Patrick Huvane
About Patrick Huvane
Patrick B. Huvane is Interim Chief Executive Officer of Associated Capital Group, Inc. (AC) since March 17, 2025; age 57 as of March 31, 2025. He previously served as AC’s Interim Co-Chief Financial Officer beginning July 2022, then as Vice President of Corporate Development in November 2023; he is also CFO of Teton Advisors, Inc. since 2019 and Executive Vice President – Business Development at The LGL Group, Inc. He holds a B.S. in Accounting from Manhattan College, an MBA from NYU, and is both a CPA and CFA charterholder . His appointment as Interim CEO was disclosed on February 28, 2025 (effective March 17, 2025), and he signed AC’s FY 2024 Form 10-K CEO certification on March 19, 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Associated Capital Group (AC) | Interim Co-Chief Financial Officer | Jul 2022–Nov 2023 | Co-Principal Financial Officer; internal controls and reporting leadership |
| Associated Capital Group (AC) | Vice President – Corporate Development | Nov 2023–Mar 2025 | Corporate strategy and development responsibilities |
| LGL Systems Acquisition Corp. (NYSE: DFNS) | Vice President, Finance & Accounting | Sep 2019–Aug 2021 | Finance and accounting leadership for SPAC activities |
| Tiptree, Inc. (NASD: TIPT) | Chief Accounting Officer | 2007–2018 | Corporate accounting and financial reporting |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Teton Advisors, Inc. | Chief Financial Officer | 2019–Present | CFO responsibilities; financial stewardship |
| The LGL Group, Inc. (NYSE: LGL) | Executive Vice President – Business Development | Ongoing | Business development; growth initiatives |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 210,000 | 215,000 |
| Actual Bonus ($) | 50,000 | 25,000 |
| Stock Awards ($) (grant-date fair value, ASC 718) | 118,830 | 85,700 |
| All Other Compensation ($) | -0- | 100,000 |
| Total ($) | 378,830 | 425,700 |
AC discloses that executive bonuses are discretionary and “not tied to any financial performance measure” .
Performance Compensation
Discretionary Cash Bonus
| Element | 2023 | 2024 |
|---|---|---|
| Target bonus % | Not disclosed | Not disclosed |
| Performance metric | Discretionary, individual evaluation | Discretionary, individual evaluation |
| Actual bonus ($) | 50,000 | 25,000 |
| Payout | Cash; no vesting | Cash; no vesting |
Phantom Restricted Stock Awards (PRSAs) – Vesting and Payout Terms
- Vesting cadence: 30% at year 3, 70% at year 5; cash payment equal to the fair market value of AC Class A stock multiplied by vested PRSAs, plus cumulative dividends at vesting .
- Outstanding PRSAs at 12/31/2024: 5,500 units (market value $200,880 based on $34.26 close and cumulative dividends) .
| Vesting Year | 2026 | 2027 | 2028 | 2029 |
|---|---|---|---|---|
| PRSAs vesting (units) | 900 (30% of 3,000) | 750 (30% of 2,500) | 2,100 (70% of 3,000) | 1,750 (70% of 2,500) |
| Payout basis | Cash = FMV per share × units + cumulative dividends | Cash = FMV per share × units + cumulative dividends | Cash = FMV per share × units + cumulative dividends | Cash = FMV per share × units + cumulative dividends |
Equity Ownership & Alignment
| Ownership Measure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Beneficial ownership – Class A shares | 0 | 0 | 0 |
| Ownership % of Class A | <1% | <1% | <1% |
| Outstanding Awards | 2022 | 2024 |
|---|---|---|
| Unvested PRSAs (units) | -0- | 5,500 |
| Market value of unvested PRSAs ($) | -0- | 200,880 |
- Hedging policy: AC prohibits employees and officers from hedging AC securities (no puts, calls, derivatives, short-selling, or selling against the box) .
- Pledging policy: No explicit pledging policy disclosure identified in the proxies reviewed; ownership guidelines not disclosed in the cited materials .
Employment Terms
| Item | Detail |
|---|---|
| Interim CEO appointment | Announced Feb 28, 2025; effective Mar 17, 2025 |
| Prior AC roles | Interim Co-CFO (from Jul 2022); VP – Corporate Development (appointed Nov 8, 2023) |
| Severance / Change-of-control | As of FY-end 2024 and FY-end 2023, other than full vesting of outstanding PRSAs, no potential payments upon termination or change of control for named executive officers |
| Clawback provisions | Not disclosed in the reviewed proxy sections |
| 10-K Certifications | Signed CEO certification for FY 2024 10-K on Mar 19, 2025 |
Investment Implications
- Alignment: Zero direct Class A share ownership as of 2023–2025 and time-based PRSAs suggest limited “skin-in-the-game”; however, PRSAs do create value exposure via cash payouts linked to AC’s share price and dividends .
- Selling pressure: PRSAs are cash-settled at vest and do not require selling AC shares; vest events scheduled across 2026–2029 (900, 750, 2,100, 1,750 units) imply cash outflows but not insider share sales pressure .
- Pay-for-performance: Bonuses are discretionary and not tied to financial metrics, reducing direct linkage to TSR/revenue/EBITDA outcomes; no disclosed PSU metrics or option awards for Huvane .
- Retention/Cost: Lack of severance/change-of-control cash multiples (beyond full PRSA vesting) lowers potential exit costs and may modestly increase retention risk versus peers that provide richer protections .
- Governance/risk: Hedging prohibition is positive for alignment; no explicit pledging policy identified; related-party governance framework is robustly disclosed at AC-level but not specific to Huvane .