Munish Nanda
About Munish Nanda
Independent director of CECO Environmental since 2018; age 60. Former President, Americas & Europe at Watts Water Technologies (2015–2023), with prior senior roles at ITT Corporation and operating leadership at Thermo Fisher Scientific, Honeywell, and W.L. Gore. Board expertise centers on operations, fluid handling, energy, and manufacturing; currently serves on the Audit Committee and Nominations & Governance Committee, and is classified as independent under NASDAQ rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Watts Water Technologies, Inc. | President, Americas & Europe | 2015–2023 | Led global plumbing/heating/water quality businesses; operational scale and manufacturing expertise |
| ITT Corporation | President, Control Technologies; Group VP, Fluid & Motion Control | 2008–2015 | Fluid handling/industrial controls domain knowledge |
| Thermo Fisher Scientific; Honeywell; W.L. Gore & Associates | Operating leadership/general management | Not disclosed | Cross-industry operations and manufacturing background |
External Roles
| Company/Organization | Role | Tenure | Committees |
|---|---|---|---|
| None disclosed | N/A | N/A | N/A |
Board Governance
- Committee assignments: Audit Committee member; Nominations & Governance Committee member .
- Independence: All directors other than the CEO qualify as independent under NASDAQ; Nanda is listed as independent .
- Attendance: Board held 5 regular meetings in 2024; Audit met 7 times; Nominations & Governance met 3 times. Each director attended at least 75% of Board and applicable committee meetings, and all directors attended the 2024 Annual Meeting .
- ESG oversight: Formal oversight by the Nominations & Governance Committee; scope includes governance policies and sustainability strategy .
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Annual cash retainer | $62,000 | Paid quarterly |
| Audit Committee member supplement | $5,000 | Applies to Audit Committee members |
| Total cash fees (2024) | $67,000 | Equals $62,000 + $5,000 |
| Annual equity retainer (grant-date fair value) | $140,001 | RSUs covering 5,712 shares granted May 2024; generally vest after one year |
| Health plan eligibility | Available with 100% premium paid by director | Non-management directors eligible |
Performance Compensation
- Director equity awards are time-based RSUs; no performance-based (PRSU) or option awards are disclosed for non-management directors.
- 2024 grant details:
| Equity Type | Grant Date | Shares/Units | Vesting Schedule |
|---|---|---|---|
| RSUs | May 2024 | 5,712 | One-year vest; settled in shares |
No director performance metrics (e.g., revenue/EBITDA/TSR) apply to director compensation; the RSU program is time-based for directors .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed |
| Prior public company boards | Not disclosed |
| Interlocks/shared boards with customers/suppliers/competitors | Not disclosed |
Expertise & Qualifications
- Operations; fluid handling; energy; manufacturing .
- Senior leadership across diversified industrial manufacturers; global multi-division management .
- Audit and governance committee experience at CECO .
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Total beneficial ownership (shares) | 66,949 | As of March 25, 2025 |
| % of shares outstanding | ~0.19% | 66,949 / 35,217,001 shares outstanding |
| Unvested director RSUs (12/31/2024) | 5,712 | Granted May 2024; vest on one-year anniversary |
| Options (director) | None | No options reported for non-management directors |
| Director stock ownership guideline | 5x annual cash retainer ($310,000) | Measured by greater of market or grant-date price |
| Guideline compliance | In compliance (all non-management directors) | As of 12/31/2024 |
| Hedging/pledging policy | Prohibited for directors and employees | Insider Trading Policy bans hedging and pledging |
Governance Assessment
- Strengths: Independent status; multi-year operating pedigree in fluid handling and industrials; active roles on Audit and Nominations & Governance committees; strong attendance; compliance with tightened director ownership guidelines (5x retainer) .
- Compensation alignment: Balanced mix of modest cash fees plus annual RSUs; no meeting fees; structure supports stockholder alignment without performance gaming risk at board level .
- Conflicts/related-party exposure: Company reports no related-party transactions ≥$120,000 since Jan 1, 2024; Audit Committee vets any such transactions .
- Oversight signals: Audit Committee (including Nanda) oversaw remediation of prior 2023 internal control material weaknesses during 2024 and the auditor transition from BDO to Deloitte in early 2025—positive governance responsiveness to control quality and audit independence .
- Shareholder sentiment: Say-on-Pay approval ~98% at 2024 AGM—indicative of investor confidence in compensation governance broadly; not director-specific but relevant to board oversight credibility .
RED FLAGS:
- None disclosed for Nanda regarding attendance, related-party transactions, hedging/pledging, or other governance anomalies .