Companies Thor Industries
Thor Industries (THO): executive pay, fiscal 2025
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CEO pay, last three years
- $10,567,489FY2023
- $10,574,521FY2024
- $14,613,718FY2025
CEO total pay was $14,613,718 in fiscal 2025, up from $10,574,521 in fiscal 2024.
FY2025: salary $750,000 · bonus $0 · stock awards $7,149,005 · option awards $0
Executives and directors
Frequently asked questions
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 officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Robert Martin | $750,000 | $0 | $7,149,005 | $0 | $6,692,530 | $0 | $22,183 | $14,613,718 |
| President and Chief Executive Officer | ||||||||
| Colleen Zuhl | 725,000 | 0 | 3,272,366 | 0 | 2,645,317 | 0 | 17,531 | 6,660,214 |
| Senior Vice President and Chief Financial Officer | ||||||||
| Todd Woelfer | 650,000 | 0 | 3,183,134 | 0 | 2,633,126 | 0 | 9,095 | 6,475,355 |
| Senior Vice President and Chief Operating Officer | ||||||||
| Trevor Gasper | 600,000 | 0 | 1,574,916 | 0 | 996,565 | 0 | 9,095 | 3,180,575 |
| Senior Vice President, General Counsel, & Corporate Secretary | ||||||||
| Michele McDermott | 525,000 | 0 | 1,095,833 | 0 | 575,996 | 0 | 33,307 | 2,230,136 |
| Chief Human Resources Officer | ||||||||
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 officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Robert Martin | $14,613,718 | $10,574,521 | $10,567,489 | ↑ +4,039,197 |
| Colleen Zuhl | 6,660,214 | 4,753,050 | 4,768,133 | ↑ +1,907,164 |
| Todd Woelfer | 6,475,355 | 4,719,602 | 4,768,367 | ↑ +1,755,753 |
| Trevor Gasper | 3,180,575 | 2,356,348 | 1,850,971 | ↑ +824,227 |
| Michele McDermott | 2,230,136 | 735,420 | — | ↑ +1,494,716 |
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
Our compensation plan is designed to attract and retain industry-leading talent through a program that is reasonable and heavily tied to our Company's financial performance.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | WTW |
| Clawback policy | true |
| Anti-hedging | — |
| Anti-pledging | — |
Equity grants and outstanding awards
No plan-based awards are on file for this fiscal year.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Michele McDermott | RSU | 1,436 | — | $130,662 |
| Michele McDermott | PSU | 7,127 | — | 648,486 |
| Trevor Gasper | RSU | 9,576 | — | 871,320 |
| Trevor Gasper | PSU | 21,163 | — | 1,925,621 |
| Colleen Zuhl | RSU | 24,760 | — | 2,252,912 |
| Todd Woelfer | RSU | 25,195 | — | 2,292,493 |
| Todd Woelfer | PSU | 47,714 | — | 4,341,497 |
| Colleen Zuhl | PSU | 48,042 | — | 4,371,342 |
| Robert Martin | RSU | 58,726 | — | 5,343,479 |
| Robert Martin | PSU | 107,893 | — | 9,817,184 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Andrew E. GravesIndependent · Board Chair | $420,000 | $129,942 | $0 | — | $0 | $549,942 |
| William J. Kelley JrIndependent · Audit (Chair) · Environmental Social, Governance & Nominating · ESG&N | 195,000 | 129,942 | 0 | — | 0 | 324,942 |
| Christopher KleinIndependent · Audit · Environmental Social, Governance & Nominating (Chair) · ESG&N (Chair) | 190,000 | 129,942 | 0 | — | 0 | 319,942 |
| Amelia A. HuntingtonIndependent · Audit · Compensation (Chair) | 190,000 | 129,942 | 0 | — | 0 | 319,942 |
| Christina HenningtonIndependent · Compensation · Environmental Social, Governance & Nominating · ESG&N | 170,000 | 129,942 | 0 | — | 0 | 299,942 |
| Peter B. OrthweinIndependent | 170,000 | 129,942 | 0 | — | 0 | 299,942 |
| Jeffrey D. LorengerIndependent · Compensation · Environmental Social, Governance & Nominating · ESG&N | 170,000 | 129,942 | 0 | — | 0 | 299,942 |
| Laurel HurdIndependent · Audit · Compensation | 170,000 | 129,942 | 0 | — | 0 | 299,942 |
| Robert W. MartinEmployee director | — | — | — | — | — | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $170,000 |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 25,000 / 20,000 / 20,000 |
| Stock ownership guideline | Stock ownership guidelines, the time-based vesting component of RSU awards under our LTI program and the multi-year performance measurement periods for the FCF and ROIC components of PSUs awarded under our LTI program, which encourage long-term value creation |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $1,675,000 |
| Equity awards (grant-date value) | $1,039,536 |
| All other compensation | $0 |
| Total cost of the board | $2,714,536 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Thor Industries as a peer
Companies that benchmark against THO
9 companies name THO as a compensation peer
The list of companies that name THO 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.
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.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Thor Industries | 2025 | Robert Martin | $750,000 | $7,149,005 | $0 | $6,692,530 | $14,613,718 |
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.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2025 | 2025-12-17 | 42,933,943 | 2,970,463 | 85,615 | 93.53% | Passed |
| 2024 | 2024-12-20 | 44,324,796 | 1,370,522 | 38,578 | 97% | Passed |
| 2023 | 2023-12-15 | 40,571,499 | 4,459,944 | 72,404 | 90.1% | Passed |
| 2022 | 2022-12-16 | 38,304,091 | 4,544,972 | 55,979 | 89.39% | Passed |
| 2021 | 2021-12-17 | 33,622,678 | 11,703,973 | 35,702 | 74.18% | Passed |
| 2020 | 2020-12-18 | 44,375,148 | 1,861,676 | 110,456 | 95.97% | 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 year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2025 | 2025-12-17 | 93.53%a |
| 2024 | 2024-12-20 | 97%b |
| 2023 | 2023-12-15 | 90.1%c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Approved under the standard stated in the filing — “Broker non-votes and abstentions will not impact the outcome of the vote on the proposals, as they are not counted as votes cast.”.
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) | 219 : 1 |
|---|---|
| CEO total compensation | $12,486,248 |
| Median employee compensation | $57,145 |
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (21 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, Robert Martin. DEF 14A, filed 2025-11-03. Section “Summary Compensation Table” · page 46. As printed: 14,613,718. View filing ↗
- Section 01, Colleen Zuhl. DEF 14A, filed 2025-11-03. Section “Summary Compensation Table” · page 46. As printed: 6,660,214. View filing ↗
- Section 01, Todd Woelfer. DEF 14A, filed 2025-11-03. Section “Summary Compensation Table” · page 46. As printed: 6,475,355. View filing ↗
- Section 01, Trevor Gasper. DEF 14A, filed 2025-11-03. Section “Summary Compensation Table” · page 46. As printed: 3,180,575. View filing ↗
- Section 01, Michele McDermott. DEF 14A, filed 2025-11-03. Section “Summary Compensation Table” · page 46. As printed: 2,230,136. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2026-11-03. Section “CEO Pay Ratio”. As printed: 219 : 1. View filing ↗
- Section 08, Andrew E. Graves. DEF 14A, filed 2025-11-03. Section “Director Compensation”. As printed: 549,942. View filing ↗
- Section 08, William J. Kelley Jr. DEF 14A, filed 2025-11-03. Section “Director Compensation”. As printed: 324,942. View filing ↗
- Section 08, Christopher Klein. DEF 14A, filed 2025-11-03. Section “Director Compensation”. As printed: 319,942. View filing ↗
- Section 08, Amelia A. Huntington. DEF 14A, filed 2025-11-03. Section “Director Compensation”. As printed: 319,942. View filing ↗
- Section 08, Christina Hennington. DEF 14A, filed 2025-11-03. Section “Director Compensation”. As printed: 299,942. View filing ↗
- Section 08, Peter B. Orthwein. DEF 14A, filed 2025-11-03. Section “Director Compensation”. As printed: 299,942. View filing ↗
- Section 08, Jeffrey D. Lorenger. DEF 14A, filed 2025-11-03. Section “Director Compensation”. As printed: 299,942. View filing ↗
- Section 08, Laurel Hurd. DEF 14A, filed 2025-11-03. Section “Director Compensation”. As printed: 299,942. View filing ↗
- Section 08, Robert W. Martin. DEF 14A, filed 2025-11-03. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-12-17. Item 5.07 · say-on-pay result. As reported: 93.53% (votes for as printed: 42,933,943). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-12-20. Item 5.07 · say-on-pay result. As reported: 97% (votes for as printed: 44,324,796). View filing ↗
- Section 06, 2023 vote. Form 8-K, filed 2023-12-15. Item 5.07 · say-on-pay result. As reported: 90.1% (votes for as printed: 40,571,499). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 09b board cost (computed). Computed. Cash 1,675,000 + equity 1,039,536 + all other 0 = 2,714,536, summed across the director compensation table rows.
- Thor Industries (subject), Section 10b CEO total. DEF 14A, filed 2025-11-03. CEO total compensation as printed in Thor Industries's own proxy. As printed: 14,613,718. View filing ↗