Corbyn Lichon
About Corbyn Lichon
Corbyn Lichon is Chief Accounting Officer (CAO) of The Baldwin Insurance Group (The Baldwin Group), appointed effective April 1, 2021; she joined the company in May 2019 as Director of Accounting. She is a Certified Public Accountant and graduated with honors from the University of South Florida with a bachelor’s degree in Accounting; prior to Baldwin she worked in CBIZ & MHM’s Assurance practice with technical leadership in transaction-related accounting, business combinations, and revenue recognition . Company performance under current leadership provides context for her tenure: 2024 revenues were $1.389B vs. $1.219B in 2023, adjusted EBITDA rose to $312.5M (+25% YoY) and adjusted diluted EPS increased to $1.50 (+34% YoY), with organic revenue growth of 17% and adjusted free cash flow of $134.9M .
Company performance (context)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($000s) | $1,218,555 | $1,389,037 |
| Adjusted EBITDA ($000s) | $250,204 | $312,485 |
| Adjusted EBITDA Margin (%) | 20.5% | 22.5% |
| Organic Revenue Growth (%) | 19% | 17% |
| Adjusted Diluted EPS ($) | $1.12 | $1.50 |
| Adjusted Free Cash Flow ($000s) | $68,584 | $134,859 |
| Shareholder Value Creation (year-end) | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Stock Price at Year-End ($) | 16.05 | 29.97 | 36.11 | 25.14 | 24.02 | 38.76 |
| Adjusted Diluted EPS ($) | 0.28 | 0.46 | 0.80 | 1.03 | 1.12 | 1.50 |
| Adjusted Free Cash Flow ($000s) | 9,022 | 18,024 | 54,267 | 57,108 | 68,584 | 134,859 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Baldwin Group | Director of Accounting | May 2019–Mar 2021 | Led accounting and financial reporting foundation ahead of CAO appointment |
| CBIZ & MHM Tampa Bay | Assurance (Audit) | Sep 2013–May 2019 | Technical leader focused on transaction-related accounting, business combinations, revenue recognition |
| The Baldwin Group | Chief Accounting Officer | Apr 2021–present | Responsible for firm-wide accounting function and financial reporting |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| USF Muma College of Business | Business corporate mentor (alumnus engagement) | Ongoing | Talent development and university partnership |
Equity Ownership & Alignment
- Stock ownership guidelines: CAO falls under “All Other Executive Officers and Covered Individuals” with required ownership equal to 3x annual base salary; compliance window is five years from Feb 24, 2022 or first appointment date. Unvested PSUs (pre-performance), and pledged shares do not count toward compliance .
- Hedging prohibited; directors and colleagues cannot engage in hedging/derivative transactions on company stock .
- Clawback policy compliant with Nasdaq Listing Standard 5608; mandates recoupment upon accounting restatement due to noncompliance with financial reporting requirements (including “little r” restatements) .
Recent insider transactions
| Date (Filing) | Form | Transaction Notes |
|---|---|---|
| 2025-03-04 | Form 4 | Reporting person filing; details include issuer equity changes associated with awards; company IR and EDGAR indices confirm filing |
| 2025-04-03 | Form 4 | Footnote indicates shares withheld by issuer to satisfy income tax withholding obligations upon restricted stock vesting (not an open-market sale) |
| 2025-03-18 | Form 4 (index) | EDGAR index shows additional March 2025 activity for Baldwin insiders; supports ongoing equity award activity cycle |
Implication: Tax-withholding settlements on RSU/RSA vesting indicate non-discretionary share reductions aligned to vest dates, not discretionary selling; typically lower “selling pressure” signal compared to open-market sales .
Employment Terms
- Severance Plan classification: CAO is in “Group 2 Executives” (Chief Accounting Officer among listed roles) .
- Qualifying separation (without change-in-control): 1x base salary paid over 12 months; payment of prior-year earned but unpaid bonus (if applicable); pro-rated current year bonus at Target; continued vesting of time-based equity; up to 12 months COBRA premiums; subject to execution of release and compliance with restrictive covenants for two years .
- Change-in-control (no termination during protected period): continued participation or pro-rated Target bonus; continued or accelerated vesting of time-based and performance-based awards depending on whether the plan is assumed by acquiror; performance-based vesting determined in good faith at transaction close .
- Change-in-control with qualifying separation: 1x base salary (Group 2) paid over 12 months; prior-year earned bonus; pro-rated Target bonus; accelerated vesting of time-based and performance-based awards; up to 12 months COBRA premiums; two-year restrictive covenant compliance required .
- Retirement benefits (if eligible): pro-rated Target bonus for year of retirement; continued vesting of time-based and performance-based equity awards per plan; requires five years compliance with restrictive covenants post-retirement .
- Restrictive covenants: Severance/retirement benefits conditioned on adherence to non-compete, client and colleague non-solicit, and confidentiality as specified; non-compete and related restrictions are enforced per Severance Plan and executive agreements .
Severance & CIC summary (Group 2 – CAO)
| Scenario | Cash Multiple | Bonus Treatment | Equity Treatment | COBRA |
|---|---|---|---|---|
| Qualifying separation (no CiC) | 1x base salary over 12 months | Prior-year earned bonus; pro-rated current year at Target | Continued vesting of time-based awards | Up to 12 months |
| Change-in-control (no termination) | N/A | Continued participation or pro-rated Target bonus | Continued or accelerated vesting; PSU performance determined at closing | N/A |
| CiC + qualifying separation | 1x base salary over 12 months | Prior-year earned bonus; pro-rated current year at Target | Accelerated time-based and performance-based vesting; PSU performance determined at closing | Up to 12 months |
Performance Compensation
- Company-wide incentive architecture: Annual Incentive Plan focused on organic revenue growth, adjusted EBITDA, and personal objectives; LTIP centered on PSUs tied to relative TSR vs. peer group and 3-year adjusted diluted EPS CAGR; PSU payouts constrained to Target if absolute TSR is negative .
- Note: The proxy discloses detailed weights and targets for Named Executive Officers (NEOs). Specific incentive weights and targets for the CAO are not disclosed; CAO participates in the Omnibus Plan on terms similar to senior executives, with equity awards governed by plan rules and company policies .
Governance & Policies Relevant to Compensation Alignment
- Independent Compensation Committee; use of FW Cook as independent consultant; pay-for-performance emphasis; below-25th percentile base salaries for NEOs to increase at-risk mix; annual say-on-pay approval at ~91% in 2024 .
- Stock ownership guidelines and Trading Policy framework; clawback and hedging prohibitions strengthen alignment and risk control .
Investment Implications
- Alignment: Ownership guidelines (3x salary for CAO), clawback enforcement, and hedging prohibitions indicate strong alignment of incentives with long-term shareholder value .
- Retention risk: Severance Plan provides balanced protection (1x salary for Group 2) with benefits contingent on restrictive covenant compliance, lowering abrupt departure risk while avoiding excessive “golden parachutes” (no tax gross-ups) .
- Trading signals: Recent Form 4s show issuer tax-withholding upon RSU/RSA vesting rather than open-market selling—typically a neutral signal for selling pressure and consistent with scheduled vesting cycles .
- Execution context: Company performance momentum (EBITDA growth, margin expansion, FCF acceleration) during her tenure supports the strategic importance of the accounting function’s control and reporting discipline under the CAO .