Gary L. Collar

About Gary L. Collar

Gary L. Collar (age 68) is an independent director of Hyster-Yale, Inc., appointed May 8, 2024. He is the retired Senior Vice President and General Manager at AGCO Corporation with 20+ years overseeing global operations, labor and human capital risks across EAME and Asia Pacific & Africa. Collar also serves as a director at Hillenbrand, Inc., bringing diversified industrial governance experience to HY’s board .

Past Roles

External Roles

Board Governance

• Independence: Listed as “Yes” and serves on Audit Review and Compensation & Human Capital Committees; both committees comprise only independent directors under NYSE and SEC rules .
• Committee assignments: Audit Review Committee member (6 meetings in 2024); Compensation & Human Capital Committee member (4 meetings in 2024) .
• Board attendance: The Board met 4 times in 2024; all directors attended at least 75% of Board and committee meetings during their tenure. All directors attended the 2024 annual meeting in person .
• Executive sessions: Independent directors held executive session without management on February 13, 2024 .
• Lead Independent Director: HY does not assign a lead independent director; committee chairs preside at executive sessions depending on subject matter .
• Controlled company context: HY may qualify as a “controlled company” due to Rankin family ownership but elects not to use NYSE governance exemptions; majority of Board is independent; key committees are fully independent with written charters and annual evaluations .

Fixed Compensation

• Program structure: Annual retainer $216,000, of which $145,000 paid in Mandatory Shares; $12,500 per Board committee; chair retainers: $20,000 (Audit), $15,000 (Comp), $10,000 other chairs; paid quarterly. Mandatory Shares are fully vested but subject to long holding restrictions; fractional shares paid in cash. Directors receive company-paid life insurance ($50,000), AD&D (director and spouse), personal excess liability ($10 million), and up to $5,000 in matching charitable gifts .

Performance Compensation

• Hedging/Pledging policy: Officers and directors are prohibited from hedging company-granted equity; pledging of non-restricted shares requires prior approval by the General Counsel. Restricted shares issued for compensatory purposes generally must be held for 10 years, with limited exceptions .

Other Directorships & Interlocks

• Family ties and related parties: HY disclosed family relationships among several directors (e.g., Rankin family, Butler, Williams), but Collar is not identified among related family members, reducing potential conflict risk via familial interlocks .

Expertise & Qualifications

• Global operations leadership in manufacturing; oversight of labor and human capital risks; development and manufacturing across geographies (EAME; APAC & Africa) .
• Governance experience on another public industrial board (Hillenbrand), providing cross-industry oversight capabilities .

Equity Ownership

• Section 16 compliance: HY reports all filing requirements were met in 2024 except one late Form 3 by another executive; no delinquent filings noted for Collar .

Governance Assessment

• Strengths

  • Independent director with relevant manufacturing operations expertise and global human capital oversight experience; seats on Audit and Compensation committees, both fully independent .
  • Mandatory share component and 10-year transfer restrictions support long-term alignment; anti-hedging policy and controlled pledging help mitigate misalignment risk .
  • Board and committee engagement: all directors ≥75% attendance; independent director executive sessions held; full attendance at annual meeting .

• Watch items / potential red flags

  • HY’s “controlled company” context via Class B concentration raises governance risk generally; however, HY voluntarily adheres to NYSE independence standards (mitigating factor) .
  • External directorship at Hillenbrand adds time commitments; no HY-related party transactions disclosed involving Collar, but monitor any future business relationships for conflict potential .
  • No Lead Independent Director, which can dilute independent oversight in some frameworks; HY uses rotating committee chair presiders during executive sessions .

• Overall implication

  • Collar’s committee roles and independence status, combined with equity holding restrictions and anti-hedging policies, are supportive of board effectiveness and investor alignment. The controlled-company backdrop warrants continued monitoring, but HY’s choice to follow full NYSE governance standards and maintain independent key committees is a positive governance signal .