Thomas E. Herman
About Thomas E. Herman
Executive Vice President (since 2021) and Chief Financial Officer of Calamos Asset Management, Calamos Investments LLC, Calamos Advisors LLC, and Calamos Wealth Management LLC (since 2016); CFO of Calamos Antetokounmpo Asset Management (CGAM) since 2022; serves as Vice President and Chief Financial Officer of several Calamos closed‑end funds including CCD (CFO 2016–2017 and since 2019); year of birth 1961 . Prior to Calamos, he was Chief Financial Officer and Treasurer at Harris Associates (2010–2016) . The 2025 fund proxy provides no individual officer compensation metrics or TSR/financial performance linkage for Mr. Herman; compensation disclosure in the filing pertains to trustees, not officers .
Past Roles
| Organization | Role | Years | Strategic impact / scope |
|---|---|---|---|
| Calamos Asset Management, Calamos Investments LLC, Calamos Advisors LLC, Calamos Wealth Management LLC | Executive Vice President; Chief Financial Officer | EVP since 2021; CFO since 2016 | Senior finance executive overseeing finance across advisor and affiliated entities |
| Calamos Antetokounmpo Asset Management (CGAM) | Chief Financial Officer | Since 2022 | Finance leadership for affiliated asset management entity |
| CCD and affiliated Calamos closed-end funds | Vice President; Chief Financial Officer | VP since 2016; CFO 2016–2017 and since 2019 | Officer of the Funds responsible for financial oversight and reporting |
| Harris Associates | Chief Financial Officer and Treasurer | 2010–2016 | Led finance and treasury at SEC‑registered funds adviser |
External Roles
No external directorships or outside roles for Mr. Herman are disclosed in the CCD 2025 proxy.
Fixed Compensation
| Component | Most recent status |
|---|---|
| Base salary | Not disclosed in CCD proxy; officer roles are at Calamos Advisors and affiliates; proxy presents trustee (board) compensation only |
| Target bonus % | Not disclosed |
| Actual bonus paid | Not disclosed |
| Pension/SERP | Not disclosed |
| Perquisites | Not disclosed |
Performance Compensation
| Incentive type | Metric(s) | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual incentive | Not disclosed | — | — | — | — | — |
| Long‑term equity (RSUs/PSUs/options) | Not disclosed | — | — | — | — | — |
The proxy does not include officer incentive plans, metrics, or vesting detail; only trustee compensation is presented .
Equity Ownership & Alignment
| Ownership item | Value |
|---|---|
| CCD common shares outstanding (as of record date) | 27,054,934 |
| CCD preferred shares outstanding (as of record date) | 3,670,000 |
| Trustees and officers as a group (15 persons) – CCD ownership | 1,388,960 shares (5.2% of CCD) as of March 31, 2025 |
| Individual officer (Herman) CCD ownership | Not individually disclosed; only group total provided |
| Section 16(a) filing compliance | Funds believe trustees, officers and adviser complied with applicable Section 16(a) filing requirements in the last fiscal year |
| Pledging/hedging by officers | Not disclosed in proxy |
| Ownership guidelines for officers | Not disclosed in proxy |
Notes:
- The proxy itemizes trustee holdings (e.g., Founder John P. Calamos, Sr. held 1,450,159 CCD shares, 5.4%), but does not break out individual officer holdings beyond the group aggregate .
Employment Terms
| Term | Detail |
|---|---|
| Employment start dates | CFO at Calamos entities since 2016; EVP since 2021; CFO of CGAM since 2022; VP and CFO officer roles at CCD: VP since 2016; CFO 2016–2017 and since 2019 |
| Contract length/expiration | Not disclosed in CCD proxy |
| Severance; Change‑of‑control | Not disclosed in CCD proxy |
| Clawback provisions | Not disclosed in CCD proxy |
| Non‑compete / non‑solicit / garden leave | Not disclosed in CCD proxy |
| Post‑termination consulting | Not disclosed in CCD proxy |
Performance & Track Record
- Role scope and tenure: Senior finance executive across Calamos Advisors and affiliates since 2016; officer (VP/CFO) of multiple Calamos closed‑end funds including CCD (CFO since 2019 after earlier 2016–2017 term) .
- Fund‑level performance metrics (TSR, revenue/EBITDA growth) and officer‑level pay‑for‑performance linkages are not provided in the proxy .
Board Governance (context for the Fund)
- Officers table: Lists Mr. Herman’s officer roles and biographies; officers serve until successor chosen or resignation/removal by the board .
- Trustee compensation (for non‑interested trustees) is disclosed; officers’ compensation is not .
Investment Implications
- Pay-for-performance visibility: Lack of officer compensation disclosure at the fund level limits assessment of Herman’s cash/equity mix, performance metrics, and vesting cadence—typical for closed‑end funds where officers are employed by the adviser; the proxy provides trustee pay only .
- Alignment via ownership: Individual officer equity stakes are not broken out; trustees and officers as a group own 5.2% of CCD, with significant holdings concentrated in the founder, which may support overall sponsor alignment but does not inform Herman‑specific alignment or selling pressure .
- Retention/change‑in‑control risk: No disclosure of employment contracts, severance, or CIC terms—creating uncertainty on retention economics or acceleration features; tenure across Calamos entities since 2016 suggests continuity, but contractual protections or constraints are unknown .
- Governance/controls: Section 16(a) compliance noted; audit oversight and risk management reside with adviser and board structures, with Herman in CFO roles across entities—supportive of process rigor, though the proxy does not tie individual accountability or incentives to specific financial or risk outcomes .