Laura Bloch
Senior Vice President at PCAR
Executive
About Laura Bloch
Laura J. Bloch, 48, is Senior Vice President at PACCAR (since January 2025). She previously led PACCAR Parts as Vice President and General Manager (March 2022–December 2024) and held senior commercial roles at Kenworth and PACCAR Parts (2019–2022). Effective January 5, 2026, she will maintain responsibilities for Kenworth Truck Company and PACCAR Parts and assume Corporate Quality and Purchasing, signaling broader enterprise influence across manufacturing quality and sourcing . Under her PACCAR Parts leadership, the segment delivered record annual revenue of $6.67B and record pre-tax profit of $1.71B in 2024; company-level performance included $33.66B revenue, $4.16B net income, and 12.4% after-tax return on revenues in 2024 . At PACCAR’s Analyst Day, Bloch highlighted multi-year growth drivers (TRP store expansion, connected trucks, and proprietary parts), with PACCAR Parts revenue compounding ~9% annually over a decade and profit ~15% annually since 2014 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PACCAR Parts | Vice President & General Manager | Mar 2022–Dec 2024 | Led aftermarket scale-up; record 2024 Parts revenue ($6.67B) and pre-tax profit ($1.71B); drove TRP, e-commerce, and fleet services growth . |
| PACCAR Parts | Senior Assistant General Manager, Sales & Marketing | Aug 2021–Feb 2022 | Advanced commercial programs and network leverage . |
| Kenworth Truck Company | Assistant General Manager, Sales & Marketing | Feb 2019–Jul 2021 | Supported brand share and connected-truck commercialization with Parts tie-ins . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No external public-company directorships disclosed in PACCAR filings reviewed . |
Fixed Compensation
- PACCAR sets executive salary ranges around market medians; midpoints were increased to approximately market median effective January 1, 2025, per Mercer’s review. Individual salaries vary by role/responsibility; detailed Bloch-specific salary figures are not disclosed .
- Executive officer stock ownership guidelines: CEO 5× base salary; other Named Executive Officers 3×; other executive officers (which includes non-NEO SVPs) 1× base salary. Executives have three years from the first January after attaining their role to comply, and must retain vested shares until thresholds are met; as of Jan 1, 2025, executive officers were compliant or within allowed time .
Performance Compensation
PACCAR emphasizes pay-for-performance across annual cash incentives and long-term incentives (cash, stock options, and restricted stock/RSUs). Bloch participates in these enterprise programs as a Senior Vice President (non-NEO specifics not disclosed).
Annual Incentive (IC) – Company Program Mechanics (2024)
| Metric | Threshold | Target | Maximum | Actual (2024) | Payout Scale |
|---|---|---|---|---|---|
| Company Net Income ($B) | 2.8 | 3.7 | 4.9 | 4.16 | <70% goal=0%; 70%=40%; 85%=70%; 100%=100%; 115%=130%; 130%=160%; ≥140%=200% of target . |
- Majority of annual incentive for executives ties to company net income; remaining portion ties to business unit/leadership goals. Awards are constrained by a pool equal to 3% of net income and individual maximums; the Committee may reduce awards at discretion .
Long-Term Incentive (LTIP) – Company Program Mechanics
| Component | Metric/Design | Weighting (examples) | Vesting/Term |
|---|---|---|---|
| LTIP Cash | 3-year relative performance vs Peer Companies on: change in net income, return on sales, return on capital, and total shareholder return (equal weights) | NEO examples: CEO 75% Company Performance Goal/25% Leadership; other NEOs 50% Company/25–30% Business Unit/20–25% Leadership. For 2021–2023 cycle, Company ranked 3rd of 11 peers, yielding 160% of target on the Company metric . | Paid after cycle; prorated for retirement (≥62 & 15 years); max on change-in-control . |
| Stock Options | Annual grants post Q4 earnings; strike = grant-date close; vest after 3 years; 10-year expiration; retirement and change-in-control accelerations possible | Target % of salary varies by role (NEO examples: 200–600%) . | Vest fully on the third January 1 following grant; retirement/change-in-control provisions apply . |
| Restricted Stock/RSUs | Granted (dollar-denominated) upon achieving annual after-tax return on revenue goal (2024 goal: 5%); settled following year | Target % of salary varies by role (NEO examples: 80–250%) . | Vests 25% on the first day of the month after first anniversary of grant, then 25% each January 1 thereafter; immediate vesting on retirement, death, or change-in-control . |
PACCAR Parts Performance (Track Record under Bloch’s Leadership)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| PACCAR Parts Revenue ($B) | 6.40 | 6.67 |
| PACCAR Parts Pre-tax Income ($B) | 1.70 | 1.71 |
Equity Ownership & Alignment
- Hedging/pledging: Directors and executive officers are prohibited from hedging or pledging PACCAR stock, enhancing alignment and reducing counterparty risk .
- Ownership guidelines and holding requirements: As noted above, Bloch would be subject to 1× salary ownership threshold for executive officers, with mandatory retention of vested awards until compliant .
- Vesting calendars (pressure points):
- RSUs/restricted stock: 25% vests on the first day of the month following the first anniversary of grant; subsequent tranches vest each January 1. Change-in-control triggers immediate vesting .
- Options: 3-year cliff vest; 10-year term; retirement and change-in-control can accelerate exercisability .
Recent Insider Transactions (Form 4 – 2025)
| Filing Date | SEC Filing Type | Transaction Summary | Source |
|---|---|---|---|
| Feb 3, 2025 | Form 4 | Option awarded under PACCAR LTIP; RSUs held in deferred phantom stock account noted in explanations . | |
| Mar 5, 2025 | Form 4 | Additional beneficial ownership update; relationship designated as officer . | |
| Sep 5, 2025 | Form 4 | Beneficial ownership changes reported (Form 4 filing) . |
Note: Specific share counts/prices were reported in Form 4 PDFs; the filings confirm option grants under LTIP and RSU holdings, which are consistent with PACCAR’s equity program and vesting schedules .
Employment Terms
| Provision | Terms |
|---|---|
| Employment contracts | PACCAR has no written employment agreements with Named Executive Officers and indicates no executive officer severance or golden parachute agreements; compensation programs deliver full benefits with service to normal retirement; non-NEO SVPs follow company-wide plans . |
| Separation pay plan | Company-wide U.S. salaried separation pay plan: single payment up to six months of base salary upon job elimination (execs eligible on same terms as other salaried employees) . |
| Change-in-control | Immediate vesting of restricted stock/RSUs; maximum payouts for IC and prorated maximums for incomplete LTIP cycles; Committee has discretionary authority to immediately vest unvested options and terminate SRP with additional benefits (illustrative values shown for NEOs) . |
| Clawback | Compliant with Rule 10D-1/Nasdaq 5608: recover excess incentive comp after restatement; discretionary recovery if fraud causes restatement; misconduct can lead to forfeiture of unpaid compensation . |
| Hedging/pledging | Prohibited for directors and executive officers; enhances alignment . |
| Tax gross-ups/perks | No excise tax gross-ups or significant perquisites disclosed; perks below reporting threshold for NEOs, reflecting conservative approach . |
| Non-compete/non-solicit | Not separately disclosed in filings reviewed. |
Investment Implications
- Alignment: Bloch’s expanded remit (Kenworth, PACCAR Parts, Corporate Quality & Purchasing) increases operational leverage over both OEM and aftermarket profitability drivers, while PACCAR’s strict stock ownership rules, clawback policy, and hedging/pledging prohibitions support long-term alignment .
- Compensation levers and signals: Option and RSU awards create predictable vesting events (first RSU tranche the month after first anniversary; annual January tranches; 3-year option cliffs), which can coincide with potential insider selling windows; monitoring Form 4s around these dates is prudent for trading signal assessment .
- Retention/transition risk: PACCAR’s lack of executive-specific severance or golden parachute agreements reduces guaranteed exit payouts; however, accelerated vesting and maximum payouts upon change-in-control still provide retention value. Company-wide separation pay is modest (≤6 months), implying continued reliance on performance incentives and equity for retention .
- Track record: As PACCAR Parts GM, Bloch presided over record results in 2024 and highlighted durable growth vectors (TRP, connected trucks, proprietary parts). Sustained aftermarket momentum—often higher ROIC and cash conversion—can buffer cyclicality in truck deliveries and may support stable incentive achievement .
- Governance backdrop: Strong say-on-pay support (94% in 2024), independent compensation oversight, peer benchmarking, and explicit prohibition of underwater option repricing mitigate pay inflation and misalignment risk .
References
- Executive roles and age: .
- Role expansion effective Jan 5, 2026: .
- Company and Parts performance (2024): .
- Analyst Day parts growth narrative and metrics: .
- Annual incentive net income targets and scale: .
- LTIP metrics and peer methodology; 2021–2023 payout: .
- Equity vesting schedules; option terms: .
- Ownership guidelines and compliance: .
- Hedging/pledging prohibition: .
- Clawback policy: .
- Employment/severance/change-in-control terms: .
- Say-on-pay approval and governance: .
- Form 4 filings (insider transactions): .