Kim Korth
About Kim Korth
Kim Korth (age 70) has served on Stoneridge, Inc.’s Board since 2006. She is President & CEO of 6th Avenue Group (since June 2017) and, since July 2022, Chief Executive Officer of Engauge Workforce Solutions LLC; she previously led Techniplas LLC (2012–2017) and Supreme Corporation (2011–2012), and founded IRN Inc. (1983–2014), an automotive supplier strategy firm . She is an independent director under NYSE rules . In 2024, the Board held 10 meetings; each director attended at least 75% of Board and committee meetings, and all directors attended the 2024 Annual Meeting .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Techniplas LLC | President & CEO, Director | Dec 2012–May 2017 | Led plastics-focused manufacturing businesses; governance and performance improvement focus |
| Supreme Corporation | President & CEO, Director | 2011–2012 | Manufacturer of truck and van bodies; industry operations experience |
| IRN Inc. | Founder & Owner | 1983–2014 | Automotive supplier strategy; decades in corp. governance and growth strategies |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Engauge Workforce Solutions LLC | Chief Executive Officer | Since Jul 2022 | Staffing and contract manufacturing |
| Garyline Inc. | Vice Chair, Board of Directors | Current | Governance role; manufacturing/distribution context |
| Other corporate boards | Director (5 public, 12 private over career) | Various | Includes Burke E. Porter Machinery Co., Shape Corp., Unique Fabricating, Autocam, Unwired Technology |
Board Governance
- Committee assignments: Chair, Compensation Committee; Member, Nominating & Corporate Governance Committee .
- Committee meeting cadence in 2024: Audit (8), Compensation (4), Nominating & Corporate Governance (5), Compliance & Ethics (4) .
- Independence: Board majority independent; Korth determined independent under NYSE rules .
- Attendance: Each director attended ≥75% of Board and committee meetings; all attended 2024 Annual Meeting .
- Lead Independent Director: William M. Lasky serves as Lead Independent Director and presides over executive sessions .
- Board refresh: Two long-standing directors not seeking re-election; Board reduces to seven seats for 2025 slate .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Director Cash Retainer | $90,000 | Standard non-employee director retainer |
| Committee Chair Fee (Compensation Committee) | $15,000 | Chair premium |
| Equity Grant – Grant Date Value | $135,000 | Restricted common shares; directors received 8,122 restricted shares on Mar 11, 2024; restrictions lapsed Mar 3, 2025 |
| 2024 Total Director Compensation (Korth) | $240,000 | $105,000 cash + $135,000 equity |
| Director Compensation Limits | $350,000 annual total cap; equity plan max 10,000 shares (legacy plan) |
Performance Compensation
- Annual Incentive Plan (executives overseen by Compensation Committee): Metrics—Operating Income (70% consolidated; divisional for one NEO), Cash Flow (30% consolidated; divisional for one NEO); 2024 results capped cash flow at threshold due to below-threshold operating income .
- Long-Term Incentive (executives): Mix—Performance Shares (TSR 25%; EPS 20%; ROIC 10%) and time-based RSUs (45%); TSR peer comparison and budget-relative EPS/ROIC with 0–200% payout scale .
- Directors’ equity transition: New 2025 LTIP will issue annual restricted shares to non-employee directors; expected grant value $83,400 per director if approved; Directors’ Restricted Shares Plan to be discontinued later in 2025 .
| Executive Incentive Metric (Oversight by Korth as Comp Chair) | Weight | 2024 Target | 2024 Actual/Status |
|---|---|---|---|
| Consolidated Operating Income (AIP) | 70% | $35.7M | $3.8M; below threshold (0% on this metric) |
| Consolidated Cash Flow (AIP) | 30% | $18.4M | $28.6M; capped at threshold payout due to OI miss |
| LTIP – TSR (Relative) | 25% | Percentile vs peer group | Below threshold forecast for certain grants; 2022 grant paid 0% TSR |
| LTIP – EPS | 20% | 2024 target $0.30 | 2024 actual ($0.47); below threshold |
| LTIP – ROIC | 10% | 2024 target 5.4% | 2024 actual 0.2%; below threshold |
Governance signals: Strong pay-for-performance design with explicit thresholds and maximums; 2024 executive payouts reduced materially given underperformance; Say-on-Pay received ~99% support in 2024 .
Other Directorships & Interlocks
| Company | Public/Private | Role | Potential Interlock/Conflict Notes |
|---|---|---|---|
| Engauge Workforce Solutions LLC | Private | CEO, Director | Staffing/contract manufacturing; no SRI related-party transactions reported in 2024 |
| Garyline Inc. | Private | Vice Chair | Governance role; no related-party transactions reported in 2024 |
| Historical boards (e.g., Shape Corp., Unique Fabricating, Autocam, Unwired Technology) | Mixed | Director | Industry expertise; current interlocks not disclosed; no 2024 related-party transactions |
Expertise & Qualifications
- Several decades of leadership in manufacturing, automotive suppliers, organizational design, and performance improvement; founder of IRN Inc. focused on supplier strategy .
- Provides industry trend insights to the Board; strengthens qualifications and governance capabilities .
- As Compensation Committee Chair, leads oversight of executive pay, consultant engagement, and risk assessment; consultants Meridian and TRS engaged, with no conflicts of interest identified .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Kim Korth | 91,349 | <1% | As of March 18, 2025; sole voting and investment power unless noted |
| Shares Outstanding | 27,845,336 | — | Record date March 21, 2025 |
- Director Share Ownership Guidelines: Ownership equal to 4× the cash portion of annual retainer; 5-year accumulation; restricted from selling Company equity awards until guideline met .
- Anti-hedging/anti-pledging: Directors prohibited from hedging and pledging Company stock .
Governance Assessment
- Strengths: Independent status; long tenure; industry-operational expertise; rigorous pay-for-performance oversight; independent compensation consultants with no conflicts; strong shareholder support for Say-on-Pay (~99%) .
- Alignment: Director equity grants and ownership guidelines promote alignment; anti-hedging/pledging policies reduce misalignment risk .
- Monitoring: Committee meeting cadence appears robust; compensation outcomes reflected lower payouts in a challenging year—consistent with governance best practices .
- RED FLAGS: None disclosed for related-party transactions in 2024 . Board reduced size due to retirements, which could concentrate committee workloads; continued vigilance on refresh and skills mix advisable .
- Performance backdrop: 2024 net sales down 6.9%, operating loss ($0.38M), net loss ($16.5M); share price fell to $6.27 at year-end—underscores importance of disciplined incentives and oversight led by Compensation Chair .