Blake Augsburger
PATRICK INDUSTRIESAbout Blake W. Augsburger
Blake W. Augsburger (age 61) is founder and Chief Executive Officer of LEA Professional (since 2019), and is a 2025 new director nominee to Patrick Industries’ Board; if elected, he would be designated an independent director under NASDAQ rules . He was approved as a nominee on February 25, 2025, to stand for election at the May 15, 2025 annual meeting . His core credentials include strategic planning, sales and marketing, manufacturing and new product development, acquisitions, and operations and risk management .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| LEA Professional | Founder & Chief Executive Officer | 2019–present | Built global audio amplifiers/DSP supplier; leadership across strategy, product and operations |
| Harman International Industries | Executive Vice President; President, Harman Professional Division; North America Country Manager | 2006–2016 | Senior P&L leadership across professional audio; operations and risk management |
| Crown International | President | 2001–2006 | Led pro audio manufacturer operations and growth |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Lakeland Financial Corporation | Director | 2011–present | Public company board service |
Board Governance
- Status at PATK: New director nominee (not yet a sitting director for 2024); “Committees: None” as of nomination .
- Independence: The Board determined that Augsburger “will be an independent director if elected” under NASDAQ and SEC rules .
- Nomination/Timing: Approved as a nominee on February 25, 2025; election at May 15, 2025 annual meeting .
- Board engagement context: In 2024 the Board held nine meetings; each director attended at least 75% of Board and committee meetings, and all directors attended the May 16, 2024 annual meeting. The Lead Independent Director (John A. Forbes) leads executive sessions at each regular Board meeting .
Fixed Compensation
2024 non-employee director compensation program (baseline for newly elected directors):
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer (non-chair directors) | $90,000 | Payable in cash |
| Committee Chair retainers | Audit: $20,000; Compensation: $15,000; Corporate Governance & Nominations: $15,000 (was $10,000 in 1H’24) | Additional to director retainer |
| Lead Independent Director retainer | $25,000 | Additional to director retainer |
Other: Company reimburses travel and related expenses for Board service .
Performance Compensation
| Equity Element | Typical Annual Grant | Vesting/Terms | Dividends |
|---|---|---|---|
| Restricted Stock (time-based) | $140,000 grant (e.g., 1,868 shares at $75.00 on May 16, 2024) | Vests after 1 year of Board service or earlier upon certain events | Cash dividends paid on unvested restricted stock |
Notes:
- Director equity is time-based; no performance metric overlay for directors was disclosed .
Other Directorships & Interlocks
| External Company | PATK Director(s) involved | Nature of interlock |
|---|---|---|
| Lakeland Financial Corporation | Blake W. Augsburger (Director since 2011); M. Scott Welch (Director; served 1998–present at Lakeland) | Two PATK directors on the same outside public board; potential information flow benefits and interlock consideration |
Expertise & Qualifications
- Deep operating leadership in professional/commercial/residential audio, with domain expertise in manufacturing, product development, sales/marketing, and risk management .
- M&A and strategic planning experience from senior roles at Harman and Crown .
Equity Ownership
- As a 2025 new director nominee (approved Feb. 25, 2025), Augsburger did not appear in the beneficial ownership table as of the March 21, 2025 record date; that table listed current directors/NEOs and 5% holders but did not include nominees who were not yet directors .
- Director stock ownership guidelines: The Company does not maintain stock ownership guidelines for directors (uncommon; see Governance Assessment) .
Governance Assessment
Strengths
- Independent nominee with relevant operating and product/technology experience, adding diversified industry expertise to PATK’s Board .
- Board structure includes a Lead Independent Director who leads executive sessions at each regular meeting, enhancing independent oversight .
Watch-fors / RED FLAGS
- Interlock: Augsburger and fellow PATK director M. Scott Welch both serve on Lakeland Financial’s board. Interlocks can concentrate influence and should be monitored for independence dynamics, though they can also improve information flow .
- No director stock ownership guidelines: The proxy explicitly states the Company does not have stock ownership guidelines for directors, which may weaken alignment with shareholders versus peers that require guideline multiples .
- Hedging permitted: The Company “does not have a policy that prevents employees (including officers) or directors from engaging in hedging transactions” of company equity—contrary to prevailing best practices and a potential alignment red flag .
- Related-party transactions environment: While none were disclosed for Augsburger, the Board approved transactions with companies affiliated with two other directors (approx. $1.0M with Welch Packaging Group and ~$0.4M with Dimensional Foam Products), underscoring the need for robust conflict oversight . No formal RPT policy exists; approvals follow internal procedures via the Audit Committee/Board .
Committee Context (for reference)
- Audit Committee Chair: Michael A. Kitson; met 8 times in 2024; several members designated “audit committee financial experts” .
- Compensation Committee Chair: Denis G. Suggs; met 5 times in 2024; Willis Towers Watson engaged as independent consultant .
- Corporate Governance & Nominations Chair: Joseph M. Cerulli; met 4 times in 2024; oversees director compensation and ESG oversight .
Notes on Director Compensation Mix and Alignment
- Typical non-employee director package blends cash retainer ($90k) and time-based equity ($140k); no options disclosed for directors .
- Absence of director ownership guidelines and allowance for hedging diminish traditional alignment mechanisms for non-employee directors .
Attendance & Engagement Baseline
- 2024 baseline: 9 Board meetings; all incumbent directors attended at least 75% of meetings and attended the 2024 annual meeting. Augsburger was not yet on the Board in 2024 .