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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