Larry A. Jobe
About Larry A. Jobe
Independent Class I director of Mannatech since January 4, 2006, and Audit Committee Chair since February 2007; designated by the Board as the Audit Committee financial expert . He holds a B.B.A. in Accounting from the University of North Texas and maintained an active CPA license from 1962–2002 (currently inactive) . Tenure includes broad finance, audit, and public company governance experience across professional services, banking, and corporate boards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Mannatech (MTEX) | Director (Class I) | Since Jan 4, 2006 | Audit Committee Chair; member, Compensation & Stock Option Plan; Nominating/Governance & Compliance; Science & Marketing |
| Mannatech (MTEX) | Audit Committee Financial Expert | Since Feb 2007 | Board-designated financial expert, chairs audit oversight and disclosure processes |
| Grant Thornton LLP | Executive Committee member; Chair of Strategic Planning Committee; other roles | 1973–1991 | Senior leadership in accounting and strategic planning |
| U.S. Commerce Dept. | Assistant Secretary of Commerce for Administration | Appointed 1969 | Senior federal administrative role |
| Mitchell Jobe & Company | Chairman & Founder | 1991–1994 | Professional staffing services; founder leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Legal Network, Ltd. | Chairman & Founder | Ongoing | Legal staffing and litigation support firm leadership |
| P 1 Resources, LLC | President & Founder | Since 1994 | Engineering/light industrial staffing leadership |
| Peloton College | Founder & Board Member | Since Oct 2005 | Accredited career school governance |
| Independent Bank of Texas | Chairman | Not disclosed | Banking oversight |
| U.S. Home Systems, Inc. | Audit Committee Chair | Not disclosed | Audit oversight |
| SWS Group, Inc. (NYSE) | Audit Committee Chair; Director | Jul 2005–Dec 2014 | Public company audit and board oversight |
| Dallas Seminary Foundation | Board Member | Ongoing | Non-profit board role |
Board Governance
- Independence: Board determined Jobe qualifies as independent under Nasdaq/SEC rules .
- Committee assignments (as of Apr 23, 2024): Audit (Chair), Compensation & Stock Option Plan (Member), Nominating/Governance & Compliance (Member), Science & Marketing (Member) .
- Attendance and engagement (2023): Board held 4 regular and 2 special meetings; all directors attended all meetings. All committee members attended all their regular and special committee meetings .
- Audit Committee report: Oversight of financial reporting, internal controls, auditor independence; recommended inclusion of 2023 audited financials in Form 10-K .
| 2023 Committee Meeting Counts | Regular | Special |
|---|---|---|
| Audit Committee | 4 | 6 |
| Compensation & Stock Option Plan Committee | 4 | 3 |
| Nominating/Governance & Compliance Committee | 4 | 0 |
| Science & Marketing Committee | 4 | 0 |
Fixed Compensation
| Year | Fees Earned or Paid in Cash ($) | Notes |
|---|---|---|
| 2023 | 96,667 | Aggregate retainer, committee/chair, and meeting fees |
Director fee schedule (2023):
- Annual retainer (independent directors): $80,000; special meeting fees: $500 per special board/committee meeting; no fees for regular meetings .
- Chair fees: Audit $20,000; Compensation $18,000; Nominating/Governance & Compliance $18,000 (increased from $12,500 effective June 1, 2023); Science & Marketing $10,000 (increased from $7,500 effective June 1, 2023) .
Performance Compensation
- Non-equity incentives: Non-employee directors do not receive non-equity incentive plan compensation or nonqualified deferred compensation .
- Annual equity grants: Unrestricted, fully vested common stock grants to directors; on Jan 3, 2023, Jobe received 2,294 shares (grant-date fair value $39,984 at $17.43 closing price) .
- Options policy: Each non-employee director re-elected by shareholders is granted 5,000 stock options (10-year term; 1/3 immediate vesting, 1/3 at first anniversary, 1/3 at second anniversary; strike = grant-date close) . Jobe had no option grant in 2023 (not up for re-election) .
| Equity Award Detail | Grant Date | Shares/Options | Fair Value ($) | Strike ($) | Vesting |
|---|---|---|---|---|---|
| Stock award (unrestricted) | Jan 3, 2023 | 2,294 shares | 39,984 | — | Fully vested at grant |
| Options outstanding (Dec 31, 2023) | Various | 20,000 options | — | Various | Per historical grants below |
| Historical option grants | Feb 20, 2014 | 5,000 | 61,037 | 19.60 | Standard 1/3 tranches |
| Historical option grants | May 28, 2015 | 5,000 | 62,740 | 20.95 | Standard 1/3 tranches |
| Historical option grants | Jun 6, 2018 | 5,000 | 42,920 | 21.00 | Standard 1/3 tranches |
| Historical option grants | Jun 15, 2021 | 5,000 | 33,845 | 25.66 | Standard 1/3 tranches |
Other Directorships & Interlocks
- Compensation Committee interlocks: None; committee comprised solely of independent directors; no cross-compensation relationships with other companies' officers/directors .
- Notable network associations: Daughter, Lorrie Jobe, serves on the board of the M5M Foundation, to which Mannatech made cash donations of $0.5M (2023), $0.6M (2022), and $0.1M (Q1 2024) .
Expertise & Qualifications
- Core credentials: CPA (inactive), extensive public accounting and audit oversight; public company board and audit leadership; strategic planning experience .
- Board-stated fit: “Particularly well-suited to serve as chair of the Audit Committee” given finance/audit background .
Equity Ownership
| As of | Outstanding Shares | Shares Underlying Options (exercisable ≤60 days) | Total (Shares + Options) | % of Class |
|---|---|---|---|---|
| Apr 19, 2024 | 72,021 | 15,000 | 87,021 | 4.6% |
- Directors’ stock ownership guidelines: Encouraged to own shares equal to 3x annual board retainer; no formal mandate .
- Options outstanding as of Dec 31, 2023: 20,000 (aggregate) .
Governance Assessment
- Strengths: Long-tenured independent director with deep audit expertise and designated financial expert; chairs an active Audit Committee with robust meeting cadence and oversight of disclosure controls; perfect attendance in 2023 across Board and committees .
- Alignment: Receives modest cash fees plus annual fully vested stock grants; significant personal share ownership (4.6% including options within 60 days), supporting alignment with shareholders .
- Potential conflicts and RED FLAGS:
- Related-party exposure via charitable affiliations: Company donations to M5M Foundation where Jobe’s daughter serves on the board; while philanthropic, this introduces perceived conflict risk in oversight of donations and reputational exposure. RED FLAG: related-party proximity to corporate donations .
- Long tenure (since 2006) may raise independence optics; however, Board explicitly affirms independence under Nasdaq/SEC standards .
- Director pay signals: Shift to fully vested stock grants and episodic options upon re-election; no performance-based metrics for directors, consistent with governance norms; cash chair fees align with committee responsibilities and were increased for certain committees in 2023, indicating heavier governance workload rather than pay inflation .
Overall, Jobe’s audit leadership, independence designation, and attendance support board effectiveness; investors should monitor charitable related-party ties and tenure-related independence perceptions, particularly given Mannatech’s concentrated shareholder/insider governance environment .