Erika Lapish
MGP INGREDIENTSAbout Erika Lapish
Erika Lapish is Vice President and Chief Human Resources Officer (CHRO) at MGP Ingredients. She is 50 years old as of February 26, 2025, and has served as CHRO since February 2023 after serving as MGPI’s Vice President of Human Resources from May 2021 to February 2023; prior roles include VP HR at R1 RCM and Benteler Automotive . MGPI’s 2024 incentive metrics (Adjusted Operating Income, Adjusted EBITDA, Adjusted Basic EPS) missed threshold levels, resulting in zero STI/LTI payouts for 2024; in 2025 the company shifted LTI to 75% PSUs/25% RSUs to tighten pay-for-performance alignment . Education was not disclosed in filings .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MGP Ingredients | Chief Human Resources Officer & Vice President | Feb 2023 – present | Executive HR leadership for MGPI |
| MGP Ingredients | Vice President, Human Resources | May 2021 – Feb 2023 | Human resources leadership at corporate level |
| R1 RCM | Vice President Human Resources – Central Operations | Feb 2018 – May 2021 | HR leadership for central operations |
| Benteler Automotive | Vice President Human Resources, North American Operations | Jan 2015 – Feb 2018 | Regional HR leadership for North America |
External Roles
Not disclosed in company filings reviewed.
Fixed Compensation
Multi-year compensation for Erika Lapish:
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $253,000 | $304,000 | $316,160 |
| Target STI (% of Salary) | — | 50% | 50% |
| Actual STI Paid ($) | $253,000 | $304,000 | $0 |
| All Other Compensation ($) | $24,607 | $21,077 | $22,356 |
| Total Compensation ($) | $708,879 | $957,951 | $733,726 |
- Perquisites: Beginning January 1, 2025, eligible for $600/month automobile allowance plus gas reimbursement .
- Retirement: 401(k) company match up to 6%; 2024 company contribution to Lapish’s 401(k) was $18,970 .
Performance Compensation
Short-Term Incentive (STI) – 2024 Design and Outcome
| Metric | Weighting (%) | Threshold (50%) | Target (100%) | Maximum (200%) | Actual Result | Payout |
|---|---|---|---|---|---|---|
| Adjusted Operating Income | 70 | $180.3 million | $198.3 million | $216.4 million | Threshold not achieved | 0% |
| Adjusted EBITDA | 20 | $202.5 million | $222.4 million | $240.4 million | Threshold not achieved | 0% |
| Adjusted Basic EPS | 10 | $5.90 | $6.41 | $7.01 | Threshold not achieved | 0% |
- Target STI opportunity for Lapish: 50% of base salary in 2024 (unchanged vs 2023) .
Long-Term Incentive (LTI)
- 2024 LTI Target Opportunity: 65% of base salary for Lapish . No RSUs were awarded based on 2024 performance (below threshold) .
- 2023 Performance RSU Grant (awarded Feb 14, 2024): 4,655 RSUs; grant-date fair value $395,210. Vesting: 1/3 on Feb 14, 2025; 1/3 on Feb 14, 2026; 1/3 on Feb 14, 2027 .
- For 2023 performance year, the company disclosed NEO RSUs were granted at the maximum award payable (global disclosure) .
2025 LTI Redesign (Forward-Looking)
- LTI mix: 75% PSUs (at target) and 25% time-based RSUs for executives; grants on March 12, 2025 .
- RSUs: vest ratably on Feb 20, 2026, 2027, 2028 .
- PSUs: one-year performance period (2025); cliff vest Feb 20, 2028 based on 2025 Adjusted Operating Income, Adjusted EBITDA, and Adjusted Basic EPS .
- Lapish’s LTI target opportunity increased to 80% of base salary for 2025 to align with peer benchmarks .
Equity Ownership & Alignment
Beneficial Ownership
| Holder | Common Shares | % of Outstanding | Notes |
|---|---|---|---|
| Erika Lapish | 3,022 | <1% | Includes 550 shares held by spouse; beneficial ownership disclaimed for those shares |
- Stock ownership guidelines: Other executive officers are expected to own shares valued at 1.5× base salary; executives either met the guideline or were in the five-year phase-in as of March 21, 2025 .
- Hedging/pledging: Company prohibits hedging and pledging; as of the proxy date, no directors or executive officers had pledged shares .
- Clawback: SEC/Nasdaq-compliant clawback policy covering erroneously awarded incentive compensation for prior three years .
Outstanding Unvested RSUs (as of December 31, 2024; price $39.37/share)
| Tranche | Units | Market Value ($) | Vesting |
|---|---|---|---|
| RSUs (1) | 2,292 | $90,236 | Vested Feb 10, 2025 |
| RSUs (3) | 3,395 | $133,661 | Will vest Feb 16, 2026 |
| RSUs (4) | 4,655 | $183,267 | 1/3 vested Feb 14, 2025; remaining on Feb 14, 2026 and 2027 |
These scheduled vestings create identifiable windows for potential insider selling subject to blackout/policy controls; hedging/pledging is prohibited, mitigating alignment risks .
Employment Terms
Post-termination and change-in-control estimated benefits (as of December 31, 2024):
| Scenario | Amount ($) |
|---|---|
| Termination without cause or for good reason | $324,245 |
| Change in Control (CIC) | $248,316 |
| CIC and termination without cause or for good reason | $641,173 |
| Death or Disability | $407,165 |
- Executive Severance Plan: Provides uniform treatment for executives not covered by individual employment agreements; generally 1× base salary plus COBRA premiums for 6 months; CIC amounts include vesting treatment for certain RSUs and STI target per plan disclosures (Section 280G/4999 reductions may apply) .
Compensation Committee Analysis
- Human Resources and Compensation Committee members: Thomas A. Gerke (Chair), Neha J. Clark, Lori L.S. Mingus, Kevin S. Rauckman, Karen L. Seaberg, Todd B. Siwak .
- Committee oversees executive pay, stock ownership guidelines, clawback policies, and human capital management; uses an independent compensation consultant; 2025 LTI redesign and target adjustments were based on peer benchmarking .
Investment Implications
- Pay-for-performance tightening: Zero STI/LTI payout for 2024 reflects disciplined threshold enforcement; 2025 shift to PSUs (75%) should increase sensitivity of equity outcomes to 2025 operating performance (AOI/EBITDA/EPS), improving alignment for Lapish’s incentives with shareholder outcomes .
- Retention and selling pressure: Lapish holds moderate unvested RSUs with staggered vesting (2026–2027), offering retention hooks and identifiable liquidity windows; hedging/pledging prohibitions reduce misalignment risks .
- Ownership alignment: Beneficial ownership is small (<1%); stock ownership guidelines (1.5× salary) and company policy suggest progressing toward higher alignment over time; executives are either compliant or within the phase-in period .
- Severance/CIC economics: Payouts are modest relative to base pay, with CIC treatment including RSU vesting; overall change-in-control exposure for Lapish is manageable, limiting adverse incentives around corporate actions .