Glen E. Tellock served as the President, CEO, and Chairman of The Manitowoc Company from 2007 until his resignation in 2015. His journey at Manitowoc started in 1991, where he climbed the ranks through various roles in finance and leadership, including Senior Vice President and CFO. Under his leadership, the company underwent significant changes, including the split into two independent publicly traded companies for its Cranes and Foodservice divisions in 2016. Tellock’s compensation history shows a focus on performance-based pay, with little to no bonuses awarded during years when the company's performance fell short of expectations. In 2015, his total compensation was approximately $993,217, with a base salary of $857,499. Interestingly, his tenure saw multiple instances where he didn’t receive bonuses due to company performance, yet he managed to accelerate his stock vesting upon resignation, reflecting a common industry practice. Despite the challenges faced, Tellock maintains a strong legacy in the manufacturing sector, particularly in crane and foodservice equipment.

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Glen E. Tellock

Ex-CEO of The Manitowoc Company

Education

Bachelor's degree in Accounting from the University of Wisconsin-Madison.

Field of Expertise

Finance & Banking - Finance

Sector of Economy

Industrials

Born

June 1, 1961 - 63 years ago

CEO of The Manitowoc Company for

8 years 5 months (May 2007 - Oct 2015)

Previous Experience

Joined Manitowoc in 1991, served in various leadership roles including Senior Vice President and CFO.

Rivals

Competitors/colleagues of Glen E. Tellock

Donald G. Macpherson

CEO of W.W. Grainger

2023 Compensation

Stock

$6.63M

Salary

$1.10M

Bonus

$0.00

Other

$317.29K

Total Holdings

$126.49M

Matthew J. Flannery

CEO of United Rentals

2023 Compensation

Stock

$20.13M

Salary

$1.10M

Bonus

$1.05M

Other

$23.28K

Total Holdings

$64.18M

Deidra C. Merriwether

CEO of W.W. Grainger

2023 Compensation

Stock

$2.00M

Salary

$693.84K

Bonus

$0.00

Other

$110.88K

Total Holdings

$12.82M

Bradley W. Barber

CEO of H&E Equipment Services

2023 Compensation

Stock

$1.70M

Salary

$907.69K

Bonus

$1.68M

Other

$103.73K

Total Holdings

$20.25M

Christopher Rossi

CEO of Kennametal

2022 Compensation

Stock

$0.00

Salary

$962.06K

Bonus

$195.84K

Other

$0.00

Total Holdings

$8.08M

William (Ted) Grace

CEO of United Rentals

2023 Compensation

Stock

$109.18K

Salary

$619.50K

Bonus

$0.00

Other

$8.65K

Total Holdings

$4.26M

Holdings

See how much did Glen E. Tellock make over time.

During his time as CEO, Glen E. Tellock saw the fluctuations in his company’s stock options and restricted stocks. For example, in 2010, he had a substantial vested stock value of approximately $831,955, but this changed as stock performance weakened in later years. Notably, he was granted stock options worth $408,000 in 2009, but by 2015, his visible stock holdings had diminished significantly due to market conditions and decisions on stock options. His wealth was heavily tied to the company's performance; when the company experienced setbacks, his options didn't vest, and he faced issues in receiving additional compensation through stocks. Upon his departure in 2015, he secured accelerated vesting of recently granted stocks, showcasing how executive terms can drastically impact their financial positions based on performance metrics, leaving him with both a hefty retirement payout as well as remaining vested stock options for future earnings.

Total Stock Sold

$42.63M

MTW

$42.63M

123,161.25 MTW shares

What if they kept their stock?

If Glen E. Tellock didn't sell their stock, today they would have:
Extra MTW123,161.25 shares worth $1.16M.
This is -97.27% and $41.46M less than what they got when they sold the stock.

Insider Trading

See recent insider trades of Glen E. Tellock.

BMI

$83.96K

BMI at $185.76/share

Apr 29, 2024

Received

WEC

1,882 shares

WEC

Jan 2, 2024

Received

BMI

$78.11K

BMI at $136.55/share

May 1, 2023

Received

WEC

1,602 shares

WEC

Jan 3, 2023

Received

WEC

$91.39K

WEC at $91.39/share

Nov 8, 2022

Purchase

BMI

$61.70K

BMI at $80.44/share

May 2, 2022

Received

WEC

1,562 shares

WEC

Jan 3, 2022

Received

BMI

$58.67K

BMI at $92.40/share

May 3, 2021

Received

BMI

$60.06K

BMI at $58.82/share

Apr 27, 2020

Received

BMI

$55.20K

BMI at $54.12/share

Apr 29, 2019

Received

Compensation History

See how much did Glen E. Tellock make over time.

In 2015, Glen E. Tellock's compensation package included a salary of $857,499, no bonuses, and additional benefits totaling around $135,718. The absence of bonuses during his leadership years often pointed towards challenges in meeting the company's ambitious performance targets. Over the years, his total compensation averaged close to $1 million per year but included periods where he received no payouts due to subpar company performance. His compensation structure was designed to align closely with company performance metrics, emphasizing long-term growth for shareholders. His exit in 2015 prompted a severance agreement providing him $1,999,550, significantly influenced by his role and contributions to the company’s restructuring strategy prior to his departure.

Year

2015

Total Compensation

$993.22K

Salary

$857.50K

Board Justification

The compensation philosophy is designed to align pay with performance, with a significant portion of total direct compensation tied to company performance and shareholder value.

Bonus

$0.00

Board Justification

No bonus was paid out in 2015 due to the company's performance being below threshold levels for the Short-Term Incentive Plan (STIP).

Other

$135.72K

Board Justification

Other compensation includes contributions to defined contribution plans, insurance premiums, tax preparation fees, car allowance, and other benefits.

Restricted Stock

$0.00(0 RSU)

Board Justification

No stock was vested in 2015 as the performance shares were not granted due to the anticipated Separation, and the stock options and restricted stock units were not realized in 2015.

Performance Metrics

The performance metrics for the CEO's compensation in 2015 were based on the company's financial results, which were below target, resulting in no annual incentive payouts.

Other The Manitowoc Company CEOs

Here are other CEOs of The Manitowoc Company

Kenneth W. Krueger

Ex-CEO of The Manitowoc Company

October 2015 - March 2016