Raymond Cheesman
About Raymond Cheesman
Independent Class II director (term through 2026), age 65, serving on BBCP’s board since December 2018. Senior Research Analyst and Investment Committee member at Anfield Capital Management since September 2012; prior roles include 17 years at Jefferies & Company (10 years as a High Yield debt analyst, 7 years as an investment banker/Managing Director), 3 years as a Managing Director in High Yield Research at Bear Stearns (Institutional All-American Research Team, 1992), and 6 years as Senior Vice President at Solomon Asset Management. BBA in Finance from George Washington University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Anfield Capital Management LLC | Senior Research Analyst; Investment Committee member | Since Sep 2012 | Advisor to Anfield Universal Fixed Income mutual fund and ETF |
| Jefferies & Company | High Yield Debt Analyst (10 yrs); Investment Banker, Managing Director (7 yrs) | 17 years total | Team responsible for >$30B of capital markets, M&A, advisory, restructuring transactions |
| Bear Stearns & Company | Managing Director, High Yield Research | 3 years | Institutional All-American Research Team (1992) |
| Solomon Asset Management | Senior Vice President | 6 years | High Yield manager for Fortune 500 pension funds |
External Roles
| Organization | Role | Tenure | Public/Private |
|---|---|---|---|
| Anfield Capital Management LLC | Senior Research Analyst; Investment Committee member | Since Sep 2012 | Private RIA |
No other public company directorships disclosed in the proxy biography .
Board Governance
| Attribute | Detail |
|---|---|
| Board class/term | Class II director; term expires at 2026 annual meeting |
| Independence | Board determined Cheesman “independent” under Nasdaq rules |
| Committee memberships | Audit Committee member; Compensation Committee member |
| Committee chairs | Not a chair; Audit Chair: John M. Piecuch; Compensation Chair: Brian Hodges |
| Board/committee activity | FY2024 meetings: Board 7; Audit 4; Compensation 4; Corporate Governance & Nominating 1 |
| Attendance | All directors attended ≥75% of aggregate Board and committee meetings in FY2024; 9 directors attended 2024 annual meeting |
| Executive sessions | Independent directors and each committee meet in executive session during each regularly scheduled meeting |
| Years of service | Director since December 2018 |
Fixed Compensation
| Component | FY2024 Amount | Notes |
|---|---|---|
| Annual director retainer (cash) | $112,000 | Non-employee director retainer |
| Committee chair fee | $0 | Chairs (Chair, Vice Chair, Audit Chair) receive $50,000; Cheesman is not a chair |
| Total fees earned (cash) | $112,000 | No other material arrangements disclosed |
Performance Compensation
- No equity or performance-based compensation disclosed for non-employee directors; director pay consists of cash retainers only .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Peninsula nomination right | Cheesman is one of three Peninsula Pacific designees on the Board under the Stockholders Agreement |
| Significant holder representation | M. Brent Stevens (Peninsula) beneficially owns 22.2% (via personal and BBCP Investors, LLC); CFLL Holdings, LLC (managed by Argand) owns 29.1% |
| Shared affiliations on Board | Argand-affiliated directors (Faust, Morgan) and Peninsula-affiliated directors (Stevens, Alarcon, Cheesman) provide major shareholder representation |
| Other public boards (Cheesman) | None disclosed in biography |
Expertise & Qualifications
- High-yield credit and investment banking expertise (Jefferies, Bear Stearns), with >$30B of transaction experience; recognized research performance (Institutional All-American, 1992) .
- Current buy-side perspective via Anfield and service on investment committee; finance credentials (BBA, GWU) .
- Fit for Audit Committee risk oversight and Compensation Committee pay structure evaluation given credit/transaction background .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding Common Stock |
|---|---|---|
| Raymond Cheesman | — | 0.0% |
Company prohibits hedging, margin accounts, and pledging of Company securities by directors/officers/employees .
Governance Assessment
- Strengths: Formally independent under Nasdaq ; dual committee service (Audit and Compensation) with independent-only composition ; independent directors meet in executive session each meeting ; Board/committee cadence and attendance thresholds met in FY2024 . His credit/investment banking background enhances audit risk oversight and compensation decision-making .
- Alignment concerns: Cheesman reported no beneficial ownership (0.0%), and BBCP does not grant equity to directors—reducing direct “skin-in-the-game” alignment versus peers who use equity retainers . Company policy mitigates misalignment risks by prohibiting hedging/pledging .
- Potential conflicts: Cheesman is a Peninsula Pacific designee, and the Board includes multiple representatives of significant stockholders (Peninsula, Argand). While the Board maintains independence determinations, investor influence through nomination rights and large stakes warrants monitoring of committee independence and decision-making, particularly on Audit oversight and Compensation outcomes .
- Related-party exposure: Not attributed to Cheesman personally; Audit Committee (of which Cheesman is a member) oversees related-party policies and conflict reviews. Disclosed related-party transactions involve CEO/family facility leases and compensation for family members—areas under Audit Committee oversight .
Overall signal: Competency and committee engagement are positives for board effectiveness; lack of director equity ownership and designee status from a major shareholder are watchpoints for alignment and potential influence. Continued focus on Audit Committee rigor around related-party transactions and Compensation Committee independence is advisable .