Manoj Shetty
About Manoj Shetty
Senior Vice President and Chief Information Officer (CIO) of Global Industrial Company since August 2014; joined the company in 2000 after prior IT roles at Mercator (acquired by IBM) and in manufacturing; BE in Engineering from SJCE Mysore; age 64 . Company pay-versus-performance metrics used to align NEO compensation include Net Sales, Gross Profit, Gross Margin, and Adjusted Operating Income; recent company performance has been mixed with TSR at $127 on a $100 base by 2024, Net Income of $61mm, and Adjusted Operating Income (AOI) of $80.5mm .
Company Performance Snapshot (PvP, $100 initial investment baseline, and financials)
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Global Industrial TSR (value of $100) | 162.81 | 193.48 | 113.95 | 193.31 | 127.05 |
| Peer Group TSR (value of $100) | 141.94 | 202.44 | 138.39 | 157.48 | 187.17 |
| Net Income ($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 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Global Industrial Company | SVP & CIO | 2014–present | Executive IT leadership; oversees information technology |
| Global Industrial Company | Various IT roles | 2000–2014 | Progressive technology roles supporting company operations |
| Mercator (acquired by IBM) | IT professional | Not disclosed | Enterprise integration/IT experience |
| Manufacturing sector | IT roles | Not disclosed | Industry operational technology experience |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed in proxy | — | — | — |
Fixed Compensation
- At-will employment; 2025 base salary set at $549,202 .
Summary Compensation (NEO SCT)
| Component ($) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary | 525,300 | 535,800 | 549,202 |
| Bonus | – | – | – |
| Stock Awards (grant-date fair value) | 98,500 | 200,900 | 807,775 |
| Option Awards (grant-date fair value) | 98,500 | 66,968 | 82,386 |
| Non-Equity Incentive Compensation | 257,225 | 166,288 | 173,342 |
| All Other Compensation (incl. auto allowance) | 43,612 | 34,486 | 38,650 |
| Total | 1,023,137 | 1,004,442 | 1,651,235 |
2025 Base Salary Setting
| Year | Base Salary ($) |
|---|---|
| 2025 | 549,202 |
Performance Compensation
- Program structure emphasizes AOI and Net Sales with capped payouts; stock ownership guidelines and clawback policy in place .
2024 Annual Incentive Scorecard (Manoj Shetty)
| Item | Detail |
|---|---|
| Target ($) | 274,602 |
| Cap (%) | 154% |
| Metric Weights | AOI 55%; Net Sales 15%; Customer 3%; Operational 3%; Product Merchandising 3%; Human Capital 3%; Strategic Plan 3%; Individual Objectives 15% |
| Actuals | AOI 77% (payout ratio 42.5); Net Sales 90% (payout ratio 75); Customer 93%; Operational 95%; Product Merchandising 90%; Human Capital 95%; Strategic Plan 75%; Individual Objectives 100% |
| Weighted Eligible % | 63.1% |
| Actual Payout ($) | 173,342 |
Equity Grants in 2024
| Grant Type | Grant Date | Shares/Options (#) | Exercise Price ($) | Grant-Date Fair Value ($) |
|---|---|---|---|---|
| Annual RSUs | 2024 (SCT) | 21,955 | — | Included in $807,775 Stock Awards |
| Annual Options | 2/28/2024 | 4,984 | 43.83 | $82,386 |
| Special Time-based RSUs | 8/27/2024 | 16,316 | — | Included in 2024 Stock Awards; market value $404,474 at 12/31/24 |
2024 Option Exercises and RSU Vests
| Item | 2024 Activity |
|---|---|
| Options Exercised (# / $) | 0 / $0 |
| RSUs Vested (# / $) | 578 / $26,652 |
Equity Ownership & Alignment
- Beneficial ownership and exercisable options remain <1% of outstanding shares; stock ownership guidelines require 1x base salary for executives; no anti-hedging or anti-pledging policy (red flag) .
Security Ownership (as of proxy)
| Item | Amount |
|---|---|
| Common Shares Owned | 11,423 |
| RSUs Vesting within 60 Days | – |
| Options Exercisable or Becoming Exercisable within 60 Days | 49,709 |
| Percent of Shares Outstanding | <1% |
| Stock Ownership Guidelines (Execs) | 1x base salary; 5-year phase-in; unvested RSUs do not count |
| Anti-Hedging / Anti-Pledging Policy | Company has no policy restricting hedging or pledging |
Outstanding Equity Awards (12/31/2024)
| Award | Status | Strike ($) | Expiration | Unvested/Unexercisable (#) | Market Value ($) |
|---|---|---|---|---|---|
| Options | 24,250 exercisable | 23.72 | 01/17/2029 | — | — |
| Options | 10,174 exercisable | 23.65 | 02/10/2030 | — | — |
| Options | 4,068 exercisable / 1,355 unexercisable | 44.17 | 02/21/2031 | — | — |
| Options | 3,768 exercisable / 3,768 unexercisable | 32.59 | 02/13/2032 | — | — |
| Options | 1,482 exercisable / 4,445 unexercisable | 28.99 | 02/21/2033 | — | — |
| Options | 4,984 unexercisable (2024) | 43.83 | 02/28/2034 | — | — |
| RSUs (Perf 2020–2024) | 1,208 unvested | — | Through 2024 | 1,208 | 29,946 |
| RSUs (Perf 2021–2025) | 2,160 unvested | — | Through 2025 | 2,160 | 53,546 |
| RSUs (Perf 2023–2025, cliff) | 4,620 unvested | — | 12/31/2025 | 4,620 | 75,411 |
| RSUs (Perf 2024–2026, cliff) | 3,759 unvested | — | 12/31/2026 | 3,759 | 93,186 |
| RSUs (Time-based, 2023 grant) | 1,732 unvested | — | 25%/yr | 1,732 | 42,936 |
| RSUs (Time-based, 2024 grant) | 1,880 unvested | — | 25%/yr | 1,880 | 46,605 |
| RSUs (Special 8/27/2024) | 16,316 unvested | — | 25%/yr | 16,316 | 404,474 |
Vesting mechanics:
- Performance-based RSUs granted in 2023 cliff-vest 12/31/2025 on cumulative AOI; 2024 grant cliff-vest 12/31/2026 on cumulative AOI .
- Time-based RSUs generally vest 25% annually over four years; options vest 25% annually with 10-year term .
Employment Terms
| Term | Detail |
|---|---|
| Employment Agreement | None; at-will |
| 2025 Base Salary | $549,202 |
| Annual Cash Incentive | Per Senior Executive Compensation Plan; 2024 target $274,602; cap 154% |
| Severance (Standalone CIC or without cause/Good Reason) | No cash severance disclosed for Shetty; equity acceleration upon death/total disability valued at $785,223; same value upon termination within six months post-CIC (performance RSUs at target) |
| Option Treatment Post-CIC | Immediate vesting of unvested options; exercisable not less than 90 days post-termination |
| Clawback Policy | NYSE/Exchange Act §10D compliant; recovery of excess incentive comp upon accounting restatement |
| Hedging/Pledging | No anti-hedging or anti-pledging policy in place |
| Benefits/Perquisites | Medical/dental/life/disability; 401(k) with company match; ESPP; auto allowance; paid parental leave; no supplemental retirement or non-qualified deferred comp |
Investment Implications
- Pay-for-performance alignment: 2024 incentive weighting skews heavily to AOI (55%) and Net Sales (15%), producing a 63.1% eligible payout and $173,342 actual cash award; equity grants continue to be meaningful, with cliff-vesting performance RSUs tied to multi-year AOI (2025, 2026) .
- Upcoming vesting/selling pressure: Material unvested RSU tranches cliff-vest on 12/31/2025 (4,620 shares) and 12/31/2026 (3,759 shares), plus sizable time-based RSUs including a 16,316 special grant from 8/27/2024; these may create supply around vest dates absent 10b5-1 plan constraints .
- Ownership alignment and risk: Shetty’s direct ownership is <1% with 11,423 shares and 49,709 options exercisable within 60 days; while stock ownership guidelines require 1x salary over five years, the absence of anti-hedging/anti-pledging restrictions weakens alignment safeguards vs peers that prohibit such practices .
- Change-in-control economics: No disclosed cash severance for Shetty; equity accelerates at target for recent performance RSUs and options vest with at least 90-day post-termination exercise window—moderate CIC protection without cash windfall .
- Governance context: Strong shareholder support for executive pay (96.3% Say-on-Pay approval in 2024) and independent compensation committee with an independent consultant; focus on AOI/Net Sales as most important measures .