David P. Blom
About David P. Blom
Independent director of Methode Electronics (MEI) since 2019; age 70. Former President & CEO of OhioHealth Corporation (2002–2019), bringing large-scale operating leadership and healthcare-industry expertise. At MEI, he serves on the Audit and Compensation Committees; the Board has determined he is independent under SEC/NYSE standards. He also serves on Worthington Industries’ board as Nominating & Governance Committee Chair and Audit Committee member, adding public-company governance depth.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| OhioHealth Corporation (not-for-profit healthcare system) | President & CEO | 2002–2019 | Led a large healthcare system; experience cited as bringing valuable perspectives to MEI’s Board. |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Worthington Industries, Inc. | Director | Not disclosed | Chair, Nominating & Governance; Member, Audit Committee. |
Board Governance
- Independence: Board determined all directors except the CEO are independent; Blom is independent. Each member of the Audit, Compensation, and Nominating & Governance Committees meets SEC/NYSE independence standards.
- Committee assignments (FY2025): Audit Committee (10 meetings); Compensation Committee (7 meetings). Not a chair at MEI.
- Attendance: Board met 10 times in FY2025; no director attended less than 75% of aggregate Board and committee meetings.
- Annual meeting attendance: All directors except Mr. Pantaleo attended the 2024 Annual Meeting (indicates Blom attended).
- Board leadership: Independent Chairman; independent directors hold regular executive sessions.
- Board evaluation: External counsel conducted individual director interviews; aggregated results discussed in executive session.
- Risk oversight: Audit oversees financial risks; Nom/Gov oversees ERM; Compensation Committee assesses comp-related risk; CIO/CISO provide quarterly cybersecurity updates.
Fixed Compensation (Director Pay – FY2025)
| Component | Amount |
|---|---|
| Annual Cash Retainer | $80,000 |
| Chairman Additional Retainer (if applicable) | $95,000 (Chairman only) |
| Committee Chair Retainers | Audit: $24,000; Compensation: $24,000; Nominating & Governance: $20,000 |
| Committee/Special Meeting Fee | $1,500 per meeting |
| Annual Stock Grant | Shares valued at $140,000; immediate vesting |
| Director | Fees Earned (Cash) | Stock Awards | Total |
|---|---|---|---|
| David P. Blom | $110,000 | $140,000 | $250,000 |
Notes: Non-employee directors may defer cash or equity into MEI’s Deferred Compensation Plan.
Ownership guidelines: Directors must own stock equal to ≥5x annual cash retainer within 5 years; all directors were in compliance for FY2025 (via ownership or retention). Hedging/pledging prohibited.
Performance Compensation (Director Pay Structure)
- Structure: Annual equity grant with immediate vesting; no performance-vesting metrics (e.g., TSR/EBITDA) apply to director equity.
- Deferral: Directors can elect to defer all or part of cash/equity; plan terms described in proxy (participant-directed investments, no company contributions in FY2025).
Other Directorships & Interlocks
| Company | Role | Committee Roles | Potential Interlock/Conflict Disclosed |
|---|---|---|---|
| Worthington Industries, Inc. | Director | Chair, Nominating & Governance; Member, Audit | None disclosed in MEI proxy sections reviewed. |
Board overboarding controls: MEI limits service to ≤3 other public boards; Audit members limited to ≤2 other public audit committees unless Board-approved.
Expertise & Qualifications
- Summary of skills matrix shows Blom brings: Leadership & Strategy; Financial/Accounting; M&A; Technology/Innovation; Industry Experience; Public Company Board Service; Manufacturing/Operations.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| David P. Blom | 37,531 | * (<1%) | Beneficial ownership includes shares plus any RSUs vesting within 60 days of 7/24/2025; no footnote indicating phantom units for Blom. |
Ownership policy: Directors must hold ≥5x cash retainer; all directors in compliance (ownership or retention). Hedging/pledging prohibited.
Governance Assessment
- Strengths: Independent director with dual service on key oversight committees (Audit and Compensation); no attendance red flags; robust Board governance (independent chair, executive sessions, formal evaluations); strict ownership requirements with anti-hedging/anti-pledging; compensation committee employs an independent consultant (FW Cook); Audit Committee reports material weaknesses remediated in FY2025, indicating effective oversight.
- Compensation alignment: Director pay mix combines cash retainers, meeting fees, and sizable equity; immediate vesting of equity is partly mitigated by stringent ownership/retention guidelines.
- Conflicts/related-party: No related-party transactions involving Mr. Blom are identified in the reviewed proxy sections; Audit Committee reviews such matters if applicable.
- Workload/overboarding controls: MEI limits outside boards and audit committee seats; Blom’s disclosed external board role (Worthington) appears within policy limits.
- Shareholder sentiment context: Company say-on-pay support was 96% (2024) and 97% (2023), signaling broad investor confidence in compensation governance during the period.
RED FLAGS
- None disclosed for Mr. Blom in the proxy sections reviewed (no attendance issues, no related-party transactions, no hedging/pledging). Immediate vesting of director equity could dilute longer-term holding incentives, though mitigated by ownership/retention rules.