Mike Fitzgerald
Senior Vice President, Chief Financial Officer and Chief Accounting Officer at 
BWX Technologies
BWX TechnologiesExecutive
About Mike T. Fitzgerald
BWX Technologies appointed Michael T. (Mike) Fitzgerald interim Senior Vice President and Chief Financial Officer effective May 12, 2025; he was subsequently appointed Senior Vice President, Chief Financial Officer and Chief Accounting Officer on July 30, 2025 . He is 41 years old, previously serving as Vice President, Finance and Chief Accounting Officer since late 2021, with prior roles leading the Aerospace & Defense practice at MorganFranklin Consulting and as an Audit Senior Manager at Deloitte; his BWXT internal leadership was recognized with a 2024 Northern Virginia Technology Council “rising star” award . BWXT’s executive incentive program heavily weights performance (annual plan: 70% operating income, 25% free cash flow, 5% safety; long‑term: 60% PRSUs tied to 40% cumulative adjusted EBITDA, 40% average ROIC, 20% relative TSR) aligning the CFO’s pay with operating results and capital efficiency . Recent operating trends during 2024–2025 show growing revenue and EBITDA (see Operating Performance Snapshot below) supporting BWXT’s performance-based pay design .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| BWX Technologies | SVP, CFO & CAO | Jul 30, 2025–present | Oversight of finance and accounting; officer signatory on financing/guarantee documents |
| BWX Technologies | Interim SVP & CFO | May 12, 2025–Jul 30, 2025 | Led CFO transition and supported growth and operational excellence priorities |
| BWX Technologies | VP, Finance & Chief Accounting Officer | Since Sep/Oct 2021 | Oversaw day‑to‑day financial operations and external reporting |
| MorganFranklin Consulting | Managing Director; led Aerospace & Defense practice | 2018–2021 | Led A&D practice in technical accounting/financial reporting prior to joining BWXT |
| Deloitte & Touche LLP | Audit Senior Manager | 2012–2018 | Audit leadership in accounting and controls, foundation for CFO technical rigor |
External Roles
No public company directorships or committee roles were disclosed in BWXT’s filings reviewed for the CFO appointment and background .
Fixed Compensation
| Component | Structure |
|---|---|
| Base salary (on appointment as interim CFO) | Increased 27% vs prior role base salary |
| Target annual bonus (EICP) | 55% of base salary |
| Long‑term incentive (LTI) target | 100% increase to the annual equity target in 2026 (or as set by the Compensation Committee) |
Performance Compensation
Annual Incentive (EICP) – 2025 design aligned to 2024 program
| Metric | Weighting | Target | Actual | Payout mechanics | Vesting/Timing |
|---|---|---|---|---|---|
| Operating Income | 70% | Company‑set; thresholds/targets set annually | Not yet disclosed | Linear formula; 0–200% of target; no payout unless threshold OI is achieved | Paid annually after year‑end under EICP |
| Free Cash Flow | 25% | Company‑set; thresholds/targets set annually | Not yet disclosed | Linear formula; combined with OI and safety for total multiplier (cap 200%) | Paid annually after year‑end under EICP |
| Safety (TRIR/DART) | 5% | Company‑set safety targets | Not yet disclosed | 2.5% TRIR + 2.5% DART contribute to multiplier | Paid annually after year‑end under EICP |
Long‑Term Incentive (equity) – structure and vesting
| Award type | Weighting | Performance metric(s) | Performance window | Payout range | Vesting |
|---|---|---|---|---|---|
| Performance RSUs (PRSUs) | 60% | 40% cumulative adjusted EBITDA; 40% average ROIC; 20% relative TSR | 3‑year | 50% (threshold) – 200% (max) of target; 0% if below all thresholds | 3‑year cliff vest at end of performance period; shares withheld to cover taxes on vest |
| Time‑based RSUs | 20% | N/A | N/A | N/A | Ratable over 3 years |
| Non‑qualified stock options | 20% | N/A | N/A | N/A | Ratable over 3 years; exercise price = NYSE close on grant date |
Equity Ownership & Alignment
| Policy/Practice | Detail |
|---|---|
| Stock ownership guidelines | Executives subject to ownership requirements: CEO = 5x salary; other Named Executives = 3x salary; executives/directors have 5 years to comply; sales restricted until guideline is met (except for tax/option exercise needs) |
| Hedging/pledging | Prohibited for all directors, officers, and employees (no puts/calls, zero‑cost collars, margin/pledge, or short sales) |
| Rule 10b5‑1 trading plans | Permitted for diversification and option exercises, with policy controls |
| Clawback | Policy complies with and exceeds NYSE standards; recoupment required for restatements and for certain misconduct; awards may be terminated for specified bad acts |
Employment Terms
| Topic | Terms |
|---|---|
| Employment agreement | BWXT discloses “No employment agreements for our Executive Officers” |
| Executive Severance Plan (involuntary, not for cause) | Lump‑sum equal to 1x base salary; 9 months COBRA continuation cost; 12 months outplacement; subject to executed release with non‑compete, non‑disparagement, non‑solicit and confidentiality covenants |
| Change‑in‑Control (CIC) cash severance | “Double trigger” (CIC + qualifying termination within 24 months) cash benefit equal to 2x (CEO 2.99x) the sum of: (1) base salary and (2) base salary × target EICP %; no excise tax gross‑ups; modified cutback to avoid excise tax if beneficial |
| Equity treatment (CIC/death/disability) | Unvested RSUs, PRSUs (at target), and options vest upon CIC, death, or disability; specific retirement and termination provisions apply per award agreements |
| CIC program mechanics | CIC also provides prorated target EICP and health benefit cash payment under double‑trigger; definitions of CIC and “good reason” are specified; no single‑trigger equity vesting |
| Governance features | Independent compensation consultant; strong pay‑for‑performance emphasis; no hedging/pledging; no CIC tax gross‑ups |
Performance & Track Record
Operating performance snapshot (last four quarters)
| Metric | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Revenue (USD) | $746,267,000 | $682,258,000 | $764,039,000 | $866,286,000 |
| EBITDA (USD) | $94,218,000* | $101,215,000* | $113,160,000* | $123,007,000* |
*Values retrieved from S&P Global.
Additional execution signals:
- Officer signatory capacity on financing documents evidences CFO role in capital structure and subsidiary guarantees .
- Company asserts pay design changes to emphasize free cash flow in annual plan and maintain three‑metric PRSU framework, aligning with shareholder value creation drivers (EBITDA growth, ROIC, and relative TSR) .
Investment Implications
- Alignment: Fitzgerald’s pay is highly performance‑weighted (annual: OI/FCF/safety; long‑term: EBITDA/ROIC/TSR), supporting tight linkage between compensation and operating/capital efficiency outcomes; annual and PRSU payouts are linearly scaled and capped at 200% .
- Governance: Shareholder‑friendly features include double‑trigger CIC, no excise tax gross‑ups, robust clawbacks, and a prohibition on hedging/pledging; ownership guidelines restrict sales until requirements are met, reducing misalignment risk .
- Retention vs. supply: CFO appointment terms raise base (27%) and set a 55% bonus target with a 2026 LTI target increase, improving retention; equity settlement practices with tax share‑withholding may modestly add to periodic share supply around vesting, but broader hedging/pledging bans mitigate adverse trading behaviors .
- Execution: Recent revenue and EBITDA trends are positive across 2024–2025; Fitzgerald’s technical accounting and audit background plus demonstrated officer responsibilities in financing documents support execution quality in controllership and capital markets interfaces .