Anthony Colucci
About Anthony Colucci
Anthony J. Colucci, 46, is Chief Financial Officer of Alta Equipment Group Inc., having joined Alta in February 2015 as Vice President of Finance and been appointed CFO in 2017. He holds a BA in Economics from Alma College and an MBA from Western Michigan University, with prior experience in valuation, corporate finance, and corporate development at UHY Advisors and Blue Cross Blue Shield of Michigan . During 2024, Alta generated $1,876.6 million in total revenues (roughly flat year over year) with Product Support revenues up 5.5% and new/used equipment sales down 3.8% ; from 2020 to 2024, Alta’s cumulative TSR decreased by 34% while Economic EBIT Yield declined from 15.3% (2022) to 8.9% (2024) and 2024 net loss was $62.1 million . In Q2 2025, Colucci highlighted segment realignment and reported adjusted EBITDA of $48.5 million and free cash flow before rent-to-sell of approximately $32 million for the quarter ($55 million year to date) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Alta Equipment Group Inc. | Chief Financial Officer | 2017–Present | Full responsibility for accounting and finance; central figure in M&A, capital raising, and financial reporting |
| Alta Equipment Group Inc. | Vice President of Finance | 2015–2017 | Supported finance function and corporate development prior to CFO appointment |
| Blue Cross Blue Shield of Michigan | Director, Corporate & Business Development | Dec 2013–Feb 2015 | Led corporate/business development initiatives |
| UHY Advisors Inc. | Valuation/Corporate Finance/Consulting | 2004–2013 | Executed valuation, corporate finance, and consulting projects |
External Roles
- No public company directorships disclosed for Colucci; CEO serves on OneH2’s board while CFO (and COO) hold indirect, non‑controlling minority interests in OneH2 .
Fixed Compensation
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Salary ($) | $369,231 | $412,500 | $421,305 | $433,944 |
| Base salary change commentary | – | – | – | Increased to $437,621 mid‑year based on market data |
Perquisites and Benefits
- 401(k) match: $0.50 per $1.00 up to 7% of wages; eligibility after 30 days .
- Additional disability coverage provided to key employees including CFO; transportation benefits (company car or auto allowance) .
- “All Other Compensation” (CFO): $12,819 (2021), $14,656 (2022), $18,206 (2023), $22,707 (2024) .
Performance Compensation
Annual Incentive Plan (AIP) Design and Results (FY 2024)
| Metric | Weighting | Threshold | Target | Maximum | Actual | Payout % |
|---|---|---|---|---|---|---|
| Economic EBIT Yield | 50% | 10.0% | 12.5% | 15.0% | 8.9% | 0% |
| Adjusted Pre‑Tax Net Income ($000s) | 30% | $12,000 | $20,000 | $28,000 | ($36,900) | 0% |
| Individual Performance | 20% | – | – | – | Committee assessment: 200% factor | Weighted 40% overall |
- CFO target bonus: 70% of base salary; threshold 50% of target; maximum 200% of target .
- 2024 AIP payout to CFO: $122,534 (reflecting only the individual performance factor) .
Equity Awards and Vesting (Grant Year 2024)
| Grant Type | Grant Date | Shares | Vesting |
|---|---|---|---|
| Time‑based RSUs (CFO) | Mar 19, 2024 | 15,991 | 1/3 on Feb 14, 2025; 1/3 on Feb 14, 2026; 1/3 on Feb 14, 2027 |
| Performance‑based PSUs (CFO) | Mar 19, 2024 | Threshold 16,234; Target 32,467; Max 64,934 | None earned based on 2024 performance; no vesting |
Outstanding Equity as of Dec 31, 2024 (CFO)
| Award | Unvested Units (#) | Market Value ($) |
|---|---|---|
| 2022 RSUs | 4,648 | $30,398 |
| 2023 RSUs | 7,066 | $46,212 |
| 2024 RSUs | 15,991 | $104,581 |
| 2022 PSUs | 24,770 | $161,996 |
| 2023 PSUs | 27,975 | $182,957 |
| 2024 PSUs | — | — |
| Note: Market values based on $6.54 closing price on Dec 31, 2024 . |
Stock Vested in Fiscal 2024
| Metric | CFO |
|---|---|
| Shares vested (#) | 62,438 |
| Value realized ($) | $704,925 (based on $11.29 at vest) |
Equity Ownership & Alignment
- Beneficial ownership (CFO): 172,391 shares as of April 2, 2025 .
- Shares outstanding: 33,191,065 as of April 2, 2025 .
- Ownership as % of outstanding: ~0.52% (172,391 ÷ 33,191,065) .
- Hedging/pledging: Prohibited for directors/officers/employees and related entities .
- Stock ownership guidelines: CFO must hold 2× annual base salary within 5 fiscal years; cannot sell until target met (except to cover taxes on vesting); counts unvested RSUs and earned PSUs but excludes unearned PSUs and unexercised options .
Employment Terms
- Equity treatment: Upon termination, outstanding RSUs/PSUs are forfeited; death/disability or termination without cause within two years post‑change‑in‑control accelerates vesting on termination date .
- Estimated accelerated equity upon specified events (as of Dec 31, 2024, CFO): $526,143 for death/disability; $526,143 for termination without cause following change‑in‑control .
- Severance multiples, non‑compete, non‑solicit, garden leave: Not disclosed in proxy .
Compensation Structure Analysis
- Mix shift toward performance: AIP metrics tied to Economic EBIT Yield and Adjusted Pre‑Tax Net Income (80% weighting), with 2024 corporate results below threshold leading to zero payouts on financial components; individual performance factor paid at 200% of the 20% slice (weighted 40% overall) .
- Equity performance alignment: 2024 PSUs were not earned; vesting is multi‑year for RSUs and prior‑year PSUs (2022 vests on Feb 14, 2025; 2023 vests in equal installments on Feb 14, 2025 and Feb 14, 2026) supporting retention through 2026–2027 .
- Say‑on‑pay validation: 98% approval at 2024 annual meeting .
Related Party Transactions
- OneH2 transactions: CEO (director of OneH2), CFO, and COO collectively hold indirect, non‑controlling minority interests. Alta purchased $1.6 million (2024) of hydrogen fuel from OneH2; paid $0.8 million (2024) and $1.1 million (2023) toward a $5.3 million investment to build a hydrogen production plant expected operational in H1 2025 .
Performance & Track Record
- 2024 operating highlights: Product Support growth (+5.5%) offset weaker new/used equipment sales; refinancing extended senior debt maturities to 2029 .
- 2024 initiatives credited to NEOs: Refinanced first/second lien facilities; extended labor union agreements; optimized SG&A and rental fleet in H2; launched ERP transformation targeting deployment in 2026 .
- 2025 commentary: CFO detailed segment profitability mix improvements, adjusted EBITDA of $48.5 million, and FCF metrics in Q2 2025 .
Governance, Policies, and Shareholder Feedback
- Clawback: SEC/NYSE‑compliant policy; multi‑year cash flow classification error deemed not material; Compensation Committee determined no recovery required as metrics used for incentive comp were unaffected .
- Section 16 compliance: Executives and directors complied with filing requirements in 2024 .
- Compensation peer group: 17‑company group used for 2024 benchmarking (e.g., H&E Equipment Services, Herc Holdings, Titan Machinery, Custom Truck One Source, Astec Industries, Global Industrial, Monro, Trinity Industries, DXP Enterprises, DNOW, etc.) .
Investment Implications
- Alignment strengths: Strict anti‑hedging/pledging policy; stock ownership guideline of 2× salary for CFO; equity program emphasizes PSUs tied to ROIC (Economic EBIT Yield) and profitability (Adjusted Pre‑Tax Net Income) .
- Retention and pressure signals: No 2024 PSU vesting (performance shortfall) and AIP payout limited to individual performance could temper near‑term selling incentives; multi‑year RSU/PSU vesting through 2027 supports retention, while double‑trigger CIC acceleration introduces potential change‑in‑control economics without disclosed cash severance .
- Governance watch‑items: Related‑party transactions with OneH2 (minority interests held by CFO/other executives) warrant monitoring for pricing/terms neutrality; strong 2024 say‑on‑pay support reduces immediate governance risk .
- Execution lens: CFO’s operational focus on recurring product support profitability, SG&A discipline, and ROIC improvement is positive; however, 2024 TSR and profitability metrics underperformed incentive targets, limiting performance pay and highlighting execution risk into 2025–2026 .