Larry Leibowitz
About Larry Leibowitz
Larry Leibowitz serves on CNDA’s board and brings deep market-structure and fintech operating experience. He is chair of the Nominating & Corporate Governance Committee and a member of the Compensation Committee, and CNDA discloses that its standing committees are composed solely of independent directors, indicating he serves as an independent director . His prior roles include COO and Head of Global Equities Markets at NYSE Euronext (2007–2013), COO of Americas Equities at UBS, Co‑Head of Schwab Soundview Capital Markets, CEO of Redibook, and senior trading/technology leadership at CS First Boston; he is currently an Operating Partner at Atlas Merchant Capital and a director at Enfusion (NYSE: ENFN) and Vice Chairman at Xpansiv .
Past Roles
| Organization | Role | Tenure/Dates | Committees/Impact |
|---|---|---|---|
| NYSE Euronext | Chief Operating Officer; Head of Global Equities Markets; Board Member | 2007–2013 | Led global equities market operations and strategy |
| UBS (Americas Equities) | Chief Operating Officer | Not disclosed | Senior leadership for equities platform |
| Schwab Soundview Capital Markets | Co‑Head | Not disclosed | Co-led market-making/brokerage operations |
| Redibook | Chief Executive Officer | Not disclosed | Ran ECN/market structure platform |
| CS First Boston | Managing Director; Head of Quant Trading & Equities Technology | Not disclosed | Built and led trading/tech functions |
| Bunker Capital | Founding Partner | Not disclosed | Early-stage/fintech investing |
External Roles
| Organization | Role | Current/Past | Notes |
|---|---|---|---|
| Enfusion Inc. (NYSE: ENFN) | Director | Current | Public company directorship |
| XCHG Xpansiv | Vice Chairman | Current | Commodities exchange focused on environmental products |
| Concord Acquisition Corp III | Director | Current | SPAC board role |
| Atlas Merchant Capital | Operating Partner | Current | Private investment firm |
| Cowen, Inc. (NASDAQ: COWN) | Director | Prior (disclosed in 2021) | Investment bank (prior board seat) |
| Various private companies (data management/fintech/digital law/site logistics) | Director/Advisor | Current | Portfolio of private board roles |
Board Governance
- Committee assignments:
- Chair, Nominating & Corporate Governance Committee
- Member, Compensation Committee
- Board/committee independence: CNDA states each standing committee is composed solely of independent directors; Leibowitz chairs/serves on these committees, indicating independent status .
- Board structure and election mechanics (pre‑business combination): Prior to closing an initial business combination, CNDA’s Class B holders exclusively elect, remove and replace directors; Class A holders do not vote on directors in this phase .
Fixed Compensation
| Component | Amount/Detail | Evidence |
|---|---|---|
| Cash retainer/meeting fees | $0 – CNDA discloses no cash compensation paid to directors/executive officers during the period | |
| Committee fees | $0 – same disclosure applies | |
| Founder/Class B shares (initial grant/sale) | 25,000 founder shares sold to each independent director on March 25, 2021 at original price (~$0.003/share) |
CNDA also pays $20,000/month to the sponsor under an Administrative Services Agreement for office/administrative support (related‑party), not paid to directors individually .
Performance Compensation
- No performance-based equity (PSUs/options) or director incentive plans are disclosed for directors; CNDA states no cash compensation has been paid to directors/executive officers during the period. Only nominal-cost founder (Class B) shares were issued/sold to independent directors at formation .
Other Directorships & Interlocks
| Company | Sector | Role | Potential Interlock/Conflict Considerations |
|---|---|---|---|
| Enfusion Inc. (NYSE: ENFN) | Fintech/Software | Director | No disclosed CNDA transaction overlap |
| XCHG Xpansiv | Market infrastructure | Vice Chairman | No disclosed CNDA transaction overlap |
| Concord Acquisition Corp III | SPAC | Director | Separate Concord-affiliated SPAC; no disclosed inter‑SPAC transactions |
| Cowen, Inc. (NASDAQ: COWN) | Investment bank | Prior Director | Historical role (2021 disclosure) |
Expertise & Qualifications
- Market structure and exchange operations: Former COO and Head of Global Equities at NYSE Euronext (2007–2013) .
- Trading technology/quant leadership: Led quantitative trading and equities technology at CS First Boston; senior trading tech roles across prior firms .
- Fintech and data infrastructure governance: Director at Enfusion (ENFN); Vice Chairman at Xpansiv; multiple private fintech/data boards .
- Capital markets operations: Senior roles at UBS, Schwab Soundview, Redibook; Operating Partner at Atlas Merchant Capital .
Equity Ownership
| Holder | Security Type | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|---|
| Larry Leibowitz | Class B (Founder) | 25,000 | <1% | Beneficial ownership per proxy; interests shown are Class B; footnote indicates potential additional indirect interest via sponsor membership (not quantified) |
| Larry Leibowitz | Class B (Founder) | 25,000 | <1% | FY2024 proxy-era disclosure |
| Larry Leibowitz | Class B (Founder) | 25,000 | <1% | FY2023 proxy-era disclosure |
- Founder/Class B shares convert to Class A at the time of an initial business combination (one-for-one, subject to adjustment) .
- Footnotes disclose directors may indirectly own additional interests via sponsor membership; precise indirect amounts are not itemized for individual directors (6) (9).
Governance Assessment
- Alignment and potential conflicts:
- Founder-share economics: Directors’ founder shares will be worthless if no business combination occurs, creating a structural incentive to complete a deal; CNDA explicitly discloses these potential conflicts for officers/directors .
- Related-party arrangements: Sponsor receives $20,000/month under an Administrative Services Agreement; sponsor also provided/arranged working capital loans (unsecured promissory notes) that would not be repaid from the trust if no deal closes—adding sponsor alignment/pressure to transact .
- Committee leadership and independence:
- Leibowitz chairs Nominating & Corporate Governance and serves on Compensation, with committees disclosed as composed solely of independent directors—positive for governance process and board refresh/oversight .
- Board election and minority shareholder rights (pre-deal):
- Class B holders exclusively elect/remove/replace directors prior to the business combination; Class A holders lack director election rights in this phase—limiting public shareholder oversight until de‑SPAC .
- Market listing considerations:
- In 2024 the company’s securities were delisted from NYSE American and moved to OTC markets; while not specific to Leibowitz, this elevates overall governance and execution risk perceptions during the SPAC lifecycle .
Overall: Leibowitz’s market-structure and fintech expertise and his leadership of key governance committees support board effectiveness. The standard SPAC founder-share and sponsor arrangements—while fully disclosed—create inherent conflicts (deal-timing/valuation incentives) that warrant investor attention, particularly given Class B control of director elections pre‑deal .