Ian McAdams
About Ian McAdams
Ian J. McAdams is Chief Financial Officer (and Principal Financial Officer) of Associated Capital Group, Inc. (AC) since November 2023; he joined AC’s finance team in 2021 after serving as a Manager in EY’s Banking and Capital Markets practice, holds a B.S. in Accounting from Binghamton University, and is a CPA . He is 32 years old as of March 31, 2025 . Company performance during his NEO tenure shows pay-versus-performance TSR values (value of initial $100 investment) of 85.53 in 2023 and 87.16 in 2024 alongside net income of $37.5 million and $44.3 million, respectively . Revenue modestly increased FY 2024 vs FY 2023 while EBITDA was negative in both years (see Performance & Track Record) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Associated Capital Group | Chief Financial Officer; Principal Financial Officer | Nov 2023–present | Oversees finance and serves as principal financial officer |
| Associated Capital Group | Interim Co-Chief Financial Officer; Co-Principal Financial Officer | Jul 2022–Oct 2023 | Co-led finance during transition period |
| Associated Capital Group | Manager – External Reporting and Technical Accounting | Until Jun 2022 | Led external reporting/technical accounting |
| Associated Capital Group | Finance team (joined) | 2021 | Joined AC finance organization |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Ernst & Young LLP | Manager, Banking and Capital Markets | Pre-2021 | Advised public/private banking and asset management clients |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base salary ($) | 261,250 | 350,000 |
| Actual bonus paid ($) | 100,000 | 125,000 |
| All other compensation ($) | 5,000 | 55,000 |
| Total ($) | 524,690 | 667,120 |
Bonuses are discretionary and not tied to any financial performance measure .
Performance Compensation
| Equity awards (grant-date fair value) | 2023 | 2024 |
|---|---|---|
| Stock awards ($) (phantom restricted stock awards, “PRSAs”) | 158,440 | 137,120 |
| PRSA vesting schedule (unvested at Dec 31, 2024) | Tranche | Shares | Vesting |
|---|---|---|---|
| Grant 1 | 30% of 4,500 (1,350) | 4,500 | Aug 3, 2025 (30%); Aug 3, 2027 (70%) |
| Grant 2 | 30% of 4,000 (1,200) | 4,000 | May 30, 2026 (30%); May 30, 2028 (70%) |
| Grant 3 | 30% of 4,000 (1,200) | 4,000 | Jun 25, 2027 (30%); Jun 25, 2029 (70%) |
| Settlement mechanics | — | — | Cash-settled at vesting based on FMV per share; dividend equivalents paid at vesting |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (Class A) | 0 shares as of April 16, 2025 |
| Unvested PRSAs | 12,500 units; market value $457,500 at $34.26 close plus dividends as specified |
| Vested vs unvested breakdown | Unvested detailed above; vested not disclosed |
| Hedging policy | Hedging, short-selling, and derivatives transactions in company securities prohibited for employees/officers |
| Pledging | Not disclosed |
| Ownership guidelines | Not disclosed |
Employment Terms
| Term | Summary |
|---|---|
| Role start dates | CFO since Nov 2023; joined AC in 2021 |
| Severance / Change-of-control | Other than full vesting of outstanding PRSAs, no potential payments upon termination or change of control as of Dec 31, 2024 |
| Contract specifics (non-compete, etc.) | Not disclosed |
Performance & Track Record
| Pay-versus-Performance indicators | 2023 | 2024 |
|---|---|---|
| TSR (value of $100 initial investment) | 85.53 | 87.16 |
| Net income ($ thousands) | 37,451 | 44,328 |
| Financials | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($) | 12,324,000 | 12,755,000 |
| EBITDA ($) | -16,587,000* | -18,392,000* |
Values with an asterisk (*) retrieved from S&P Global.
Compensation Committee Analysis
- Committee composition and roles in 2025: Audit (Chair: Salvatore F. Sodano), Governance (Chair: Bruce M. Lisman), Compensation (Chair: Frederic V. Salerno; members include Daniel R. Lee), Nominating (Chair: Elisa M. Wilson). The Board concluded the listed independent directors were independent under its guidelines .
- Independence guidelines and annual independence review process are documented in Annex A of the Corporate Governance Guidelines .
Investment Implications
- Pay-for-performance alignment is limited: annual bonuses are discretionary (no financial metrics) and long-term equity is time-based PRSAs with 3- and 5-year cliffs, not performance-conditioned .
- Selling pressure risk appears lower because PRSAs are cash-settled at vesting (no need to sell shares to fund taxes/liquidity), though cash payouts may still motivate diversification behavior; sizable vesting events occur in 2025, 2026, 2027, 2028, and 2029 per schedule .
- Skin-in-the-game is modest: beneficial ownership reported at 0 Class A shares as of April 16, 2025; alignment comes primarily via unvested PRSAs (12,500 units, $457.5k value reference) rather than direct share ownership .
- Retention economics are moderate: outside of PRSA acceleration, there are no disclosed severance or change-of-control cash benefits, increasing at-risk exposure to role continuity but also limiting parachute costs for shareholders .
- Risk controls: hedging/shorting of company securities is prohibited, reducing misalignment/hedging risk; pledging policy not disclosed (monitor for updates) .