Ward Lyke
About Ward Lyke
Ward N. Lyke, Jr. is Vice President, Chief Financial Officer, and Treasurer of J.W. Mays, Inc., appointed effective January 1, 2024 after beginning with the company in 1972 and first becoming an officer in 1984 . He serves on the company’s Disclosure Committee, which met four times in fiscal 2025, overseeing financial reporting controls and materiality assessments . During his CFO tenure, company pay-versus-performance disclosures show cumulative TSR falling to $91.52 in 2025 and net loss improving to $(136,240), following 2024 TSR of $114.03 and net loss of $(406,568) . He beneficially owns 1,121 shares (0.05%) of MAYS common stock as of September 2, 2025, indicating limited direct equity alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| J.W. Mays, Inc. | Vice President and Assistant Treasurer | 1984–2023 | Financial operations leadership prior to CFO role; longstanding officer continuity |
| J.W. Mays, Inc. | Vice President, Chief Financial Officer and Treasurer | 2024–present | Principal financial officer overseeing reporting and treasury; signatory for earnings 8-Ks |
| J.W. Mays, Inc. | Disclosure Committee Member | 2003–present | Reviews all financial reports and disclosures; ensures sufficient internal controls |
Fixed Compensation
Multi-year compensation for Ward N. Lyke, Jr. (fiscal years ended July 31):
| Metric ($USD) | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Salary | 260,478 | 273,550 | 296,522 | 316,000 |
| Bonus | 22,000 | 22,000 | 22,000 | — |
| Stock Awards | — | — | — | — |
| Option Awards | — | — | — | — |
| Non-Equity Incentive Comp | — | — | — | — |
| All Other Compensation | 50,131 | 52,583 | 57,507 | 57,060 |
| Total | 332,609 | 348,133 | 376,029 | 373,060 |
Employment agreement (“most recently extended” August 2023) base salaries (first year of current term): Ward N. Lyke, Jr. $278,000; eligible for increases and an annual bonus as determined by the Board .
Performance Compensation
- The Company has no incentive compensation programs or stock option plans; executive bonuses are discretionary and determined by the Board .
| Incentive Type | Metric | Target | Actual (Ward) | Payout | Vesting |
|---|---|---|---|---|---|
| Annual Discretionary Cash Bonus | Not formulaic; Board-determined | n/a | FY22: n/a; FY23: n/a; FY24: n/a; FY25: n/a | FY22: $22,000; FY23: $22,000; FY24: $22,000; FY25: $0 | n/a |
Company disclosures note compensation reviews consider stock performance, increased rental revenues, and business improvements, but the firm “generally does not utilize TSR and net loss” in its executive compensation program .
Equity Ownership & Alignment
| Ownership Metric | As of Sep 3, 2024 | As of Sep 2, 2025 |
|---|---|---|
| Shares Beneficially Owned | 1,121 | 1,121 |
| Percent of Shares Outstanding | 0.05% | 0.05% |
- Insider trading and anti-hedging/pledging policy: Officers and directors are prohibited from hedging or monetization transactions and from pledging or using margin accounts; an exception to pledge may be granted only if the loan can be repaid without resort to the pledged securities .
- Stock ownership guidelines: Not disclosed .
Employment Terms
| Term | Details |
|---|---|
| Employment Start | Began working for MAYS in 1972; first became an officer in 1984 |
| Current Role Effective Date | Appointed CFO effective January 1, 2024 |
| Contract Term | Three-year employment agreement model originated Aug 1, 2005; extended every three years; most recent extension August 2023 through July 31, 2026 |
| Base Salary (Current Term Year 1) | $278,000; eligible for increases and Board-determined annual bonus |
| Non-Compete | 24 months post-termination; 15-mile radius of principal place of business; also restrictions on inducing employees and adverse use of confidential information |
| Severance | No severance provisions other than disability continuation through July 31, 2026 if permanently disabled (as defined in agreement) |
| Benefits | Retirement plan, medical, life, disability (generally available to employees) |
Performance & Track Record
Company pay-versus-performance metrics (cumulative TSR value of a fixed $100 investment and net income/loss):
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| TSR ($ per initial $100) | $119.39 | $114.03 | $91.52 |
| Net Income (Loss) | $(82,964) | $(406,568) | $(136,240) |
Narrative: 2025 net loss improved vs 2024 primarily on increased rental income and lower administrative and interest expense, partially offset by higher real estate operating expenses .
Say-on-Pay & Shareholder Feedback
Vote outcomes (Annual Meeting November 21, 2023):
| Proposal | For | Against | Abstain | Non-Votes |
|---|---|---|---|---|
| Say-on-Pay (NEO Compensation) | 1,277,272 | 54,688 | 11 | 87,975 |
| Say-on-Frequency (Preference) | 1 Year: 1,267,787; 2 Years: 530; 3 Years: 9,637; Abstain: 54,017 | — | — | — |
Related Party Transactions (Governance Red Flags)
- Operating leases with Weinstein Enterprises, Inc., an affiliate principally owned by the Company’s Chairman/CEO. FY2025 rent payments: $1,020,519; right-of-use assets at July 31, 2025: $12,659,734; liabilities: $7,859,770; Jamaica lease expires May 31, 2035; Fulton Street leases expire April 30, 2031 and April 30, 2044 .
- Upon termination of the Jamaica lease (2035), premises and leasehold improvements turn over to the landlord (affiliate) .
Compensation Committee & Program Features
- Compensation Committee comprised of independent directors; met once in fiscal 2025 .
- No equity incentive or stock option plans; compensation structured around base salary and discretionary cash bonuses .
Investment Implications
- Alignment: Very low direct equity ownership (0.05%) and absence of equity-based incentives limit pay-for-performance alignment; bonuses are discretionary without disclosed metrics or weightings .
- Retention: Employment agreement runs through July 31, 2026 with non-compete protections; no severance (except disability) reduces termination costs but may not provide retention economics beyond salary/bonus .
- Trading Signals: Anti-hedging/pledging policy mitigates hedging/pledging red flags; limited insider ownership reduces forced-selling pressure from vesting or option exercises .
- Governance Risk: Material related-party leases and concentrated control via the Shulman family/affiliates warrant discount or heightened governance scrutiny; however, say-on-pay received strong support in 2023 .