Robert Krestakos
STEELCASEAbout Robert Krestakos
Robert G. Krestakos is Vice President and Chief Operations Officer at Steelcase Inc. (SCS). He has served as COO since February 2024, previously leading Global Operations from 2015 to 2024; he joined Steelcase in 1992. He is 63 years old, per Steelcase’s FY2025 Form 10-K executive officer biographies . Company performance context over FY2023–FY2025: revenues were $3.232B, $3.160B, and $3.166B respectively , while EBITDA was $160.1M*, $202.0M*, and $193.0M* (values from S&P Global). Steelcase’s FY2025 net income rose to $120.7M and operating income to $158.1M, with incentive designs tied to ROIC, net income, organic revenue growth, and rTSR .
Steelcase Performance Context
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenues ($USD Millions) | 3,232.6 | 3,159.6 | 3,166.0 |
| EBITDA ($USD Millions) | 160.1* | 202.0* | 193.0* |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Steelcase Inc. | VP, Chief Operations Officer | Feb 2024–present | Operational leadership; integration continuity post-merger announcement |
| Steelcase Inc. | VP, Global Operations | Feb 2015–Feb 2024 | Global operations oversight during footprint reductions and efficiency initiatives |
External Roles
No external public company directorships disclosed in Steelcase executive officer biographies .
Fixed Compensation
| Component | Detail | Source |
|---|---|---|
| Base Salary (FY2024) | $446,000 | |
| Target Annual Bonus (MIP) | 60% of base salary | |
| Long-Term Incentive Target | 100% of base salary |
Performance Compensation
Annual MIP Design (FY2024)
| Metric | Weight (of Base) | Target Definition | FY2024 Target | FY2024 Actual & Payout |
|---|---|---|---|---|
| ROIC | 30% | NOPAT / Avg. Invested Capital | Target 7.5%; threshold 0%; max 17.5% | Actual 8.72%; 112% payout |
| Net Income | 20% | Adjusted net income vs. plan | Target plan $59.1M, range 95–105% | Actual 151.4% of plan; 200% payout |
| DEI (ESG) | 10% | Committee assessment of progress | Qualitative | Exceeded expectations; 125% payout |
| MIP Outcome (FY2024) | Target ($) | Earned ($) | Earned (% of Target) |
|---|---|---|---|
| Robert G. Krestakos | $266,207 | $382,007 | 144% |
Long-Term Incentives & Vesting (FY2024 awards and cycles)
| Award Type | FY2024 Grant Sizing | Performance Metrics | Vesting / Earnout | Source |
|---|---|---|---|---|
| Performance Units (PUs) | 60% of LTI; target shares 33,300; grant date fair value $260,073 | Operating Income (75%), Revenue (25%); legacy cycles modified by rTSR vs S&P MidCap 400 | 3-year cycles; FY2023–FY2025 and FY2024–FY2026; earned at cycle end | |
| Restricted Stock Units (RSUs) | 40% of LTI; target shares 22,200; grant date fair value $173,382 | Time-based | RSUs vest at end of FY2026; some prior RSUs vest end of FY2025 |
| FY2024 Outstanding Equity at FYE (Market price $12.80) | Quantity | Vest / Status | Market Value |
|---|---|---|---|
| RSUs | 14,000 | Vest end of FY2025 | $179,200 |
| RSUs | 22,200 | Vest end of FY2026 | $284,160 |
| PUs (FY2023–FY2025) | 33,600 (max shown) | Earn based on 3-year average + rTSR; vest end of FY2025 | $430,080 |
| PUs (FY2024–FY2026) | 26,640 (max shown) | Earn based on 3-year average + rTSR; vest end of FY2026 | $340,992 |
Note: FY2024 PU counts/values in “Equity Incentive Plan Awards” reflect maximum shares under SEC rules when performance was trending above target .
Equity Ownership & Alignment
| Item | Detail | Source |
|---|---|---|
| Beneficial Ownership (as of May 13, 2024) | 71,881 Class A shares; less than 1% of class | |
| Stock Ownership Guideline | 2x base salary requirement for Robert Krestakos | |
| Compliance Status | All NEOs in compliance with ownership guidelines (annual review) | |
| Hedging/Pledging | Executives prohibited from hedging, short sales, options trading, margin purchases, or pledging company stock | |
| Deferred Comp Balance (FY2024) | $453,321 aggregate (Deferred + Restoration) | |
| Restoration Retirement Plan Contributions (FY2024) | $30,731 company contributions | |
| Stock Vested (FY2024) | 30,834 shares; $395,432 value realized |
Employment Terms
| Term | Provision | Economics / Notes | Source |
|---|---|---|---|
| Employment Start at Steelcase | 1992; COO since Feb 2024 | Tenure supports operational leadership continuity | |
| Employment Contract | No employment contracts with NEOs | Across NEOs | |
| Non-Compete | Existing non-competition agreements; forfeiture provisions apply | Compensation forfeiture/return if competing post-termination | |
| Clawback | SEC/NYSE-compliant clawback policy + plan-specific clawbacks | Restatement-based recovery; fraud forfeiture | |
| Severance Plan (ESP) | Executive Severance Plan participation | Clarity/alignment; competitive retention tool | |
| Severance – Termination Without Cause (FY2024 illustrative) | Severance = base + target MIP | $713,600; LTI treatment per plan; health/outplacement $35,568 | |
| Severance – Change in Control (CIC) | If awards not assumed: payment of greater of target or actual performance for PUs; RSU vesting per plan | LTI payout (illustrative FY2024 CIC amount) $1,484,604 | |
| Severance – Termination After CIC (Double Trigger) | Two times base + target MIP; LTI payout; benefits | Total illustrative FY2024: $4,639,271 | |
| SERP (Executive Supplemental Retirement Plan) | Present Value of Accumulated Benefit | $1,691,899 (FY2024) |
CIC mechanics: “Termination after change in control” requires termination within two years after CIC by company without cause or by the NEO for good reason (double trigger) .
Investment Implications
- Alignment and incentives: Krestakos’s pay mix stresses performance (ROIC, net income, DEI) and multi-year equity with rTSR modifiers. FY2024 MIP earned 144% of target on strong net income performance; legacy PUs tie to operating income and revenue, with vesting through FY2025/FY2026 .
- Retention and overhang: Post-HNI transaction disclosure indicates he will continue through close then depart in early 2026 with change-in-control severance under ESP—limiting long-term retention risk but creating near-term integration continuity and potential equity settlement overhang .
- Ownership and governance quality: He holds 71,881 shares (<1%), meets stock ownership guidelines, and is prohibited from hedging/pledging—positive alignment and low governance risk flags .
- Performance context: Steelcase net income improved in FY2025 with margin gains and restructuring in International; incentive programs pivoted to three-year ROIC, organic revenue growth, and rTSR—supportive of capital efficiency and shareholder alignment going forward .