Michael David Hogan
INGLES MARKETSAbout Michael David Hogan
Michael David Hogan is President of Milkco, Inc., the wholly owned dairy subsidiary of Ingles Markets, appointed effective October 1, 2022; he previously served as Plant Operations Manager in the dairy industry since 2014, including at Milkco since 2019, and is 42 years old . Ingles discloses no employment, change-of-control, or severance agreements for any executive officers, with compensation delivered primarily as base salary, annual cash bonuses (subjective), and a performance-based Milkco bonus tied to pre-tax earnings . Company performance during his tenure: FY net sales were $5,892.8M (2023) and $5,639.6M (2024), with net income of $210.8M (2023) and $105.5M (2024); cumulative TSR values per $100 invested were $213 (2023) and $212 (2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Milkco, Inc. | President | Since Oct 1, 2022 | Leadership of dairy manufacturing subsidiary operations |
| Milkco, Inc. | Plant Operations Manager | Since 2019 | Oversight of plant operations and execution |
| Dairy industry (prior roles) | Plant Operations Manager | Since 2014 | Operations experience in dairy manufacturing |
External Roles
No external directorships or public company board roles are disclosed for Hogan in the company’s proxy statements .
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | 321,058 | 326,538 |
| Subjective Annual Bonus ($) | 50,000 | 40,000 |
| All Other Compensation ($) | 17,962 | 18,962 |
| Total ($) | 438,970 | 435,451 |
All Other Compensation detail:
| Component | FY 2023 ($) | FY 2024 ($) |
|---|---|---|
| Employer Match for 401(k) Plan | 7,840 | 7,615 |
| Employer Match for Non-Qualified Plan | 5,373 | 6,517 |
| Life Insurance | 559 | 603 |
| Accidental Death & Dismemberment and LTD Insurance | 891 | 927 |
| Travel Expenses | 3,300 | 3,300 |
Compensation structure context:
- Executive pay elements: base salary, annual cash incentive bonuses, and retirement/benefits; no employment, change-of-control, or severance agreements are in place .
- Subjective annual bonuses are determined by the Chairman/CEO with committee approval, based on company profitability and individual performance .
Performance Compensation
Performance-based incentive tied to Milkco pre-tax earnings (EBT) before bonuses:
| Metric | Plan Design | FY 2023 Actual | FY 2024 Actual | Vesting |
|---|---|---|---|---|
| Milkco Earnings Before Taxes (pre-bonus) | Annual cash incentive equal to a percentage of Milkco EBT, capped at $49,950 | $49,950 payout | $49,950 payout | Cash; paid annually (no equity vesting) |
Notes:
- Company states, based on expected financial performance, Hogan is anticipated to receive at or near the maximum bonus .
Equity Ownership & Alignment
| Ownership Measure | Value |
|---|---|
| Shares Owned (Class A / Class B) | 0 / 0 |
| Ownership % (Class A / Class B) | Less than 1% / Less than 1% |
| Options/RSUs/PSUs | None disclosed in proxy tables |
| Stock Ownership Guidelines | Not disclosed |
| Hedging/Pledging | Company discloses it does not currently have formal practices/policies with respect to the ability of associates (including officers) or directors to engage in hedging transactions; no pledging disclosures specific to Hogan . |
Implications:
- Zero share ownership and absence of equity awards imply limited direct stock alignment and low insider selling pressure signals tied to IMKTA stock for Hogan .
Employment Terms
| Term | Disclosure |
|---|---|
| Employment Agreements | None; company does not have employment agreements with any executive officers |
| Severance | None; no severance agreements disclosed |
| Change-of-Control | None; no change-of-control agreements disclosed |
| Clawback Provisions | Not disclosed |
| Nonqualified Excess Plan | Company provides matching contributions; Hogan’s individual matches shown in All Other Compensation |
Performance & Track Record
Company performance context during Hogan’s Milkco leadership:
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Net Sales ($000s) | 4,987,920 | 5,678,835 | 5,892,782 | 5,639,609 |
| Net Income ($000s) | 249,731 | 272,759 | 210,812 | 105,541 |
| Cumulative TSR (Value of $100) | 182 | 229 | 213 | 212 |
Pay environment:
- Say-on-pay approvals remain strong; at the March 3, 2025 Annual Meeting, votes for executive compensation were 50,789,689 For vs. 3,725,692 Against (Class A & B combined voting power) .
Investment Implications
- Alignment: Hogan’s compensation is heavily cash-based with no disclosed equity awards and zero share ownership, reducing direct stock-linked alignment and lowering insider selling pressure signals for IMKTA related to his activity .
- Performance linkage: A recurring, capped performance bonus tied to Milkco’s pre-tax earnings incentivizes profitability at the subsidiary level; historically paid at the cap, indicating strong Milkco EBT performance and limited volatility in his incentive outcomes .
- Retention risk: Absence of employment, severance, and change-of-control agreements suggests retention relies on annual cash comp and benefits rather than long-term equity vesting; there are no contractual protections that would anchor tenure through corporate events .
- Governance signals: The company does not maintain formal hedging policies for associates/directors, which is a modest alignment risk from a governance perspective; however, strong say-on-pay support indicates shareholder acceptance of the broader pay framework .
- Trading context: With no equity grants, options, or reported share ownership for Hogan, insider-trading-based timing signals are minimal for IMKTA; subsidiary earnings sensitivity could influence his cash bonus outcomes but is not separately disclosed at a segment level in these filings .