unvested/vested award details, typical signals from insider activity or award cliff vesting are unavailable, reducing near-term predictive power from executive-specific flows in Europe. Beneficial ownership tables exclude EVP Europe, and recent 8-Ks do not mention him .