James Cook
About James S. Cook
Executive Vice President, Human Resources at The Manitowoc Company (MTW), appointed effective May 1, 2023; joined MTW in August 2017 after leadership roles in EH&S and “The Manitowoc Way” (continuous improvement) . Age and education are not disclosed. Tenure in current role was one year as of year-end 2024 and he is within the five‑year window to meet executive stock ownership guidelines (3x base pay; actual 0.9x) . 2024 company performance under the executive team: net sales $2,178.0M (-2.2% YoY), Adjusted EBITDA $128.4M (-26.8% YoY), Adjusted ROIC 6.0% vs. 11.2% prior year ; the 2022‑2024 LTIP PSU cycle paid 122.5% of target with a -10% relative TSR modifier .
Past Roles
| Organization | Role | Dates | Strategic Impact |
|---|---|---|---|
| The Manitowoc Company, Inc. | Executive Vice President, Human Resources | May 1, 2023–Present | Oversees global HR, retention, and compensation alignment |
| The Manitowoc Company, Inc. | Senior Vice President, Human Resources | Aug 2022–Apr 2023 | Led HR transformation and talent processes |
| The Manitowoc Company, Inc. | Senior Vice President, EH&S and The Manitowoc Way | Aug 2020–Aug 2022 | Ran EH&S and “The Manitowoc Way” business system |
| The Manitowoc Company, Inc. | Vice President, EH&S and Security | Aug 2017–Aug 2020 | Built global EH&S and security programs |
External Roles
No external directorships or public board roles disclosed.
Fixed Compensation
Multi‑Year Compensation Summary (NEO Summary Compensation Table)
| Year | Salary ($) | Stock Awards ($) | Non‑Equity Incentive ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|---|
| 2024 | 417,077 | 460,581 | 82,290 | 73,492 | 1,033,440 |
| 2023 | 379,615 | 496,351 | 396,094 | 49,454 | 1,321,514 |
Base Salary Rates
| Year | Base Salary ($) | Change (%) |
|---|---|---|
| 2023 | 390,000 | — |
| 2024 | 422,000 | 7.6% |
2024 All Other Compensation – Detail
| Contributions to Defined Contribution Plan ($) | Company Contributions – Deferred Compensation ($) | Disability Insurance ($) | Car Allowance ($) | Tax Preparation ($) | Other ($) | Total ($) |
|---|---|---|---|---|---|---|
| 20,700 | 34,990 | 1,727 | 10,800 | 5,275 | – | 73,492 |
Performance Compensation
2024 STIP Metrics and Results (Company‑Level)
| Metric (Weighting) | Threshold (50%) | Target (100%) | Maximum (200%) | 2024 Actual | Achievement |
|---|---|---|---|---|---|
| Adjusted EBITDA (50%) | $154M | $170M | $208M | $128.4M | 0.0% |
| Net Working Capital as % of Sales (30%) | 21.0% | 20.0% | 19.0% | 21.2% | 0.0% |
| Sustainability Metrics (20%) | ESG Goals | ESG Goals | ESG Goals | ESG Goals | 150.0% |
| Total Payout as % of Target | — | — | — | — | 30.0% |
2024 STIP Payout – James S. Cook
| Base Salary ($) | STIP Target (%) | STIP Target ($) | Payout Factor (%) | STIP Payout ($) |
|---|---|---|---|---|
| 422,000 | 65% | 274,300 | 30% | 82,290 |
2023 STIP target increased from 50% to 65% concurrent with Cook’s promotion to EVP HR; 2023 STIP company payout was 156.25% of target .
LTIP – PSU Performance (2022–2024 Cycle)
| Measure (Weighting) | Threshold (50%) | Target (100%) | Maximum (200%) | Relative TSR Modifier | Total Payout as % of Target |
|---|---|---|---|---|---|
| Adjusted EBITDA Average (60%) | 6.0% | 7.0% | 8.0% | -10% (25th–40th percentile = -10%; <25th = -20%) | 122.5% |
| Non‑New Machine Sales (40%) | $455M | $551M | $625M | — | — |
| NEO | Target PSUs Granted (#) | Payout Factor (%) | PSUs Earned (#) |
|---|---|---|---|
| James S. Cook | 2,583 | 122.5% | 3,164 |
2024 Plan‑Based Awards – James S. Cook
| Award Type | Grant Date | Threshold | Target | Maximum | Shares Granted (#) | Grant Date Fair Value ($) |
|---|---|---|---|---|---|---|
| STIP (cash) | — | $137,150 | $274,300 | $548,600 | — | — |
| LTIP – PSUs | 02/27/2024 | 8,717 (#) | 17,434 (#) | 34,868 (#) | — | 250,004 |
| LTIP – RSUs | 02/27/2024 | — | — | — | 16,238 | 210,577 |
RSUs vest ratably over three years on grant anniversaries; PSUs are three‑year cliff‑vesting subject to performance .
Equity Ownership & Alignment
Beneficial Ownership (Record Date: March 3, 2025)
| Name | Shares Beneficially Owned (#) | Ownership % of Outstanding | Pledged Shares |
|---|---|---|---|
| James S. Cook | 37,346 | <1.0% | None |
Outstanding Equity Awards as of Dec 31, 2024 (James S. Cook)
| Grant Date | RSUs – Not Vested (#) | Market Value RSUs ($) | PSUs – Unearned (#) | Market/Payout Value PSUs ($) |
|---|---|---|---|---|
| 02/18/2022 | 944 | 8,619 | 3,164 (shown at 122.5%) | 28,887 |
| 02/08/2023 | 12,282 | 112,135 | 14,798 (target) | 135,106 |
| 02/27/2024 | 16,238 | 148,253 | 17,434 (target) | 159,172 |
Market values based on $9.13 MTW closing price on Dec 31, 2024 . No stock options outstanding for Cook; no option exercises in 2024 .
2024 Stock Vested and Value Realized
| Shares Vested (#) | Value Realized on Vesting ($) | Option Exercises (#) | Value on Exercises ($) |
|---|---|---|---|
| 12,212 | 185,626 | — | — |
Deferred Compensation
| Executive Contributions – 2024 ($) | Company Contributions – 2024 ($) | Aggregate Earnings (Loss) – 2024 ($) | Aggregate Balance at FY‑End ($) | Program Notes |
|---|---|---|---|---|
| 60,463 | 34,990 | 1,185 | 98,818 | Eligible to defer up to 40% base salary and up to 100% of STIP; multiple investment options including Company Stock Fund; no transfers between Company Stock Fund and other funds |
Stock Ownership Guidelines (Executives)
| Target Multiple of Base Pay | Actual Multiple (12/31/2024) | Compliance Window | Retention Requirement |
|---|---|---|---|
| 3x base pay | 0.9x | Within 5 years allowed | Must retain net shares from option exercises/RSU/PSU vesting until compliant |
Employment Terms
- Employment Agreements entered May 2023; no fixed term; eligible for STIP/LTIP; standard benefits; reimbursement of business expenses .
- “Good reason” includes primary work location move >50 miles, material reduction of duties, adverse changes in total target compensation, or Company’s material breach .
- Restrictive covenants include confidentiality, non‑solicitation, non‑competition, non‑interference, and non‑disparagement .
- Insider Trading Policy: pre‑clearance required; prohibits hedging, short sales, margin accounts, and pledging . Clawback policy effective Oct 2023 for incentive‑based compensation upon qualifying restatements (prior 3 fiscal years) . Awards subject to clawback/recoupment under the 2025 plan .
- Governance practices: no excise tax gross‑ups on change of control; no option repricing/reloads .
Potential Payments – Termination Other Than Change of Control (as of Dec 31, 2024)
| Base Salary ($) | Annual Incentive – Target ($) | Restricted Shares ($) | Performance Shares ($) | Benefits ($) | Total ($) |
|---|---|---|---|---|---|
| 422,000 | 274,300 | 95,086 | 100,509 | 54,477 | 946,372 |
Represents 1x base salary and 1x target STIP; pro‑rata annual bonus for year of termination based on actual performance; pro‑rata vesting on equity; 12 months COBRA and up to $25,000 outplacement .
Potential Payments – Change of Control Coupled with Termination (as of Dec 31, 2024)
| Base Salary ($) | Annual Incentive – Target ($) | Restricted Shares ($) | Performance Shares ($) | Benefits ($) | Total ($) |
|---|---|---|---|---|---|
| 844,000 | 548,600 | 269,006 | 323,165 | 82,798 | 2,067,570 |
CO‑termination benefits reflect 2x base salary and 2x target STIP; RSU acceleration; PSUs at 122.5% for 2022 and target for 2023/2024 cycles; 24 months of benefits and up to $25,000 outplacement .
Compensation Structure Analysis
- Pay mix: Combination of base salary, STIP tied to annual EBITDA, working capital, and ESG goals; LTIP split 50% PSUs (multi‑year EBITDA and non‑new machine sales plus TSR modifier) and 50% RSUs (time‑based) . Use of multiple measures and payout caps at 200% of target .
- 2024 outcomes: STIP at 30% due to EBITDA and working capital misses; ESG achieved at 150% . 2022–2024 PSUs paid 122.5% despite a -10% TSR modifier, reflecting strong multi‑year EBITDA average and aftermarket growth metrics .
- Perquisites limited (car allowance, executive physicals, disability, tax prep related to international assignments) .
Say‑on‑Pay & Shareholder Feedback
- 2023 say‑on‑pay passed: 18,364,173 For; 5,992,567 Against; 55,824 Abstentions; broker non‑votes 4,114,687 .
- Committee uses WTW as independent compensation consultant and benchmarks against a 19‑company peer group aligned to cyclicality and aftermarket exposure .
Equity Ownership & Pledging Risk Indicators
- No pledging by Cook or other named officers; anti‑pledging policy enforced .
- Anti‑hedging policy prohibits derivatives and short sales; pre‑clearance required .
- Ownership guideline shortfall (0.9x vs 3x) with mandatory retention of net shares until compliant .
Employment & Contracts – Additional Terms
- Upon pre‑CO termination without cause or for good reason: pro‑rata equity vesting; options (if any) pro‑rated and exercisable up to 12 months; RSUs pro‑rated; PSUs pro‑rated and remain eligible based on actual performance .
- No fixed term; auto‑renewal not specified; non‑compete duration not disclosed; garden leave not disclosed .
Investment Implications
- Alignment: Cook’s incentive pay is tightly linked to EBITDA, working capital, and ESG in STIP and to multi‑year EBITDA/aftermarket sales with TSR modifier in PSUs; 2024 STIP at 30% underscores pay‑for‑performance discipline in a weak year . 2022–2024 PSUs above target (122.5%) despite TSR headwind suggests operational improvements in targeted metrics .
- Retention and supply overhang: Cook remains below stock ownership guidelines (0.9x vs 3x) and must retain net shares until compliant; unvested RSUs (16,238) and PSUs (17,434 target for 2024 grant; 14,798 target for 2023) imply continuing vesting‑related share delivery and potential Form 4 activity, but pledging is prohibited and no options are outstanding (reducing forced‑exercise pressure) .
- Change‑of‑control economics: Double‑trigger CO termination yields ~$2.07M to Cook, with 2x salary and 2x target bonus plus equity acceleration—meaningful but not excessive relative to CEO; severance pre‑CO ~$0.95M suggests moderate protection and manageable retention risk absent extraordinary offers .
- Governance signals: No excise tax gross‑ups, no option repricing, strong anti‑hedging/anti‑pledging and clawback frameworks—lower governance red‑flag risk; 2023 say‑on‑pay approval indicates shareholder support for the program design .