Cory L. Nettles
About Cory L. Nettles
Independent director of Weyco Group (WEYS) since 2005; Managing Director at Generation Growth Capital since 2007; previously Secretary of the Wisconsin Department of Commerce (2003–2005) and Of Counsel/Partner at Quarles & Brady LLP (2005–2016). Age 51 as disclosed in the 2021 proxy; brings legal, M&A, and government affairs expertise to the board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Wisconsin Department of Commerce | Secretary | 2003–2005 | Government-business interface expertise |
| Quarles & Brady LLP | Partner, Business Law & Government Relations | 2005–2007 | Legal perspective to corporate matters |
| Quarles & Brady LLP | Of Counsel, Business Law & Government Relations | 2007–2016 | Legal and policy advisory |
| Baird Private Equity | Director & Advisor | 2008–2012 | Private equity advisory |
| The Private Bank — Wisconsin | Director & Advisor | 2007–2011 | Banking advisory |
| Midcities Venture Capital Fund | Director | 2005–2007 | Venture governance |
External Roles
| Organization | Role | Since | Committee/Role Details |
|---|---|---|---|
| Associated Banc-Corp (ASB) | Director | 2013 | Chair, Enterprise Risk; member, Corporate Governance & Social Responsibility and Corporate Development |
| Baird Funds, Inc. | Director | 2008 | Mutual fund complex governance |
| Partners for Community Impact, LLC (Milwaukee Bucks investor) | Director | 2016 | Sports investment governance |
| American Family Insurance | Director | 2023 | Insurance governance |
Board Governance
- WEYS committees: Chair, Compensation Committee (2025); Member, Audit; Member, Nominating & Corporate Governance . Historically served on Executive, Audit, and Corporate Governance & Compensation committees .
- Independence: Corporate Governance & Compensation Committee members (including Nettles) were determined “independent” per NASDAQ/SEC rules in prior disclosures .
- Shareholder support: 2025 Say-on-Pay passed with strong approval.
| 2025 Shareholder Vote (May 6, 2025) | Votes For | Votes Against | Abstentions | Broker Non-Votes |
|---|---|---|---|---|
| Say-on-Pay Advisory Vote | 7,616,249 | 194,697 | 54,101 | 785,276 |
Fixed Compensation
Director cash retainers and equity awards (per WEYS proxies; role-based cash-only structure for directors):
| Metric | 2018 | 2021 | 2022 |
|---|---|---|---|
| Fees Earned or Paid in Cash ($) | 22,400 | 30,000 | 30,000 |
| Restricted Stock Awards ($) | 29,776 | 24,000 | 28,830 |
| Option Awards ($) | 14,140 | 14,560 | 23,730 |
| Total ($) | 66,316 | 68,560 | 82,560 |
Notes:
- Quarterly cash retainer (context): $7,500 in 2021 and 2022 for non-employee directors .
Performance Compensation
Equity compensation is time-based; no performance metrics tied to director pay.
| Equity Element | Annual Grant | Vesting | Performance Metrics |
|---|---|---|---|
| Restricted Stock | 1,000 shares (2021, 2022) | Ratable over 4 years | None disclosed (director grants are time-based) |
| Stock Options | 3,500 options (2021, 2022) | Ratable over 5 years | None disclosed |
Other Directorships & Interlocks
| Company | Sector | Role | Potential Interlocks/Notes |
|---|---|---|---|
| Associated Banc-Corp | Banking | Director; Chair, Enterprise Risk | Transactions involving Generation Growth Capital disclosed and reviewed per related party policy (see Risks) |
| Baird Funds, Inc. | Asset Management | Director | Financial oversight |
| American Family Insurance | Insurance | Director | Governance experience |
| Partners for Community Impact (Bucks investor) | Sports Investment | Director | Private investment governance |
Expertise & Qualifications
- Private equity leadership (Generation Growth Capital); legal background; government policy experience; M&A and financial oversight skill set .
- WEYS biographies emphasize legal perspective and civic engagement with local business community .
Equity Ownership
| Metric | FY 2023 | FY 2025 |
|---|---|---|
| Total Beneficial Ownership (shares) | Not itemized in table; option/unvested counts below | 29,374 shares; <1% of class |
| Options exercisable within 60 days | 16,300 | 16,000 |
| Unvested Restricted Stock (voting rights) | 2,500 | 3,050 |
| Shares Outstanding Basis | 9,537,683 + options context | 9,638,817 + options context |
No pledging/hedging disclosures specific to WEYS were identified in available filings; no shares pledged by Nettles at WEYS were disclosed in reviewed documents.
Governance Assessment
- Strengths: Independent leadership roles; broad financial and legal expertise; serves as Compensation Chair (2025), indicating strong involvement in pay governance at WEYS . Consistent director compensation structure, predominantly cash plus time-based equity fosters alignment without short-term metrics .
- Potential conflicts and mitigations: At Associated Banc-Corp, investments and a commercial lease involving Generation Growth Capital (founded/managed by Nettles) were reviewed and approved by independent committees without his participation, on market terms; includes commitments to Fund I/II/III ($1.0M/$1.1M/$3.0M), management fees up to 2–2.5%, 20% carry, and a ten-year lease totaling ~$324,000—each vetted under related party policies . No related-party transactions disclosed at WEYS involving Nettles in reviewed filings.
- Shareholder confidence signals: 2025 say-on-pay approval comfortably passed (≈97% support of votes cast excluding broker non-votes) .
RED FLAGS
- External related-party exposure at ASB due to Generation Growth Capital affiliation; mitigated by committee review, recusal, and market-comparable terms, but remains a watchpoint for perceived conflicts in financial services oversight .
Committee Timeline (WEYS)
- 2015–2023: Member, Executive; Audit; Corporate Governance & Compensation .
- 2024: Director with continued committee service (specific chair roles not enumerated) .
- 2025: Chair, Compensation; Member, Audit; Member, Nominating & Corporate Governance .