Marc Elliott
About Marc Elliott
Marc G. Elliott is President and Principal Executive Officer of Gencor Industries, Inc. He joined the company in 1988, has served as an executive officer since 1993, and was promoted to President in 2005; he is 60 years old and has been a director since 2007 . Under his tenure, TSR (value of a $100 initial investment) improved from $80.81 in FY2022 to $153.61 in FY2024, while net income moved from a loss of $(372,000) in FY2022 to $14.6 million in FY2024 . Revenue and EBITDA increased year-over-year into FY2024 ($113.2m revenues*, $16.3m EBITDA*) .
Values with * retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Gencor Industries | President (Company) | 2005–present | Executive leadership across the business; PEO responsibility |
| Gencor Industries | Acting Chief Financial Officer | Sep 2010–May 2012 | Stabilized finance leadership; oversight of reporting and controls |
| Gencor Industries | President – Construction Equipment Group | Not disclosed | Led core segment operations and growth initiatives |
| General Combustion Corporation (Gencor subsidiary) | President | Not disclosed | Ran subsidiary; commercial and operational leadership |
| Gencor Industries | Vice President of Marketing | Not disclosed | Drove market positioning and demand generation |
| Gencor Industries | Director of Financial Services | Not disclosed | Managed financial services functions supporting sales |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| National Asphalt Pavement Association | Active participant | Not disclosed | Industry relationships and policy insight |
| Construction Equipment Manufacturer’s Association | Active participant | Not disclosed | Sector collaboration; product/standard input |
| Association of Equipment Manufacturers | Active participant | Not disclosed | OEM ecosystem engagement |
| National Stone Sand & Gravel Association | Active participant | Not disclosed | Aggregates industry connectivity |
| American Road & Transportation Builders Association | Active participant | Not disclosed | Infrastructure advocacy and network building |
Fixed Compensation
| Metric | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| Base Salary ($) | $847,685 | $950,000 | $950,000 |
| Bonus ($) | $250,000 | $0 | $0 |
| Stock Awards ($) | — (no equity plans at this time) | — (no equity plans at this time) | — (no equity plans at this time) |
| Option Awards ($) | — (no outstanding options as of 9/30/23) | — (no outstanding options as of 9/30/23) | — (no outstanding options as of 9/30/23) |
| All Other Compensation ($) | $11,486 (401k + company vehicle) | $9,319 (401k + company vehicle) | $9,319 (401k + company vehicle) |
| Total ($) | $1,109,171 | $959,319 | $959,319 |
Performance Compensation
- The company does not maintain equity-based compensation plans at this time; there were no outstanding stock options as of September 30, 2023 .
- Annual bonus: none paid in FY2023–FY2024; FY2022 included a $250,000 cash bonus (no performance metric disclosure) .
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Bonus (FY2022) | Not disclosed | N/A | N/A | N/A | $250,000 | Cash (no vesting) |
| Equity Awards (RSU/PSU) | None (no plans) | — | — | — | — | — |
| Stock Options | None outstanding (as of 9/30/23) | — | — | — | — | — |
Equity Ownership & Alignment
| As-of Date | Common Shares | % of Common | Class B Shares | % of Class B |
|---|---|---|---|---|
| Jan 29, 2024 | 279,508 | 2.3% | 192,280 | 8.3% |
| Aug 11, 2025 | 269,016 | 2.3% | 192,280 | 8.3% |
- Governance context: Class B stockholders elect 75% of directors; Marc is a Class B-elected director and serves on the Nominating Committee .
- Insider Trading Policy applies to directors and officers; no specific pledging/hedging restrictions disclosed in the proxy excerpts provided .
Employment Terms
- Employment agreements: None; at-will employment. Employment may terminate at any time without severance; executives have executed non-disclosure and non-compete agreements .
- Clawback: Adopted; recovery of performance-based compensation (including equity) received on or after Oct 2, 2023 if financial statements are restated due to errors, omissions, or fraud .
- President not present during deliberations/votes on his own compensation; Compensation Committee independence reinforced .
Board Service History and Roles (Dual-role implications)
- Director since 2007 (Class B); President since 2005; member of the Nominating Committee. The Nominating Committee consists of E.J. Elliott and Marc G. Elliott (both insiders), while independent directors chair the Audit and Compensation Committees .
- Board leadership structure comprises an Executive Chairman (E.J. Elliott), President (PEO), and independent chairs for Audit (Vecchiolla) and Compensation (Coburn). The board states a majority independent composition and that the President is the PEO .
- Director compensation is paid only to non-employee directors; employee directors (such as Marc) are not recipients of director fees .
Pay vs Performance and Operating Results
| Metric | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| PEO Summary Compensation Table Total ($) | $1,109,171 | $959,319 | $959,319 |
| Compensation Actually Paid to PEO ($) | $1,097,685 | $950,000 | $950,000 |
| TSR – Value of $100 Investment ($) | 80.81 | 144.48 | 153.61 |
| Net Income ($) | (372,000) | 14,666,000 | 14,558,000 |
| Operating Metrics | FY2023 | FY2024 |
|---|---|---|
| Revenues ($) | 105,075,000 | 113,166,000 |
| EBITDA ($) | 16,259,000* | 16,289,000* |
| Net Income ($) | 14,666,000 | 14,558,000 |
| Values with * retrieved from S&P Global. |
Compensation Committee Analysis
- Members and Chairs: Compensation Committee members were John G. Coburn (Chair) and Thomas Vecchiolla; Audit Committee Chair is Vecchiolla; President never present during his compensation deliberations .
- Consultant usage: Committee may retain an independent compensation consultant with Board approval; no engagement specifics disclosed .
- Risk oversight: Compensation Committee oversees compensation risk and equity plans; at this time, no equity-based compensation plans are maintained .
Investment Implications
- Pay mix is heavily fixed cash with no ongoing equity grants or disclosed performance metric frameworks, limiting pay-for-performance alignment via LTIs and reducing near-term insider selling pressure tied to vesting schedules .
- Alignment relies on direct ownership across both Common and Class B shares (2.3% of Common; 8.3% of Class B as of 2025), with Class B’s right to elect 75% of directors reinforcing insider governance influence .
- At-will employment with no severance reduces change-of-control liabilities but may elevate retention risk absent long-term incentive structures; clawback adoption adds downside protection for investors in the event of restatements .
- Governance considerations: dual roles (President and director), family leadership (Executive Chairman is Marc’s father), and insiders on the Nominating Committee suggest limited independence in board refreshment—mitigated by independent chairs for Audit and Compensation and explicit exclusion of the President from his pay decisions .