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Companies Mayville Engineering Company

Mayville Engineering (MEC): executive pay, fiscal 2025

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CEO total pay$3,183,288CEO Jagadeesh (Jag) Reddy · source
Say-on-pay support96.97%Latest vote · source
CEO vs. named peers53rd pct.Of 18 peer CEOs
CEO pay ratio61:1To the median employee · source

CEO pay, last three years

  • $2,956,326FY2023
  • $3,692,318FY2024
  • $3,183,288FY2025

CEO total pay was $3,183,288 in fiscal 2025, down from $3,692,318 in fiscal 2024.

FY2025: salary $736,450 · stock awards $2,380,000

Executives and directors

Frequently asked questions

Who was the highest-paid executive at Mayville Engineering Company in fiscal 2025?
As disclosed, Jagadeesh (Jag) Reddy (President and Chief Executive Officer) was the highest-paid executive at Mayville Engineering Company in fiscal 2025, with total compensation of $3,183,288.
How does Mayville Engineering Company's chief executive pay compare to its disclosed peer group?
As disclosed, Jagadeesh (Jag) Reddy's total compensation ranked at the 53rd percentile of Mayville Engineering Company's disclosed peer group.
What is Mayville Engineering Company's CEO-to-median employee pay ratio?
As disclosed, Mayville Engineering Company's CEO-to-median employee pay ratio was 61:1.
How did shareholders vote on Mayville Engineering Company's executive compensation?
As disclosed, 96.97% of shareholders supported Mayville Engineering Company's executive compensation in the latest say-on-pay vote.
How much does Mayville Engineering Company spend in total on board compensation for fiscal 2025?
As disclosed, Mayville Engineering Company reported total board compensation of $1,055,780 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
Jagadeesh (Jag) Reddy$736,450—$2,380,000———$66,838$3,183,288
President and Chief Executive Officer
Ryan Raber473,800—1,072,000———10,5001,556,300
Executive Vice President, Strategy, Sales & Marketing
Todd Butz247,834—————1,052,7581,300,592
Former Chief Financial Officer
Craig Nichols415,000—500,000———184,6471,099,647
Senior Vice President, Operations and Supply Chain
Rachele Lehr420,000—500,000———10,500930,500
Chief Financial Officer
Sean Leuba411,000—400,000———1,381812,381
Senior Vice President, General Counsel and Secretary

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
Jagadeesh (Jag) Reddy$3,183,288$3,692,318$2,956,326↓ −509,030
Ryan Raber1,556,3001,904,6881,700,700↓ −348,388
Todd Butz1,300,5921,934,7261,698,100↓ −634,134
Craig Nichols1,099,647———
Rachele Lehr930,5001,126,960996,428↓ −196,460
Sean Leuba812,3811,133,1151,164,173↓ −320,734

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

Compensation is designed to attract and retain top talent by aligning with market benchmarks for similar roles, support both annual objectives and long-term business plans, and create long-term shareholder value.

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

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Jagadeesh (Jag) ReddyRSU2025-03-15——82,927—$1,190,000
Ryan RaberRSU2025-03-15——37,353—536,000
Sean LeubaRSU2025-03-15——13,938—200,000
Craig NicholsRSU2025-03-15——17,422—250,000
Rachele LehrPSU2025-03-15—17,422—34,844250,000
Rachele LehrRSU2025-03-15——17,422—250,000
Ryan RaberPSU2025-03-15—37,353—74,706536,000
Sean LeubaPSU2025-03-15—13,938—27,876200,000
Craig NicholsPSU2025-03-15—17,422—34,844250,000
Jagadeesh (Jag) ReddyPSU2025-03-15—82,927—165,8541,190,000

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Jagadeesh (Jag) Reddy$1,190,000$1,190,000$050.0%
Ryan Raber536,000536,000050.0%
Sean Leuba200,000200,000050.0%
Craig Nichols250,000250,000050.0%
Rachele Lehr250,000250,000050.0%

% 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
Craig NicholsRSU17,422—$326,140
Craig NicholsPSU17,422—326,140
Sean LeubaPSU23,277—435,745
Rachele LehrPSU26,761—500,966
Sean LeubaRSU28,464—532,846
Rachele LehrRSU34,542—646,626
Ryan RaberPSU60,046—1,124,061
Ryan RaberRSU72,653—1,360,064
Jagadeesh (Jag) ReddyPSU129,620—2,426,486
Jagadeesh (Jag) ReddyRSU155,560—2,912,083
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Timothy L. ChristenIndependent · Nominating and Corporate Governance · Audit$75,000$150,004———$225,004
Steven L. FisherIndependent · Compensation · Audit (Chair)55,000125,005———180,005
Jennifer J. KentIndependent · Compensation (Chair) · Nominating and Corporate Governance52,000125,005———177,005
Jay O. RothmanIndependent · Nominating and Corporate Governance (Chair)50,000125,005———175,005
Robert L. McCormickIndependent · Compensation · Audit40,000125,005———165,005
Tania L. WingfieldIndependent · Compensation20,00093,756———113,756
Allen J. CarlsonIndependent20,0000———20,000
Jagadeesh (Jag) A. ReddyEmployee director—————0
Christine M. SchyvinckIndependent · Newly elected——————

Board fee structure and ownership guideline

Annual cash retainer$40,000
Annual equity retainer$125,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)15,000 / 12,000 / 10,000
Stock ownership guideline—

Total cost of the board

ComponentFY2025
Cash retainers and fees$312,000
Equity awards (grant-date value)$743,780
All other compensation$0
Total cost of the board$1,055,780

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

Peer group, and who names Mayville Engineering as a peer

Companies that benchmark against MEC

6 companies name MEC as a compensation peer

Each company listed discloses MEC in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named MEC in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

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 Mayville Engineering Company 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
1The Shyft Group, Inc2024John Dunn$780,000$4,983,273$0$892,922$6,704,927
2AZZ Inc2026Thomas Ferguson1,000,7462,940,029—1,477,0015,513,156
3The Eastern Company2025Denis Sheahan800,0003,371,2970792,0005,069,867
4Miller Industries, Inc2025William Miller II827,4242,556,84001,304,6584,748,987
5Commercial Vehicle Group, Inc2025James Ray879,2313,059,120003,949,428
6Myers Industries, Inc2025Aaron Schapper775,3851,952,344402,500700,0003,889,228
7Powell Industries, Inc2025Brett Cope660,0001,129,26801,650,0003,600,369
8Northwest Pipe Company2025Scott Montross732,1821,280,06101,464,3643,492,930
9LSI Industries Inc2026James Clark765,3421,500,0000964,3453,395,505
10Mayville Engineering Company2025Jagadeesh (Jag) Reddy736,4502,380,000——3,183,288
11BlueBird Corporation2023Andrew Obenshain681,657863,5901,142,440348,0243,049,181
12Douglas Dynamics, Inc2025Mark Van Genderen651,4211,110,23901,219,6113,008,565
13L.B. Foster Company2025John Kasel790,4171,319,3570654,4002,920,512
14Luxfer Holdings PLC2025Andy Butcher660,6001,144,0770795,3622,662,967
15Twin Disc, Incorporated2026John Batten712,0711,002,7670440,0602,345,850
16The Gorman-Rupp Company2025Scott King717,500750,000002,187,652
17Ampco-Pittsburgh Corporation2025J. Brett McBrayer718,750701,7820600,9532,065,460
18Hurco Companies, Inc.2025Gregory Volovic675,8001,249,991002,023,603
19Daktronics, Inc2026Ramesh Jayaraman188,462544,3750128,3311,098,324

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
Mayville Engineering Companynot disclosedPSU 50 · RSU 50not disclosedPearl Meyer
Ampco-Pittsburgh Corporationnot disclosedPSU 67 · RSU 33not disclosedPay Governance LLC
AZZ Incnot disclosedRSU 50 · PSU 50not disclosedMeridian Compensation Partners, LLC
BlueBird Corporation85%Options 50 · RSU 50NoAon
Commercial Vehicle Group, Incnot disclosednot disclosednot disclosedMeridian Compensation Partners, LLC
Daktronics, Inc102%RSU 75 · PSU 25NoKorn Ferry
Douglas Dynamics, Inc174.2%PSU 50 · RSU 50Yes — Relative TSRFrederic W. Cook & Co, Inc.
Hurco Companies, Inc.not disclosedPSU 55 · RSU 45NoPay Governance, LLC
L.B. Foster Companynot disclosedPSU 60 · Restricted Stock 40not disclosedPay Governance
LSI Industries Inc154.6%PSU 60 · RSU 40NoFW Cook
Luxfer Holdings PLCnot disclosedPRSU 60 · RSU 40not disclosedMeridian Compensation Partners LLC
Miller Industries, Incnot disclosedRSU 100not disclosedAlvarez & Marsal Tax, LLC
Myers Industries, Incnot disclosedPSU 50 · RSU 50not disclosedSemler Brossy
Northwest Pipe Companynot disclosedPSU 75 · RSU 25not disclosedWillis Towers Watson
Powell Industries, Inc200%RSU 50 · PRSU 50Nonot disclosed
The Eastern Companynot disclosedPSU 60 · RSU 40Yes — Relative Total Shareholder Return (“TSR”) vs. KRX BanksPearl Meyer
The Gorman-Rupp Companynot disclosednot disclosednot disclosedSemler Brossy Consulting Group
The Shyft Group, Incnot disclosedPSU 60 · RSU 40not disclosedMercer US LLC
Twin Disc, Incorporatednot disclosednot disclosednot disclosedPay Governance, LLC

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
20262026-04-2116,191,622505,35026,10596.97%Passed
20252025-04-2213,021,820484,1723,175,80496.42%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
20262026-04-2196.97%a
20252025-04-2296.42%b

a. Voting standard not stated in the filing.

b. 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)61 : 1
CEO total compensation$3,183,288
Median employee compensation$51,848
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (53 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, Jagadeesh (Jag) Reddy. DEF 14A, filed 2026-03-10. Section “Executive Compensation”. As printed: 3,183,288. View filing ↗
  • Section 01, Ryan Raber. DEF 14A, filed 2026-03-10. Section “Executive Compensation”. As printed: 1,556,300. View filing ↗
  • Section 01, Todd Butz. DEF 14A, filed 2026-03-10. Section “Executive Compensation”. As printed: 1,300,592. View filing ↗
  • Section 01, Craig Nichols. DEF 14A, filed 2026-03-10. Section “Executive Compensation”. As printed: 1,099,647. View filing ↗
  • Section 01, Rachele Lehr. DEF 14A, filed 2026-03-10. Section “Executive Compensation”. As printed: 930,500. View filing ↗
  • Section 01, Sean Leuba. DEF 14A, filed 2026-03-10. Section “Executive Compensation”. As printed: 812,381. View filing ↗
  • Section 03, Jagadeesh (Jag) Reddy RSU. DEF 14A, filed 2026-03-10. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Ryan Raber RSU. DEF 14A, filed 2026-03-10. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Sean Leuba RSU. DEF 14A, filed 2026-03-10. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Craig Nichols RSU. DEF 14A, filed 2026-03-10. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Rachele Lehr PSU. DEF 14A, filed 2026-03-10. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Rachele Lehr RSU. DEF 14A, filed 2026-03-10. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Ryan Raber PSU. DEF 14A, filed 2026-03-10. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Sean Leuba PSU. DEF 14A, filed 2026-03-10. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Craig Nichols PSU. DEF 14A, filed 2026-03-10. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Jagadeesh (Jag) Reddy PSU. DEF 14A, filed 2026-03-10. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2026-03-10. Section “CEO Pay Ratio”. As printed: 61 : 1. View filing ↗
  • Section 08, Timothy L. Christen. DEF 14A, filed 2026-03-10. Section “Director Compensation”. As printed: 225,004. View filing ↗
  • Section 08, Steven L. Fisher. DEF 14A, filed 2026-03-10. Section “Director Compensation”. As printed: 180,005. View filing ↗
  • Section 08, Jennifer J. Kent. DEF 14A, filed 2026-03-10. Section “Director Compensation”. As printed: 177,005. View filing ↗
  • Section 08, Jay O. Rothman. DEF 14A, filed 2026-03-10. Section “Director Compensation”. As printed: 175,005. View filing ↗
  • Section 08, Robert L. McCormick. DEF 14A, filed 2026-03-10. Section “Director Compensation”. As printed: 165,005. View filing ↗
  • Section 08, Tania L. Wingfield. DEF 14A, filed 2026-03-10. Section “Director Compensation”. As printed: 113,756. View filing ↗
  • Section 08, Allen J. Carlson. DEF 14A, filed 2026-03-10. Section “Director Compensation”. As printed: 20,000. View filing ↗
  • Section 08, Jagadeesh (Jag) A. Reddy. DEF 14A, filed 2026-03-10. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, Christine M. Schyvinck. DEF 14A, filed 2026-03-10. Section “Director Compensation”. As printed: —. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-04-23. Item 5.07 · say-on-pay result. As reported: 96.97% (votes for as printed: 16,191,622). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-04-24. Item 5.07 · say-on-pay result. As reported: 96.42% (votes for as printed: 13,021,820). 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 312,000 + equity 743,780 + all other 0 = 1,055,780, summed across the director compensation table rows.
  • The Shyft Group, Inc, Section 10b CEO total. DEF 14A, filed 2025-03-31. CEO total compensation as printed in The Shyft Group, Inc's own proxy. As printed: 6,704,927. View filing ↗
  • AZZ Inc, Section 10b CEO total. DEF 14A, filed 2026-05-26. CEO total compensation as printed in AZZ Inc's own proxy. As printed: 5,513,156. View filing ↗
  • The Eastern Company, Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in The Eastern Company's own proxy. As printed: 5,069,867. View filing ↗
  • Miller Industries, Inc, Section 10b CEO total. DEF 14A, filed 2026-04-08. CEO total compensation as printed in Miller Industries, Inc's own proxy. As printed: 4,748,987. View filing ↗
  • Commercial Vehicle Group, Inc, Section 10b CEO total. DEF 14A, filed 2026-04-27. CEO total compensation as printed in Commercial Vehicle Group, Inc's own proxy. As printed: 3,949,428. View filing ↗
  • Myers Industries, Inc, Section 10b CEO total. DEF 14A, filed 2026-03-13. CEO total compensation as printed in Myers Industries, Inc's own proxy. As printed: 3,889,228. View filing ↗
  • Powell Industries, Inc, Section 10b CEO total. DEF 14A, filed 2026-01-06. CEO total compensation as printed in Powell Industries, Inc's own proxy. As printed: 3,600,369. View filing ↗
  • Northwest Pipe Company, Section 10b CEO total. DEF 14A, filed 2026-04-23. CEO total compensation as printed in Northwest Pipe Company's own proxy. As printed: 3,492,930. View filing ↗
  • LSI Industries Inc, Section 10b CEO total. DEF 14A, filed 2026-10-09. CEO total compensation as printed in LSI Industries Inc's own proxy. As printed: 3,395,505. View filing ↗
  • Mayville Engineering Company (subject), Section 10b CEO total. DEF 14A, filed 2026-03-10. CEO total compensation as printed in Mayville Engineering Company's own proxy. As printed: 3,183,288. View filing ↗
  • BlueBird Corporation, Section 10b CEO total. DEF 14A, filed 2024-09-26. CEO total compensation as printed in BlueBird Corporation's own proxy. As printed: 3,049,181. View filing ↗
  • Douglas Dynamics, Inc, Section 10b CEO total. DEF 14A, filed 2026-03-20. CEO total compensation as printed in Douglas Dynamics, Inc's own proxy. As printed: 3,008,565. View filing ↗
  • L.B. Foster Company, Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in L.B. Foster Company's own proxy. As printed: 2,920,512. View filing ↗
  • Luxfer Holdings PLC, Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in Luxfer Holdings PLC's own proxy. As printed: 2,662,967. View filing ↗
  • Twin Disc, Incorporated, Section 10b CEO total. DEF 14A, filed 2026-09-14. CEO total compensation as printed in Twin Disc, Incorporated's own proxy. As printed: 2,345,850. View filing ↗
  • The Gorman-Rupp Company, Section 10b CEO total. DEF 14A, filed 2026-03-23. CEO total compensation as printed in The Gorman-Rupp Company's own proxy. As printed: 2,187,652. View filing ↗
  • Ampco-Pittsburgh Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Ampco-Pittsburgh Corporation's own proxy. As printed: 2,065,460. View filing ↗
  • Hurco Companies, Inc., Section 10b CEO total. DEF 14A, filed 2026-01-28. CEO total compensation as printed in Hurco Companies, Inc.'s own proxy. As printed: 2,023,603. View filing ↗
  • Daktronics, Inc, Section 10b CEO total. DEF 14A, filed 2026-07-28. CEO total compensation as printed in Daktronics, Inc's own proxy. As printed: 1,098,324. View filing ↗
  • Section 10a, Douglas Dynamics, Inc reciprocity. DEF 14A. Douglas Dynamics, Inc names Mayville Engineering Company in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Daktronics, Inc reciprocity. DEF 14A. Daktronics, Inc names Mayville Engineering Company in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Luxfer Holdings PLC reciprocity. DEF 14A. Luxfer Holdings PLC names Mayville Engineering Company in its own disclosed peer group (read from its most recent proxy). View filing ↗
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