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    Richard D. Phillips

    Chief Executive Officer at Kimball Electronics
    Board
    Since March 1, 2023
    Age
    54 years
    Education
    Holds a Bachelor of Science in Finance from Indiana University and a Master of Management from Northwestern University Kellogg Graduate School of Management.
    Tenure
    Joined KE as Chief Executive Officer and Director on March 1, 2023, following a distinguished career in leadership roles at Elkay Manufacturing Company and Essendant, Inc..

    Also at Kimball Electronics

    DAH
    Douglas A. Hass
    Chief Legal and Administrative Officer, Secretary
    JTC
    Jana T. Croom
    Chief Financial Officer (CFO)
    AMB
    Adam M. Baumann
    Chief Accounting Officer

    About

    Richard D. Phillips is a seasoned executive who assumed the role of Chief Executive Officer and Director at KE on March 1, 2023. At 54 years old as of August 23, 2024, he brings a wealth of leadership experience from his previous roles in prominent companies.

    Prior to joining KE, he served as President and CEO at Elkay Manufacturing Company from 2019 to 2022 and held the top executive position at Essendant, Inc. from 2017 through 2019, while also contributing as a board member at Greenheck Group.

    Since his appointment at KE, his leadership has focused on strategic initiatives including divesting non-core business segments, streamlining operations, and driving sustained positive cash flow over six consecutive quarters, which underscores his commitment to enhancing the company’s performance and alignment with market demands.

    $KE Performance Under Richard D. Phillips

    Past Roles

    OrganizationRoleDate RangeDetails
    Elkay Manufacturing Company President and Chief Executive Officer 2019-2022 Also served as Board member
    Essendant, Inc. President, Chief Executive Officer, and Board Member 2017-2019 Formerly United Stationers, Inc.; Fortune 500 workplace products distributor
    McKinsey & Company Various Leadership Roles including Partner and Co-Leader of Pharmaceuticals and Medical Products Operations Practice Before 2013 Elected Partner in 2005
    Follett Corporation Independent Director N/A Previously served in this role

    External Roles

    OrganizationRoleDate RangeDetails
    Greenheck Group Independent Director Present Leader in the HVAC space

    Fixed Compensation

    Data from  FY 2024
    Component NameAmountPayment ScheduleAdditional Details
    Base Salary$850,000 Annual FY2024Fixed base salary
    401(k) Retirement Plan Contributions$19,244 Fiscal Year 2024Company contributions
    All Other Compensation$26,244 Fiscal Year 2024Includes benefits from 401(k) and SERP plans
    Change in Control$10,293,103 Upon change in controlCash: $4,935,830; Equity Awards: $5,357,273
    Qualifying Termination$4,591,755 Upon qualifying terminationCash: $1,764,323; Equity Awards: $2,827,432

    Performance Compensation

    Data from  FY 2024

    Profit Sharing Incentive Bonus Plan

    MetricDetails
    Evaluation PeriodFiscal Year 2024
    Economic Profit ThresholdsTier 1: $70,127,000 (200%), Tier 2: $50,395,000 (175%), Tier 3: $28,111,000 (150%), Tier 4 (Target): $1,508,000 (100%), Tier 5: -$12,705,000 (50%), Tier 6: -$52,329,000 (0%)
    Actual Performance$7,584,000 economic profit resulting in a payout of 111% of base salary
    Awarded Amount$943,500
    PaymentCash incentive paid each August after fiscal year end

    Long-Term Performance Shares

    MetricDetails
    Grant DateAugust 29, 2023
    Grant Date Fair Value$2,187,878
    Grant Date Stock Price$29.19
    Threshold Award22,486 shares (30% of maximum)
    Target Award74,953 shares (100% of target)
    Maximum Award93,691 shares (125% of target)
    Vesting ScheduleCliff vest on August 29, 2026

    Restricted Shares

    MetricDetails
    Grant DateAugust 29, 2023
    Grant Date Fair Value$546,962
    Grant Date Stock Price$29.19
    Shares Granted18,738
    Vesting ScheduleEqual installments over three years

    Performance Shares (Mar 1, 2023)

    MetricDetails
    Grant DateMarch 1, 2023
    Shares Granted92,072 shares
    Grant Date Fair Value$16.88 per share, Total approximately $0.7M
    Grant Date Stock Price$25.51
    Vesting ScheduleCliff vest on March 1, 2026
    Performance MetricTotal Shareholder Return (TSR) ranking relative to peer group

    Equity Sign-On Inducement Grant

    MetricDetails
    Grant DateMarch 1, 2023
    Grant Date Fair Value$1,087,389
    Grant Date Stock Price$25.51
    Maximum Shares42,626 shares; at a threshold performance measure of 50% (i.e., 21,313 shares)
    Reported Performance LevelMaximum performance measure of 125% corresponding to 115,090 shares
    Vesting ScheduleCliff vest three years from the grant date
    ConditionsVesting subject to achievement of performance objectives and continued employment; revalued annually based on performance metrics