Alex Panda
Executive Vice President, Secretary, Treasurer, and Chief Financial Officer at CORE MOLDING TECHNOLOGIES
Executive
About Alex Panda
Alex J. Panda is Executive Vice President, Secretary, Treasurer and Chief Financial Officer of Core Molding Technologies (CMT), effective June 1, 2025. He joined Core in 2014 and rose through accounting and controller roles; he holds a BBA from The Ohio State University and is a CPA (inactive, IL) . In his first months as CFO, management guided 2025 sales down 10–12% YoY while maintaining gross margins in the targeted 17–19% range; Q3 2025 net sales were $58.4M (-19.9% YoY) with 17.4% gross margin, and the company emphasized balance-sheet strength and cost control . Company-level performance context during 2023–TTM June 2025: sales trended from $358M (2023) to $302M (2024) to $276M TTM; Adjusted EBITDA moved from $42.9M (16.4% margin) to $33.8M (10.7%) to $30.2M (8.6%); ROCE was 16.4% (2023), 10.7% (2024), 8.6% TTM (11.5% excluding cash) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Core Molding Technologies | EVP, Secretary, Treasurer & CFO | Jun-2025–present | CFO leadership; emphasized maintaining margins amid demand softness and guided FY’25 sales down 10–12% YoY . |
| Core Molding Technologies | VP, Corporate Controller | Apr-2022–May-2025 | Financial leadership; part of leadership succession plan to CFO . |
| Core Molding Technologies | Corporate Controller | Apr-2020–Apr-2022 | Led controllership and reporting . |
| Core Molding Technologies | Operations Controller | Oct-2019–Apr-2020 | Operations finance . |
| Core Molding Technologies | Assistant Corporate Controller | Jan-2018–Oct-2019 | Corporate accounting . |
| Core Molding Technologies | Financial Reporting Manager | Oct-2014–Jan-2018 | SEC reporting . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| KPMG LLP | Assurance professional (public manufacturing clients) | Pre-2014 | Audited large public manufacturers; foundational SEC/GAAP experience . |
| Credentials | CPA (inactive), Illinois | N/A | Technical financial rigor . |
Fixed Compensation
- No Panda-specific base salary or target bonus terms were filed with the SEC as part of his appointment; the November 12, 2024 8‑K announcing his CFO succession included biography and timing but did not disclose pay terms .
- Company-wide, NEO base salaries are reviewed annually; 2024 NEOs (then CEO/CFO Zimmer/COO) received 3.5% base increases in June 2024 .
Performance Compensation
CMT’s executive incentives tie pay to EBIT and cash generation (STIP) and to multi-year EBIT% and ROCE (LTIP). 2024 STIP outcomes below illustrate pay-for-performance calibration.
| STIP Metric (2024) | Weight | Target ($000) | Actual ($000) | Achievement vs Target | Notes |
|---|---|---|---|---|---|
| EBIT (before STIP) | 75% | 27,247 | 21,550 (adj.) | 40% | Adjusted for FX and severance . |
| Operating Cash Flow | 25% | 26,271 | 18,879 | 134% | Company STIP payout 61% of target overall . |
- STIP design (2024/2023): CEO target = 100% of salary; other NEOs = 80% of salary; payout range 0–150% by metric . 2023 STIP achieved 126% of target; 2024 achieved 61% of target .
- LTIP design: Transitioning to 50% performance-based and 50% time-based by 2025; 3-year cliff vest for performance shares; performance metrics = EBIT as % of sales and ROCE; acceleration upon death, disability, or change-in-control per plan .
- Clawback: 2023 policy mandates recovery of erroneously awarded incentive compensation after restatements under SEC Rule 10D-1/NYSE American rules .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 29,396 common shares (Form 3 filed for CFO role) . |
| Ownership as % of shares outstanding | ~0.32% of 9,258,054 shares outstanding as of Mar 21, 2025 (approximation for context) . |
| Derivatives/options | None listed on Form 3 (Table II blank) . |
| Stock ownership guidelines | NEO guideline = 2x base salary; 5-year accumulation from first executive equity grant . |
| Anti-hedging/anti-pledging | Company policy prohibits pledging, short sales, margin, and derivatives in CMT stock . |
| Vesting cadence (plan) | Time-based RS: generally 3 annual installments post-3-year service threshold; Performance RS: 100% on third anniversary subject to EBIT% and ROCE goals . |
Note: Ownership % computed using 9,258,054 shares outstanding as of March 21, 2025 .
Employment Terms
- Appointment and role: Board appointed Panda CFO on Nov 11, 2024, effective June 1, 2025; Zimmer departed May 31, 2025 per succession plan .
- Contract/severance specifics: No Panda-specific employment agreement or severance/change-in-control terms were filed as of the documents reviewed. CMT’s historic NEO terms include: (i) change-in-control severance up to 2.99x five-year averages for base + STIP plus cash-out of unvested equity at market value, and (ii) non‑CIC termination: 24 months salary for CEO and 12 months for other NEOs, plus STIP target and cash‑out of unvested equity; performance RSUs vest at target on CIC/death/disability per plan .
- Certifications: As CFO, Panda signs SOX 302/906 certifications on CMT’s 10‑Q filings (Q2/Q3 2025), indicating responsibility for disclosure controls and ICFR .
Performance & Track Record
| Period | Selected performance context |
|---|---|
| Q2 2025 (interim) | Net sales $79.2M (vs $88.7M prior-year); operating income $5.2M; net income $4.1M; diluted EPS $0.47; toolings sales uplift; strong cash balance and zero net debt highlighted in later investor materials . |
| TTM June 2025 | Sales $276M; Adj. EBITDA $30.2M (8.6% margin); ROCE 8.6% (11.5% excluding ~$43M cash) . |
| Q3 2025 | Net sales $58.4M (-19.9% YoY); gross margin 17.4%; operating income 4.4% margin; CFO emphasized maintaining margins and balance sheet strength; FY’25 sales expected -10–12% YoY . |
CFO background impact: Core’s succession program highlighted Panda’s role in the 2019–2020 turnaround, refinancing credit facilities, two acquisitions/integration, and international tax strategy—factors supportive of execution capability in his CFO tenure .
Governance, Say-on-Pay, Peer Group
- Say-on-Pay support: 97% approval at 2024 annual meeting (reflecting strong investor alignment) ; 98% in 2023 .
- Compensation peer group: Industrial manufacturers including CECO Environmental, Gentherm, Myers Industries, UFP Technologies, etc. (used for benchmarking) .
- Anti-hedging/pledging and clawback policies enhance alignment and risk mitigation .
Investment Implications
- Pay-for-performance architecture ties annual incentives to EBIT and operating cash flow and long-term equity to multi-year EBIT% and ROCE, with a clawback and anti‑hedging/pledging policy—favorable for alignment and downside risk control .
- Near-term retention risk appears mitigated by succession planning and equity-based LTIP with multi-year vesting; however, Panda’s specific severance/CoC terms are not yet disclosed, limiting visibility into his personal retention economics .
- Insider selling pressure looks limited: no options listed on Panda’s Form 3; anti‑pledging policy restricts collateralization; but future RS/PSU vesting schedules could create occasional liquidity windows typical for NEOs .
- Execution risk centers on delivering growth re-acceleration as truck end‑markets soften; management signaled 2025 revenue down 10–12% YoY while maintaining 17–19% gross margins and funding Mexico capacity expansion—supportive but macro‑sensitive .