Taylor Luebke
LA-Z-BOYAbout Taylor Luebke
Taylor E. Luebke, age 42, was appointed Senior Vice President and Chief Financial Officer of La-Z-Boy Incorporated effective January 1, 2025, after serving as Vice President, Finance and Treasurer (Jan 2023–Dec 2024) and Senior Finance Director, Residential Division (Jan 2021–Jan 2023); he previously held financial leadership roles at The Procter & Gamble Company, including Finance Director for the Amazon Customer Team (Jan 2019–Jan 2021) . In FY 2025, LZB delivered consolidated sales of $2.1B (+3% y/y), GAAP operating margin of 6.4% (adjusted 7.6%), GAAP diluted EPS of $2.35 (adjusted $2.92), and operating cash flow of $187.3M, with compensation plans tied to sales, operating margin, operating cash flow, and relative TSR; FY 2025 MIP paid 103% of target and the FY 2023–2025 LTIP paid 133% of target . Pay‑versus‑performance disclosures show a value of an initial $100 investment at $203.90 for LZB vs $192.81 for the peer group in FY 2025, supporting alignment with shareholder returns .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| La-Z-Boy Incorporated | Senior Vice President & Chief Financial Officer | Jan 2025–present | CFO succession to maintain disciplined capital allocation and Century Vision execution . |
| La-Z-Boy Incorporated | Vice President, Finance & Treasurer | Jan 2023–Dec 2024 | Drove strategic planning and led day-to-day financial and treasury operations . |
| La-Z-Boy Incorporated | Senior Finance Director, Residential Division | Jan 2021–Jan 2023 | Led divisional finance supporting growth and operational execution . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Procter & Gamble Company | Finance Director, Amazon Customer Team | Jan 2019–Jan 2021 | Led customer finance; experience across FP&A, treasury, supply chain finance, and strategy cited by LZB . |
Fixed Compensation
| Metric | FY 2025 | Notes |
|---|---|---|
| Base Salary (earned) ($) | 348,417 | As reported in FY 2025 Summary Compensation Table . |
| Annualized Base Salary ($) | 440,000 | Set upon appointment as CFO, effective Jan 1, 2025 ; reflected at FY 2025 year-end base salary table . |
| All Other Compensation ($) | 26,815 | FY 2025 per SCT . |
| Company 401(k) & Deferred Plan Contributions ($) | 26,280 | FY 2025 perquisites detail . |
| Tax Reimbursements ($) | 230 | FY 2025 perquisites detail . |
Performance Compensation
Annual MIP (Short-Term Incentive)
| Component | Target | Achieved | Payout |
|---|---|---|---|
| MIP Target (% of eligible base) | 75% | 103% of target | 193,201 ($) . |
| MIP Metrics | Sales; Operating Margin | Above target (Sales); Below target (Operating Margin) | Aggregate payout at 103% of target . |
FY 2025 Long-Term Incentives – Structure and Metrics
| Metric | Total Weight | FY 2025 Weight | FY 2026 Weight | FY 2027 Weight | Performance Period/Notes |
|---|---|---|---|---|---|
| Sales Growth | 25% | 8.33% | 8.33% | 8.33% | Annual goals; three-year program FY 2025–FY 2027 . |
| Operating Cash Flow | 25% | 8.33% | 8.33% | 8.33% | Annual goals; three-year program FY 2025–FY 2027 . |
| Relative TSR (rTSR) | 50% | 50% | 50% | 50% | Measured cumulatively vs S&P 600 Consumer Durables & Apparel constituents, FY 2025–FY 2027 . |
FY 2025 Grants of Plan-Based Awards (Equity Detail)
| Grant Type | Grant Date | Shares (Target) (#) | Shares (Maximum) (#) | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|---|
| Performance-Based Units (PSUs) | 6/24/2024 | 2,215 | 4,430 | 99,953 | Per metric results across FY 2025–FY 2027; rTSR over 3-year period . |
| Restricted Stock Units (RSUs) | 6/24/2024 | 2,215 | N/A | 84,148 | 25% annually over four years starting 6/24/2025 . |
| RSUs (Promotion Award) | 1/15/2025 | 4,479 | N/A | 200,032 | 25% annually on each Jan 15 from 2026–2029 . |
Unvested Equity and Vesting Schedule (as of FY 2025)
| Grant Cohort | Unvested RSUs (#) | Vesting Detail |
|---|---|---|
| FY 2025 grants | 6,694 | 1/4 on 6/24/2025, 6/24/2026, 6/24/2027, 6/24/2028; promotion RSUs 1/4 on 1/15/2026, 1/15/2027, 1/15/2028, 1/15/2029 . |
| FY 2024 grants | 2,238 | 1/3 on 6/26/2025, 6/26/2026, 6/26/2027 . |
| FY 2023 grants | 885 | 1/2 on 6/28/2025 and 6/28/2026 . |
| FY 2022 grants | 285 | Vested 6/21/2025 . |
| Performance-Based Units (Max Assumption) | FY 2025 Grant at Max (#) | FY 2024 Grant at Max (#) | Total (#) | Performance Period End |
|---|---|---|---|---|
| Taylor E. Luebke | 3,692 | 3,982 | 7,674 | FY 2027 (2025 grant); FY 2026 (2024 grant) . |
| FY 2025 Stock Vested | Shares Vested (#) | Value Realized on Vesting ($) |
|---|---|---|
| Taylor E. Luebke | 3,006 | 119,485 . |
| Options | Grants in FY 2025 | Exercises in FY 2025 |
|---|---|---|
| Taylor E. Luebke | None | None . |
Equity Ownership & Alignment
| Beneficial Ownership (as of June 27, 2025) | Shares Owned Directly/Indirectly (#) | Rights to Acquire within 60 Days (#) | Total Beneficially Owned (#) | Notes |
|---|---|---|---|---|
| Taylor E. Luebke | 4,365 | 441 | 4,806 | No shares pledged; less than 1% of outstanding shares . |
| Stock Ownership Guidelines | Multiple of Salary | Approximate Share Requirement | Compliance Status |
|---|---|---|---|
| Other NEOs (incl. CFO) | 3x | 34,000–39,000 | As of Apr 26, 2025, each NEO was in compliance or within the five‑year transition period . |
| Hedging/Pledging Policy | Status |
|---|---|
| Executives and directors are prohibited from hedging, pledging, and short sales of company stock . |
Employment Terms
| Provision | Terms |
|---|---|
| Severance Plan (non‑CIC) | CEO: 24 months; Other NEOs: 12 months of monthly base salary plus average of last three annual cash bonuses divided by 12; medical/dental benefits continue; requires release and compliance with non‑competition and non‑solicitation during severance period . |
| Change‑in‑Control Agreements | Double trigger; for NEOs other than CEO: 2× base salary + 2× average bonus (prior 3 years); continuation of medical/dental; “best‑net” approach—no excise tax gross‑up; accelerated vesting of equity only if employment terminates post‑CIC . |
| Estimated Incremental Payments (assuming event on Apr 26, 2025; stock price $38.95) | Change in Control ($) | Disability ($) | Death ($) | Involuntary Termination (non‑CIC) ($) |
|---|---|---|---|---|
| Base Salary Multiple | 880,000 | — | — | — . |
| Annual Incentive Multiple | 208,620 | — | — | — . |
| RSUs (accelerated/continued vesting) | 393,473 | 393,473 | 393,473 | — . |
| PSUs (accelerated vesting) | 307,121 | 59,944 | 59,944 | — . |
| Broad‑Based Benefits | 26,996 | — | — | 13,498 . |
| Severance Payment | — | — | — | 544,310 . |
| Total Incremental Pay | 1,816,210 | 453,417 | 453,417 | 557,808 . |
Investment Implications
- Pay‑for‑performance linkage is strong: FY 2025 MIP tied to sales and operating margin paid at 103% of target amid mixed margin performance, while the FY 2023–2025 LTIP paid at 133% based on sales, operating cash flow, and rTSR outcomes—supporting compensation alignment with financial and market results .
- Retention incentives are meaningful and time‑based: RSUs vest quarterly anniversaries (June and January) over four years, with 6,694 unvested units from FY 2025 grants and additional legacy grants—creating predictable vesting events and potential tax‑withholding transactions to monitor for insider selling pressure .
- Alignment and risk controls: Double‑trigger CIC, prohibition on hedging/pledging/short sales, and clawback policy compliant with SEC and NYSE standards reduce misalignment and governance risk; no employment agreement suggests flexibility while severance and non‑compete/non‑solicit provisions aid retention .
- Ownership guidelines set a high bar versus current holdings: CFO guideline is 3× salary with an approximate requirement of 34k–39k shares; Luebke’s beneficial ownership totals 4,806 shares, with executives allowed a five‑year transition period—implying ongoing accumulation to meet policy targets .
- Execution context: FY 2025 delivered sales growth (+3% to $2.1B), with focus areas tied directly to incentive metrics (sales, margin, cash flow, rTSR), reinforcing that Luebke’s finance leadership has been embedded within Century Vision’s growth and profitability priorities .