CEO total compensation of $7,639,958 (FY2025, as reported in the pre-extracted database) is within a reasonable range for a CEO at a $4.6 billion consumer discretionary company that achieved record revenues of approximately $2.2 billion and grew earnings per share by 15.8% in FY2026. The pay structure is appropriately weighted toward variable pay — long-term equity awards (split 60% performance-based stock awards and 40% time-based stock awards) combined with a performance-based cash bonus mean that fixed base salary of $1.1 million represents roughly 14% of total compensation, well below the 40% cap, and the performance-based stock awards use meaningful three-year metrics including relative total shareholder return, market share growth, and return on invested capital. Pay-for-performance alignment is strong: Cavco's 3-year stock return of +116.8% outpaces the peer group median by +106 percentage points, prior-year shareholder support was 98.7%, and a robust clawback policy is in place.

The non-audit fees (tax services of $512,650) represent approximately 31% of audit fees ($1,633,821), which is well below the 50% threshold that would raise independence concerns. Auditor tenure is not explicitly disclosed in the proxy so the tenure trigger cannot fire under policy — the absence of disclosure is noted as a minor negative but does not change the vote. RSM is a large national firm appropriate for a $4.6 billion market cap company, and no material financial restatements were disclosed.