Salvador Miñarro
About Salvador Miñarro
Salvador Miñarro (age 54) is an independent director of Core Molding Technologies (CMT) and currently serves as Chief Executive Officer of Darnel Group, with prior roles as President & CEO of Vitro Automotive and various leadership positions at Libbey, Inc.; he holds an Executive MBA (IPADE), an M.S. in Finance (USC), and a B.S. in Industrial Engineering (ITESM) . He was appointed to CMT’s board on November 1, 2023, as an independent director and was assigned to the Compensation Committee; the board has affirmatively determined he is independent under NYSE American standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Darnel Group | Chief Executive Officer | Not disclosed | Leads a company known for high-quality, eco‑friendly packaging solutions . |
| Vitro Automotive | President & Chief Executive Officer | Jun 2018 – Jun 2022 | Supplier to a significant portion of North American car production . |
| Libbey, Inc. | Various leadership roles (Corporate VP; JV CFO) | Not disclosed | Broad operating, sales, and finance leadership across regions and functions . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Darnel Group (private) | Chief Executive Officer | Not disclosed | Current operating role; no CMT‑disclosed related‑party transactions . |
| Other public company boards | — | — | None disclosed in CMT’s proxy biography . |
Board Governance
- Committee assignments: Member, Compensation Committee (Chair: Andrew O. Smith) .
- Independence: Board determined Miñarro is independent under NYSE American standards .
- Director since: 2023 (appointed Nov 1, 2023) .
- Board attendance: Board met 9 times in 2024; all directors attended ≥85% of board and committee meetings on which they served .
- Compensation Committee activity: Committee held 2 meetings in 2024; uses independent consultant Pearl Meyer (no conflicts) .
- Anti‑hedging/pledging: Company policy prohibits hedging and pledging for directors/executives/employees .
Fixed Compensation (Director)
Program structure (non‑employee director compensation):
| Cash Component | Annual Amount |
|---|---|
| Director fee (excluding Chairman) | $81,500 |
| Chairman of the Board | $119,500 |
| Audit Committee Chair | $8,000 |
| Compensation Committee Chair | $5,000 |
| Nominating & Corporate Governance Committee Chair | $5,000 |
Individual director compensation:
| Year | Fees Earned or Paid in Cash ($) | Restricted Stock Awards ($) | Total ($) |
|---|---|---|---|
| 2024 | 80,130 | 78,753 | 158,883 |
| 2023 | 19,688 | — (no 2023 grant due to post‑grant appointment) | 19,688 |
Notes:
- In March 2024, non‑employee directors received restricted common stock approximating one year’s cash compensation; Miñarro’s grant was 4,106 shares .
- No reportable related‑party arrangements for his appointment; compensation is consistent with other non‑employee directors .
Performance Compensation (Director Equity)
| Item | Detail |
|---|---|
| 2024 Grant | 4,106 restricted shares; grant approximated one year’s cash compensation . |
| Vesting | For directors age 64 and younger, each restricted stock grant vests in three equal installments over the next three years following the grant date; vesting accelerates upon death, disability, or change‑in‑control per plan . |
| Annual Cap | Maximum combined cash + equity value for a non‑employee director per calendar year is $275,000 (board may except a non‑executive chair) . |
| 2025 Annual Grants | Annual non‑employee director grants were made on March 11, 2025; all current non‑employee directors as a group received 41,175 RSUs since 2021 through Mar 21, 2025 (aggregate disclosure) . |
No performance metrics apply to director equity grants; they are time‑based restricted stock under the 2021 Plan .
Other Directorships & Interlocks
| Topic | Disclosure |
|---|---|
| Other public company directorships | None disclosed for Miñarro in CMT’s proxy . |
| Compensation committee interlocks | None in 2024; no member (including Miñarro) had relationships requiring Item 404 disclosure . |
| Independent compensation consultant | Pearl Meyer engaged for executive/director compensation; no non‑compensation fees; independence affirmed . |
Expertise & Qualifications
- Skills matrix: Manufacturing; Truck/Auto/Marine industry; Management (CEO/CFO); Finance/Accounting/Budgeting; M&A; Strategy; Corporate Governance (all marked for Miñarro) .
- Education: Executive MBA (IPADE), M.S. Finance (USC), B.S. Industrial Engineering (ITESM) .
Equity Ownership
| Holder | Beneficial Ownership | % of Class | Notes |
|---|---|---|---|
| Salvador Miñarro | 10,256 shares (all restricted stock subject to future vesting) | <1% | Shares outstanding: 9,258,054 as of Mar 21, 2025 . |
Ownership alignment and policies:
- Director stock ownership guideline: 3x cash compensation; five‑year accumulation period from first equity‑related compensation .
- As of Dec 31, 2024, all non‑employee directors met their ownership requirements except Miñarro, whose ownership requirement will begin in March 2029 (per company disclosure) .
- Anti‑hedging and anti‑pledging policy applies to directors (no pledging allowed) .
Governance Assessment
-
Positive indicators
- Independent director with deep cross‑border manufacturing and automotive experience; appointed to Compensation Committee; board independence affirmed .
- Strong attendance culture (all directors ≥85% in 2024); Compensation Committee active and uses independent advisor without conflicts .
- No related‑party transactions at appointment; anti‑hedging/anti‑pledging policy in place; no compensation committee interlocks .
- Clear director pay structure with reasonable cap ($275k) and equity that vests over time, aligning with long‑term value creation .
-
Potential concerns / monitoring items
- Newer tenure (appointed Nov 2023); equity ownership consists of unvested restricted shares; ownership guideline timing indicates formal requirement begins March 2029 per proxy wording—monitor alignment progress and any updates to this schedule .
- Concurrent CEO role at Darnel Group (packaging) suggests time‑commitment considerations; no related‑party exposure disclosed—continue to monitor for any customer/supplier overlaps or transactions .
Appendices (Key Data Extracts)
- Board meetings: 9 in 2024; all directors attended ≥85% .
- Compensation Committee: Smith (Chair), Cellitti, Hellmold, Miñarro; 2 meetings in 2024; Pearl Meyer independent, no conflicts .
- Director equity practice: 2024 grant equal to approx one year’s cash; 4,106 shares to Miñarro; time‑based vesting; CIC/death/disability acceleration .
- Beneficial ownership (as of Mar 21, 2025): Miñarro 10,256 shares (all restricted); <1% of class; shares outstanding 9,258,054 .
- Appointment terms: Independent; assigned to Compensation Committee; no Item 404 related‑party transactions; compensation consistent with other NEDs .