Michael Harrington
About Michael Harrington
Michael W. Harrington, age 62, was appointed Chief Financial Officer of AlTi Global effective February 26, 2025, bringing nearly four decades of experience across banking and asset/wealth management, including prior CFO roles at Republic First Bancorp and Bryn Mawr Trust Corporation . He holds a B.S. in Business Administration from Bloomsburg University and an M.B.A. in Finance from Saint Joseph’s University . As a newly appointed CFO, compensation is structured with guaranteed cash and RSU components during 2025–2026, with clawback coverage and company-wide prohibitions on hedging and pledging to reinforce alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Republic First Bancorp (Republic Bank) | Chief Financial Officer | Dec 2022 – Apr 2024 | Public bank CFO during a transition period; prior sale and capital focus experience cited by AlTi as relevant to scaling and cost management . |
| Jacobs Asset Management | Banker-in-Residence | 2022 | Sector-focused operating/financial advisory experience . |
| Bryn Mawr Trust Corporation | Chief Financial Officer | 2015 – 2022 | CFO of $5B-asset institution sold to WSFS in 2021; depth in bank M&A and integration . |
| Susquehanna Bancshares | Chief Financial Officer | Not disclosed | Prior CFO role referenced, underscoring bank CFO depth . |
| First Niagara Financial Group | Chief Financial Officer | Not disclosed | Prior CFO role referenced, underscoring bank CFO depth . |
External Roles
None disclosed in ALTI’s proxy or the CFO appointment 8-K/press release reviewed .
Fixed Compensation
| Component | Terms | Dollar Amount | Timing |
|---|---|---|---|
| Base Salary | Annual base salary during Initial Term | $400,000 | Ongoing payroll |
| Guaranteed Cash Bonus (2025) | Minimum guaranteed | $467,000 | Pay with 2025 awards, no later than Mar 31, 2026 |
| Guaranteed Cash Bonus (2026) | Minimum guaranteed | $467,000 | Pay with 2026 awards, no later than Mar 31, 2027 |
| Corporate Housing Allowance | Reimbursed up to $5,000 per month or company-provided housing | Up to $5,000/month plus tax gross-up | During Initial Term |
| Weekly Travel Reimbursement | Round-trip between Philadelphia and NYC office | Not disclosed | During Initial Term |
| Clawback Policy | Subject to company clawback policy | N/A | Ongoing |
Performance Compensation
| Incentive Type | Metric Linkage | Target/Grant Value | Vesting/Terms | Payout/Settlement |
|---|---|---|---|---|
| RSU Grant (2025) | Deferred equity under 2023 Stock Incentive Plan | $308,000 | Subject to Stock Plan and award certificate; specific vesting not disclosed | Per plan/award terms |
| RSU Grant (2026) | Deferred equity under 2023 Stock Incentive Plan | $308,000 | Subject to Stock Plan and award certificate; specific vesting not disclosed | Per plan/award terms |
| Discretionary Bonus (2027+) | Company standard pay practices | Not disclosed | At company discretion thereafter | Annual cycle |
Notes:
- The offer letter specifies RSUs and guaranteed cash for 2025–2026; it does not disclose performance-metric weightings (e.g., revenue/EBITDA/TSR) or detailed RSU vesting schedules for the CFO grants .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (as of Apr 7, 2025) | Not reported; no shares shown for Michael Harrington in the beneficial ownership table . |
| Ownership as % of outstanding | Not applicable (no reported holdings) . |
| Vested vs. unvested | Not disclosed; 2025–2026 RSU grants exist but share counts/vesting dates not disclosed in filings reviewed . |
| Options (exercisable/unexercisable) | No options disclosed for CFO; company noted no stock option awards to NEOs in 2024, and CFO joined in 2025 . |
| Hedging/Pledging | Company policy prohibits hedging, short sales, margin purchases, and pledging by directors and officers (applies to CFO) . |
| Ownership guidelines | Not disclosed in reviewed documents -. |
Employment Terms
| Term | Detail |
|---|---|
| Start date and role | Appointed CFO effective Feb 26, 2025 . |
| Employment term | Two-year Initial Term through Feb 28, 2027; thereafter at-will unless otherwise agreed . |
| Reporting line | Reports to President & COO Kevin Moran during transition per press release . |
| Severance (Involuntary without Cause before Initial Term end) | Lump-sum of remaining base salary for the Initial Term; any unpaid guaranteed 2025/2026 bonuses when otherwise payable; any ungranted 2026 equity when otherwise awarded; and continued employer contribution to COBRA premiums for the remainder of the Initial Term (subject to eligibility/mitigation) . |
| Resignation/Termination for Cause | Base and unreimbursed expenses through termination only . |
| Change-in-control treatment | Not disclosed in the offer letter/8-K (no single/double-trigger terms disclosed) -. |
| Clawback | Subject to AlTi Clawback Policy for erroneously awarded compensation . |
| Restrictive covenants | Confidentiality and restrictive covenants agreement referenced; specific non-compete/non-solicit terms not disclosed in 8-K exhibit . |
| Hedging/Pledging policy | Company-wide prohibition for officers (applies to CFO) . |
| Say-on-pay status | AlTi is an “emerging growth company” and not required to conduct advisory say‑on‑pay votes currently . |
Compensation Structure Analysis
- Mix and guarantees: 2025–2026 compensation is anchored by base salary plus guaranteed bonuses ($467k each year) and fixed-value RSU grants ($308k each year), reducing near-term variability and linking equity upside through RSUs without disclosed performance hurdles for these grants .
- Alignment and selling pressure: Initial beneficial ownership was not reported as of April 7, 2025, and RSU awards will add unvested equity; while exact vesting dates were not disclosed, vesting events could create limited selling pressure upon settlement, though hedging/pledging prohibitions limit risk-mitigating behaviors .
- Governance protections: Clawback policy applies to the CFO, and severance is time-limited to the Initial Term economics; change-in-control terms were not disclosed in the offer letter .
- Company equity program context: The 2023 Plan utilizes RSUs and PSUs broadly; in 2024, NEOs received time-based RSUs and PSUs (PSUs tied to multi-year TSR thresholds for NEOs), but CFO-specific performance metrics for 2025–2026 grants were not disclosed .
Investment Implications
- Near-term pay certainty with limited metric disclosure: Guaranteed cash and RSUs for 2025–2026 provide retention and predictability, but the absence of disclosed performance metric weightings for CFO awards reduces immediate pay-for-performance visibility; monitoring 2027+ discretionary bonus criteria will be key as guarantee periods end .
- Alignment monitor: With no reported holdings as of April 7, 2025 and RSU grants commencing in 2025, equity alignment should increase over time; prohibitions on hedging and pledging support alignment, while the clawback mitigates restatement risk .
- Retention risk low during Initial Term: Term-certain severance (base through term-end, guaranteed bonuses, equity grant continuation, and COBRA support) creates meaningful downside protection if terminated without cause before Feb 28, 2027, reducing near-term flight risk .
- Execution lens: Harrington’s prior bank CFO experience (including transaction and cost management exposure) fits AlTi’s stated focus on optimizing capital structure and disciplined scaling; watch early operating and capital allocation signals as performance-linked structures post-2026 are implemented .