Michael Happe has been president and CEO of Winnebago Industries since January 2016, and during that time he's grown Winnebago's share in the recreational vehicle industry through innovation, organic growth and smart acquisitions in his effort to build Winnebago into a premier outdoor lifestyle brand.
- Total compensation: $6,280,381 for the year ended Aug. 27
- Salary: $1,000,000
- Nonequity incentive pay: $1,439,700
- Other compensation: $36,913
- Exercised stock options: $0
- Value realized on vesting shares: $3,803,768
- New stock options: 20,669
- Median employee pay: $76,084.
- CEO pay ratio: 88 to 1
- Total fiscal 2022 shareholder return: -15.5%
Note: Since Happe was named president and CEO, Winnebago acquired Grand Design, the fastest-growing brand among towable RVs, in 2016; Newmar, a maker of luxury motorhomes, in 2019; and entered the marine industry with deals for Chris-Craft in 2018 and Barletta Boat Co. in 2021. And in 2021, officially moved the company's headquarters from Forest City, Iowa, to Eden Prairie.
Under Happe, total revenue has grown more than five times to $5 billion and market capitalization has grown from $530 million to $1.7 billion.
Winnebago reported its fiscal 2022 results two weeks ago. The company's profits grew 38.6% to $390 million, and revenue increased 36.6% to $5 billion. But the company lowered its outlook for next year on an expected drop in demand.
Speaking recently at the Minnesota Chamber of Commerce's annual Manufacturers' Summit, Happe said Winnebago was still in the third or fourth inning of its transformation.
Happe's salary for the year increased from $900,000 to $1 million, according to Winnebago's proxy statement filed with the Securities and Exchange Commission last week. His annual cash incentive pay was $1.4 million after achieving 120% of the annual incentive targets for the year, but down 10% from the previous fiscal year.
The biggest portion of Happe's compensation — $3.8 million — came from restricted stock that was granted in previous years but vested last year. In total, Happe's realized compensation increased 57% over the previous year's total of $4 million.
