lci industries exec to resign, signs separation agreement

LCI Industries (NYSE:LCII), a $2.25 billion market cap company with a GOOD financial health rating according to InvestingPro, announced that Andrew J. Namenye, the Executive Vice President, Chief Legal and HR Officer, and Corporate Secretary, intends to resign. The announcement, detailed in an 8-K filing with the Securities and Exchange Commission, states that Mr. Namenye will remain with the company until July 31, 2025, to ensure a smooth transition of responsibilities. The company, trading at a P/E ratio of 14.5, has maintained strong operational metrics with a gross profit margin of 23.8% in the last twelve months.

On June 6, Mr. Namenye and LCI Industries, along with its subsidiaries Lippert Components, Inc. and Lippert Components Manufacturing, Inc., entered into a Separation Agreement and General Release. This agreement outlines that Mr. Namenye’s employment will end on July 31, 2025, or an earlier date if determined by the company. Until his departure, he will maintain his current salary, benefits, and title, although his duties will be gradually reassigned.

The agreement also includes a mutual general release of claims and provisions for severance compensation. Subject to a further release post-separation, Mr. Namenye will receive severance benefits similar to those in his Executive Employment Agreement dated July 26, 2022. With liquid assets exceeding short-term obligations and a current ratio of 2.96, the company appears well-positioned to handle these compensation commitments. These benefits include a payment equivalent to twice his annual base salary, totaling $1.25 million, and a similar amount based on his average bonus over the past three years, amounting to $887,418. Additionally, he will receive $662,500 related to the company’s current management incentive plan, accelerated vesting of all unvested restricted stock units, a lump sum of $15,000 for 12 months of COBRA premiums, and six months of outplacement services.

This information is based on a press release statement and the full text of the Separation Agreement is filed as Exhibit 10.1 in the SEC filing. The company maintains a strong dividend profile with a 5.16% yield and has raised its dividend for 8 consecutive years. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value calculations. Discover more insights and 6 additional ProTips for LCII in the comprehensive Pro Research Report, available exclusively to subscribers.

In other recent news, LCI Industries reported a strong performance for the first quarter of 2025, exceeding earnings expectations with an EPS of $2.19 compared to the forecasted $1.59. The company achieved a revenue of $1 billion, reflecting an 8% increase from the previous year. Gross margins improved to 24.1% from 23.1% in the prior year, indicating enhanced profitability. Additionally, LCI Industries announced a $300 million stock buyback program, set to be executed over the next three years, alongside a quarterly cash dividend of $1.15 per share. The dividend is scheduled for distribution on June 13, 2025, to shareholders recorded by May 30, 2025.

The company also held its Annual Meeting of Stockholders, where the election of ten directors was confirmed, and KPMG LLP was ratified as the independent auditor for the year. LCI Industries continues to emphasize shareholder value through strategic initiatives, including stock repurchases and dividends. Furthermore, the company remains focused on growth, innovation, and maintaining a strong financial position, as highlighted by CEO Jason Lippert. These developments underscore LCI Industries’ commitment to enhancing shareholder returns and sustaining operational efficiency.

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