Tim Stevenson
About Tim Stevenson
Tim Stevenson (age 58) has served on Friedman Industries’ Board since 2019. He is CEO and Founder of Metal Edge Partners, with prior roles as Managing Director at Cargill Risk Management and North American Lead of Derivatives & Analysis at Cargill, plus experience as an analyst and portfolio manager at hedge funds and a mutual fund firm; he holds the CFA and CTA designations .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cargill Risk Management | Managing Director | Not disclosed | Metals price risk management experience |
| Cargill, Inc. | North American Lead, Derivatives & Analysis | Not disclosed | Steel derivatives trading and M&A team exposure |
| Hedge funds and mutual fund company | Analyst and Portfolio Manager | Not disclosed | Finance/investing experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Metal Edge Partners | Chief Executive Officer and Founder | Not disclosed | Metals price risk management and strategic advisory services |
Board Governance
- Independence: Board determined all nominees except CEO Mike Taylor are independent; committees consist solely of independent directors .
- Committee assignments:
- Audit Committee: Member (Chair: Sharon Taylor; other members: Max Reichenthal, Tim Stevenson). Met 4 times in FY2025 .
- Compensation Committee: Member (Chair: Max Reichenthal; members: Sandy Scott, Sharon Taylor, Tim Stevenson). Met 6 times in FY2025; formal charter adopted and attached as Appendix B .
- Nominating Committee: Member (Chair: Sandy Scott; members: Sharon Taylor, Max Reichenthal, Tim Stevenson, Joe L. Williams). Met 3 times in FY2025 .
- Attendance: No director attended fewer than 75% of the combined Board and committee meetings in FY2025; Board met 5 times. Annual Meeting attendance in 2024 included six of seven directors .
- Executive sessions: Independent directors meet at least annually without management; Mr. Williams presides .
- Leadership structure: CEO also serves as Chair; no lead independent director designated .
Board and Committee Activity (Meetings)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Board meetings | 4 | 5 |
| Audit Committee meetings | 5 | 4 |
| Compensation Committee meetings | 3 | 6 |
| Nominating Committee meetings | 1 | 3 |
Shareholder Votes (2025 Annual Meeting)
| Item | Result/Detail |
|---|---|
| Director election – Tim Stevenson | For: 3,383,604; Withheld: 122,755 |
| Say-on-pay (NEO compensation) | For: 3,363,395; Against: 82,140; Abstain: 60,822 |
| Say-on-pay frequency | 1 Year: 2,960,270; 2 Years: 9,443; 3 Years: 529,211; Abstain: 8,526 |
| Auditor ratification (Baker Tilly US, LLP) | For: 5,140,194; Against: 69,423; Abstain: 5,183 |
| 2025 Long-Term Incentive Plan | For: 3,347,167; Against: 142,507; Abstain: 15,590 |
Fixed Compensation
| Component | FY2024 | FY2025 |
|---|---|---|
| Fees Earned or Paid in Cash ($) | 45,000 | 45,000 |
| All Other Compensation ($) | 10,000 | 10,000 |
| Total ($) | 55,000 | 55,000 |
Directors were paid $9,000 per quarter, with Audit Committee members receiving an additional $2,250 per quarter; Stevenson’s cash total ($45,000) is consistent with base plus Audit Committee stipend. Mr. Taylor (CEO) receives no director fees .
Performance Compensation
| Metric/Instrument | FY2024 | FY2025 |
|---|---|---|
| Equity instrument | Restricted stock awards (director) | Restricted stock awards (director) |
| Grant-date fair value ($) | 10,000 | 10,000 |
| Vesting/performance metrics | Not disclosed | Not disclosed |
The 2025 Long-Term Incentive Plan authorizes ISOs, NQSOs, SARs, Restricted Stock, RSUs, Other Stock-Based and Cash-Based awards, with a $550,000 share authorization and a $100,000 annual grant-date fair value cap per Non-Employee Director; minimum vesting generally 1 year, with limited exceptions .
Other Directorships & Interlocks
| Company | Type | Role | Committee Roles | Potential Interlock |
|---|---|---|---|---|
| None disclosed | — | — | — | None disclosed |
Expertise & Qualifications
- CFA and CTA; metals risk management and derivatives; prior steel service center trading and M&A; investment management background (hedge funds/mutual fund firm) .
Equity Ownership
| Metric | As of July 25, 2024 | As of July 28, 2025 |
|---|---|---|
| Beneficial ownership (shares) | 26,504 | 28,675 |
| Ownership % of shares outstanding | <1% | <1% |
| Pledged/hedged shares | Not disclosed | Not disclosed |
Section 16(a) compliance: Company reports required filings were satisfied for FY2024 and FY2025 .
Governance Assessment
- Strengths: Multiple committee memberships (Audit, Compensation, Nominating) indicate deep engagement; Board and committee attendance met thresholds; high shareholder support for say-on-pay and LTIP approval; committee composition remains fully independent; formal Compensation Committee charter adopted in 2025 (a governance enhancement) .
- Alignment: Director pay mix blends cash fees with annual restricted stock awards; Stevenson’s beneficial ownership is modest but positive (28,675 shares as of 2025); director equity awards promote alignment, bounded by a $100,000 annual cap for Non-Employee Directors .
- Risks/RED FLAGS: Combined CEO/Chair and absence of a lead independent director reduce counterbalancing oversight; consider monitoring for any related-party ties to Metal Edge Partners—none disclosed to date. No attendance, related-party, or pay anomalies identified for Stevenson .
- Related-party summary: FY2025 recorded sales to Piping Technology (Agrawal); FY2024 significant purchases from Metal One (no longer 5% holder post buyback). No related-party transactions involving Stevenson disclosed; Audit Committee maintains review policies .
Overall, Stevenson appears to be an engaged, independent director with relevant risk-management and metals industry expertise; governance caution centers on Board leadership structure rather than his individual role .