Joseph T. Malone
About Joseph T. Malone
Joseph T. Malone is Vice President and Treasurer of Central Securities Corporation, appointed in 2024. He is 57 and previously served as Managing Director, Head of Fund Administration, and Chief Financial Officer of the First Eagle Funds, bringing fund administration and finance expertise to CET . The proxy does not disclose education or individual performance metrics (e.g., TSR, revenue/EBITDA growth); executive officers serve until the election of their successors .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| First Eagle Funds | Managing Director; Head of Fund Administration; Chief Financial Officer | Not disclosed | Senior leadership in fund administration and finance (as titled) |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | None disclosed in CET proxy statements |
Fixed Compensation
| Component | 2024 Detail | Notes |
|---|---|---|
| Base Salary | Not disclosed | Mr. Malone was not among the top three highest-paid executive officers itemized in the 2024 proxy; individual salary not provided . |
| Target Bonus % | Not disclosed | No individual bonus targets disclosed for Mr. Malone . |
| Actual Bonus Paid | Not disclosed | No individual bonus payouts disclosed for Mr. Malone . |
| 401(k) Profit Sharing (Employer) | 15% of employee compensation contributed in 2024; minimum 3% immediately vested; contributions above 3% fully vest after three years of employment . | |
| Pension/SERP | None disclosed | Only 401(k) Profit Sharing Plan described . |
| Perquisites | None disclosed | No perquisite detail provided in proxy for executives . |
Performance Compensation
- Equity incentive plan status: CET’s 2012 Incentive Compensation Plan expired March 20, 2022; permitted unrestricted bonus stock, restricted stock, RSUs, and cash awards; no executive officer grants were made in 2022 and the plan was not in effect thereafter .
- As a result, CET does not disclose performance-based equity metrics (e.g., revenue growth, EBITDA, TSR hurdles) tied to Mr. Malone’s compensation for 2023–2024.
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| — | — | — | — | — | — |
No performance-linked incentive metrics for Mr. Malone are disclosed post-Plan expiration .
Equity Ownership & Alignment
| Item | As of Dec 31, 2024 | Notes |
|---|---|---|
| Beneficial ownership (shares) | — | No shares reported owned by Joseph T. Malone . |
| Ownership as % of shares outstanding | 0.0% | 28,935,676 shares outstanding as of Jan 31, 2025 ; Mr. Malone reported “—” shares . |
| Vested vs unvested shares | Not applicable | No RSU/option holdings disclosed . |
| Options (exercisable/unexercisable) | None disclosed | No option awards disclosed for executives post-Plan expiration . |
| Shares pledged/hedged | None disclosed | No pledging/hedging disclosures pertaining to Mr. Malone . |
| Stock ownership guidelines | None disclosed | No executive ownership guidelines disclosed . |
| Section 16(a) compliance | All required filings timely in 2024 | Company states all reports timely for year ended Dec 31, 2024 . |
Employment Terms
| Term | Detail | Notes |
|---|---|---|
| Role | Vice President and Treasurer | Appointed in 2024 . |
| Start Date | 2024 | Joined CET in 2024 . |
| Term/Expiration | Executives serve until successors are elected | No fixed term disclosed . |
| Severance | Not disclosed | No severance multiples or terms disclosed . |
| Change-of-control | Not disclosed | No single/double trigger terms disclosed . |
| Clawback policy | Not disclosed | No clawback provisions described for executives . |
| Non-compete/Non-solicit | Not disclosed | No restrictive covenants disclosed . |
| Deferred comp | Not disclosed | No deferral elections disclosed . |
Additional Context
- Governance and pay-setting: Compensation and Nominating Committee reviews and approves officer compensation; committee met once in 2024 . No independent compensation consultant disclosure or performance metric framework provided for executives .
- Group ownership: Directors and officers as a group owned 2,761,999 shares (9.5%) as of Dec 31, 2024, driven largely by the Kidd family/related trusts; Mr. Malone reported no holdings .
Investment Implications
- Alignment: Zero reported share ownership for Mr. Malone suggests limited direct “skin in the game”; CET does not disclose executive ownership guidelines or long-term equity incentives post-2022, indicating a cash-and-profit-sharing dominated compensation structure .
- Selling pressure: With no reported holdings, near-term insider selling pressure attributable to Mr. Malone is minimal; more relevant ownership changes will likely stem from other insiders (e.g., Kidd-related trusts) .
- Retention and incentives: The 15% employer contribution to the 401(k) Profit Sharing Plan with three-year vesting for the portion above 3% provides retention value, but absence of disclosed performance-based equity plans reduces explicit pay-for-performance linkage for Mr. Malone .
- Disclosure gaps: Lack of detail on base salary, bonuses, severance, change-of-control, clawbacks, and ownership guidelines limits visibility into compensation alignment and downside protection; monitor future proxies and any 8-Ks for employment agreement changes or new incentive structures .