Michael T. Broderick is the President and CEO of Monro, Inc., a role he has held since April 2021. With extensive experience in the retail sector, he previously served as Executive Vice President at Advance Auto Parts. Broderick's career spans...

Michael T. Broderick is the President and CEO of Monro, Inc., a role he has held since April 2021. With extensive experience in the retail sector, he previously served as Executive Vice President at Advance Auto Parts. Broderick's career spans several high-ranking positions in companies such as Canadian Tire and Federal Mogul. He has a bachelor’s degree and has learned to navigate the challenges of retail, emphasizing performance metrics tied to sales and profits. In 2023, his total compensation was around $759,779, with a base salary of $714,179. Notably, in a year when performance targets were not met, he didn’t receive a bonus. Broderick has 40,000 restricted stock units from when he joined Monro, and his compensation plan includes performance-based incentives, showing how his pay can change based on how well the company does. His new agreement starting in 2024 reflects a 14% pay raise and a more substantial opportunity for equity incentives, boosting his target to $1.5 million. Broderick's leadership at Monro, alongside these compensation adjustments, reflects a commitment to aligning with shareholder interests while adapting to the dynamic retail environment.

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1. Rivals

2. Holdings

3. Insider Trading

4. Compensation History

5. Other Monro, Inc. CEOs

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Michael T. Broderick

CEO of Monro, Inc.

Education

Bachelor's degree

Field of Expertise

Consumer Goods & Retail - Retail

Sector of Economy

Consumer Cyclical

Born

January 1, 1969 - 56 years ago

CEO of Monro, Inc. for

4 years 2 months (Apr 2021 - Present)

Previous Experience

Executive Vice President, Merchandising and Store Operations Support for Advance Auto Parts, Inc.

Rivals

Competitors/colleagues of Michael T. Broderick

Holdings

See how much did Michael T. Broderick make over time.

Michael Broderick currently holds significant shares in Monro, Inc. His initial equity incentive included 40,000 restricted stock units when he became CEO. In 2021, the average value of these shares was approximately $2,320,000, highlighting a substantial investment in the company...

Michael Broderick currently holds significant shares in Monro, Inc. His initial equity incentive included 40,000 restricted stock units when he became CEO. In 2021, the average value of these shares was approximately $2,320,000, highlighting a substantial investment in the company that boosts his alignment with shareholder interests. However, in 2023, his wealth based on his holdings shifted significantly as the stock price fluctuated. Keeping a vested interest in the company’s performance is key for Broderick, emphasizing the importance of his role as CEO and the pressure to meet performance targets. His ability to unlock the potential of these stock grants relies not only on company performance but also on his strategic decisions moving forward, demonstrating an investment that could either grow or shrink based on Monro’s trajectory.

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Insider Trading

See recent insider trades of Michael T. Broderick.

No insider trades found for this CEO.

Compensation History

See how much did Michael T. Broderick make over time.

In 2023, Michael T. Broderick’s total compensation was $759,779, a slight increase from $366,533 in 2022. His salary makes up most of this at $714,179. Due to unmet performance targets, there was no bonus for the year, which is a significant aspect of his compensation philosophy — it emphasizes performance-based incentives. In contrast, his 2021 compensation reached as high as $1.27 million, driven by a substantial bonus of $560,000 and RSUs valued at $2.32 million. The fluctuation in his pay illustrates how closely his compensation is tied to the company's performance metrics. Starting January 2024, Broderick's base salary will increase to $800,000, and he will be eligible for equity awards with a target value of $1.5 million. This structure not only incentivizes him to improve Monro's performance but also aligns his interests with those of the shareholders.

Year

2023

Total Compensation

$759.78K

Salary

$714.18K

Board Justification

The compensation philosophy is designed to attract, retain, and motivate executives while aligning their interests with those of shareholders through performance-based incentives.

Bonus

$0.00

Board Justification

No annual incentive was earned for Fiscal 2023 due to performance metrics not being met.

Other

$45.60K

Board Justification

Other compensation includes 401(k) matching contributions, life insurance premiums, and other benefits.

Restricted Stock

$0.00(0 common stock)

Board Justification

No stock was vested in 2023 as the stock grants are not included in total compensation calculations.

Performance Metrics

The performance metrics for determining compensation included comparable store sales and pre-tax income.

Other Monro, Inc. CEOs

Here are other CEOs of Monro, Inc.

Brett T. Ponton

Ex-CEO of Monro, Inc.

October 2019 - August 2020