Jeffrey T. Schlarbaum
LAKELAND INDUSTRIESAbout Jeffrey T. Schlarbaum
Jeffrey T. Schlarbaum (age 58) has served on Lakeland’s Board since 2017 and is currently Co‑Chair of the Audit Committee (since June 2022) and Co‑Chair of the Technology Committee (established January 31, 2025). He is President & CEO of Spartronics (since December 2022) and previously served as CEO of IEC Electronics; he holds a BBA in marketing from National University and an MBA from Pepperdine University. The Board has affirmatively determined he is an independent director under Nasdaq and SEC rules.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Spartronics | President & Chief Executive Officer | Dec 2022–present | Leads complex electronics manufacturing and design services; end‑markets include defense, aerospace, medical devices, life sciences |
| IEC Electronics Corp. | President & Chief Executive Officer | Feb 2015–Dec 2022 | Public EMS company leadership |
| IEC Electronics Corp. | President | Oct 2010–Feb 2013 | Oversaw operations prior to CEO role |
| IEC Electronics Corp. | EVP & President, Contract Manufacturing | Oct 2008–Oct 2010 | Business unit leadership |
| IEC Electronics Corp. | Executive Vice President | Nov 2006–Oct 2008 | Senior operating role |
| IEC Electronics Corp. | VP, Sales & Marketing | May 2004–Nov 2006 | Commercial leadership |
| LaserMax, Inc. | Chief Operations Officer | Jun 2013–Jun 2014 | Manufacturer of laser gun sights; operations leadership |
| — | Pursued personal interests | Feb 2013–Jun 2013; Jun 2014–Feb 2015 | Career transition periods |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Spartronics | President & Chief Executive Officer | Dec 2022–present | Private company; end‑markets include defense, aerospace, space, medical device, instrumentation & control, life sciences |
| — | Public company directorships | — | Proxy biography does not disclose any current public company board seats for Mr. Schlarbaum |
Board Governance
- Committees: Co‑Chair, Audit Committee; Co‑Chair, Technology Committee. Audit Committee members are independent; the Board has designated Mr. Schlarbaum as an “audit committee financial expert.” The Technology Committee oversees technology strategy and cybersecurity, with Mr. Schlarbaum as co‑Chair.
- Independence: Board determined Mr. Schlarbaum is independent under Nasdaq/SEC standards.
- Attendance: In FY2025, the Board met 9 times; Audit 5; Compensation 7; Nominating & Governance 5. Each director attended at least 75% of Board and applicable committee meetings. All then‑serving directors attended the June 13, 2024 annual meeting.
- Executive sessions: Independent directors meet in executive session no less than twice annually.
- Board structure: All committees are composed entirely of independent directors.
Fixed Compensation
| Component | Amount/Structure | Applicability to Mr. Schlarbaum | Source |
|---|---|---|---|
| Annual Board retainer (FY2025) | $70,000 cash | Applies to all non‑employee directors | |
| Annual equity grant (FY2025) | $65,000 in RSUs (time‑based) | Granted post‑2024 annual meeting (2,842 RSUs vesting on first anniversary) | |
| Additional retainers (FY2025) | $20,000 Audit Chair; $7,500 Audit member; $6,000 N&G Chair; $3,750 Comp member; $3,000 N&G member | Audit Co‑Chair role disclosed; overall fees reflect program | |
| Director compensation earned (FY2025) | Fees earned: $90,000; Stock awards: $64,997; Total: $154,997 | Individual compensation for Mr. Schlarbaum | |
| Program changes effective Feb 1, 2025 | Annual RSUs increased to $75,000; Lead Independent Director (if any): +$85,000 cash +$30,000 RSUs; one‑time 3,000 RSUs for each Technology Committee member at 2025 annual meeting | Mr. Schlarbaum, as Technology Committee member, eligible for one‑time 3,000 RSUs grant on meeting date |
Performance Compensation
| Equity award | Grant details | Vesting terms | Performance linkage |
|---|---|---|---|
| Annual director RSUs (post‑2024 meeting) | 2,842 RSUs per non‑employee director | Vest in full on first anniversary of grant | Time‑based only; no performance metrics |
| Technology Committee one‑time RSUs (effective FY2026 program) | 3,000 RSUs per Technology Committee member, granted on 2025 Annual Meeting date | Company did not disclose performance conditions | Time‑based; no performance metrics disclosed |
The proxy does not disclose performance metrics tied to director equity; all director RSUs are time‑based.
Other Directorships & Interlocks
- Current public company directorships: Proxy biography lists operating roles (Spartronics; prior IEC) and does not disclose current public company boards for Mr. Schlarbaum.
- Compensation Committee interlocks: Company discloses no interlocks for its Compensation Committee.
Expertise & Qualifications
- Designated by the Board as an Audit Committee financial expert based on education and extensive CEO/financial oversight experience.
- CEO experience across electronics manufacturing and operations (Spartronics; IEC).
- Education: BBA (National University); MBA (Pepperdine University).
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Jeffrey T. Schlarbaum | 19,185 | <1% | Based on 9,508,109 shares outstanding as of March 31, 2025 |
| Unvested director RSUs (as of Jan 31, 2025) | 2,842 per non‑employee director | — | Each non‑employee director held 2,842 unvested RSUs (not included in beneficial ownership) |
Alignment, policies, and restrictions:
- Stock ownership guidelines: Directors must own Lakeland shares equal to at least 2× annual cash retainer; dispositions restricted until compliance.
- Anti‑hedging/pledging: Company policy prohibits hedging or pledging of company stock by directors.
- Clawback: Equity awards subject to Dodd‑Frank compliant clawback policy.
- Section 16 compliance: All reporting persons complied timely in FY2025 except one late Form 3 for another director (Mr. Glavin); no delinquency noted for Mr. Schlarbaum.
Governance Assessment
- Board effectiveness and financial oversight: As Audit Committee Co‑Chair and designated financial expert, Schlarbaum contributes deep operating and financial oversight experience. The Audit Committee oversaw a change in independent auditors to RSM in October 2024; no disagreements with prior auditor (Deloitte) were reported, and a previously reported material weakness (foreign currency translation controls) was remediated by FY2024.
- Technology and cybersecurity oversight: As co‑Chair of the newly formed Technology Committee, he now has formal oversight of technology strategy and cybersecurity risk, with the committee charged to review AI trends and significant technology investments.
- Independence and attendance: Board has affirmatively determined his independence; directors met the ≥75% attendance threshold, and all attended the 2024 annual meeting—supporting investor confidence in engagement.
- Pay structure and alignment: Director compensation combines cash retainers with time‑based RSUs; ownership guidelines, anti‑hedging/pledging, and clawback policy reinforce alignment. No director performance metrics are tied to equity grants, consistent with small‑cap governance norms.
- Conflicts and related‑party exposure: Company reports no related‑party transactions in FY2025 or FY2024; policy requires Audit Committee review and approval of any such transactions. No loans; hedging/pledging prohibited—reducing conflict and alignment risks.
RED FLAGS: None disclosed specific to Mr. Schlarbaum. Notable governance developments include the 2024 auditor change (with no disagreements reported) and enhanced oversight via the Technology Committee; both are being handled through established Board processes.