Joseph Beck
About Joseph Beck
M. Joseph Beck is an independent director of Compass Digital Acquisition Corp. (CDAQF) serving since August 2023; he is 39 years old and holds a B.A. from Yale University . He is qualified based on extensive public company and capital markets experience, including SPAC leadership and institutional investing . The board has determined he is an “independent director” under Nasdaq and SEC rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Hennessy Capital Group LLC | Managing Partner, Growth Strategies | Jul 2019 – present | Capital formation and growth strategy |
| Abu Dhabi Investment Authority (ADIA) | Senior Investment Manager | Aug 2012 – Jul 2019 | Institutional investing |
| Goldman Sachs (Investment Banking Division) | Analyst | Jul 2008 – Aug 2012 | Transaction execution |
| PropTech Acquisition Corp. (Porch Group: PRCH) | Co-CEO, CFO, Director | Jul 2019 – Dec 2020 | Led SPAC that merged with Porch Group |
| PropTech Investment Corp II (Appreciate: SFR) | Co-CEO, CFO, Director | Aug 2020 – Nov 2022 | Led SPAC that merged with Appreciate |
| two (NYSE: TWOA; LPA) | Director | Mar 2023 – Mar 2024 | Completed business combination with LPA |
| Appreciate Holdings, Inc. (SFR) | Director | Nov 2022 – Mar 2024 | Public board service |
| 7GC & Co. Holdings Inc. (VII) | Director | Dec 2020 – Dec 2023 | SPAC director |
| Jaguar Global Growth Corp I (CAPT) | Director | Feb 2021 – Nov 2023 | SPAC director |
External Roles
| Organization | Role | Status/Notes |
|---|---|---|
| Hennessy Capital Group LLC | Managing Partner, Growth Strategies | Ongoing role in sponsor network |
| two (TWOA → LPA) | Director | SPAC completed merger with Logistic Properties of the Americas in Mar 2024 |
| Appreciate Holdings (SFR) | Director | Service ended Mar 2024 |
| 7GC & Co. Holdings Inc. (VII) | Director | Service ended Dec 2023 |
| Jaguar Global Growth Corp I (CAPT) | Director | Service ended Nov 2023 |
Board Governance
- Committee assignments: Compensation Committee member (chair: Matt Schindel) and Nominating & Corporate Governance Committee member (chair: Kirk Hovde) .
- Independence: Board determined Beck is independent under Nasdaq and SEC rules; Audit and Compensation Committees are solely independent directors .
- Terms of office: Beck is in the first class of directors (with Kirk Hovde); their terms expire at the fourth annual general meeting; prior to the initial business combination only Class B holders appoint directors .
- Audit Committee financial expert: Anna Brunelle; Beck is not on Audit Committee .
- Attendance: Meeting attendance rates were not disclosed in the 2024 10-K or 2025 proxy .
Fixed Compensation (Director)
| Component | Amount/Terms |
|---|---|
| Annual retainer (cash) | $0; no compensation paid to directors prior to closing an initial business combination |
| Committee membership fees | $0; same pre-business combination policy |
| Committee chair fees | Not applicable to Beck (not a chair) |
| Meeting fees | $0; no director compensation pre-business combination |
Performance Compensation (Director)
| Instrument | Grant details | Vesting/Performance Metrics |
|---|---|---|
| Equity awards (RSUs/PSUs/options) | None disclosed for directors prior to a business combination | Not applicable |
The company states directors are not paid “any compensation of any kind” before an initial business combination; CFO is an exception with modest cash payments in 2023–2024 .
Other Directorships & Interlocks
| Linkage | Detail |
|---|---|
| Sponsor/Board network | Beck’s Managing Partner role at Hennessy Capital Group overlaps with board service alongside Thomas D. Hennessy (CEO) and Daniel J. Hennessy (Chairman) . |
| Family ties on board | Daniel J. Hennessy is father of Thomas D. Hennessy; uncle of Kirk Hovde; Thomas and Kirk are cousins; Beck is not part of these family relationships . |
Expertise & Qualifications
- Capital markets and SPAC leadership (multiple SPAC CEO/CFO/director roles and completed de-SPACs) .
- Institutional investing (ADIA) and investment banking (Goldman Sachs) .
- Board qualification cited by company: experience with public companies and capital markets .
Equity Ownership
| Holder | Class A Shares | Class B Shares | % of Class A | % of Class B | % of Total Outstanding |
|---|---|---|---|---|---|
| Joseph Beck | 0 | 0 | 0% | 0% | 0% |
As of the March 19, 2025 record date, Beck was not listed as a beneficial owner of Class A or Class B shares; directors/officers collectively held sponsor-controlled stakes, but Beck’s individual line is “—” .
Governance Assessment
- Alignment and independence: Beck is independent and serves on two key governance committees (Compensation; Nominating), supporting board oversight and independence .
- Ownership alignment: Beck personally holds no shares, limiting direct “skin in the game”; sponsor/insiders collectively control ≈68.15% of voting power, enabling passage of proposals without public shareholder support, which can dampen investor confidence .
- Compensation structure: Pre-business combination policy pays directors $0 and provides no equity awards, limiting pay-for-performance signals until after a transaction closes .
- Potential conflicts and red flags:
- Sponsor/insider control: Sponsors, officers, and directors collectively own 3.2M Class A and 2.11M Class B shares (~68.15%), and intend to vote “FOR” key proposals; proposals can be approved even if public shareholders do not support them (RED FLAG: governance imbalance) .
- Sponsor economics: Founder shares and private placement warrants held by sponsors and insiders would expire worthless absent a business combination, creating strong incentives to extend timelines and close deals (RED FLAG: misaligned risk) .
- Non-redemption arrangements: Sponsor agreed to transfer up to 782,490 founder shares to third-party investors in exchange for not redeeming, an inducement that can dilute ownership and signal deal pressure (RED FLAG: pay-to-stay incentives) .
- Reliance on sponsor financing: Working capital loans (2021 and 2024 promissory notes) and Polar capital commitments indicate dependency on sponsor-affiliated funding prior to business combination (governance risk) .
- Listing risk: The company was delisted by Nasdaq and now trades on OTC Pink, elevating oversight and liquidity risks (company-level governance environment) .
- Term and control mechanics: Only Class B holders appoint/remove directors prior to the business combination; Beck’s class expires at the fourth AGM, reflecting SPAC-stage governance features rather than traditional public company norms .