Glenn E. Corlett
About Glenn E. Corlett
Independent director of Preformed Line Products Company; age 81; director since 2017. Serves on the Audit and Compensation Committees; not a chair. Former Price Waterhouse partner (to 1990), CFO/COO of N.W. Ayer, and Professor/Dean of the College of Business at Ohio University (Dean from July 1997–June 2007). Board has determined he is independent under NASDAQ rules.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Price Waterhouse | Partner | Through 1990 | Accounting/audit experience supports Audit Committee work. |
| N.W. Ayer (international advertising agency) | CFO; later COO | Not disclosed | Executive leadership and compensation oversight background. |
| Ohio University, College of Business | Professor of Accounting; Dean and Philip J. Gardner Leadership Professor | Jul 1997–Jun 2007 | Lectured/written on accounting, auditing, and executive compensation; strengthens governance expertise. |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| None disclosed (public company boards) | — | — | Company filings do not list other current public directorships. |
Board Governance
- Committee memberships: Audit (member), Compensation (member); Audit Committee chaired by Michael E. Gibbons (designated financial expert).
- Independence: Determined independent by the Board under NASDAQ corporate governance rules.
- Board leadership: No lead independent director; Executive Chairman serves as principal executive officer.
- Meetings/attendance: 2024 Board held 5 meetings; Audit 4; Compensation 4; Nominating 7. All directors attended at least 75% of total meetings of the Board and their committees; all directors attended the prior annual meeting.
Fixed Compensation
| Component | Amount/Policy | 2024 Value for Corlett |
|---|---|---|
| Annual cash retainer (Board) | $45,000 per non-employee director | Included in fees earned |
| Committee member retainer | $10,000 per committee; +$10,000 for each committee chair | Included in fees earned (Audit, Compensation; not a chair) |
| Equity grant | Approximately $75,000 in common shares annually (paid just prior to year-end) | $75,025 stock awards |
| Meeting fees | Not specified; director fees structured via retainers | — |
| Total 2024 director pay (Corlett) | Fees earned or paid in cash; Stock awards; Total | $75,000; $75,025; $150,025 |
Performance Compensation
| Metric | Applies to Directors? | Notes |
|---|---|---|
| Financial/ESG performance metrics tied to director pay | Not disclosed | Director compensation comprises cash retainer, committee retainers, and annual stock grants; no performance conditioning disclosed for directors. |
Other Directorships & Interlocks
- Compensation Committee interlocks: None; no interlocking relationship between PLPC’s Board/Compensation Committee and any other company during 2024.
Expertise & Qualifications
- Accounting/audit and executive compensation expertise; extensive oversight experience; actively engaged with management on financial statements and compensation policy.
- Audit Committee financial expert is designated as Michael E. Gibbons; Corlett contributes significant financial literacy.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Glenn E. Corlett | 7,651 | <1% | As of March 14, 2025. |
| Director ownership guidelines | Minimum aggregate market value of 3× annual cash retainer ($45,000) | Policy | Prohibits sale until guideline satisfied; 5-year compliance window. |
| Hedging/short sales | Prohibited | Policy applies to directors; bans short sales and hedging transactions (e.g., collars, swaps, exchange funds). |
Governance Assessment
- Strengths: Independent director with deep accounting and compensation expertise; active committee roles (Audit and Compensation); Board reports strong attendance; formal anti-hedging policy and director ownership guidelines support alignment.
- Watch items: Board has no lead independent director, which may limit independent oversight optics; family relationships on Board noted elsewhere (not involving Corlett), requiring continued emphasis on independent committee processes.
- Conflicts/related party exposure: No related-party transactions disclosed involving Corlett; Audit Committee pre-approves and oversees related-party matters.
Shareholder Voting Signals
| Year/Proposal | For | Against | Abstentions | Broker Non-Votes |
|---|---|---|---|---|
| 2023 Say-on-Pay (advisory) | 4,037,288 | 93,749 | 41,062 | 369,689 |
| 2024 Director elections (including Corlett to term expiring 2026) | 3,047,178 | 996,798 | — | 365,342 (Corlett) |
| 2024 Shareholder proposal: Board diversity report | 1,066,118 | 2,958,016 | 42,198 | 342,986 |
| 2025 2025 Incentive Plan | 2,631,678 | 905,481 | 36,052 | 985,262 |
Additional signal: Company disclosed “over 97%” approval for 2023 say-on-pay in the proxy CD&A review, consistent with strong shareholder support.
RED FLAGS
- None identified specific to Glenn E. Corlett: no related-party transactions, no pledging/hedging, adequate attendance, independent status confirmed.