Kevin Veltman
MILLERKNOLLAbout Kevin Veltman
Kevin Veltman is MillerKnoll’s Chief Financial Officer, appointed October 16, 2025 (age 51), after serving as Interim CFO from September 8, 2025 (age 50) . He joined MillerKnoll in October 2014 and has held leadership roles across FP&A, investor relations, treasury, corporate finance, and operations finance; notably, he directed the post-merger integration with Knoll (May 2021–June 2023) and most recently led finance for the North America Contract segment (June 2023–September 2025) . Company context during his recent tenure: FY2025 net sales were ~$3.7B, EBITDA (as adjusted) was $355.3M, and the CEO/Other NEOs’ pay-versus-performance table shows the value of an initial fixed $100 investment at $83.91 for MillerKnoll vs. $186.95 for the peer group in FY2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MillerKnoll | CFO | Oct 16, 2025–present | Elevated CFO pay and LTI targets; positioned to drive next phase of growth . |
| MillerKnoll | Interim CFO | Sep 8, 2025–Oct 16, 2025 | Maintained continuity during CFO/COO transition; executed SOX certifications . |
| MillerKnoll | SVP, Finance – North America Contract | Jun 2023–Sep 2025 | Financial leadership of key segment . |
| MillerKnoll | SVP – Integration Lead | May 2021–Jun 2023 | Directed post-merger integration with Knoll . |
| MillerKnoll | VP – Corporate Finance & Treasurer | May 2020–May 2021 | Led corporate finance and treasury functions . |
| MillerKnoll | VP – FP&A, Investor Relations, and Treasurer | Oct 2014–May 2020 | Built FP&A and IR capabilities; treasury oversight . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BISSELL Homecare, Inc. | Various finance roles | Not disclosed | Consumer products finance experience . |
| Ernst & Young | Various roles | Not disclosed | Audit/financial acumen foundation . |
Fixed Compensation
| Component | Sep 8, 2025–Oct 16, 2025 (Interim CFO) | Oct 16, 2025 onward (CFO) |
|---|---|---|
| Base Salary ($) | 480,000 | 520,000 |
| Target Annual Incentive (% of Base) | 50% | 75% |
| Long-Term Incentive (Target, % of Base) | Not disclosed | 185% (effective next grant cycle) |
Performance Compensation
Annual Incentive Plan (AIP) – Design and FY2025 Outcome
| Fiscal Year | Metric | Threshold | Target | Maximum | Actual | Payout (% of Target) |
|---|---|---|---|---|---|---|
| FY2025 | EBITDA, As Adjusted | $305.8M | $407.7M | $509.6M | $355.3M | 48.6% |
- FY2026 design changes: Operating Earnings, As Adjusted replaces EBITDA, As Adjusted; segment multipliers introduced for segment leaders, excluding CEO and CFO (15% if ≥105% target; 25% if ≥110%) .
Long-Term Incentive (LTI) Structure
| Period | Award Mix | PSU Metrics | rTSR Modifier | RSU Vesting |
|---|---|---|---|---|
| FY2025 NEO program | 60% PSUs / 40% RSUs | 50% EBITDA, As Adjusted; 50% Revenue (three one-year periods, vesting July 22 after year 3) | ±25% based on TSR percentile (75th → x1.25; 25th → x0.75) | Ratable 33.3%/33.3%/33.4% each July 22 |
| FY2026 leadership (ex-CEO) | 50% PSUs / 50% RSUs | Continued multi-year performance goals | Modifier maintained (program context) | RSUs time-based (as above) |
One-time CFO Equity Award (upon appointment)
| Grant Type | Value ($) | Mix | Notes |
|---|---|---|---|
| LTI (one-time) | 500,000 | 50% PSUs / 50% RSUs | Granted in connection with CFO appointment |
PSU Attainment Example (FY2023–FY2025 cycle, program context)
| Measure | FY2023 Weight | FY2024 Weight | FY2025 Weight | Actuals and Weighted Payout | TSR Modifier | Final Payout |
|---|---|---|---|---|---|---|
| Operating Earnings/EBITDA & Revenue + Non-financial scorecards | 14.85%/14.85%/3.30% (FY2023) | 14.85%/14.85%/3.30% (FY2024) | 15.30%/15.30%/3.40% (FY2025) | Combined payout before rTSR = 47.5% | x0.75 at 23rd percentile | 35.6% of target |
- Select vesting dates for multi-tranche PSU awards in program: tranches vest on Aug 1, 2025/2026/2027 for certain cycles; FY2025 awards use July 22 vesting convention after three years .
Equity Ownership & Alignment
| Policy Element | Requirement | Applicability |
|---|---|---|
| Stock Ownership Guideline | 4x base salary for executive officers with LTI target ≥100% of salary | Kevin’s LTI target is 185% of base; thus subject to 4x guideline |
| Stock Retention | Retain 40% of pretax value of vested/settled shares until guideline met | Applies until guideline achieved |
| Anti-Hedging/Pledging | Hedging and pledging of company stock prohibited | Applies to executive officers |
- Beneficial ownership for Kevin Veltman was not itemized in the FY2025 proxy security ownership table; NEOs and directors are listed as of August 15, 2025 (68,464,446 shares outstanding) .
Employment Terms
| Scenario | Cash Severance | Health/Welfare | Equity Vesting Treatment |
|---|---|---|---|
| Termination without Cause (no CIC) | 18 months base salary | Health insurance during salary continuation | RSUs: proration and vesting; PSUs: target prorated, continue based on actual; options: unvested forfeited, vested exercisable for 3 months |
| Change in Control (double trigger) | 2x base salary; plus 2x greater of avg bonus (prior 3 yrs) or current target; plus prorated target bonus for year of termination (CEO is 3x) | 24 months of healthcare, life & disability; outplacement up to $25,000; no excise tax gross-up | All outstanding LTI awards vest in full as of termination; PSUs earned based on actual performance through CIC date |
| Clawbacks | Mandatory recovery for accounting restatements; discretionary recovery for improper conduct | — | Applies to cash and equity incentives |
- Non-compete and non-solicit obligations apply during severance period; release required .
- Section 302/906 SOX certifications executed by Veltman as Interim CFO for Q1 FY2026 10-Q (dated Sep 29, 2025) .
Compensation Peer Group (Benchmarking)
| Peer Companies (FY2025) |
|---|
| American Woodmark; Floor & Decor; Fortune Brands Innovations; HNI; JELD-WEN; La-Z-Boy; Leggett & Platt; Masonite; MasterBrands; RH; Sleep Number; Somnigroup International; Steelcase; UFP Industries; Wayfair; Williams-Sonoma |
- Committee uses Pay Governance LLC and market survey data; program targets median market pay; no option repricing, no excise tax gross-ups, and anti-hedging/pledging enforced .
Say-on-Pay & Shareholder Feedback
| Proposal | For | Against | Abstain | Broker Non-Votes |
|---|---|---|---|---|
| Advisory vote on NEO compensation (Oct 13, 2025 AGM) | 56,495,979 | 2,623,598 | 130,507 | 4,664,217 |
| Approve 2025 Long-Term Incentive Plan | 46,229,453 | 12,799,105 | 221,526 | 4,664,217 |
Risk Indicators & Red Flags
- Related party transactions: None involving Kevin Veltman reported; no family relationships with executives/directors .
- Anti-hedging and anti-pledging policy enforced for executives .
- No “single-trigger” CIC vesting; double trigger required .
- Equity award repricing prohibited .
Investment Implications
- Incentive alignment: As CFO, Veltman’s pay ties materially to operating performance—AIP now based on Operating Earnings, As Adjusted; LTI balanced 50% PSUs/50% RSUs—enhancing multi-year accountability and retention. His LTI target (185% of salary) and 4x ownership guideline increase alignment and reduce near-term selling pressure risk .
- Transition signal: The step-up from interim to permanent CFO (base to $520k; AIP to 75%; one-time $500k equity) reflects Board confidence and continuity post-COO transition, with explicit integration-track record (Knoll) supporting execution credibility .
- Pay-for-performance rigor: FY2025 AIP paid at 48.6% on EBITDA, and PSU payouts at 35.6% of target with rTSR below median—evidence of disciplined calibration that limits windfalls when performance underdelivers; FY2026 shift to Operating Earnings may better reflect segment economics under Veltman’s finance leadership .
- Governance quality: Robust clawbacks, anti-hedging/pledging, double-trigger CIC, and strong say-on-pay support (votes) reduce governance risk and suggest investor acceptance of the compensation framework Veltman now operates within .