Kristina Cashman
About Kristina Cashman
Independent director at Bassett Furniture Industries (BSET) since 2007; age 58 as disclosed in the 2025 proxy. Former Ernst & Young audit manager and seasoned restaurant operator/CFO; currently CEO of Guy and Larry Restaurants, LLC (since 2024) and President/CEO of Cashman Restaurant & Retail Consulting (since 2019). Designated audit committee financial expert; serves as Chair of BSET’s Audit Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Guy and Larry Restaurants, LLC | Chief Executive Officer | 2024–present | Executive leadership in multi-unit restaurant operations |
| Cashman Restaurant & Retail Consulting | President & CEO | 2019–present | Advisory for restaurant and retail portfolio companies |
| Hopdoddy Burger Bar, Inc. | Chief Financial Officer | 2014–2018 | Growth-stage CFO; finance and operations |
| Guy and Larry Restaurants, Inc. | President | 2011–2014 | Operational leadership |
| Eddie V’s Restaurants, Inc. | Chief Financial Officer | 2006–2011 | Pre-IPO/expansion finance leadership |
| P.F. Chang’s China Bistro, Inc. | Chief Financial Officer & Secretary | 2001–2006 | Public company CFO; SEC reporting; capital structure |
| Ernst & Young LLP | Audit Manager | Prior to 2001 | Assurance background; strengthens audit oversight |
External Roles
| Organization | Role | Since | Committees/Notes |
|---|---|---|---|
| Vera Bradley, Inc. (VRA) | Director | 2020 | Board member; nomination announced April 30, 2020 |
| Munchkin, Inc. (private) | Director | 2022 | Audit committee chair; privately held infant/toddler brand |
Board Governance
- Independence: Board determined Cashman is independent under NASDAQ standards; Audit Committee comprised of independent directors. She is designated an “audit committee financial expert” by the SEC definition .
- Committee assignments: Audit Committee Chair; members include Battle, Belk, McDowell .
- Attendance: Board met 4 times in FY2024; Audit Committee met 6 times; each director attended at least 75% of Board and committee meetings; all directors attended last year’s annual meeting .
- Board leadership: Combined Chair/CEO (Spilman); Lead Independent Director (Warden) presides over executive sessions and liaises between Chair and independent directors .
- Risk oversight: Audit Committee oversees internal control over financial reporting, disclosure controls, cybersecurity, legal/regulatory compliance; multiple cyber updates to committee and at least annually to the Board .
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Cash Fees (Annual retainer + Audit Chair retainer) | $65,000 | $65,000 |
| Equity Award (grant-date fair value) | $39,985 | $39,995 |
| Restricted Shares Granted | 2,159 shares on Mar 8, 2023; vest Mar 8, 2024; $18.52 grant-date price | 2,587 shares on Mar 6, 2024; vest Mar 6, 2025; $15.46 grant-date price |
| Total Director Compensation | $104,985 | $104,995 |
- Structure: Non-employee directors receive $55,000 annual retainer; Audit Chair +$10,000; Lead Independent +$15,000; annual restricted stock grant targeted at ~$40,000; employee directors receive no additional fees .
- Stock ownership guidelines: Must hold common stock at a minimum value equivalent to 5x prior-year retainer and fees; all non-employee directors compliant as of fiscal year-end 2024 .
Performance Compensation
- No performance-based incentives for directors disclosed (no PSUs, no options; equity is time-vesting restricted stock) .
Other Directorships & Interlocks
- External public board: Vera Bradley, Inc. (retail, NASDAQ: VRA). No disclosed interlocks with BSET competitors/suppliers/customers beyond general market experience .
- Private board: Munchkin, Inc.; audit committee chair .
Expertise & Qualifications
- Financial expertise: Public company CFO experience; SEC reporting; capital structure; designated audit committee financial expert .
- Operations: Multi-unit restaurant operations and growth execution (President/CEO roles) .
- Audit/assurance: Ernst & Young audit manager background .
- Governance: Long BSET board tenure; chairing audit and overseeing cybersecurity and internal control risk domains .
Equity Ownership
| Metric | As of Jan 18, 2024 | As of Jan 23, 2025 |
|---|---|---|
| Beneficial Ownership (shares) | 16,180 | 18,767 |
| % of Shares Outstanding | Less than 1% | Less than 1% |
| Anti-hedging/pledging | Hedging and pledging prohibited for officers and directors | Hedging and pledging prohibited for officers and directors |
- Ownership guideline compliance: Company states all non-employee directors are compliant with guidelines at FY2024 year-end; no pledging or hedging permitted .
Governance Assessment
- Strengths: Independence; Audit Chair with SEC “financial expert” designation; strong finance and audit pedigree (E&Y and multiple public/private CFO roles); consistent attendance; equity alignment via annual restricted stock; adherence to stringent director ownership guideline (5x prior-year fees); anti-hedging/pledging policy .
- Compensation structure: Balanced cash retainer plus fixed-value restricted stock; no meeting fees or options; consistent year-over-year values support alignment without excessive risk .
- Potential conflicts/red flags: No related-party transactions disclosed involving Cashman; company-level related party transactions (e.g., investment in Gabelli U.S. Treasury Money Market Fund affiliated with >5% shareholder GAMCO) approved under policy and not linked to Cashman . No pledging permitted; no hedging allowed .
- Investor confidence signals: Strong say-on-pay support (approx. 97% in 2024; approx. 96% in 2023) indicates overall governance/compensation acceptability among shareholders . Audit Committee cadence (6 meetings in FY2024) and cybersecurity oversight suggest active risk governance .