Robert Leeds
About Robert Leeds
Robert Leeds is Vice Chairman and a long-serving executive and director at Global Industrial Company. He joined the company in 1977, has served as Vice Chairman since April 1995, and has been a director since 1995; he was age 69 in 2025 and has previously led Domestic Operations (until 2005) and the North American Technology Products Group (2013–2015), reflecting deep operating experience in direct marketing and industrial products . Company performance during recent years shows total shareholder return (TSR) rising to 193.31 in 2023 before moderating to 127.05 in 2024; net income moved from $65.4mm (2020) to $103.3mm (2021), then $78.8mm (2022), $70.7mm (2023), and $61.0mm (2024); adjusted operating income tracked at $84.1mm (2020), $88.0mm (2021), $105.2mm (2022), $96.5mm (2023), and $80.5mm (2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Global Industrial Company | Vice Chairman | 1995–present | Long-tenured governance and operating oversight; deep knowledge of direct marketing and industrial products |
| Global Industrial Company | President, Domestic Operations | –2005 | Led domestic operations; contributed to strategy execution in core business |
| Global Industrial Company | Chief Executive, North American Technology Products Group | 2013–2015 | Technology segment leadership; industry experience in computer/technology products |
External Roles
- None disclosed in proxy biographies for Robert Leeds .
Fixed Compensation
Robert Leeds’ compensation is predominantly fixed cash with no bonus or equity awards.
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Salary ($) | 950,000 | 950,000 | 950,000 | 950,000 | 950,000 |
| Bonus ($) | – | – | – | – | – |
| Stock Awards ($) | – | – | – | – | – |
| Option Awards ($) | – | – | – | – | – |
| Non-Equity Incentive ($) | – | – | – | – | – |
| All Other Compensation ($) | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 |
- The company explicitly discloses that Messrs. Richard, Robert and Bruce Leeds do not participate in any non‑equity incentive compensation or equity awards .
Performance Compensation
- Robert Leeds does not participate in the company’s non‑equity incentive plan or receive equity awards (RSUs/PSUs/options); therefore, no performance metrics, weightings, targets, payouts, or vesting schedules apply to him .
Equity Ownership & Alignment
Robert Leeds holds a controlling stake through direct and affiliated ownership vehicles.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Shares of Common Stock | 13,070,886 | 15,733,110 | 16,064,244 | 15,684,244 | 15,684,244 |
| RSUs vesting within 60 days | – | – | – | – | – |
| Options exercisable within 60 days | – | – | – | – | – |
| Ownership % of Common Stock | 35% | 41.49% | 42.26% | 41.08% | 40.89% |
- Composition highlights (2024/2025): includes 1,059,396 shares in the Robert Leeds Declaration of Trust; 1,100,000 shares in the Robert Leeds 2024 GRAT; extensive holdings in family trusts and affiliated partnerships (Aspire Partners L.P., Generation Partners L.P., 2nd Generation Partners LLC) .
- Anti-hedging/anti-pledging policy: The company does not have a policy restricting hedging or pledging of company securities, a potential alignment risk for large holders .
- Stock ownership guidelines: Implemented in 2023—executives at 1x base salary and non-management directors at 1x base cash retainer, five-year phase-in; unvested awards do not count. Robert’s beneficial holdings materially exceed guideline thresholds .
Employment Terms
| Term | Details |
|---|---|
| Employment start date | Joined the Company in 1977 |
| Current role tenure | Vice Chairman since April 1995; Director since 1995 |
| Contract | No employment agreement; at‑will employment |
| Base salary (reference) | 2021 set at $950,000 |
| Severance / Change‑in‑Control | Not disclosed for Robert Leeds; CoC/severance tables cover other NEOs only |
| Non‑compete / Non‑solicit | Not disclosed |
| Clawback | Company adopted clawback compliant with NYSE and Section 10D (2023 onward) |
Board Governance (Service history, committees, independence)
- Director since 1995; Vice Chairman; member of the Executive Committee alongside Richard B. Leeds, Bruce Leeds, and Robert D. Rosenthal (2023 disclosure) .
- Independence: Robert Leeds is classified as non‑independent; the Board maintains a Lead Independent Director (Robert D. Rosenthal) and holds executive sessions of independent directors at least quarterly .
- Committee structure: Standing Audit, Compensation, and Nominating/Corporate Governance Committees composed of independent directors; all Audit Committee members are designated “financial experts” per SEC/NYSE .
- Dual‑role implications: Significant family control (Leeds brothers are executives and directors) raises independence considerations; mitigants include the Lead Independent Director structure and independent committee composition .
Director Compensation (for directors)
- Policy: No director compensation is paid to directors who are also employees (applies to Robert Leeds) .
- Non‑management director framework (context): Annual cash retainer $70,000; RSUs $50,000; Committee chair/member retainers (Audit $20k chair/$10k member; Compensation $10k chair/$5k member; Nominating $10k chair/$5k member); Lead Independent Director retainer $20,000 .
Related Party Transactions (governance red flags)
| Transaction | 2021 | 2022 | 2023 |
|---|---|---|---|
| Lease payments to the Leeds‑owned HQ landlord | $1,007,642 | $1,058,138 | $1,142,789 |
- Stockholders Agreement: Certain members of the Leeds family and related trusts (including Robert Leeds) are party to a stockholders agreement with voting and transfer restrictions, registration rights, and drag‑along provisions; covered shares were ~66.6% (2021), ~66.34% (2022), and ~65.03% (2023) of outstanding .
Company Performance Context (for pay alignment/track record)
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Company TSR (value of $100) | 162.81 | 193.48 | 113.95 | 193.31 | 127.05 |
| Peer Group TSR (S&P Retail Index) | 141.94 | 202.44 | 138.39 | 157.48 | 187.17 |
| Net Income ($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 |
Compensation Structure Analysis (management confidence signals)
- Year‑over‑year mix: Robert’s pay is almost entirely fixed, with no bonus or equity awards across 2019–2023, indicating minimal pay‑for‑performance linkage for him personally .
- Equity program design (context for other NEOs): Options at fair market value; time‑based RSUs vest ratably over 4 years; PSUs cliff‑vest after 3‑year cumulative adjusted operating income performance period; double‑trigger change‑in‑control vesting .
- Anti‑hedging/anti‑pledging: Absence of restrictions permits hedging/pledging, which can weaken alignment—heightened risk given concentrated insider ownership .
Risk Indicators & Red Flags
- No anti‑hedging or anti‑pledging policy .
- Related party HQ lease with Leeds‑controlled landlord; rising payments (2021–2023) .
- Majority control via Stockholders Agreement and family trusts; potential overhang on minority shareholder influence .
- Family relationships among executive directors (Richard, Bruce, Robert Leeds are brothers), impacting board independence profile .
- Minimal variable compensation for Robert—limited direct linkage to performance outcomes .
Employment & Contracts
| Item | Detail |
|---|---|
| Employment Agreement | None; at‑will status |
| Severance Multiple | Not disclosed for Robert; CoC/severance provisions presented for other NEOs |
| Change‑in‑Control Trigger | Company‑wide equity awards use “double‑trigger” provisions (context; not applicable to Robert given lack of equity awards) |
| Clawback & Ownership Guidelines | Clawback adopted (Section 10D), ownership guidelines instituted (executives 1x salary; non‑management directors 1x retainer; 5‑year phase‑in) |
Investment Implications
- Alignment: Robert’s ~41% ownership creates strong economic alignment but, coupled with the absence of anti‑pledging/hedging restrictions and related‑party arrangements, introduces governance and trading‑behavior risk (e.g., potential pledging) .
- Incentives: Lack of variable pay/equity awards for Robert limits direct pay‑for‑performance linkage; equity plan design for other NEOs ties compensation to multi‑year adjusted operating income but does not apply to him .
- Control dynamics: The Stockholders Agreement and family governance roles (Executive Committee) reinforce control, potentially dampening minority influence; mitigants include an active Lead Independent Director and independent committees .
- Trading signals: No scheduled vesting or option expirations for Robert, reducing mechanical selling pressure; monitor Form 4 activity and any pledging disclosures given the non‑restrictive policy environment .