Jeff Hire
Installed Building ProductsAbout Jeff Hire
W. Jeffrey Hire, age 73, is IBP’s President of External Affairs (since 2013) and joined the Company in 2008 after a 30-year career at Owens Corning; he holds a B.S. in Philosophy (Mount Union) and an MBA (University of St. Thomas – Opus College of Business) . His remit covers national homebuilder relationships, major insulation suppliers, and industry associations; he has served on the board of the Insulation Contractors Association of America (ICAA), twice as its President, chaired NAIMA committees, and received ICAA’s “Key Man” award . IBP delivered strong 2024 performance with net revenue of $2.9B, net income of $256.6M, diluted EPS $9.10, and Adjusted EBITDA $511.4M, while IBP’s cumulative TSR from 2019–2024 was ~$271 vs ~$225 for its peer index, underscoring multi‑year value creation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Owens Corning | Director of Products & Programs, Insulating Systems Business | 2006–2008 | Led product innovations and value‑added customer programs |
| Owens Corning | General Manager, Insulation Contractor Segment | ~1995–2006 (11 years) | Ran contractor segment of Residential Insulation, shaping industry/channel execution |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Insulation Contractors Association of America (ICAA) | Board member; President (two terms) | Various | Received ICAA “Key Man” award; industry leadership |
| North American Insulation Manufacturers Association (NAIMA) | Committee Chairman | Various | Standards and advocacy contribution |
Fixed Compensation
Multi‑year compensation (as reported):
| Metric ($) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary | 393,365 | 414,615 | 441,923 |
| Stock Awards (grant‑date fair value) | 225,217 | 266,418 | 274,957 |
| Non‑Equity Incentive (cash) | 168,900 | 213,200 | 215,910 |
| All Other Compensation | 31,511 | 31,914 | 32,465 |
| Total | 818,994 | 926,147 | 965,255 |
Key updates:
- Base salary increased 7.1% to $450,000 effective April 1, 2024; unchanged at $450,000 for 2025 .
- Perquisites are limited (car/insurance, parking, 401(k) match, mobile phone) totaling $32,465 in 2024 .
Performance Compensation
2024 short‑ and long‑term incentives are fully tied to IBP Adjusted EBITDA with symmetric thresholds/caps and two‑year equity vesting.
| Element | Metric | Target | Actual | Payout/Fair Value | Vesting |
|---|---|---|---|---|---|
| Annual Cash Incentive | Adjusted EBITDA | Final target: $532.9M (adjusted for acquisitions) | $511.4M (95.96% of target) | $215,910 cash earned (Hire) | Paid after certification |
| Performance‑Based Restricted Stock (2024 cycle) | Adjusted EBITDA | Target shares: 1,335 | Earned shares: 1,281 | $219,049 earned value at $170.99 close (2/25/2025) | Vests 50% on 4/20/2026 and 50% on 4/20/2027 (subject to service) |
2025 incentive targets (granted 2/25/2025):
| Equity Target (2025) | Shares | Grant‑date FMV | Vesting |
|---|---|---|---|
| Annual Restricted Stock | 1,901 | $325,000 (at $170.99) | 50% on 4/20/2027; 50% on 4/20/2028 (subject to service) |
Program design notes:
- Metric: Adjusted EBITDA; threshold 50% and cap 200% of target .
- Equity awards determined in shares (not dollars) with two‑year vesting for retention alignment .
- Hire is not a participant in the Five‑Year Performance Share Award Plan (eligible executives: Edwards, Miller, Wheeler, Niswonger) .
Equity Ownership & Alignment
Ownership, guidelines, pledging/hedging:
| Category | Details |
|---|---|
| Beneficial ownership | 45,406 shares; <1% of common stock |
| Ownership guideline | 1× base salary for President, External Affairs |
| Compliance | All executives met guidelines as of 12/31/2024 except Wheeler; Hire compliant |
| Hedging/pledging | Prohibited for officers/directors; only CEO has board‑approved exception |
Vesting schedule and outstanding awards (as of 12/31/2024):
| Award Type | Shares | Status at 12/31/2024 | Vesting Dates |
|---|---|---|---|
| 2022 performance RS | 1,093 | Unvested | 4/20/2025 |
| 2023 performance RS | 2,427 | Unvested | 50% on 4/20/2025; 50% on 4/20/2026 (rounded to whole shares) |
| 4/13/2023 time‑based RS | 5,375 | Unvested | 4/20/2026 |
| 2024 performance RS | 1,281 | Unearned at 12/31/2024; certified earned 2/25/2025 | 50% on 4/20/2026; 50% on 4/20/2027 |
Stock vested in 2024:
| Shares Vested | Value Realized |
|---|---|
| 1,681 | $372,073 at $221.34 (4/19/2024) |
Employment Terms
| Item | Disclosure |
|---|---|
| Employment start | Joined IBP in 2008 |
| Current role | President of External Affairs (since 2013) |
| Agreement | No employment agreement—only CEO has one |
| Severance | No severance/change‑in‑control arrangement (committee discretion may apply for death/retirement/disability) |
| Change‑in‑control | 2023 Omnibus Plan does not auto‑accelerate; CHC Committee may decide case‑by‑case |
| Non‑compete/non‑solicit | IBP has non‑compete agreements with all NEOs; confidentiality applies |
| Clawbacks | Mandatory recoupment for restatements and discretionary recoupment for misconduct/harm |
| Insider trading | Pre‑clearance and trading windows; hedging/pledging prohibited (CEO exception only) |
Investment Implications
- Pay‑for‑performance alignment: Hire’s incentives are fully driven by Adjusted EBITDA with symmetric thresholds/caps and equity in share terms, reinforcing alignment with profitability and shareholder value .
- Upcoming vesting/selling pressure: Multiple tranches vest on 4/20/2025, 4/20/2026, 4/20/2027, and additional 2025 award on 4/20/2027–2028, which can add tradeable float subject to window/pre‑clearance, but hedging/pledging is prohibited; no exceptions disclosed for Hire .
- Retention risk: Two‑year vesting cadence on earned performance RS plus non‑compete framework supports retention; Hire is excluded from the five‑year PSU plan, indicating focus on annual EBITDA‑linked equity rather than incremental long‑horizon PSU leverage .
- Governance/owner mindset: Executive ownership guidelines and strong stockholder support for pay (96% in 2024) bolster governance quality and investor alignment .
IBP’s strong 2024 financials and EBITDA‑linked incentive design suggest disciplined capital allocation and operating execution; for trading signals, monitor April vesting dates and IBP windows for potential insider activity, with structural constraints from pre‑clearance and no‑hedging/pledging policies .