Lisa Armstrong
About Lisa Armstrong
Lisa Armstrong, age 55, was appointed Vice President and Chief Marketing Officer of Global Industrial Company (GIC) in August 2024. She holds an MBA from Cornell University and an HBA from the University of Western Ontario, and previously served as Chief Marketing Officer and Vice President, Global Marketing at Resideo Technologies with prior senior leadership roles at Filtration Group Madison Industries, Pentair, and Honeywell; she has also served on the Board of Directors at Salo LLC and several non‑profit organizations . During her tenure period (beginning August 2024), company pay‑versus‑performance disclosures show Global Industrial’s 2024 TSR value of $127.05 vs. peer group TSR $187.17, Net Income $61.0mm, and Adjusted Operating Income $80.5mm, contextualizing the operating backdrop for the executive team that includes marketing leadership .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Resideo Technologies | Chief Marketing Officer; Vice President, Global Marketing | Not disclosed | Led global marketing for industrial/home technology portfolio |
| Filtration Group Madison Industries | Senior leadership positions | Not disclosed | Commercial and product leadership in filtration solutions |
| Pentair | Senior leadership positions | Not disclosed | Industrial products marketing/operations leadership |
| Honeywell | Senior leadership positions | Not disclosed | Go‑to‑market and product leadership in diversified industrials |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Salo LLC | Director | Not disclosed | Governance and advisory oversight |
| Various non‑profits | Director/Advisor | Not disclosed | Community and leadership engagement |
Company Performance Context (PvP Metrics)
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Global Industrial TSR (Value of $100) | 141.94 | 202.44 | 138.39 | 157.48 | 127.05 |
| Peer Group TSR (Value of $100; S&P Retail Index) | 162.81 | 193.48 | 113.95 | 193.31 | 187.17 |
| Net Income ($mm) | 65.4 | 103.3 | 78.8 | 70.7 | 61.0 |
| Adjusted Operating Income ($mm) | 84.1 | 88.0 | 105.2 | 96.5 | 80.5 |
Fixed Compensation
- Armstrong’s individual base salary, target bonus, and actual bonus are not disclosed in the company’s proxy (she is an executive officer but not a Named Executive Officer (NEO) in 2024/2025 tables) .
- For context, the NEO Compensation Program elements are base salary, annual non‑equity incentive compensation, and annual long‑term equity awards . The target annual non‑equity incentive for NEOs is generally 50% of base salary (excluding noted exceptions) .
- Benefits/perquisites available to executive officers include medical/dental/life/disability, 401(k) with match, ESPP, automobile allowances, severance/change‑in‑control arrangements (by agreement), and paid parental leave; the company does not provide supplemental retirement benefits beyond the 401(k) .
Performance Compensation
| Component | Weighting (%) | Threshold (Payout %) | Target (Payout %) | Maximum (Payout %) | 2024 Actual | 2024 Payout Ratio |
|---|---|---|---|---|---|---|
| Adjusted Operating Income (GAAP-based) | 55 | 42.5 (discretionary reset) | 100 | 175 | 77% of plan (eligibility threshold reset from 80% to 65%) | 42.5 (for NEOs shown) |
| Net Sales Performance (GAAP-based) | 15 | 50 | 100 | 175 | 90% of plan (for NEOs shown) | 75 (for NEOs shown) |
| Non‑Financial Company Performance Metrics | 15 | 50 | 100 | 100 | Customer/Operational/Product/HCM/Strategic implementation assessed; illustrative achievements in 90–95% range for NEOs shown | Not summarized |
| Individual Strategic Objectives | 15 | 40 | 100 | 110 | Assessed at 100–110% for NEOs shown | Not summarized |
Notes:
- In light of leadership transition in 2024, the Compensation Committee exercised discretion to reset the adjusted operating income threshold to 65% from 80% for non‑equity incentive eligibility .
- Armstrong is not listed among the 2024 NEOs; the table reflects the program mechanics and disclosed 2024 outcomes for the NEOs, which inform incentive design applicable to senior executives .
Equity Ownership & Alignment
- Beneficial ownership: Armstrong is not individually listed in the Security Ownership tables, and no specific share/option holdings are disclosed for her; total group ownership and major holders are provided (e.g., Richard B. Leeds 39.29%; all directors and executive officers as a group 64.19%) .
- Stock ownership guidelines: CEO 3x base salary; other executive officers 1x base salary; non‑management directors 1x base cash retainer; unearned/unvested RSUs do not count; five‑year phase‑in period .
- Hedging/pledging: The company does not have an anti‑hedging or anti‑pledging policy for employees (no restrictions disclosed under Item 407(i)(1)) .
- Clawback policy: Adopted per NYSE listing rules and Exchange Act Section 10D; recovery of incentive compensation paid in excess following an accounting restatement .
- Equity Plan structure and vesting:
- Target long‑term equity mix (2024 awards): 50% performance‑based RSUs, 25% stock options, 25% time‑based RSUs (shares determined using fair value, Black‑Scholes for options) .
- PBRSUs: 3‑year cliff vesting based on cumulative adjusted operating income over three years (e.g., 2023 grants vest at 12/31/2025) .
- Time‑based RSUs and stock options: vest ratably over four years (25% annually), subject to continuous employment, with certain exceptions for qualifying terminations .
- Plan capacity: 7,500,000 shares authorized; maximum of 1,500,000 shares per individual per year (or $10,000,000 for cash awards); 6,505,229 shares remained available as of April 10, 2025 .
Employment Terms
- Appointment/start date: Appointed Vice President and Chief Marketing Officer in August 2024; executive officer of the Company since 2024 .
- Employment agreement/severance/change‑in‑control: No individual employment agreement or severance/change‑in‑control terms disclosed for Armstrong; CEO employment agreement terms are disclosed separately and are not applicable to Armstrong .
- Non‑compete/non‑solicit: Not disclosed for Armstrong .
Compensation Committee Analysis and Peer Benchmarking
- Independent consultant: Korn Ferry serves as the Compensation Committee’s independent consultant; determined independent with no conflicts .
- Peer group used for benchmarking (revenues ~$575M–$3B): Alta Equipment Group, Circor International, Distribution Solutions Group, DXP Enterprises, H&E Equipment Services, Hillman Solutions, Kimball International, Lifetime Brands, MRC Global, MSC Industrial Direct, NN, Inc., NOW Inc., Titan Machinery .
Say‑on‑Pay & Shareholder Feedback
- Annual Say‑on‑Pay adopted in 2023; 2024 meeting vote in favor of executive compensation approximately 96.3% .
Risk Indicators & Red Flags
- Absence of anti‑hedging/anti‑pledging policy for employees (potential alignment risk if executives hedge or pledge shares; no restrictions disclosed) .
- Discretionary adjustment to AOI threshold in 2024 due to leadership transition (committee judgment applied; transparency provided) .
- No supplemental executive retirement or non‑qualified deferred comp plans; reduces hidden liabilities .
Equity Grant/Vesting Schedules (Program Mechanics)
| Award Type | Grant Structure | Vesting | Performance Measure |
|---|---|---|---|
| Performance‑based RSUs | Target 50% of equity mix (2024 program) | 3‑year cliff at period end | Cumulative adjusted operating income over 3 years |
| Time‑based RSUs | Target 25% of equity mix (2024 program) | 25% per year over 4 years | N/A (time‑based) |
| Stock Options | Target 25% of equity mix (2024 program) | 25% per year over 4 years; strike = 100% FMV on grant date | N/A (time‑based; market‑linked) |
Investment Implications
- Limited disclosure of Armstrong’s individual pay and holdings constrains direct pay‑for‑performance assessment; however, the company’s incentive architecture for senior executives (heavy weighting to adjusted operating income and net sales with long‑term PBRSUs) suggests alignment of marketing leadership with revenue growth and profitability targets .
- Five‑year stock ownership guidelines (1x salary for executive officers) bolster alignment, but the absence of anti‑hedging/anti‑pledging policy is a governance gap that can weaken retention/alignment signals if executives utilize hedging/pledging strategies .
- Vesting schedules (annual 25% tranches for time‑based awards; PBRSU cliff at 3 years) create predictable potential selling windows and retention hooks; PBRSU performance dependency ties long‑term equity realization to sustained operating execution, which should be influenced materially by commercial leadership in Armstrong’s remit .
- Shareholder support for executive compensation is strong (96.3% in 2024), indicating low immediate governance overhang, but monitoring future disclosures for Armstrong’s individual compensation, ownership, and potential insider transactions will be key for assessing selling pressure and alignment .