Jeffrey S. Lorberbaum
Also at Mohawk Industries Inc
About
Jeffrey S. Lorberbaum is 68 years old and has played a pivotal role in the evolution of Mohawk Industries over several decades. Despite the lack of detailed personal educational background in the available documents, his longstanding commitment to the company and the flooring industry speaks to his expertise and leadership abilities.
Beginning his journey with Mohawk Industries through the acquisition of Aladdin Mills Inc. in March 1994, he quickly transitioned into significant leadership roles. Starting as a director, he then served as President and Chief Operating Officer from January 1995 to January 2001, before taking on the role of Chief Executive Officer, which he has held since January 2001.
Over the years, his strategic decisions and operational management have been instrumental in shaping the company's growth and industry presence. His appointment as Chairman in May 2004 further solidified his influence on the company's direction. This comprehensive tenure underscores a career of progressive responsibility and deep industry involvement.
$MHK Performance Under Jeffrey S. Lorberbaum
Past Roles
| Organization | Role | Date Range | Details |
|---|---|---|---|
| Mohawk Industries, Inc. | President and Chief Operating Officer | January 1995 - January 2001 | Held prior to becoming CEO |
| Aladdin Mills Inc. | President and Chief Executive Officer | February 1994 - March 1994 | Ended due to acquisition by Mohawk Industries |
| Aladdin Mills Inc. | Vice President – Operations | 1986 - February 1994 | Promoted to President and CEO |
Fixed Compensation
| Component Name | Amount | Payment Schedule | Additional Details |
|---|---|---|---|
| Base Salary | $1,388,121 | Annually | Fixed annual base salary |
| Fixed LTIP Component (RSUs) | 3,521 RSUs | One-time grant | Grant Date Fair Value: $102.85 per RSU ; Total Value: $362,091.85 ; Granted based on 2022 base salary |
Performance Compensation
Annual Incentive Plan (Non-Equity Incentive Plan)
| Metric | Value | Details |
|---|---|---|
| Performance Metric | Adjusted EPS | Incentive based on meeting adjusted EPS targets |
| Threshold Award | 54% of base salary | Award percentage if minimum performance is achieved |
| Target Award | 90% of base salary | Award percentage at the expected performance level |
| Maximum Award | 150% of base salary | Cap on incentive payout based on performance |
| Bonus Pool | $7.7 million | Total available bonus pool |
| Maximum Pool Award Limit | $2.1 million | Maximum award potential within the pool |
| Actual Payout | $1,951,478 | Cash awarded based on performance |
| RSU Conversion Component | $700,000 in RSUs | Award paid partly in RSUs vesting ratably over 3 years |
| RSU Grant Date | February 23, 2024 | Date on which the RSU component was granted |
LTIP Variable Component and Stock Awards (Grant Date RSUs)
| Metric | Value | Details |
|---|---|---|
| TSR Component Performance | 10th Percentile (No Award) | Based on 3-year total shareholder return vs. S&P 500; no RSUs awarded due to low performance |
| Business Unit Component Performance | Determined by EPS targets | Performance levels: Threshold: 15%, Target: 30%, Maximum: 60% of base salary in RSUs; calculated linearly |
| RSUs Awarded (Business Unit) | 2,183 RSUs | Award based on Company & Business Unit EPS performance |
| Variable LTIP Grant Date | February 28, 2023 | Grant date for the LTIP variable component |
| Grant Date Fair Value | $102.85 per RSU | Valuation based on average daily closing prices over the relevant period |
| Vesting Schedule | Ratably over 3 years | RSUs vest on each of the first three anniversaries of the grant date |