William Quigley
About William Quigley
William Quigley, 64, is an independent director of Cadre Holdings (CDRE) and has served on the Board since February 2016; he has chaired the Audit Committee since March 2016. He is a Certified Public Accountant with a B.A. from Michigan State University and brings extensive CFO experience from Visteon (2007–2011), Dana Holding (2012–2016), and Nexteer Automotive (2016–2021). He currently serves on the board of Workhorse Group (NASDAQ) as Audit Committee chair and a member of its nominating/governance committee; he previously served on the board of ElectraMeccanica Vehicles (NASDAQ) from April 2022 to December 2023. Cadre’s Board has determined Quigley is independent under NYSE rules.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Nexteer Automotive Group Limited | Senior Vice President & Chief Financial Officer | Jun 2016 – Aug 2021 | Led finance at global Tier-1 auto supplier; public-company CFO experience |
| Dana Holding Corporation | Executive Vice President & Chief Financial Officer | Mar 2012 – Mar 2016 | Oversaw capital markets/M&A; large-cap industrial CFO exposure |
| Visteon Corporation | Executive Vice President & Chief Financial Officer | Mar 2007 – Oct 2011 | Public-company CFO; restructuring and operations finance |
External Roles
| Company | Exchange | Role | Tenure | Committees |
|---|---|---|---|---|
| Workhorse Group Inc. | NASDAQ | Director; Audit Committee Chair; Nominating/Governance member | Since Feb 2022 | Chair of Audit; member Nominating/Gov |
| ElectraMeccanica Vehicles Corp. | NASDAQ | Director; Audit and Governance Committees | Apr 2022 – Dec 2023 | Audit and governance oversight |
Board Governance
- Committee assignments and leadership: Chair, Audit Committee; designated Audit Committee “financial expert” under SOX; Audit Committee members: Quigley (Chair), Delzanno, Norton; all independent.
- Independence: Board determined Quigley is independent; majority of Board is independent.
- Attendance and engagement: In 2024, the Board held 7 meetings and all directors then in office attended at least 75% of Board and committee meetings; the Audit Committee met 15 times in 2024.
- Board leadership and independent oversight: CEO is also Chair; Gianmaria Delzanno serves as Lead Independent Director and presides over independent director executive sessions held with regularly scheduled board meetings.
- Insider trading/hedging: Policy prohibits short sales and derivatives; hedging/monetization transactions are prohibited absent approval by the Chairman.
- Related-party controls: All related-person transactions ≥$120,000 require Audit Committee pre-approval per written policy. In 2024–2025, fees were paid to Kanders & Company (owned by CEO Warren Kanders) for credit agreement support and acquisitions (ICOR, Alpha); independent directors engaged Kanders & Company; the CEO did not participate in the Company’s decision to engage his firm and negotiated fees only on behalf of Kanders & Company.
| Governance Metric (CDRE) | 2024/Latest |
|---|---|
| Board meetings held | 7 |
| Audit Committee meetings held | 15 |
| Director attendance threshold met | All directors ≥75% |
| Lead Independent Director | Gianmaria C. Delzanno |
| Quigley independence status | Independent |
| Audit Committee financial expert | Quigley designated |
Fixed Compensation
| Component (Non-Employee Director) | 2024 Amount ($) |
|---|---|
| Annual cash retainer | $65,000 (program terms) |
| Audit Committee Chair cash fee (Quigley) | $27,500 (program terms) |
| Quigley – Fees earned in cash (reported) | $92,500 |
| Quigley – Other compensation (travel) | $951 |
| Total cash and other (Quigley) | $93,451 |
| Quigley – Option awards (grant-date fair value) | $161,600 |
| Quigley – Total director compensation | $255,501 |
Notes:
- 2024 equity for all non-employee directors: 16,000 stock options granted March 18, 2024, exercise price equal to grant-date closing price, vesting in four equal quarterly tranches; Quigley’s 16,000 options were valued at $10.10 per option and fully vested by Dec 31, 2024.
Performance Compensation
| Pay Element | Applies to Directors? | Details |
|---|---|---|
| Performance-based cash bonus | No | Non-equity incentive compensation for directors was $0 in 2024. |
| Performance-based equity (PSUs/TSR metrics) | Not disclosed | Director equity consists of time-based options vesting quarterly; no performance metrics disclosed for director awards. |
Other Directorships & Interlocks
| Company | Sector Relevance | Interlocks/Conflict Notes |
|---|---|---|
| Workhorse Group Inc. (NASDAQ: WKHS) | EV and related technologies; not a direct CDRE sector peer | Governance oversight role; no interlock disclosed with CDRE’s suppliers/customers. |
| ElectraMeccanica Vehicles Corp. (prior) | EV manufacturer | Past service ended Dec 2023; no active interlock with CDRE. |
Expertise & Qualifications
- Financial leadership and public-company CFO experience across complex industrials (Visteon, Dana, Nexteer), with capital markets and M&A execution background.
- CPA; strong accounting and internal control proficiency; designated Audit Committee financial expert at CDRE.
- Board governance experience, including current Audit Committee chair role at Workhorse Group.
Equity Ownership
| Item | Detail |
|---|---|
| Beneficial ownership (Quigley) | 71,500 shares (includes 48,000 options exercisable or exercisable within 60 days of April 14, 2025) |
| Ownership as % of outstanding | <1% (denoted “*”) |
| Shares outstanding (Record Date) | 40,659,585 (April 14, 2025) |
| Shares pledged as collateral (Quigley) | None disclosed for Quigley (CEO Kanders has pledged shares; not applicable to Quigley) |
Governance Assessment
-
Positives
- Independent, financially sophisticated Audit Committee chair and SOX financial expert; Audit Committee met 15 times in 2024, signaling active oversight, including cybersecurity risk review.
- Strong attendance norms (≥75% for all directors) and use of executive sessions under a Lead Independent Director.
- Director compensation structure leans toward equity via annual options, aligning compensation with shareholder outcomes.
- No adverse legal proceedings disclosed for directors in the last ten years.
-
Watch items / potential red flags
- Company-level related-party transactions involving the CEO’s firm (Kanders & Company) require vigilant, well-documented independent oversight by the Audit Committee. Independent directors engaged the firm and the CEO recused; continued transparency is key.
- Hedging/monetization transactions may be permitted with Chairman approval, which is less restrictive than outright prohibitions favored by some governance policies.
- Quigley’s personal ownership is modest (<1%), though director pay includes annual equity which supports ongoing alignment.
-
Implications for investors
- Quigley’s audit leadership and financial expertise, paired with a high meeting cadence, support confidence in financial reporting and risk oversight.
- Ongoing oversight of related-party engagements and hedging-policy exceptions should remain focal points for stewardship and engagement.