Leslie Davis
LOUISIANA-PACIFICAbout Leslie Davis
Leslie E. Davis is Vice President, Controller and Chief Accounting Officer (CAO) of LP Building Solutions (NYSE: LPX), appointed effective November 25, 2024; she joined LP in 2020 as Assistant Controller and was promoted to Senior Director of Internal Audit in 2021. She is a Certified Public Accountant with a BS and MS in Accounting from the University of Kentucky and previously held assurance and audit roles at Ernst & Young (Senior Manager) and KPMG . LP’s pay-for-performance framework ties incentives to Adjusted EBITDA, Economic Profit, ROIC, and a TSR modifier; in FY2024 LP achieved Adjusted EBITDA of $688M and Economic Profit of $239M, exceeding maximum thresholds for the annual incentive metrics . LP’s 2024 say‑on‑pay support exceeded 95%, and executive pay emphasizes variable compensation under robust anti‑hedging/anti‑pledging and clawback/recoupment policies .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| LP Building Solutions | Vice President, Controller & Chief Accounting Officer | Since Nov 25, 2024 | Oversees accounting, internal controls, financial reporting, and governance compliance |
| LP Building Solutions | Senior Director of Internal Audit | 2021–2024 | Led internal audit; strengthened control environment and assurance |
| LP Building Solutions | Assistant Controller | 2020–2021 | Supported financial reporting and internal control frameworks |
| Ernst & Young (EY) | Senior Manager, U.S. Assurance | Not disclosed (pre‑2020) | Led assurance engagements; deep public company reporting expertise |
| KPMG | Audit roles (incl. Senior Associate) | Not disclosed (pre‑EY) | Built audit and technical accounting foundation |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | None disclosed | — | No public company directorships or external governance roles disclosed in filings |
Fixed Compensation
- Base salary, target bonus %, and actual bonus paid are not disclosed for Ms. Davis (she was not an NEO in the 2025 proxy). LP provides NEO compensation details only for CEO, CFO, General Managers, and General Counsel .
Performance Compensation
- LP executive incentive framework (company design applicable to NEOs; CAO specifics not disclosed):
| Element | Weighting | Metric | Vesting | Modifier | Notes |
|---|---|---|---|---|---|
| PSUs | CEO: 60%; Other NEOs: 50% | 3‑year ROIC (2024 grant) | Third anniversary of grant (Feb 8, 2024 grants) | TSR ±20% (25th–75th percentile no change; cap at 200%) | Determined under LP’s 2022 Omnibus Plan; payout up to 200% target |
| RSUs | CEO: 40%; Other NEOs: 50% | Time‑based | 3 equal annual installments starting on first anniversary of grant (Feb 8, 2025) | None | Settled in shares; acceleration per termination/COC terms |
- 2024 Annual Incentive Plan metrics and actuals (company-wide basis used for NEO payouts):
| Metric | Threshold | Target | Maximum | Actual FY2024 | Payout Commentary |
|---|---|---|---|---|---|
| Adjusted EBITDA ($USD Millions) | $412 | $527 | $630 | $688 | Exceeded maximum; corporate component at max |
| Economic Profit ($USD Millions) | $33 | $119 | $197 | $239 | Exceeded maximum |
In 2024, average annual cash incentive payouts across NEOs were ~194% of target, reflecting the above‑target performance; South America business unit achieved above target (but below max) .
Equity Ownership & Alignment
- Executive Stock Ownership Guidelines (multiples of salary; compliance measured annually):
| Tier | Base Salary Multiple |
|---|---|
| Chief Executive Officer | 5x |
| Executive Vice President | 3x |
| Senior Vice President | 2x |
LP reported all NEOs met the ownership guidelines for 2024; the policy specifies counting of certain time‑based equity and excludes performance‑conditioned PSUs and options/SSARs from ownership calculations . Anti‑hedging/anti‑pledging prohibits short sales, options, collars, swaps, exchange funds, and pledging of LP stock by directors and executive officers .
- Beneficial ownership for Ms. Davis is not disclosed in the proxy; however, she acted as filing signatory on several 8‑Ks in 2025 in her capacity as CAO .
Employment Terms
- Ms. Davis’s individual employment agreement, severance, or change‑of‑control (COC) terms are not disclosed. LP outlines NEO severance/COC economics and equity treatment:
| Scenario | Cash & Benefits | Equity Treatment |
|---|---|---|
| Termination without cause / good reason (non‑COC) | CEO: 2x salary+target bonus; Other NEOs: 1.5x salary+target bonus; COBRA reimbursement up to 24 months (CEO) / 18 months (others); outplacement up to $10k for 24/18 months | RSUs vest in full; PSUs vest pro‑rata based on service days and actual performance |
| Death/Disability | Pro‑rata AIP; LTD and life insurance; Deferred Compensation Plan per elections | 2023–24 RSUs vest in full; 2022 RSUs pro‑rata; 2023–24 PSUs target vest (with after‑period rules); 2022 PSUs pro‑rata target |
| Change of Control (COC) – awards not assumed | Immediate vesting per plan; treatment defined for RSUs/PSUs including target/adjusted awards depending on timing | |
| COC agreement windows | COC Agreement applies up to 3 years post‑COC; RSU/PSU acceleration windows for 2022–2024 awards within 12 months post‑COC |
- Clawbacks/Recoupment: NYSE‑compliant clawback plus a general Recoupment Policy (effective Dec 1, 2023) enables cancellation/recovery of cash and equity incentives in cases of restatement tied to fraud or intentional misconduct; applies to current/former officers, employees, directors, and service providers .
Investment Implications
- Alignment and control rigor: CAO role and signing authority on multiple 8‑Ks underscores accountability for disclosure controls; combined with anti‑hedging/anti‑pledging and clawback/recoupment, governance features reduce misalignment and opportunistic trading by senior finance officers .
- Incentive levers: Company‑level incentives paid well above target in 2024 (194% avg for NEOs) driven by Adjusted EBITDA and Economic Profit beats, indicating a pay‑for‑performance culture that rewards operating execution; long‑term PSUs shift focus to 3‑year ROIC (with TSR modifier), which can influence capital allocation discipline .
- Vesting‑date supply: For NEOs, RSUs granted Feb 8, 2024 vest in equal annual tranches starting Feb 8, 2025, creating predictable windows of potential insider selling pressure around early February; while Ms. Davis’s specific grants are not disclosed, company‑wide plan mechanics can still inform timing risk for broader insider supply .
- Retention risk: LP’s use of retention RSUs (e.g., CFO award vesting over 3 years) and strong 2024 pay outcomes support talent retention; no departure or adverse event disclosures regarding Ms. Davis, and her appointment followed an internal reorganization of the principal accounting function .