Douglas Batdorff
About Douglas Batdorff
Douglas J. Batdorff, 52, serves as Vice President of Manufacturing Operations at Kewaunee Scientific, having joined the company in June 2020. He holds a B.S. in Mechanical Engineering (Michigan State University) and a Master’s in Manufacturing Operations (Kettering University); prior roles include COO of Legacy Cabinets, Director of Manufacturing – U.S. Operations at Steelcase, and multiple manufacturing leadership positions at General Motors . Company performance under the current leadership regime shows cumulative TSR of $263.92 for FY2025 vs. $135.42 in FY2023 , with revenues of $219.5M (FY2023), $203.8M (FY2024), and $240.5M (FY2025) , net income of $0.74M (FY2023), $18.75M (FY2024), and $11.41M (FY2025) , and EBITDA of $8.16M*, $21.25M*, and $22.24M* for FY2023–FY2025, respectively. Company annual incentives for NEOs, including Batdorff, are driven by EBITDA attainment and other goals, aligning a significant portion of pay to operating performance .
Values marked with * in tables are retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Legacy Cabinets, Inc. | Chief Operations Officer | 2018–2019 | Led manufacturing operations with focus on performance improvement and profitability |
| Steelcase | Director of Manufacturing – U.S. Operations; various management roles | 2005–2018 (Dir 2014–2018) | Directed U.S. manufacturing footprint, driving scale and operational efficiency |
| General Motors (Lansing, MI) | Manufacturing roles incl. Manufacturing Coordinator – GA – Final Process | 1998–2004 | Managed complex assembly operations and process optimization in high-volume auto manufacturing |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed | — | — | No current public company board seats or external directorships disclosed in company filings |
Fixed Compensation
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Salary ($) | 249,833 | 257,328 |
| All Other Compensation ($) | 23,214 | 23,021 |
Notes:
- As-of-July base salary schedule shows FY2024 $251,051 and FY2025 $258,583 (3% YoY for Batdorff) .
Performance Compensation
Annual Incentive (Cash Bonus)
| Item | FY 2024 | FY 2025 |
|---|---|---|
| Primary metric(s) | EBITDA; plus non-financial goals and limited personal objectives | EBITDA; plus non-financial goals and limited personal objectives |
| Target bonus (% of salary) | 35% (Batdorff) | 35% (Batdorff) |
| Maximum (at 200% of target) | 77% of salary | 77% of salary |
| Vesting | n/a | n/a |
| Payout ($) | 193,309 | 154,311 |
| Outcome commentary | FY goals achieved; bonuses paid under plan | FY goals achieved; bonuses paid under plan |
Long-Term Incentive (RSUs)
| Component | Weighting | Vesting | Sizing Basis |
|---|---|---|---|
| Time-based RSUs | 40% of award | 3 equal annual installments over 3 years | % of salary; Batdorff at 60% target using avg. high/low on grant date |
| Performance-based RSUs | 60% of award (at target) | After 3-year performance period | Same sizing; contingent on multi-year financial and non-financial improvements; financial component tied to specific EBITDA targets |
| Grant | Grant Date | Time-based RSUs Unvested (#) | Market Value ($) | Performance RSUs Unearned (#) | Market/Payout Value ($) |
|---|---|---|---|---|---|
| 2022 RSUs | Jun 29, 2022 | 1,972 | 62,453 | — | — |
| 2023 RSUs | Jun 28, 2023 | 1,069 | 33,855 | 5,609 (assumes maximum) | 177,637 |
| 2024 RSUs | Jun 26, 2024 | 1,657 | 52,477 | 2,485 (assumes target) | 78,700 |
Additional details:
- Closing price at FY-end (Apr 30, 2025) was $31.67, used to determine market values .
- 2023 performance RSUs show amounts at maximum achievement; 2024 amounts at target .
Multi‑Year Compensation Summary (Disclosed)
| Year | Salary ($) | Stock Awards ($) | Nonequity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|
| 2023 | 242,556 | 82,824 | 117,641 | 19,554 | 462,575 |
| 2024 | 249,833 | 85,309 | 193,309 | 23,214 | 551,665 |
| 2025 | 257,328 | 201,722 | 154,311 | 23,021 | 636,382 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 8,058 shares; <1% of class |
| RSUs vesting within 60 days (from May 23, 2025) | 3,058 shares (service-based) |
| Unvested equity (by grant) | See RSU table above (2022/2023/2024) |
| Options (exercisable/unexercisable) | None disclosed for Batdorff in FY2024/FY2025 tables |
| Stock ownership guidelines | Other executive officers must maintain 150% of salary; includes outstanding shares and value of unvested service‑based awards; value based on trailing 12‑month equal‑weighted daily average |
| Hedging/Pledging policy | Company does not have a policy specifically prohibiting hedging transactions; pledging policy not disclosed |
| Compliance status vs guidelines | Not disclosed |
Potential selling pressure indicators:
- Time-based RSUs vest annually; performance RSUs from 2023 and 2024 series may vest after their 3-year periods, creating future delivery events .
Employment Terms
| Scenario (as of Apr 30, 2025) | Cash Salary ($) | Annual Bonus ($) | Medical & Disability ($) | Total ($) |
|---|---|---|---|---|
| Termination without cause; no CoC | 258,583 | — | 6,399 | 264,982 |
| Termination without cause or for Good Reason after CoC | 258,583 | 90,504 | — | 349,087 |
Change-of-control mechanics and triggers:
- Double-trigger: Payment only upon termination without Cause or for Good Reason following a Change of Control .
- Batdorff multiples: If termination within 1 year post-CoC, lump-sum equals annual compensation (Annual Salary + Annual Bonus); if after first anniversary but within 3 years, lump-sum equals one‑half annual compensation .
- Definitions of Cause/Good Reason include material diminution of duties, compensation failures, relocation/travel changes, and failure of successor to assume agreement .
Company Performance (for alignment context)
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenues ($) | 219,494,000 | 203,755,000 | 240,472,000 |
| EBITDA ($) | 8,160,000* | 21,248,000* | 22,239,000* |
| Net Income ($) | 738,000 | 18,753,000 | 11,405,000 |
| Diluted EPS (Continuing Ops) ($) | 0.25 | 6.38 | 3.83 |
| Company TSR (Index = $100 at FY2023 start) ($) | 135.42 | 297.50 | 263.92 |
*Values retrieved from S&P Global.
Governance and Compensation Oversight
- Compensation Committee: Russell (Chair), Gehl, Rhind, Shaw, Pyle; all independent; acted as plan administrator for the 2023 Omnibus Incentive Plan; engaged a compensation consultant on a limited basis in 2024 and 2025 .
- Executive officers’ stock ownership guidelines updated June 2025 (CEO 300%, CFO 200%, others 150% of salary; includes unvested service‑based equity) .
- Annual say‑on‑pay vote practice; advisory basis; held annually since 2019 and recommended to continue annually .
Investment Implications
- Pay-for-performance alignment: Batdorff’s cash bonus is directly tied to EBITDA attainment; LTI construction emphasizes 60% performance RSUs and 40% time-based, with performance metrics including EBITDA over three years, supporting operating leverage focus .
- Retention and supply overhang: Unvested time-based RSUs and multi-year performance RSUs (e.g., 5,609 at 2023 max; 2,485 at 2024 target) create defined vesting windows that may coincide with liquidity events; no options outstanding reduces forced exercise dynamics .
- Ownership alignment: Beneficial ownership is modest (<1% of shares; 8,058 shares) and the company does not prohibit hedging, which is a governance red flag for alignment; compliance status with 150% salary ownership guideline not disclosed .
- Change‑of‑control economics: Batdorff’s CoC protection (1x annual comp within 1 year; 0.5x thereafter within 3 years) is moderate; double‑trigger structure reduces windfall risk relative to single‑trigger plans .
- Company performance context: Revenue recovered in FY2025, TSR remains elevated vs. FY2023 baseline, while EPS declined YoY due to earnings mix; incentives remain sensitive to EBITDA, which increased FY2023–FY2025* .
Values marked with * are retrieved from S&P Global.