Cameron Frymyer
Babcock & Wilcox EnterprisesAbout Cameron Frymyer
Cameron Frymyer is Executive Vice President and Chief Financial Officer of Babcock & Wilcox (B&W), effective January 1, 2025, after 27 years in senior finance and operational roles at the company; he holds a B.S. in Accounting and a J.D. from The University of Akron . In 2024, B&W’s revenue was $717.3M (flat YoY), operating income grew to $25.1M from $16.6M, and Adjusted EBITDA rose 13% to $68.9M; bookings increased 39% to $889.6M and backlog rose 47% to $540.1M, framing the performance baseline around his transition to CFO . During 2025 under his CFO tenure, B&W reported positive operating income in Q2 and Q3, with Q2 revenue of $144.1M and operating income of $8.1M, and Q3 revenue of $149.0M and operating income of $6.5M; Frymyer signed the company’s earnings materials and certifications in these periods .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Babcock & Wilcox | Executive Vice President & CFO | Jan 2025–present | Principal financial and accounting officer; investor communications and capital markets oversight . |
| Babcock & Wilcox | Senior Vice President, Business Operations | Dec 2023–Dec 2024 | Day-to-day company operations leadership ahead of CFO transition . |
| Babcock & Wilcox (and former SPIG subsidiary) | Business Segment CFO; Vice President, Finance | — | Finance leadership across segments; FP&A and controls for operating units . |
| Babcock & Wilcox | VP Finance, Power and Industrial segments | — | Segment financial stewardship; margin and working capital management . |
| Babcock & Wilcox | Finance Director, Power segment; Controller, Global Power Division; Controller, Fossil Power Division | — | Division-level accounting, project accounting, and reporting . |
| Babcock & Wilcox | Manager, Utility & Industrial OEM Project Accounting; Manager, FPD Project Accounting | — | Project accounting governance and controls . |
External Roles
- None disclosed in company materials .
Fixed Compensation
- Specific CFO cash compensation terms for Mr. Frymyer were not disclosed in the 2025 proxy’s 2024 NEO tables, which list 2024 NEOs and note his appointment as CFO effective January 1, 2025 (he was not a 2024 NEO) .
Performance Compensation
B&W’s program design emphasizes pay-for-performance with heavy weighting to Adjusted EBITDA in annual and long-term incentives. While 2024 AIP and LTCIP awards in the proxy relate to the 2024 NEOs (pre-dating Frymyer’s CFO role), they indicate how CFO incentives are structured at B&W.
- Annual Cash Incentive Plan (AIP) 2024: Metric = Adjusted EBITDA; Threshold $101M; Target $110M; Max $112M; Result $68.9M; Payout = 0% for all participants .
- Long-Term Cash Incentive Plan (LTCIP) 2024–2026: 50% based on 2024 Adjusted EBITDA; 50% based on 2025 Adjusted EBITDA; retention condition through Dec 31, 2026 (with committee discretion to pay up to half after the year). Despite missing the 2024 goal ($100M), the committee paid the 2024 half in March 2025 to support retention and reflect portfolio changes .
| Incentive | Metric | Weighting | Target/Goal | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|---|
| AIP 2024 | Adjusted EBITDA | 100% | Threshold $101M; Target $110M; Max $112M | $68.9M | 0% | Annual; paid after year-end if earned |
| LTCIP 2024–2026 | Adj. EBITDA 2024 | 50% | $100M | $68.9M | Committee paid 2024 half despite miss, for retention | Earned only if employed through 12/31/2026 (with discretion to pay up to half after year) |
| LTCIP 2024–2026 | Adj. EBITDA 2025 | 50% | Adjusted in 2025 to reflect dispositions | — | — | As above |
Compensation practices and guardrails:
- Clawback policy for restatements; prohibition on hedging and pledging; strong stock ownership guidelines (CEO 5x salary; other NEOs 3x; CFOs typically fall under “other NEOs”) .
- Committee uses Willis Towers Watson survey data; independent Comp Committee with interlocks disclosed; annual say-on-pay support was 96.3% in 2024 .
Equity Ownership & Alignment
- Beneficial ownership for Mr. Frymyer was not included in the 2025 proxy’s “Security Ownership of Certain Beneficial Owners and Management” table (he was not a 2024 NEO) .
- Policy alignment:
- Executive stock ownership guidelines: CFOs fall under “other NEOs” at 3x base salary (hold at least half of net shares until compliant) .
- Hedging and pledging of company stock are prohibited .
- Double-trigger change-in-control vesting for equity awards .
Employment Terms
- The 2025 proxy details severance and CIC frameworks for executives: Executive Severance Plan for certain officers; separate CIC agreements for some (double-trigger), no tax gross-ups; equity awards feature double-trigger vesting upon a change in control . The proxy does not disclose a specific employment agreement for Mr. Frymyer (unlike the CEO), nor his individual severance terms .
Performance & Operating Track Record (context around tenure)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue ($M) | — | $717.3 |
| Operating Income ($M) | $16.6 | $25.1 |
| Net Loss from Continuing Ops ($M) | $(75.8) | $(73.0) |
| Adjusted EBITDA ($M) | $60.8 | $68.9 |
| Bookings ($M) | — | $889.6 |
| Backlog ($M) | — | $540.1 |
| Metric | Q2 2025 | Q3 2025 |
|---|---|---|
| Revenue ($M) | $144.1 | $149.0 |
| Operating Income (Loss) ($M) | $8.1 | $6.5 |
| Loss from Continuing Ops ($M) | $(6.1) | $(2.3) |
| Net Income (Loss) Attributable to Stockholders ($M) | $(58.5) (includes disc. ops) | $35.1 (includes disc. ops) |
Additional role evidence:
- CFO signed SOX 302 and 906 certifications for Q2 2025 Form 10-Q and served as principal financial and accounting officer .
- CFO signed earnings 8-Ks and press releases as investor contact; also co-signed the November 2025 At-The-Market (ATM) Sales Agreement certificate with the CEO, indicating active capital markets engagement .
Investment Implications
- Alignment and incentives: B&W’s heavy emphasis on Adjusted EBITDA in both AIP and LTCIP, combined with strict ownership/anti-hedging/anti-pledging policies, promotes cash flow and earnings discipline and aligns CFO incentives to deleveraging and profitability; however, committee discretion to pay 2024 LTCIP halves despite misses underscores a near-term retention bias that investors should monitor in 2025 plan outcomes .
- Retention and governance watchpoints: High say-on-pay support (96.3%) suggests shareholder tolerance for the incentive design, but investors should watch for 2025 disclosures on Frymyer’s individual grant levels, ownership progress versus 3x salary guideline, and any accelerated vesting or retention constructs that could dilute pay-for-performance .
- Execution risk focus for CFO: 2024’s going concern paragraph and material weaknesses in ICFR noted by Deloitte elevate the importance of remediation, liquidity management, and capital markets activity (e.g., ATM facility usage co-certified by Frymyer), making upcoming filings and internal control updates key catalysts under his financial leadership .
- Operating trend: 2024 delivered improved operating income and Adjusted EBITDA despite persistent net losses from continuing ops; Q2 and Q3 2025 showed positive operating income and active portfolio actions/discontinued items affecting bottom line—investors should track whether operational gains translate to sustainable free cash flow and reduced interest burden under Frymyer’s stewardship .
Sources: 2025 DEF 14A; company press releases; 8-Ks and 10-Q certifications.
Citations:
- CFO appointment and NEO context: .
- Management bio and education: .
- 2024 performance and comp outcomes: .
- Ownership/hedging/clawback/guidelines: .
- Say-on-pay and comp practices: .
- ICFR and going concern: .
- 2025 Q2 and Q3 results, certifications, and signatures: .