James Michaud
About James Michaud
James A. Michaud, age 60, is Senior Vice President and Chief Financial Officer of Allient Inc. (ALNT), appointed effective June 3, 2024 after the company announced his appointment on May 22, 2024; he is a CPA with a B.S. in Accountancy from Bentley University . Prior to Allient, he held senior finance leadership roles including SVP Finance and CFO of Business Dining & Events at Elior North America (since 2020), VP Global Business Services and Chief Accounting Officer at Delaware North, and senior finance roles at Armored Autogroup, Warnaco Group, and Honeywell; he began his career as a Senior Manager at Ernst & Young LLP .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Elior North America (subsidiary of Elior Group SA) | SVP Finance and CFO, Business Dining & Events | 2020–2024 | Senior finance leadership for unit-level operations |
| Delaware North | VP Global Business Services and Chief Accounting Officer | Prior to 2020 | Enterprise controllership and shared services leadership |
| Armored Autogroup | Senior finance roles | n/a | Senior corporate finance roles |
| Warnaco Group | Senior finance roles | n/a | Senior corporate finance roles |
| Honeywell International | Senior finance roles | n/a | Senior corporate finance roles |
| Ernst & Young LLP | Senior Manager (public accounting) | Early career | Audit and advisory foundation |
External Roles
No public-company directorships or external board roles for Mr. Michaud are disclosed in the 2025 proxy statement .
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Base Salary (paid) | $218,750 | Partial-year after June 3, 2024 appointment |
| Target Annual Cash Incentive | $144,809 | Target set at 50% of actual 2024 salary for CFO |
| Actual Annual Cash Incentive Paid | $0 | No non-equity incentive compensation paid for 2024 |
| Stock Awards (Grant-Date Fair Value) | $87,137 | Time-based restricted stock granted 8/7/2024 |
| All Other Compensation | $25,304 | Perquisites and benefits detail below |
| Base Salary (minimum, effective 3/1/2025) | $385,000 | Per employment agreement |
Perquisites and other 2024 components for Mr. Michaud:
- Group life insurance premiums: $2,294
- 401(k) contribution: $6,779
- Automobile-related benefits: $6,231
- Relocation expenses: $10,000
Performance Compensation
| Plan | Metric(s) | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Cash Incentive Plan (2024) | Corporate and/or business unit performance | n/a | 50% of actual salary (CFO); target $144,809 | $0 paid for 2024 | Cash (annual) |
| Performance Share Plan (PSP, 2024) | EBITDA performance goals by business unit | n/a | 0–100% of target shares, unit-level | Michaud did not participate in PSP 2024 | N/A |
| Executive Stock Incentive Plan (XSIP) | Consolidated revenue growth (4-year) | n/a | 33.3% cumulative revenue increase over 2024–2027 for CEO/CFO/CGO | No shares earned under XSIP for 2024 | Earned restricted stock vests over 2 years after performance year |
Equity grants detail (2024):
- Time-Based Awards: 3,652 shares on 8/7/2024; grant-date fair value $87,137 .
- Outstanding equity vesting: these 3,652 shares vest in their entirety in 2025 (per Outstanding Equity Awards footnote specific to Mr. Michaud) .
Other notes:
- No stock options were owned or exercised by Named Officers in 2024 .
Equity Ownership & Alignment
Outstanding equity at 2024 fiscal year-end:
| As of 12/31/2024 | Unvested Time-Based Stock (#) | Market Value ($) | Unearned Performance Shares (#) | Payout Value ($) | Vesting Detail |
|---|---|---|---|---|---|
| James A. Michaud | 3,652 | $88,671 | — | — | These shares vest in their entirety in 2025 |
Security ownership (record date March 12, 2025):
| Holder | Common Stock | Unvested Restricted Stock | Total Beneficial Ownership | % of Outstanding Shares |
|---|---|---|---|---|
| James A. Michaud | 0 | 10,950 | 10,950 | 0.06% (10,950 / 16,948,472) |
Stock ownership alignment and restrictions:
- Officer stock ownership guidelines require the CFO to hold stock equal to 3x base salary; the company states these requirements have been met by officers within five years of election .
- Hedging and pledging of company stock are prohibited under the Insider Trading Policy, reducing misalignment risk from derivatives or pledged shares .
Employment Terms
| Term/Provision | Michaud Details |
|---|---|
| Role and Start | Senior Vice President & Chief Financial Officer; effective June 3, 2024 |
| Contract Term | Through December 31, 2025; auto-renews for 1-year periods unless either party gives 180 days’ notice before renewal date |
| Base Salary Minimum | Not less than $385,000 effective March 1, 2025 |
| Annual Incentive Eligibility | Eligible as determined by Compensation Committee based on results of operations and other factors |
| Benefits/Perqs | Employee benefit plans; fringe benefits per position, including auto or monthly auto allowance |
| Clawback | Mandatory recoupment policy per SEC Rule 10D-1 and NASDAQ Rule 5608 (3-year lookback; applies regardless of misconduct) |
| Hedging/Pledging | Prohibited (no hedging/monetization; no pledging or margin) |
| Forfeiture/Non-Compete | Annual incentive and equity agreements contain recoupment, non-compete, and other forfeiture provisions |
Potential payments at 12/31/2024 (proxy modeling):
| Scenario | Severance Pay | Annual Cash Incentive | Accelerated Time-Based Equity | Healthcare/Other | Total |
|---|---|---|---|---|---|
| Death | $93,750 | $144,809 | $88,671 | — | $327,230 |
| Disability | — | $144,809 | $88,671 | — | $233,480 |
| Voluntary Resignation w/o Good Reason or For Cause | No payments | — | — | — | N/A |
| Voluntary Resignation with Good Reason or Involuntary Termination w/o Cause | $375,000 | — | $88,671 | $45,000 | $508,671 |
| Termination w/ Good Reason or w/o Cause within 90 days prior to or 24 months following a Change in Control | $519,809 | $144,809 | $88,671 | $187,500 | $940,789 |
Severance framework (non-CIC): cash equal to 100% of base salary; 1 year of benefits; immediate vesting of time-based and earned performance-based awards; pro-rata vesting of unearned performance-based awards . CIC severance modeled in table above reflects a double-trigger (termination with good reason or without cause within the specified window) .
Compensation Committee, Governance, and Say-on-Pay
- Compensation Committee comprised of independent directors; met five times in 2024 .
- Independent consultant (Burke Capital Group) engaged; committee determined no conflicts; Burke also provided limited actuarial services (~$17,500) considered in independence determination .
- Say-on-Pay support: 95.9% approval at May 8, 2024 annual meeting .
Investment Implications
- Alignment and ownership: As of March 12, 2025, Michaud beneficially owns 10,950 unvested restricted shares and no common stock, or roughly 0.06% of shares outstanding; the CFO is subject to a 3x base salary ownership guideline and pledging/hedging prohibitions, suggesting alignment will increase as equity vests and guidelines are enforced .
- Near-term vesting cadence: 3,652 time-based shares from 2024 vest entirely in 2025, which can create a modest, date-driven liquidity event; there were no options held or exercised in 2024, limiting option-related selling pressure .
- Incentive structure: 2024 cash incentive paid $0 and no XSIP shares were earned, indicating higher performance hurdles (e.g., consolidated revenue growth of 33.3% over 2024–2027 for CEO/CFO/CGO) and tighter pay-for-performance linkage; PSP was not applicable to the CFO in 2024 .
- Retention and protection: Severance at 1x salary (non-CIC) with benefits and equity vesting support retention without excessive guarantees; CIC protection is double-trigger with a modeled total value of ~$941k as of 12/31/2024, a moderate parachute that balances management security and shareholder interests .
- Governance quality: Strong say-on-pay support (95.9%) and a compliant clawback regime reduce governance risk; independent compensation oversight and anti-hedging/pledging policies mitigate misalignment or risk-taking concerns .