Stephen Markscheid
About Stephen Markscheid
Independent director with deep Asia finance and cleantech experience; age 70. Previously served on the MCAC Board since 2022; nominated to ConnectM’s combined company board following the Business Combination in July 2024. Education: BA (Princeton, 1976), MA (Johns Hopkins SAIS, 1980), MBA (Columbia, 1991; class valedictorian). Currently Managing Partner at Aerion Capital and an independent director at several public companies .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| GE Capital (Asia Pacific) | Director of Business Development, Senior VP | 1998–2006 | Led BD in China/APAC, acquisitions and direct investments |
| Boston Consulting Group | Consultant | — | Strategy work across Asia |
| Chase Manhattan Bank; First National Bank of Chicago | Banker (London, Chicago, New York, HK, Beijing) | ~10 years | Corporate banking and international finance |
| US‑China Business Council | Early career | — | US‑China trade policy exposure |
External Roles
| Company/Organization | Role | Status | Notes |
|---|---|---|---|
| Fanhua, Inc. (Nasdaq: FANH) | Director | Current | Public company board |
| JinkoSolar Holding Co., Ltd. (NYSE: JKS) | Director | Current | Public company board |
| Zhongjin Technology Services Group (HKEX: 08295) | Director | Current | Public company board |
| UGE International Ltd. (TSXV: UGE.V) | Director | Current | Public company board |
| Four Leaf Acquisition Corporation (Nasdaq: FORL) | Director | Current | SPAC board |
| NanoGraf; Intelligent Generation; Nulyzer; Hago Energetics | Board Advisor | Current | Energy/storage & technology advisory |
| Princeton‑in‑Asia | Trustee Emeritus | Current | Non‑profit governance |
| KX Power (UK) | Chairman Emeritus | Current | Energy storage developer |
Board Governance
- Committee assignments and chair roles:
- Audit Committee: Members—Kathy Cuocolo (Chair), Stephen Markscheid, Gautam Barua; all independent; Cuocolo is the audit committee financial expert .
- Compensation Committee: Members—Gautam Barua and Stephen Markscheid; Markscheid serves as Chair .
- Nominating & Corporate Governance Committee: Members—Kathy Cuocolo (Chair), Stephen Markscheid, Gautam Barua; all independent .
- Independence: Board determined Markscheid is independent under Nasdaq listing rules and Rule 10A‑3 of the Exchange Act .
- Classified board: Three classes with staggered three‑year terms .
- Attendance: Not disclosed in filings reviewed.
- Insider trading controls: Directors, including Markscheid, are subject to preclearance and Section 16 short‑swing compliance per policy schedule .
Fixed Compensation
| Component | 2024 Status | Notes |
|---|---|---|
| Annual cash retainer | None disclosed | Company states no compensation paid to non‑employee directors in 2024; intends to develop a program . |
| Committee membership/chair fees | Not disclosed | Will be set by future program . |
| Meeting fees | Not disclosed | Will be set by future program . |
| Deferred cash/equity units | Not disclosed | To be developed . |
Performance Compensation
| Plan Feature / Metric | Policy Detail | Applicability | Source |
|---|---|---|---|
| Non‑employee director annual cap | Aggregate grant date fair value of awards + cash ≤ $750k/year; ≤ $1,000k in year of board entry | Directors | |
| Minimum vesting | Generally ≥ 1 year (≤5% pool exception) | All equity awards | |
| Repricing prohibition | No option/SAR repricing or cash buyouts without stockholder approval | All equity awards | |
| Dividends on unvested awards | No dividends on unvested RSUs/Restricted Stock | RSUs/Restricted Stock | |
| Single‑trigger CIC vesting | No automatic single‑trigger vesting | All awards | |
| Performance share awards | Allowed; goals set per award agreement | Executives/Directors eligible under plan |
No director‑specific performance metrics (e.g., TSR, EBITDA) disclosed for Markscheid’s compensation; equity award structures and limits are defined in the 2023 Equity Incentive Plan .
Other Directorships & Interlocks
- Current public company boards across insurance (FANH), solar manufacturing (JKS), technology services (HKEX: 08295), distributed solar (UGE.V), and a SPAC (FORL). This breadth provides domain expertise but may create informational interlocks across energy/cleantech ecosystems; no related‑party transactions involving Markscheid are disclosed by CNTM .
- CNTM related‑party exposures center on investors and the CEO‑related entity (Avanti) rather than directors: debt conversions/reset shares to Related Party Investors and sponsor; CEO‑related notes at 14% interest; none attributed to Markscheid .
Expertise & Qualifications
- Finance, M&A, and Asia markets expertise from GE Capital (China/APAC), global banking, and BCG; cleantech/storage leadership (KX Power) and multiple energy tech advisory roles .
- Educational credentials: Princeton (BA), Johns Hopkins SAIS (MA), Columbia (MBA—valedictorian) .
- “Financially literate” per audit committee requirements; audit committee financial expert is Cuocolo .
Equity Ownership
| Metric | Mar 17, 2025 (Record Date) | Aug 14, 2025 (Record Date) |
|---|---|---|
| Beneficial ownership (shares) | 25,000 | 225,000 |
| % of class | <1% | <1% |
| Vested vs. unvested breakdown | Not disclosed | Not disclosed |
| Pledged as collateral | Not disclosed | Not disclosed |
Governance Assessment
- Strengths:
- Independent director chairing Compensation Committee with broad cross‑industry board exposure—positive for pay oversight and talent strategy .
- Robust equity plan guardrails (no repricing; minimum vesting; capped director compensation) support shareholder‑friendly incentive structures .
- Audit/Nominating committee memberships indicate active governance engagement .
- Watch items:
- Company’s reliance on repeated special meetings (debt conversions, reverse split, authorized share increase) and extensive related‑party financing arrangements could stress governance and investor confidence; effectiveness of Compensation Committee oversight during capital structure transitions is critical. No direct ties to Markscheid are disclosed, but monitoring is warranted .
- Director attendance and ownership guidelines are not disclosed; while Markscheid’s ownership increased in 2025, clarity on guideline compliance would enhance alignment transparency .
- Red flags (company‑level):
- Related‑party debt and customer relationships with investors (reset share mechanics, make‑whole provisions) and CEO‑related notes at high interest rates—heightened conflict risk; Audit Committee processes should be scrutinized .
- Capital actions (reverse split; authorized share increase) signaling dilution risk and financing dependency .
Overall: Markscheid’s independence, committee leadership, and relevant industry/finance background are positives for board effectiveness. Key governance risks are company‑level financing structures and related‑party transactions, not director‑specific; continued robust committee oversight (Audit and Compensation) is essential to sustain investor confidence .