Joseph Kimmell
About Joseph Kimmell
Joseph Kimmell, age 66, serves as Executive Vice President, Operations at Champion Homes (SKY). He was named EVP, Operations effective July 1, 2019, after extensive operational leadership roles at Champion Home Builders (CHB), and holds a B.S. in Economics from Indiana University . Company performance during FY2025 showed net income +35% to $198 million, revenue +23% to $2.5 billion, EPS $3.42, and cumulative TSR of 604.34 vs peer group 332.48, underscoring strong pay-for-performance alignment across EPS, revenue, and TSR measures used in incentive plans .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Champion Home Builders (CHB) | General Manager, various facilities | 1997–2009 | Operations leadership across CHB facilities |
| CHB | Regional Vice President, US Northeast Region | Jan 2011–Jul 2019 | Regional operations leadership for Northeast |
| CHB | Re-joined as Regional VP, Northeast | Jul 2010 | Senior operations role in region |
External Roles
No external public company directorships or roles were disclosed for Kimmell in the latest proxy .
Fixed Compensation
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Base Salary ($) | 377,307 | 385,000 | 410,000 |
| Reported Salary ($) | 377,307 | 385,000 | 410,000 |
| All Other Compensation ($) | 7,932 | 11,677 | 11,589 |
- Approved base salaries table shows FY2025 base and prior year levels; Committee also approved FY2026 base salaries, including $424,800 for Kimmell (effective beginning FY2026) .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Annual Bonus – Consolidated EPS | 50% | $574,000 target bonus amount | Included in overall achievement | 115.5% of target overall | Paid after fiscal year-end per Bonus Plan |
| Annual Bonus – Consolidated Revenue | 50% | $574,000 target bonus amount | Included in overall achievement | 115.5% of target overall | Paid after fiscal year-end per Bonus Plan |
| FY2025 Annual Incentive Bonus ($) | n/a | $574,000 | $662,849 | 115.5% | Cash payout under Bonus Plan |
| PSUs (rTSR) | 60% of PSU grant | Target 4,887 sh; Thresh 2,444; Max 9,774 | n/a (3-year performance) | 0–200% (plan) | Cliff vest at end of 3-year period |
| PSUs (SFHC Market Share) | 40% of PSU grant | Target 4,887 sh; Thresh 2,444; Max 9,774 | n/a (3-year performance) | 0–200% (plan) | Cliff vest at end of 3-year period |
| RSUs | 50% of long-term grant | 4,887 sh (FY2025 grant) | n/a | n/a | Vest in 3 equal annual installments |
- FY2025 plan-based awards (granted 3/25/2025): RSUs 4,887 sh (grant-date fair value $478,291) and PSUs target 4,887 sh (grant-date fair value $601,394) .
- Long-term equity mix: 50% PSUs (rTSR 60%, Single Family Home Completion Market Share 40%), 50% RSUs; PSUs measured vs a defined peer group and market share exhibits in FY2025 10-K .
Multi-Year Compensation (Reported)
| Component ($) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Stock Awards (RSUs/PSUs grant-date fair value) | 1,431,633 | 1,182,209 | 1,079,685 |
| Non-Equity Incentive Plan Compensation | 824,131 | — | 662,849 |
| Total Compensation | 2,641,003 | 1,578,886 | 2,164,123 |
Equity Ownership & Alignment
| Ownership Item | Amount | Notes |
|---|---|---|
| Beneficially Owned Shares | 14,792 sh | <1% of shares outstanding |
| RSUs – Unvested | 12,200 sh | Scheduled to vest in 3 equal annual installments |
| PSUs – Outstanding at Target | 20,576 sh | Value at $94.08 closing price assumption used in proxy |
| Options – Exercisable/Unexercisable | None disclosed for Kimmell | No options listed in outstanding awards |
| Stock Ownership Guidelines | 1x base salary for Section 16 officers | Company reports Section 16 officers in compliance as of 3/29/2025 |
| Hedging/Pledging Policy | Pledging prohibited; hedging allowed only in window with pre-clearance; derivative transactions must be publicly disclosed | Insider Trading Policy details |
Employment Terms
| Provision | Terms |
|---|---|
| Role & Start | EVP, Operations effective July 1, 2019 |
| Severance Plan | Eligible under Separation Plan; two weeks per year of service, min 12 weeks, max 39 weeks; management discretion; outplacement suggested |
| Clawback | Compensation Recoupment Policy revised Mar 2023 to align with SEC rules; 3-year lookback; covers bonus and equity; recovery of excess comp after restatements where practicable |
| Pension/Deferred Comp | No defined benefit pension; 401(k) with company match; no nonqualified deferred comp plans |
Estimated Potential Payments (as of FY2025, event occurred on March 29, 2025)
| Event | Salary Continuation ($) | Annual Incentive Bonus ($) | Long-Term Equity Award ($) |
|---|---|---|---|
| Death/Disability | — | — | 1,147,776 |
| Change in Control without Qualifying Termination | — | — | 2,623,797 |
| Change in Control with Qualifying Termination | — | — | 3,083,566 |
| Involuntary Termination without Cause or Voluntary with Good Reason | 236,538 | — | 1,244,998 |
Compensation Structure Observations
- Annual bonus tied 50% to EPS and 50% to revenue; FY2025 payout at 115.5% of target signals above-target performance on blended metrics .
- Long-term equity emphasizes PSUs with rTSR and market share, fostering external and share-gain focus; RSUs create steady vest-based liquidity windows over three years .
- Company policy prohibits pledging and restricts hedging, reducing misalignment risks; Section 16 officer ownership guidelines in compliance reinforce skin-in-the-game expectations .
Performance & Track Record
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cumulative TSR (Company, $100 initial) | 288.65 | 350.00 | 479.78 | 542.16 | 604.34 |
| Cumulative Peer Group TSR ($) | 269.19 | 217.54 | 273.42 | 416.21 | 332.48 |
| Revenue (in thousands $) | 1,420,881 | 2,207,229 | 2,606,560 | 2,024,823 | 2,483,448 |
| Net Income (in thousands $) | 84,899 | 248,044 | 401,802 | 146,696 | 198,413 |
- FY2025 proxy highlights: Revenue $2.5B, Net Income $198M, EPS $3.42, homes sold 26,058, average US selling price $93k .
- Compensation peer group: Beazer Homes USA, Cavco Industries, Century Communities, LGI Homes, MDC Holdings, M/I Homes, Meritage Homes, Quanex Building Products, Tri Pointe Group .
Equity Ownership & Vesting Pressure Detail
| Instrument | Grant Date | Shares | Fair Value ($) | Vesting |
|---|---|---|---|---|
| RSUs (FY2025) | 3/25/2025 | 4,887 | 478,291 | 3 equal annual installments |
| PSUs (FY2025) | 3/25/2025 | Target 4,887; Thresh 2,444; Max 9,774 | 601,394 | Cliff after 3-year performance; rTSR 60% / Market Share 40% |
| RSUs – Outstanding | Various | 12,200 | Market value methodology at $94.08 closing price | 3 equal annual installments |
| PSUs – Outstanding (Target) | Various | 20,576 | Market value methodology at $94.08 closing price | Cliff vest after 3 years |
- Interpretation: RSUs imply predictable annual delivery events that can create selling pressure around vest dates; PSUs create a larger cliff event tied to multi-year performance outcomes .
Say-on-Pay & Shareholder Feedback
- Annual say-on-pay vote is conducted; Board recommends approval, with Compensation Discussion and Analysis detailing pay-for-performance mechanics .
Investment Implications
- Pay-for-performance alignment: Bonus linked to EPS and revenue with above-target FY2025 payout, and long-term equity tied to rTSR and market share, supports incentives for profitable growth and share gains .
- Ownership and alignment: Kimmell’s beneficial stake is <1%, but compliance with Section 16 ownership guidelines and prohibition on pledging mitigate misalignment risks; hedging is allowable only with strict preclearance, which investors should monitor for potential optics .
- Vesting-related flow signals: RSUs vest over three years and PSUs cliff-vest after three; anticipate periodic liquidity windows and a future PSU cliff, which can influence insider selling pressure depending on market conditions and performance outcomes .
- Retention/Severance economics: Participation in the Separation Plan (up to 39 weeks based on service) plus equity acceleration values under change-of-control scenarios suggests moderate retention incentives; change-of-control value is primarily equity-driven (up to ~$3.08M in FY2025 estimates) .
- Company performance backdrop: FY2025 revenue and net income growth alongside strong TSR outperformance vs peers reinforces the efficacy of current incentive structures but raises expectations for sustained execution in Operations under Kimmell’s remit .