Wade Lyall
About Wade Lyall
Wade Lyall (age 53) is Executive Vice President, Sales and Business Development at Champion Homes (SKY), a role he has held since July 1, 2019; he joined the company in 2000 and holds a B.S. in Business Administration from East Carolina University . Under the company’s FY2025 performance, revenue rose 23% to $2.5B and net income increased 35% to $198M (EPS $3.42), supporting above-target annual bonus outcomes for NEOs; the bonus plan recorded adjusted EPS of $3.56 and revenue of $2,483M for performance measurement . FY2025 annual incentive payout for Lyall (and most NEOs) was 115.5% of target, reflecting balanced achievement on 50% EPS and 50% revenue metrics .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Champion Homes (CHB) | EVP, Sales & Business Development | 2019–present | Leads go-to-market and sales execution across North America; long-tenured commercial leader . |
| Champion Homes (CHB) | VP, Sales & Business Development | 2015–2019 | Expanded national sales coverage and programs . |
| Champion Homes (CHB) | Regional VP, South Region | 2012–2015 | Drove regional growth and dealer/channel performance . |
| Champion Homes (CHB) | Regional VP, Sales & Marketing | 2005–2012 | Built sales and marketing capabilities across regions . |
| Champion Homes (CHB) | General Manager (two plants, GA) | 2002–2005 | Plant-level P&L and operational leadership . |
| Champion Homes (CHB) | Sales Manager | 2000–2002 | Began at CHB leading sales at the plant level . |
External Roles
- No public-company directorships or external roles for Mr. Lyall are disclosed in the proxy statement .
Fixed Compensation
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Salary ($) | 377,307 | 385,000 | 410,000 |
| Target Annual Bonus (% of salary) | — | — | 140% |
| Target Annual Bonus ($) | — | — | 574,000 |
| Actual Annual Incentive ($) | 824,131 | — | 662,849 |
- Note: Committee-approved base salary for FY2026 set at $424,800 for Mr. Lyall (context for forward pay positioning) .
Performance Compensation
Annual Incentive Plan (FY2025)
| Metric | Weight | Threshold | Target | Over-Perform | Maximum | Actual (FY2025) | Payout mechanics |
|---|---|---|---|---|---|---|---|
| Consolidated EPS | 50% | 3.06 | 3.40 | 3.74 | 4.08 | 3.56 | 50–200% scale; straight-line interpolation; plan paid 115.5% overall . |
| Consolidated Revenue ($M) | 50% | 2,202 | 2,447 | 2,692 | 2,936 | 2,483 | 50–200% scale; straight-line interpolation; plan paid 115.5% overall . |
| Plan payout (overall) | — | — | — | — | — | — | 115.5% of target for Mr. Lyall . |
Long-Term Incentive Awards (granted FY2025)
| Award type | Grant date | Shares (#) | Grant date fair value ($) | Vesting schedule | Performance metrics |
|---|---|---|---|---|---|
| RSU | 3/25/2025 | 4,887 | 478,291 | 1/3 each year on the first three anniversaries of vesting start date | Time-based only. |
| PSU (target) | 3/25/2025 | 4,887 | 601,394 | Cliff vests at end of 3-year period ending 3/25/2028; vests at ≥100% on change in control (CIC) or at performance as of month prior to CIC if higher (employment required at CIC) | 60% relative TSR; 40% Single Family Home Completion Market Share; threshold/target/max pay 50%/100%/200% with straight-line interpolation . |
Equity vested in FY2025
| Award type | Shares vested (#) | Value realized on vesting ($) |
|---|---|---|
| RSUs/PSUs | 11,474 | 1,059,386 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 29,286 shares; <1% of outstanding shares . |
| Stock ownership guidelines | Section 16 Officers: 1x base salary; compliance required within 3 years . |
| Compliance status (as of 3/29/2025) | All Section 16 Officers, including Mr. Lyall, in compliance . |
| Hedging/Pledging | Pledging and holding shares in margin accounts prohibited; hedging allowed only in trading windows with pre-clearance; Section 16 disclosures required . |
Outstanding equity awards (as of 3/29/2025)
| Instrument | Quantity | Terms |
|---|---|---|
| Stock options (exercisable) | 11,905 @ $32.11 (exp. 1/2/2030) | Legacy options; 10-year term; original 3-year vesting . |
| Stock options (exercisable) | 8,890 @ $31.21 (exp. 1/4/2031) | Legacy options; 10-year term; original 3-year vesting . |
| RSUs unvested | 12,200 (MV $1,147,776 at $94.08) | Time-based; vest 1/3 per year . |
| PSUs unvested (target) | 20,576 (MV $1,935,790 at $94.08) | Performance-based; 3-year cliff; rTSR/SFHC market share . |
- Near-term vesting cadence: RSUs granted 3/25/2025 vest in three equal tranches on 3/25/2026, 3/25/2027, and 3/25/2028 (1,629 shares per tranche) .
- Insider reporting note: One delinquent Form 4 for Mr. Lyall covering a single transaction was filed on March 26, 2025 (company-wide Section 16 timeliness disclosure) .
Employment Terms
| Topic | Key terms for Mr. Lyall |
|---|---|
| Employment agreement | None; individual agreements exist for CEO/CFO/GC; others are covered by the Separation Allowance Plan and equity award terms . |
| Non-compete / non-solicit | 18 months post-termination (applies via RSU/PSU award agreements) . |
| Clawback | Dodd-Frank–compliant recoupment policy covering 3 prior fiscal years for performance-based compensation in the event of a restatement; recovery of excess compensation if practicable . |
| CIC vesting | RSUs deliver earlier upon CIC; PSUs vest at ≥100% of target or as measured pre-CIC if higher (employment required at CIC) . |
Potential payments upon termination/CIC (as of 3/29/2025)
| Scenario | Salary continuation ($) | Annual incentive ($) | LT equity ($) | Health subsidy ($) |
|---|---|---|---|---|
| Death/Disability | — | — | 1,147,776 | — |
| CIC without qualifying termination | — | — | 2,623,797 | — |
| CIC with qualifying termination | — | — | 3,083,566 | — |
| Involuntary termination without cause / Good reason | 307,500 | — | 1,244,998 | — |
Compensation Structure Notes
- Mix and leverage: For FY2025, Mr. Lyall’s target pay mix was 20% fixed / 80% variable; of the variable component, 35% was annual and 65% long-term equity, indicating high performance linkage and retention emphasis .
- LTI design: Since FY2022 the company discontinued new option grants; LTI now split 50% PSUs and 50% RSUs, emphasizing multi-year rTSR and share capture of single-family completion market share (50/50 plan-level split, 60/40 within PSUs) .
Performance & Track Record Context
| Measure | FY2025 Outcome |
|---|---|
| Revenue | $2.5B; +23% YoY |
| Net income | $198M; +35% YoY |
| EPS (reported) | $3.42 |
| Annual bonus performance inputs | EPS (adjusted) $3.56; Revenue $2,483M |
| Cumulative TSR index (Company vs. Peer Group) | 604.34 vs. 332.48 (since base period; see pay vs. performance table) |
Additional Governance and Policies
- Stock ownership guidelines: CEO 3x salary; CFO 1.5x salary; other Section 16 Officers 1x salary; compliance achieved as of March 29, 2025 (except newest director with three-year runway) .
- Hedging/pledging policy: Pledging prohibited; hedging permitted only during approved windows with pre-clearance; Section 16 public disclosure required .
- Compensation Committee: Eddie Capel (Chair), Erin Mulligan Helgren, Nikul Patel .
Investment Implications
- Pay-for-performance alignment: Lyall’s compensation is highly variable (80%) with strong multi-year equity exposure (65% of variable), tied to rTSR and market-share outcomes—supportive for shareholder alignment and a positive signal on retention given RSU/PSU vesting through March 2028 .
- Vesting and supply overhang: FY2025 vested 11,474 shares (~$1.06M realized), with future RSU tranches from the March 2025 grant vesting annually through FY2028; PSUs cliff-vest in 2028, creating potential periodic selling pressure around vest dates, subject to trading windows and tax withholding .
- Retention risk: Without an individual employment agreement, Lyall relies on the Separation Plan and equity award protections; non-compete/non-solicit (18 months) and meaningful unvested equity reduce near-term flight risk, though “single-trigger” equity vesting on CIC for PSUs/RSUs elevates change-in-control sensitivity .
- Governance risk checks: Clawback policy is up-to-date; pledging prohibited; one administrative Section 16 filing delinquency for Lyall noted in FY2025 (low-severity process issue) .