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Companies Armstrong World Industries Inc

Armstrong World Industries (AWI): executive pay, fiscal 2025

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CEO total pay$8,537,000CEO Victor Grizzle · source
Say-on-pay support96.75%Latest vote · source
CEO vs. named peers67th pct.Of 16 peer CEOs
CEO pay ratio93:1To the median employee · source

CEO pay, last three years

  • $13,541,716FY2023
  • $9,154,261FY2024
  • $8,537,000FY2025

CEO total pay was $8,537,000 in fiscal 2025, down from $9,154,261 in fiscal 2024.

FY2025: salary $1,000,000 · bonus $0 · stock awards $5,599,532 · option awards $0

Executives and directors

Frequently asked questions

Who was the highest-paid executive at Armstrong World Industries Inc in fiscal 2025?
As disclosed, Victor Grizzle (President & Chief Executive Officer) was the highest-paid executive at Armstrong World Industries Inc in fiscal 2025, with total compensation of $8,537,000.
How does Armstrong World Industries Inc's chief executive pay compare to its disclosed peer group?
As disclosed, Victor Grizzle's total compensation ranked at the 67th percentile of Armstrong World Industries Inc's disclosed peer group.
What is Armstrong World Industries Inc's CEO-to-median employee pay ratio?
As disclosed, Armstrong World Industries Inc's CEO-to-median employee pay ratio was 93:1.
How did shareholders vote on Armstrong World Industries Inc's executive compensation?
As disclosed, 96.75% of shareholders supported Armstrong World Industries Inc's executive compensation in the latest say-on-pay vote.
How much does Armstrong World Industries Inc spend in total on board compensation for fiscal 2025?
As disclosed, Armstrong World Industries Inc reported total board compensation of $1,543,189 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Victor Grizzle$1,000,000$0$5,599,532$0$1,584,000$0$353,468$8,537,000
President & Chief Executive Officer
Mark Hershey555,5730874,9590513,3490124,8732,068,753
Senior Vice President & Chief Operating Officer
Christopher Calzaretta515,0000777,8910475,860062,0181,830,769
Senior Vice President & Chief Financial Officer
Austin So477,3180659,6570378,0360100,2341,615,244
Former Senior Vice President, GC, Head of Government Relations & Chief Sustainability Officer
Jill Crager425,0000529,1170336,600057,9331,348,651
Senior Vice President Sales & Digital Marketing

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Victor Grizzle$8,537,000$9,154,261$13,541,716↓ −617,261
Mark Hershey2,068,7531,974,3371,834,693↑ +94,416
Christopher Calzaretta1,830,7691,703,9661,353,204↑ +126,803
Austin So1,615,2441,518,3841,548,682↑ +96,860
Jill Crager1,348,6511,085,954—↑ +262,697

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

The Company's compensation program is designed to attract and retain talented executives, align executive interests with long-term shareholder value, and reward performance based on the achievement of strategic and financial goals.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantAon
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Christopher CalzarettaPSU2025-02-261,4792,957—7,393$477,846
Victor GrizzleRSU2025-02-26——14,190—2,160,144
Austin SoRSU2025-02-26——1,672—254,529
Jill CragerRSU2025-02-26——1,341—204,140
Jill CragerPSU2025-02-261,0062,011—5,028324,977
Victor GrizzlePSU2025-02-2610,64221,284—53,2103,439,388
Mark HersheyRSU2025-02-26——2,217—337,494
Austin SoPSU2025-02-261,2542,507—6,268405,128
Christopher CalzarettaRSU2025-02-26——1,971—300,045
Mark HersheyPSU2025-02-261,6633,326—8,315537,465

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Christopher Calzaretta$300,045$477,846$061.4%
Victor Grizzle2,160,1443,439,388061.4%
Austin So254,529405,128061.4%
Jill Crager204,140324,977061.4%
Mark Hershey337,494537,465061.4%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Wayne R. ShurtsRSU827—$136,290
Roy W. TemplinRSU1,124—185,235
William H. OsborneRSU1,333—216,433
Wayne R. ShurtsRSU1,333—236,433
Roy W. TemplinRSU1,813—331,840
William H. OsborneRSU3,941—649,477
Richard D. HolderRSU5,347—881,186
Richard D. HolderRSU6,360—1,048,128
Barbara L. LoughranRSU8,868—1,461,446
Wayne R. ShurtsRSU8,879—1,463,259
Barbara L. LoughranRSU10,807—1,780,993
Roy W. TemplinRSU19,451—3,205,525
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Roy W. TemplinIndependent · Lead Independent Director · Finance (Chair)$160,000$170,027$0—$1,813$331,840
Barbara L. LoughranIndependent · Audit (Chair) · Finance · Nominating, Governance & Social Responsibility110,000125,1000—10,807245,907
Richard D. HolderIndependent · Audit · Finance · Nominating, Governance & Social Responsibility105,000125,1000—6,360236,460
Wayne R. ShurtsIndependent · Audit · Management Development & Compensation (Chair)110,000125,1000—1,333236,433
William H. OsborneIndependent · Management Development & Compensation · Nominating, Governance & Social Responsibility90,000125,1000—1,333216,433
Kathleen E. PitreIndependent · Audit · Management Development & Compensation45,000125,1000—0170,100
Kevin P. HolleranIndependent · Management Development & Compensation · Nominating, Governance & Social Responsibility22,50083,5160—0106,016
Mark A. HersheyEmployee director · Newly elected—————0
Victor D. GrizzleEmployee director · Board Chair—————0

Board fee structure and ownership guideline

Annual cash retainer$90,000
Annual equity retainer$125,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 20,000 / 15,000
Stock ownership guideline$5

Total cost of the board

ComponentFY2025
Cash retainers and fees$642,500
Equity awards (grant-date value)$879,043
All other compensation$21,646
Total cost of the board$1,543,189

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names Armstrong World Industries as a peer

Companies that benchmark against AWI

28 companies name AWI as a compensation peer

The list of companies that name AWI as a peer is temporarily unavailable — recheck shortly.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

The companies Armstrong World Industries Inc names as compensation peers that name it back in their own disclosed peer groups.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Griffon Corp2025Ronald Kramer$1,286,463$6,427,488$0$7,881,704$17,515,575
2Zurn Elkay Water Solutions2025Todd Adams1,005,0008,000,01001,852,96911,603,760
3Eagle Materials, Inc.2026Michael Haack1,119,4565,457,2701,657,8341,948,98710,302,728
4Advanced Drainage Systems, Inc.2026D. Scott Barbour1,050,0005,309,8111,143,5572,216,5509,780,935
5SPX Technologies, Inc.2025Eugene Lowe, III1,138,1164,619,8051,318,2212,072,9669,338,813
6Armstrong World Industries Inc2025Victor Grizzle1,000,0005,599,53201,584,0008,537,000
7Simpson Manufacturing Co., Inc.2025Michael Olosky950,0005,383,38401,389,7137,768,355
8CSW Industrials, Inc.2026Joseph Armes925,0004,938,00101,286,9767,273,615
9Trex Company, Inc.2025Bryan Fairbanks950,0003,836,050676,9501,074,1466,582,168
10Apogee Enterprises, Inc.2026Ty Silberhorn627,3082,283,41901,208,5006,075,286
11Knife River Corp2025Brian Gray1,000,0003,785,84101,006,2535,820,868
12Interface, Inc.2025Laurel Hurd930,0002,821,99901,769,3255,651,488
13Franklin Electric Co, Inc.2025Joseph Ruzynski900,0002,624,984875,116558,9005,072,064
14American Woodmark Corp2025M. Scott Culbreth957,5773,208,4460696,3504,886,047
15Gibraltar Industries, Inc.2025William Bosway908,2693,202,4400274,5004,731,001
16Aaon, Inc.2025Matthew Tobolski712,8851,916,180764,557218,8693,656,082

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Armstrong World Industries Incnot disclosedRSU 50 · PRSU 50not disclosedAon
Aaon, Inc.not disclosedPSU 50 · Option 25 · RSU 25not disclosedMeridian Compensation Partners, LLC
Advanced Drainage Systems, Inc.not disclosedPRSU 60 · RSU 20 · Option 20not disclosedWTW
American Woodmark Corp60.75%RSU 50 · PSU 50NoMeridian Compensation Partners
Apogee Enterprises, Inc.not disclosedRSU 50 · PSU 50NoMeridian Compensation Partners, LLC (current); Willis Towers Watson (through September 2025)
CSW Industrials, Inc.not disclosedPSU 60 · RSU 40not disclosedWTW
Eagle Materials, Inc.not disclosedOptions 50 · PSU 25 · RSU 25Yes — Average Absolute Total Stockholder Return (Avg. A-TSR)Meridian Compensation Partners
Franklin Electric Co, Inc.62.1%PSU 50 · Option 25 · RSU 25NoMeridian
Gibraltar Industries, Inc.25%PSU 64 · RSU 36NoWTW
Griffon Corpnot disclosedPRSU 100not disclosedGallagher Human Resources and Compensation Consulting
Interface, Inc.152.2%PSU 50 · RSU 50NoPearl Meyer & Partners
Knife River Corp83.9%PSU 65 · RSU 35Yes — Total Stockholder Return (TSR) relative to that of peer companiesMeridian
Simpson Manufacturing Co., Inc.not disclosednot disclosednot disclosednot disclosed
SPX Technologies, Inc.163.9%PSU 50 · Option 25 · RSU 25Yes — Relative TSRMeridian Compensation Partners, LLC
Trex Company, Inc.not disclosednot disclosednot disclosedKorn/Ferry International
Zurn Elkay Water Solutions147%PSU 100NoWillis Towers Watson

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1135,408,6621,189,247125,23596.75%Passed
20252025-06-1233,166,6295,968,604153,21084.75%Passed
20242024-06-1325,500,73416,193,2475,51061.16%Passed
20232023-06-1540,348,7331,102,85432,09997.34%Passed
20222022-06-2242,841,882334,9646,70899.22%Passed
20212021-06-2444,398,689655,6756,17498.54%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20262026-06-1196.75%a
20252025-06-1284.75%b
20242024-06-1361.16%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)93 : 1
CEO total compensation—
Median employee compensation$91,600
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (58 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Victor Grizzle. DEF 14A, filed 2026-04-30. Section “2025 SUMMARY COMPENSATION TABLE” · page 58. As printed: 8,537,000. View filing ↗
  • Section 01, Mark Hershey. DEF 14A, filed 2026-04-30. Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 2,068,753. View filing ↗
  • Section 01, Christopher Calzaretta. DEF 14A, filed 2026-04-30. Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 1,830,769. View filing ↗
  • Section 01, Austin So. DEF 14A, filed 2026-04-30. Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 1,615,244. View filing ↗
  • Section 01, Jill Crager. DEF 14A, filed 2026-04-30. Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 1,348,651. View filing ↗
  • Section 03, Christopher Calzaretta PSU. DEF 14A, filed 2026-04-30. Section “GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. View filing ↗
  • Section 03, Victor Grizzle RSU. DEF 14A, filed 2026-04-30. Section “GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. View filing ↗
  • Section 03, Austin So RSU. DEF 14A, filed 2026-04-30. Section “GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. View filing ↗
  • Section 03, Jill Crager RSU. DEF 14A, filed 2026-04-30. Section “GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. View filing ↗
  • Section 03, Jill Crager PSU. DEF 14A, filed 2026-04-30. Section “GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. View filing ↗
  • Section 03, Victor Grizzle PSU. DEF 14A, filed 2026-04-30. Section “GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. View filing ↗
  • Section 03, Mark Hershey RSU. DEF 14A, filed 2026-04-30. Section “GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. View filing ↗
  • Section 03, Austin So PSU. DEF 14A, filed 2026-04-30. Section “GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. View filing ↗
  • Section 03, Christopher Calzaretta RSU. DEF 14A, filed 2026-04-30. Section “GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. View filing ↗
  • Section 03, Mark Hershey PSU. DEF 14A, filed 2026-04-30. Section “GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2026-04-30. Section “CEO Pay Ratio”. As printed: 93 : 1. View filing ↗
  • Section 08, Roy W. Templin. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 331,840. View filing ↗
  • Section 08, Barbara L. Loughran. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 245,907. View filing ↗
  • Section 08, Richard D. Holder. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 236,460. View filing ↗
  • Section 08, Wayne R. Shurts. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 236,433. View filing ↗
  • Section 08, William H. Osborne. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 216,433. View filing ↗
  • Section 08, Kathleen E. Pitre. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 170,100. View filing ↗
  • Section 08, Kevin P. Holleran. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 106,016. View filing ↗
  • Section 08, Mark A. Hershey. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, Victor D. Grizzle. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-06-17. Item 5.07 · say-on-pay result. As reported: 96.75% (votes for as printed: 35,408,662). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-06-17. Item 5.07 · say-on-pay result. As reported: 84.75% (votes for as printed: 33,166,629). View filing ↗
  • Section 06, 2024 vote. Form 8-K, filed 2024-06-17. Item 5.07 · say-on-pay result. As reported: 61.16% (votes for as printed: 25,500,734). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 642,500 + equity 879,043 + all other 21,646 = 1,543,189, summed across the director compensation table rows.
  • Griffon Corp, Section 10b CEO total. DEF 14A, filed 2026-01-09. CEO total compensation as printed in Griffon Corp's own proxy. As printed: 17,515,575. View filing ↗
  • Zurn Elkay Water Solutions, Section 10b CEO total. DEF 14A, filed 2026-03-12. CEO total compensation as printed in Zurn Elkay Water Solutions's own proxy. As printed: 11,603,760. View filing ↗
  • Eagle Materials, Inc., Section 10b CEO total. DEF 14A, filed 2026-06-15. CEO total compensation as printed in Eagle Materials, Inc.'s own proxy. As printed: 10,302,728. View filing ↗
  • Advanced Drainage Systems, Inc., Section 10b CEO total. DEF 14A, filed 2026-06-03. CEO total compensation as printed in Advanced Drainage Systems, Inc.'s own proxy. As printed: 9,780,935. View filing ↗
  • SPX Technologies, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in SPX Technologies, Inc.'s own proxy. As printed: 9,338,813. View filing ↗
  • Armstrong World Industries Inc (subject), Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in Armstrong World Industries Inc's own proxy. As printed: 8,537,000. View filing ↗
  • Simpson Manufacturing Co., Inc., Section 10b CEO total. DEF 14A, filed 2026-03-24. CEO total compensation as printed in Simpson Manufacturing Co., Inc.'s own proxy. As printed: 7,768,355. View filing ↗
  • CSW Industrials, Inc., Section 10b CEO total. DEF 14A, filed 2026-07-16. CEO total compensation as printed in CSW Industrials, Inc.'s own proxy. As printed: 7,273,615. View filing ↗
  • Trex Company, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-16. CEO total compensation as printed in Trex Company, Inc.'s own proxy. As printed: 6,582,168. View filing ↗
  • Apogee Enterprises, Inc., Section 10b CEO total. DEF 14A, filed 2026-05-12. CEO total compensation as printed in Apogee Enterprises, Inc.'s own proxy. As printed: 6,075,286. View filing ↗
  • Knife River Corp, Section 10b CEO total. DEF 14A, filed 2026-04-06. CEO total compensation as printed in Knife River Corp's own proxy. As printed: 5,820,868. View filing ↗
  • Interface, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in Interface, Inc.'s own proxy. As printed: 5,651,488. View filing ↗
  • Franklin Electric Co, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-25. CEO total compensation as printed in Franklin Electric Co, Inc.'s own proxy. As printed: 5,072,064. View filing ↗
  • American Woodmark Corp, Section 10b CEO total. DEF 14A, filed 2025-06-25. CEO total compensation as printed in American Woodmark Corp's own proxy. As printed: 4,886,047. View filing ↗
  • Gibraltar Industries, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-06. CEO total compensation as printed in Gibraltar Industries, Inc.'s own proxy. As printed: 4,731,001. View filing ↗
  • Aaon, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in Aaon, Inc.'s own proxy. As printed: 3,656,082. View filing ↗
  • Section 10a, Gibraltar Industries, Inc. reciprocity. DEF 14A. Gibraltar Industries, Inc. names Armstrong World Industries Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Knife River Corp reciprocity. DEF 14A. Knife River Corp names Armstrong World Industries Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Apogee Enterprises, Inc. reciprocity. DEF 14A. Apogee Enterprises, Inc. names Armstrong World Industries Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, CSW Industrials, Inc. reciprocity. DEF 14A. CSW Industrials, Inc. names Armstrong World Industries Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Griffon Corp reciprocity. DEF 14A. Griffon Corp names Armstrong World Industries Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, AAON, Inc. reciprocity. DEF 14A. AAON, Inc. names Armstrong World Industries Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Trex Company, Inc. reciprocity. DEF 14A. Trex Company, Inc. names Armstrong World Industries Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, American Woodmark Corp reciprocity. DEF 14A. American Woodmark Corp names Armstrong World Industries Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Eagle Materials, Inc. reciprocity. DEF 14A. Eagle Materials, Inc. names Armstrong World Industries Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Interface, Inc. reciprocity. DEF 14A. Interface, Inc. names Armstrong World Industries Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Simpson Manufacturing Co., Inc. reciprocity. DEF 14A. Simpson Manufacturing Co., Inc. names Armstrong World Industries Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
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