Brad Wheeler
Installed Building ProductsAbout Brad Wheeler
Brad A. Wheeler is Chief Operating Officer at Installed Building Products (IBP), appointed effective January 1, 2024, after serving as Regional President since 2015 and joining IBP in 2010 as Regional Manager; he attended Radford University and is a long-standing member of Vistage International CEO Organization . He is age 50 as disclosed in IBP’s 2025 proxy . Under his early COO tenure, IBP reported record Q3 2024 results with revenue of $760.6 million and Adjusted EBITDA of $132.3 million, evidencing strong operational execution in a mixed macro backdrop . IBP’s 2024 NEO incentives were tied to an Adjusted EBITDA target, which came in at 95.96% of the adjusted goal (actual $511.4 million vs adjusted target $532.9 million), shaping Wheeler’s cash and equity payouts .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Installed Building Products (IBP) | Chief Operating Officer | 2024–present | Succeeds a 20-year COO predecessor; oversees multi-state operations and Alpha heavy commercial integration . |
| IBP | Regional President | 2015–2024 | Led operations across CO, TX, FL, GA; scaled regional performance and capabilities . |
| IBP | Regional Manager | 2010–2014 | Managed multi-state operations; foundation for later leadership roles . |
| Alpha family of companies (IBP heavy commercial) | President | 2022–present | Expanded oversight to heavy commercial waterproofing/insulation/fireproofing; integration leadership . |
| Masco Contractor Services | District/Branch Manager | 2001–2010 | Operational leadership in large-scale installer; industry best practices . |
| Cary Corporation (acquired by Masco Contractor Services) | Various roles | 1996–2001 | Early-career operations experience; progression into managerial roles . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Vistage International CEO Organization | Member | 2011–present | Executive peer advisory membership; professional development/network . |
Fixed Compensation
| Year | Base Salary ($) | Target Cash Bonus ($) | Threshold (% of Target) | Maximum (% of Target) | Actual Cash Bonus ($) |
|---|---|---|---|---|---|
| 2024 | 485,000 | 450,000 | 50% | 200% | 431,820 |
| 2025 | — | 450,000 | 50% | 200% | — |
Notes:
- 2024 base salary levels were set as of December 31, 2024; increases effective April 1, 2024 .
- Thresholds and caps apply equally to cash and equity incentives and are subject to clawback .
Performance Compensation
| Incentive Type | Metric | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Cash (2024) | Adjusted EBITDA | $525.8m initial; adjusted to $532.9m | $511.4m (95.96% of target) | $431,820 | Cash paid, subject to clawback . |
| Restricted Stock (2024 annual program) | Adjusted EBITDA | Target shares: 4,855; grant-date value $999,936 (@ $205.96) | Earned shares: 4,659; payout value $796,618 (@ $170.99) | 4,659 earned shares; $796,618 fair value | Vests in equal installments on April 20, 2026 and April 20, 2027 . |
| Restricted Stock (2025 annual target) | Adjusted EBITDA | Target shares: 6,433; grant-date value $1,100,000 (@ $170.99) | — | — | If earned, vests April 20, 2027 and April 20, 2028 . |
| Restricted Stock (individual performance) | Discretionary | — | — | 584 shares granted Feb 25, 2025 | Vests in entirety April 20, 2028 . |
| Five-Year Performance Share Plan (Component 1) | Revenue and Adjusted EBITDA (each 50% weight) | $500,000 potential payout if ≥90% targets met; no proration above target | — | — | Earned within 2025–2029; vesting mechanics per plan . |
| Five-Year Performance Share Plan (Component 2) | Adjusted G&A as % of revenue | $150,000/year potential if ≤105% target; 2025 target set by CHC | — | — | Shares earned annually, but vest April 20, 2030 . |
Program design notes:
- Equity awards are fixed-share targets (not dollar-denominated), with earned outcomes based on annual Adjusted EBITDA and subsequent two-year time vesting to encourage retention .
- Cash and equity awards have identical threshold (50%) and cap (200%) and are subject to recoupment policies .
Equity Ownership & Alignment
| Category | Value | Notes |
|---|---|---|
| Beneficial ownership (as of 3/25/2025) | 11,922 shares | Listed in Stock Ownership Table; address c/o IBP . |
| Shares outstanding basis | 27,610,885 shares | Company outstanding share count used for % calc . |
| Ownership as % of shares outstanding | ~0.043% (11,922 ÷ 27,610,885) | Derived from table values . |
| Unvested/earned equity outstanding | 4,659 earned unvested shares from 2024 program | Vests 4/20/2026 and 4/20/2027 . |
| Additional awards (future) | 584 shares (discretionary) | Vests 4/20/2028 . |
| 2025 annual target equity | 6,433 target shares | If earned, vests 2027 & 2028 . |
| Five-Year Plan eligibility | Yes (Components 1 & 2) | Component 2 vesting deferred to 4/20/2030 . |
| Stock ownership guidelines | COO: 3× base salary | Executives have 5 years to meet requirement; restrictions apply if not compliant . |
| Hedging/pledging policy | Hedging and pledging prohibited; Board exception only for CEO | Executives must trade only in open windows with pre-clearance . |
| Options | None disclosed | IBP focuses on performance-based restricted stock; no options granted in 2023 . |
Employment Terms
| Term | Status | Source |
|---|---|---|
| Employment agreement | At-will; no written agreement for Wheeler | |
| Severance/change-in-control | No severance or CIC arrangements for NEOs other than CEO; committee may accelerate vesting at discretion in certain cases | |
| Non-compete/confidentiality | Company has non-compete agreements with NEOs; confidentiality provisions included | |
| Clawback/recoupment | Mandatory recoupment upon restatement; discretionary in cases of gross negligence/intentional misconduct | |
| Insider trading controls | Strict window and pre-clearance for directors/officers/employees; prohibits short sales, hedging, pledging (CEO exception) | |
| Perquisites (2024) | 401(k) match $3,558; mobile phone $817; total “All Other Compensation” $4,375 |
Say-on-Pay & Governance Signals
- 2024 say-on-pay support exceeded 96%, indicating strong shareholder endorsement of pay design and alignment .
- Robust governance policies: majority vote standard for directors, clawbacks, ownership requirements, and hedging/pledging prohibitions (CEO-only exception) .
Investment Implications
- Pay-for-performance alignment: Wheeler’s 2024 cash and equity payouts were formulaically tied to Adjusted EBITDA (earned at ~96% of target), with two-year vesting on equity creating near-term retention incentives and defined potential selling windows (April 2026/2027, 2028, and 2030 for Five-Year Plan) .
- Insider pressure outlook: With 4,659 earned but unvested shares plus future vest dates (2027/2028/2030), monitor Form 4 filings around vest and window openings for any sales; IBP’s strict hedging/pledging prohibitions mitigate alignment risks .
- Ownership alignment: Wheeler’s direct beneficial ownership (11,922 shares, ~0.043%) plus unvested awards and a COO guideline of 3× salary (five-year compliance runway) indicate growing alignment, though current percentage ownership is modest relative to float .
- Retention and change-in-control: Absence of individual severance/CIC protections for Wheeler places more emphasis on equity vesting as the retention lever; board retains flexibility on acceleration under the omnibus plan in a transaction .
- Execution track record: Career progression from Masco/Cary to IBP regional leadership and Alpha heavy commercial responsibility supports operational depth; company-level results remained strong during his early tenure (record Q3 2024) .