Daniel C. McConeghy
About Daniel C. McConeghy
Daniel C. “Skip” McConeghy, 58, is an independent director of Bank First Corporation (BFC) who joined the Board in October 2024 and currently chairs the Audit Committee. He is Vice President, Chief Accounting and Tax Officer at Johnson Controls and has served as the company’s principal accounting officer, with oversight of controllership, SEC reporting, technical accounting, and global tax strategy. He holds a bachelor’s degree in accounting from the University of Wisconsin–Madison. His background spans 23 years at PwC as a global tax engagement partner and leader of the US Aerospace and Defense practice, bringing deep finance, accounting, compliance, and transaction integration expertise to BFC’s board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Johnson Controls | VP, Chief Accounting and Tax Officer; Principal Accounting Officer | 2012–present | Consolidated global tax resources; transformed indirect tax; member of transaction and integration teams for Automotive, Power Solutions, and Tyco; interim controller in 2022 |
| PwC | Global Tax Engagement Partner; Leader, US Aerospace & Defense Practice | ~23 years (prior to 2012) | Led major clients (Boeing, Kimberly-Clark, McDonald’s); corporate finance and compliance management expertise |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Johnson Controls | Executive (non-director) | 2012–present | Principal accounting officer and global tax strategy lead |
No other public company directorships disclosed for McConeghy in BFC’s proxy .
Board Governance
- Independence: Board determined McConeghy meets Nasdaq and SEC independence standards; he serves on fully independent committees .
- Committee assignments: Audit Committee Chair (stepped into chair role upon the February 2025 retirement of prior chair, Judy Heun); previously Audit Committee member in 2024 .
- Attendance: In 2024, all incumbent directors attended at least 75% of aggregate Board and committee meetings; Company Board held 6 meetings, Bank Board 11; committees met on regular cadence (Audit quarterly) .
- Lead Independent Director: Mary‑Kay H. Bourbulas served as Lead Independent Director in 2024 .
- Executive sessions: Independent directors met twice in executive session in 2024; chaired by the Lead Independent Director .
- Risk oversight: Audit Committee oversees financial reporting, compliance, internal control, and auditor independence; holds sole authority to retain/terminate auditors and pre-approve non-audit services .
Fixed Compensation
| Year | Annual Retainer (Cash) | Committee Chair/Member Fees (Cash) | Total Cash Fees | Notes |
|---|---|---|---|---|
| 2024 | $25,000 | $0 (Audit chair fee begins post‑Feb 2025 for McConeghy) | $25,000 | Joined Board Oct 2024; no 2024 chair fee applicable |
Director compensation structure (2024 policy):
- Annual cash retainer $25,000; annual stock award $55,000; committee chair fees $15,000; Lead Independent Director/Board Chair fee $25,000 as applicable .
Performance Compensation
| Grant | Grant Date | Instrument | Shares | Grant-Date Fair Value | Vesting |
|---|---|---|---|---|---|
| Director equity grant (standard) | 3/1/2024 | Restricted stock | 641 per non‑employee director serving in 2023 | $55,030 per director (641 × $85.85) | One-year cliff for directors |
| McConeghy (2024) | — | — | 0 | $0 | Joined Oct 2024; did not receive the 3/1/2024 grant for 2023 service |
- Director equity awards are time-based restricted stock (minimum one-year vesting for non-employee directors); no director performance metrics are disclosed for equity grants .
- Equity plan governance features include no hedging/pledging, no liberal share recycling, no tax gross-ups, and shareholder approval for material amendments .
Other Directorships & Interlocks
| Company | Role | Interlock/Relationship | Potential Conflict |
|---|---|---|---|
| None disclosed | — | — | None disclosed in BFC filings |
- Related party transactions: BFC disclosed only the subsidiary interest in Ansay & Associates tied to a retired director; no transactions involving McConeghy were reported .
- Loans to related persons: Loans to directors/officers were on market terms, without preferential rates in 2024 .
Expertise & Qualifications
- Principal accounting officer experience overseeing SEC reporting, controllership, technical accounting, and global tax strategy, with interim controller duties in 2022 .
- Transaction integration experience across multiple complex corporate combinations (Automotive, Power Solutions, Tyco) .
- Extensive finance/accounting/operations background developed at Johnson Controls and PwC; brings financial sophistication aligned with Audit Committee leadership .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Ownership Details |
|---|---|---|---|
| Daniel C. McConeghy | 2,000 | <1% | All shares held directly |
Stock ownership guidelines (directors):
- Minimum 2,000 shares at initial election; within five years, minimum five times annual stock award or $275,000, whichever applies .
- Policy compliance reported for all directors in fiscal 2024; McConeghy meets the initial 2,000-share requirement .
Governance Assessment
- Board effectiveness: Appointment as Audit Committee Chair strengthens financial reporting oversight with a seasoned principal accounting officer leading auditor independence, pre-approvals, and internal control review .
- Independence and engagement: McConeghy is independent under Nasdaq/SEC rules; Board and committees met regularly; independent directors held executive sessions twice, reinforcing robust governance processes .
- Alignment and compensation: Director pay uses a balanced cash/equity mix with ownership requirements, fostering alignment with shareholders; governance features prohibit hedging/pledging and tax gross‑ups .
- Conflicts and related‑party risk: No related‑party transactions or preferential loans were reported involving McConeghy; standard market‑terms lending policy applied to insiders .
- RED FLAGS: None disclosed specific to McConeghy (no related‑party transactions, pledging, or legal proceedings); all Section 16(a) reporting complied with in 2024 .