Thomas A. Ciccone
BROADWINDAbout Thomas A. Ciccone
Thomas A. Ciccone, age 50, is Broadwind’s Vice President and Chief Financial Officer (CFO), a role he has held since August 10, 2022. He previously served as Vice President and Principal Accounting Officer (from October 1, 2021), Corporate Controller/Assistant Treasurer/Assistant Secretary (July 2017–September 2021), and joined Broadwind in 2008 after five years at Ernst & Young LLP (audit/attestation) and five years as Controller at Assistive Technology Group, Inc. He is a Certified Public Accountant (non‑practicing) in Illinois and holds a B.S. in Accounting from the University of Illinois at Urbana‑Champaign . During his CFO tenure, Broadwind’s revenues were $176.8M in 2022, $203.5M in 2023, and $143.1M in 2024 ; EBITDA was −$0.5M (2022), $17.5M (2023), and $10.9M (2024)*, while Pay‑Versus‑Performance TSR (fixed $100 investment) was $34.93 (2023) and $23.71 (2024) .
*Values retrieved from S&P Global
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Broadwind, Inc. | Vice President & Chief Financial Officer | Aug 10, 2022–present | Executive finance leadership, principal financial officer; SEC certifications |
| Broadwind, Inc. | Vice President & Principal Accounting Officer | Oct 1, 2021–Aug 10, 2022 | Accounting leadership; internal controls and reporting |
| Broadwind, Inc. | Corporate Controller, Assistant Treasurer, Assistant Secretary | Jul 2017–Sep 2021 | Corporate finance, treasury support, external reporting |
| Broadwind, Inc. | Accounting Manager; Director of Finance; Manager of External Reporting | 2008–2017 | Progressively broader finance responsibilities |
| Assistive Technology Group, Inc. | Controller | 5 years | Controller responsibilities |
| Ernst & Young LLP | Audit/Attestation | 5 years | Assurance experience |
External Roles
None disclosed .
Fixed Compensation
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary ($) | $233,715 | $238,050 | $247,572 |
| Target Bonus % (at appointment) | 50% of base | 50% of base | 50% of base |
| Actual STIP Paid ($) | $158,137 | $32,951 | — |
| Stock Awards (Grant-Date Fair Value, $) | $114,858 | $119,027 | — |
Performance Compensation
Short-Term Incentive Program (STIP) – FY 2024 (CFO paid on consolidated performance)
| Metric | Weighting | Target | Actual | Payout |
|---|---|---|---|---|
| Consolidated EBITDA ($) | 50% | $16,351,000 | $13,325,000 | 55.4% |
| Diverse Revenue ($) | 25% | $71,251,000 | $44,409,000 | 0.0% |
| Cash Conversion Cycle (days) | 25% | 58 | 72 | 0.0% |
Long-Term Incentive Program (LTIP) Awards
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Time-Based RSUs Granted (shares) | 11,813 | 12,591 | 19,692 |
| Performance-Based RSUs Granted (shares) | 14,438 | 15,389 | 24,068 |
| Grant Floor Price ($/share) | $2.40 | $4.11 | $2.72 |
| Performance Outcome (Perf RSUs) | 200% achieved (PI 9.66) | In progress, period ends 12/31/2025 | In progress, period ends 12/31/2026 |
| Vesting Schedule | Time-based: 1/3 on each of first three anniversaries; Performance-based: cliff at 3 years if metrics achieved | Time-based: 1/3 on each of first three anniversaries; Performance-based: cliff at 3 years if metrics achieved | Time-based: 1/3 on each of first three anniversaries; Performance-based: cliff at 3 years if metrics achieved |
Equity Ownership & Alignment
Beneficial Ownership
| Holder | Shares Beneficially Owned | Ownership % |
|---|---|---|
| Thomas A. Ciccone | 82,919 | <1% (as indicated by “*”) |
- Stock ownership guidelines: CFO required to hold shares valued at 3x base salary; all executive officers and directors are currently in compliance .
- Hedging/pledging: Designated persons (including officers) are prohibited from hedging or pledging company securities; pre‑clearance required for any transactions .
Outstanding Equity Awards at Year End 2024 (Ciccone)
| Grant Date | Type | Unvested Units (shares) | Market Value ($) | Notes |
|---|---|---|---|---|
| 05/16/2024 | Time‑based RSUs | 19,692 | $37,021 | Vests 1/3 annually |
| 05/16/2024 | Performance‑based RSUs | 24,068 | $45,248 | 3‑year cliff if metrics achieved |
| 05/25/2023 | Time‑based RSUs | 8,394 | $15,781 | Vests 1/3 annually |
| 05/25/2023 | Performance‑based RSUs | 15,389 | $28,931 | 3‑year cliff if metrics achieved |
| 04/25/2022 | Time‑based RSUs | 3,938 | $7,403 | Vests 1/3 annually |
| 04/25/2022 | Performance‑based RSUs | 28,876 | $54,287 | 3‑year cliff if metrics achieved |
Note: No stock options outstanding for NEOs as of 12/31/2024 .
Employment Terms
| Term | Provision |
|---|---|
| Severance (termination without Cause, pre‑CIC) | Lump‑sum equal to 12 months of then‑current base salary (if employed ≥12 months) |
| Severance (termination without Cause within 1 year post‑CIC) | Lump‑sum equal to 18 months of then‑current base salary |
| Non‑compete / Non‑solicit | 12 months post‑termination |
| Clawback policy | Company will recover incentive compensation from covered individuals (including executive officers) upon certain accounting restatements or corrected metrics, subject to limited exceptions |
| Tax gross‑ups | No excise tax gross‑up payments on change‑in‑control benefits |
| Perquisites | Company‑paid life/disability/AD&D premiums: $1,467 (2024); 401(k) matching contributions: $9,527 (2024) . Prior year premiums/contributions: $1,467 and $9,351 (2023) |
Initial appointment terms (Aug 10, 2022): base salary $230,000; STIP target 50% of base; LTIP target 50% of base; 2022 bonus prorated from appointment date .
Company Performance During Ciccone’s Tenure
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | $176,759,000 | $203,477,000 | $143,136,000 |
| EBITDA ($) | −$547,000* | $17,522,000* | $10,909,000* |
*Values retrieved from S&P Global
Pay‑Versus‑Performance TSR (fixed $100 investment): $34.93 (2023) ; $23.71 (2024) .
Governance, Peer Benchmarking, Say‑on‑Pay
- Compensation peer group (2024): American Super Conductor; Argan; Capstone Green Energy Corporation; DMC Global Inc.; Eastern Company; Graham Corporation; Hurco Companies, Inc.; Orion Energy System; Perma‑Pipe International Holdings, Inc.; Preformed Line Products; Thermon Group; Twin Disc, Incorporated .
- Compensation peer group (2025): American Super Conductor; DMC Global Inc.; Eastern Company; Graham Corporation; Hurco Companies, Inc.; Natural Gas Services; Orion Energy System; Perma‑Pipe International Holdings, Inc.; Preformed Line Products Company; Twin Disc, Incorporated .
- Say‑on‑Pay results: 77% approval in 2023; 85% approval in 2024 .
Investment Implications
- Pay‑for‑performance alignment: 2024 STIP paid modestly ($32,951) as consolidated EBITDA missed target and Diverse Revenue/CCC components paid 0%—consistent with disciplined variable pay design tied to earnings quality, diversification, and working‑capital efficiency .
- Equity alignment and retention: Significant unvested RSUs across 2022–2024 vintages with three‑year schedules (time‑based and performance‑based), plus anti‑hedging/anti‑pledging and 3x‑salary ownership guidelines (in compliance), support multi‑year retention and alignment .
- Performance context: Revenues and EBITDA declined in 2024 versus 2023 amid tower demand normalization; TSR also fell, which may temper near‑term realized pay outcomes despite prior LTIP performance for 2022 awards (200% achievement) .