WABASH NATIONAL CORP (WNC)

Sector: Industrials

    Home/Companies/WNC/Annual Meeting

2026 Annual Meeting Analysis

WABASH NATIONAL CORP · Meeting: May 13, 2026

Policy v1.2medium confidenceView Filing ↗
For informational purposes only. This AI-generated analysis applies a published voting policy to publicly available proxy filings. It does not constitute investment advice, proxy voting advice, or a solicitation of any kind. AI analysis may be incomplete or inaccurate — always review the actual filing and make your own independent decision.

Directors FOR

0

Directors AGAINST

9

Say on Pay

FOR

Auditor

FOR

Director Elections

Election of Directors

/9 AGAINST

Against Analysis

✗ AGAINST
Therese M. BassettTSR underperformance peer group: WNC 3yr TSR -62.1% vs peer median +42.8%, gap -104.9pp exceeds 20pp threshold for negative absolute TSR; director since November 2019, tenure fully overlaps underperformance period; 5yr gap -60.9pp also exceeds 20pp threshold, no 5yr mitigant

Ms. Bassett has served since November 2019, meaning her full tenure overlaps the period during which Wabash's stock fell 62% while the company's own compensation peer group rose 43% on average — a gap of nearly 105 percentage points, far exceeding the 20-point threshold that triggers an against vote; the 5-year record provides no relief as that gap also exceeds the threshold.

✗ AGAINST
John G. BossTSR underperformance peer group: WNC 3yr TSR -62.1% vs peer median +42.8%, gap -104.9pp exceeds 20pp threshold for negative absolute TSR; director since December 2017, tenure fully overlaps underperformance period; 5yr gap -60.9pp also exceeds 20pp threshold, no 5yr mitigant

Mr. Boss has served since December 2017, giving him full exposure to the 3-year underperformance period; Wabash's stock is down 62% over three years against a peer group that gained 43%, a 105-point gap that far exceeds the policy threshold, and the 5-year picture is equally poor, so no long-term mitigant applies.

✗ AGAINST
Trent J. BrobergTSR underperformance peer group: WNC 3yr TSR -62.1% vs peer median +42.8%, gap -104.9pp exceeds 20pp threshold for negative absolute TSR; director since September 2022, tenure >24 months, overlaps meaningful portion of underperformance period; 5yr gap -60.9pp also exceeds 20pp threshold, no 5yr mitigant

Mr. Broberg joined in September 2022 — more than 24 months before this meeting — so he is subject to the TSR trigger; while he joined partway through the underperformance period, Wabash's 3-year stock loss of 62% against peers that gained 43% (a 105-point gap) is severe enough that even partial tenure overlap warrants an against vote, and the 5-year gap provides no relief.

✗ AGAINST
Larry J. MageeTSR underperformance peer group: WNC 3yr TSR -62.1% vs peer median +42.8%, gap -104.9pp exceeds 20pp threshold for negative absolute TSR; director since January 2005 and Board Chair since May 2020, tenure fully overlaps underperformance period; 5yr gap -60.9pp also exceeds 20pp threshold, no 5yr mitigant

Mr. Magee has served on the board since 2005 and as independent Chairperson since 2020, placing him squarely at the center of governance accountability during the worst of Wabash's underperformance; the 3-year gap of 105 points versus peers far exceeds the policy threshold, the 5-year record provides no mitigation, and his leadership role makes accountability especially salient.

✗ AGAINST
Ann D. MurtlowTSR underperformance peer group: WNC 3yr TSR -62.1% vs peer median +42.8%, gap -104.9pp exceeds 20pp threshold for negative absolute TSR; director since February 2013, tenure fully overlaps underperformance period; 5yr gap -60.9pp also exceeds 20pp threshold, no 5yr mitigant

Ms. Murtlow has served since 2013, giving her full accountability for the 3-year period during which Wabash's stock fell 62% while peers gained 43%; the 105-point gap far exceeds the threshold and the 5-year record — also deeply negative relative to peers — provides no mitigating offset.

✗ AGAINST
Sudhanshu PriyadarshiTSR underperformance peer group: WNC 3yr TSR -62.1% vs peer median +42.8%, gap -104.9pp exceeds 20pp threshold for negative absolute TSR; director since November 2022, tenure >24 months, overlaps meaningful portion of underperformance period; 5yr gap -60.9pp also exceeds 20pp threshold, no 5yr mitigant

Mr. Priyadarshi joined in November 2022, which is more than 24 months before this meeting, so the TSR trigger applies; although he joined during an already-underperforming period (a mitigating factor noted), the severity of the gap — 105 points versus peers over 3 years — is large enough that even partial-tenure board members bear accountability, and the 5-year data does not provide relief.

✗ AGAINST
Scott K. SorensenTSR underperformance peer group: WNC 3yr TSR -62.1% vs peer median +42.8%, gap -104.9pp exceeds 20pp threshold for negative absolute TSR; director since May 2005, tenure fully overlaps underperformance period; 5yr gap -60.9pp also exceeds 20pp threshold, no 5yr mitigant

Mr. Sorensen has served since 2005, giving him full accountability for Wabash's sustained underperformance; the stock is down 62% over three years versus a peer group up 43%, and the 5-year record — a 61-point shortfall versus peers — also exceeds the threshold, leaving no long-term mitigant.

✗ AGAINST
Stuart A. Taylor IITSR underperformance peer group: WNC 3yr TSR -62.1% vs peer median +42.8%, gap -104.9pp exceeds 20pp threshold for negative absolute TSR; director since August 2019, tenure fully overlaps underperformance period; 5yr gap -60.9pp also exceeds 20pp threshold, no 5yr mitigant

Mr. Taylor has served since August 2019, fully overlapping the 3-year underperformance window; the 105-point gap versus the company's own compensation peer group far exceeds the 20-point threshold for companies with negative absolute returns, and the 5-year gap similarly exceeds the threshold with no mitigant available.

✗ AGAINST
Brent L. YeagyTSR underperformance peer group: WNC 3yr TSR -62.1% vs peer median +42.8%, gap -104.9pp exceeds 20pp threshold for negative absolute TSR; director and CEO since October 2016, tenure fully overlaps underperformance period; 5yr gap -60.9pp also exceeds 20pp threshold, no 5yr mitigant; executive director subject to same TSR trigger independent of Say on Pay vote

Mr. Yeagy is both CEO and a board director, and under policy he is subject to the same TSR accountability trigger as all other directors; Wabash's stock has fallen 62% over three years while the company's own peer group rose 43%, a 105-point gap that far exceeds the threshold, and this against vote on his directorship is independent of the separate Say on Pay evaluation.

For Analysis

All nine director nominees receive an AGAINST vote. Wabash's stock has declined 62% over the past three years while the company's own disclosed compensation peer group has risen 43% — a gap of approximately 105 percentage points that massively exceeds the 20-point underperformance threshold applicable to companies with negative absolute returns. The 5-year record (WNC down 48% vs. peers up 13%, a 61-point gap) also breaches the threshold, so no long-term mitigant is available for any director. Directors who joined during the underperformance period (Broberg and Priyadarshi, both in late 2022) are noted as having joined into an already-struggling environment, but the severity and persistence of the underperformance is large enough that even partial-tenure board members bear accountability under policy.

Say on Pay

✓ FOR

CEO

Brent L. Yeagy

Total Comp

$5,717,526

Prior Support

91%%

CEO total compensation of approximately $5.7 million is modest relative to benchmarks for a CEO at a small-cap industrial company, and the pay structure is heavily weighted toward variable pay — approximately 83% of the CEO's target pay is at risk, with long-term equity awards tied to relative total shareholder return, return on invested capital, and free cash flow conversion over a three-year period. The short-term bonus paid out at only 15.7% of target in 2025 because the company missed most of its operating income and revenue goals, which demonstrates that the pay-for-performance link is actually working. While the stock has severely underperformed peers, the incentive structure is not the problem — executives were paid very little incentive pay in a difficult year, and the prior Say on Pay vote received 91% support, well above the 70% threshold that would require a negative response.

Auditor Ratification

✓ FOR

Auditor

Ernst & Young LLP

Tenure

N/A

Audit Fees

N/A

Non-Audit Fees

N/A

tenure not disclosedfee data not available in extracted text

Ernst & Young is a Big 4 firm appropriate for a public company of Wabash's size and complexity; auditor tenure is not disclosed in the available proxy text (which under policy means the tenure trigger cannot fire and we default to FOR), and the detailed fee table was not included in the extracted filing text, so the non-audit fee ratio trigger cannot be evaluated — in the absence of confirmed data triggering a negative, the default FOR vote applies.

Overall Assessment

The 2026 Wabash National ballot presents three proposals: all nine director nominees receive AGAINST votes due to catastrophic 3-year TSR underperformance of approximately 105 percentage points versus the company's own peer group with no 5-year mitigant available; Say on Pay receives a FOR vote because CEO pay is modest, the incentive structure is genuinely performance-linked (executives received only 15.7% of target bonus in a bad year), and prior shareholder support was 91%; and auditor ratification receives a FOR vote as Ernst & Young is an appropriate Big 4 firm with no confirmed fee or tenure triggers.

Filing date: March 31, 2026·Policy v1.2·medium confidence

Compensation Peer Group

22 companies disclosed in 2026 proxy filing

AOSA.O. Smith Corporation
ASTEAstec Industries
GTLSChart Industries, Inc.
CVGICommercial Vehicle Group, Inc.
CPSCooper-Standard Holdings Inc.
CRCrane Company
DORMDorman Products
FSSFederal Signal Corporation
GBXGreenbrier Companies, Inc.
HLLYHolley Inc.
ITTITT Inc.
LCIILCI Industries Inc.
MLRMiller Industries
MODModine Manufacturing Co.
Motor Parts of America, Inc.
PATKPatrick Industries
REVGREV Group
SAIASaia, Inc.
SNDRSchneider National
SRIStoneridge, Inc.
TRNTrinity Industries, Inc.
WGOWinnebago Industries