Chris Ornelas
About Chris Ornelas
Chris Ornelas, age 56, is General Counsel and Secretary of Beasley Broadcast Group (BBGI), appointed February 1, 2020. He previously served nearly a decade as Chief Operating and Strategy Officer at the National Association of Broadcasters (NAB), was Chief Counsel on communications and technology policy to U.S. Senator Gordon Smith, and practiced at Wilkinson Barker Knauer. He holds a JD from American University Washington College of Law and a BA from the University of Virginia, and currently serves on the boards of the Radio Music Licensing Committee and the NAB Executive Committee . As BBGI’s General Counsel and Secretary, he executes SEC filings, including recent 8-Ks related to financing documents (signed November 3 and 13, 2025) .
BBGI performance context during Ornelas’s tenure (company-level):
- Revenues declined in 2024 versus 2023; net loss narrowed materially .
- Total Shareholder Return (SEC “value of $100” TSR) weakened into 2024 .
Company performance (oldest → newest):
| Metric | 2023 | 2024 |
|---|---|---|
| Net Revenue ($) | $247,109,258 | $240,291,611 |
| Net Loss ($) | $(75,120,138) | $(5,887,258) |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Total Shareholder Return ($ value of $100) | 61.74 | 59.06 | 31.58 |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| National Association of Broadcasters (NAB) | Chief Operating and Strategy Officer | Not disclosed | Led operations and strategy across advocacy teams on legal/policy issues affecting broadcasters |
| U.S. Senate (Office of Sen. Gordon Smith) | Chief Counsel on Communications & Technology Policy | Not disclosed | Oversaw media/tech matters before Senate Commerce Committee |
| Wilkinson Barker Knauer, LLP | Attorney (broadcast policy/regulatory/transactional) | Not disclosed | Represented broadcast clients before FCC |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Radio Music Licensing Committee | Director | Not disclosed | Current service |
| National Association of Broadcasters | Executive Committee | Not disclosed | Current service |
| Congressional Hispanic Caucus Institute | Director | 2017–2019 | Prior service |
| Asian Pacific American Institute for Congressional Studies | Director | 2014–2019 | Prior service |
Fixed Compensation
| Component | 2024 | Notes |
|---|---|---|
| Base salary | Not disclosed | Ornelas is not listed among Named Executive Officers (NEOs); the Summary Compensation Table includes only Caroline, Bruce, and Brian Beasley . |
| Target bonus % | Not disclosed | Company discusses bonus targets for certain NEOs (CEO, COO) but not for Ornelas . |
| Actual bonus paid | Not disclosed | Not reported for Ornelas in 2024 proxy . |
Performance Compensation
Company bonus and equity framework (applicable to executives generally; individual Ornelas details not disclosed):
| Incentive type | Metric/structure | Targeting/assessment | Vesting |
|---|---|---|---|
| Annual cash bonus | Company financial performance plus Compensation Committee’s subjective assessment | Targets set for certain NEOs; no preset formula; 2024 bonuses were below target for NEOs based on overall performance assessment | Cash (annual) |
| RSUs (example 2024 NEO grants) | Time-based RSUs; additional immediate-vesting RSUs | CEO: 7,500 vested at grant + 15,000 RSUs vesting over 3 years; similar structures for other NEOs (numbers vary) | Multi-year RSUs vest in equal installments on July 1, 2025, 2026, 2027; accelerated on qualifying termination per agreements |
Equity plan features (2025 Equity Incentive Award Plan):
| Feature | Terms |
|---|---|
| Share reserve | 300,000 shares, plus recycling of certain shares; aggregate cap 378,126 shares |
| Award types | Options, RSUs, SARs, restricted stock, performance awards, etc. |
| Performance criteria (illustrative) | Net income, revenue, operating earnings, cash flow, ROE/ROA, EPS, price per share, market share, etc. |
| Change-in-control | Unless assumed/replaced, all awards become fully exercisable and forfeiture restrictions lapse at change-in-control |
| Clawback | Awards subject to company clawback policy and applicable rules (e.g., Rule 10D-1) |
Note: There is no disclosure of any specific Ornelas awards, metrics, or payouts in the 2025 proxy .
Equity Ownership & Alignment
| Item | Status |
|---|---|
| Total beneficial ownership | Not individually disclosed for Ornelas; proxy table lists directors and NEOs individually and “all directors and executive officers as a group (10 persons)” . |
| Ownership % of outstanding | Not disclosed for Ornelas . |
| Vested vs unvested shares | Not disclosed for Ornelas . |
| Options (exercisable/unexercisable) | Not disclosed for Ornelas . |
| Pledging | No pledging disclosure specific to Ornelas; company discloses Insider Trading Policy and a Hedging Policy (details not specified) . |
| Stock ownership guidelines | Not disclosed in the 2025 proxy . |
Employment Terms
| Term | Disclosure |
|---|---|
| Employment start date | Appointed General Counsel on February 1, 2020 . |
| Position | General Counsel and Secretary . |
| Employment agreement | Not disclosed for Ornelas (agreements summarized for Beasley family executives) . |
| Non-compete / non-solicit | Not disclosed for Ornelas (terms provided for named executives) . |
| Severance | Not disclosed for Ornelas; NEO severance and change-in-control multiples are detailed for Beasley family executives . |
| Change-in-control (equity) | Company plan provides award acceleration on change-in-control unless awards are assumed/replaced . |
| Clawback | Equity plan explicitly subject to clawback . |
| Policies | Insider Trading Policy and Hedging Policy disclosed . |
Investment Implications
- Transparency gap on GC pay/awards: Ornelas is not an NEO and has no individual compensation or holdings disclosed in the 2025 proxy, limiting pay-for-performance and alignment analysis at the individual level .
- Governance structure: BBGI is a “controlled company,” exempt from certain Nasdaq independence requirements, and does not require a majority-independent board or solely independent compensation committee; committees are composed of non-management directors, but the compensation committee lacks a charter (as permitted) .
- Equity overhang and CIC economics: The 2025 Equity Plan adds up to 300,000 new shares (with recycling), allows broad award types, includes CIC acceleration (unless awards are assumed), and is subject to clawback—supportive of retention but introduces dilution and potential CIC payout overhang for senior executives .
- RSU cadence for NEOs: 2024 grants to certain NEOs included immediate-vesting RSUs and 3-year ratable vesting (July 1, 2025–2027), creating known vesting windows; while Ornelas’s grants are not disclosed, this pattern informs potential supply/flow for senior leadership equity broadly .
- Performance headwinds: 2024 revenue declined 2.8% year over year while net loss narrowed; TSR (value of $100) fell to 31.58 in 2024, underscoring pressure on equity-linked compensation outcomes and potential incentive recalibration risk .
- Management transition watch: CFO resignation effective October 17, 2025 introduces continuity risk; as GC/Secretary, Ornelas is central to disclosure and financing documentation (recent 8-Ks executed), indicating ongoing legal/finance process leadership amid change .
- Related-party exposure in a controlled company: Multiple related-party leases and transactions continue, elevating governance scrutiny (not specific to Ornelas but relevant to overall risk backdrop) .
Monitoring priorities: watch 8-K Item 5.02 for any future changes in Ornelas’s role/compensatory arrangements, the 2026 proxy for potential inclusion as an NEO, equity award grants under the 2025 plan (including CIC provisions), and insider filings for any position-level holdings and transactions.