Eric Nierenberg
About Eric Nierenberg
Eric Nierenberg, age 51, is Executive Vice President, Chief Financial Officer, and Treasurer of CRA International (CRAI), effective August 4, 2025, and designated as the company’s principal financial officer; he certified CRAI’s Q3 FY2025 Form 10-Q as PFO on October 30, 2025 . He rejoined CRA’s senior management as a Vice President in 2023 and previously served as Chief Strategy Officer of MassPRIM (2017–2022), after portfolio management roles at LMCG Investments and Independence Investments; he also started his career as an analyst in CRA’s Finance Practice and holds BA/MA in economics and a PhD in business economics from Harvard University . During FY2021–FY2024, CRA’s revenue grew from $565.9m to $687.4m, while EBITDA increased from $68.5m to $82.2m (see Performance table below) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| CRA International (CRAI) | EVP, CFO & Treasurer; designated Principal Financial Officer | 2025–present | Took over as CFO and PFO effective Aug 4, 2025; entered executive severance agreement; certified Q3 FY2025 10-Q |
| CRA International (CRAI) | Vice President (Senior Management) | 2023–2025 | Helped practices position for sustained success; promoted to CFO in 2025 |
| MassPRIM (MA state pension) | Chief Strategy Officer | 2017–2022 | Led strategic initiatives at one of the largest U.S. public pension funds |
| LMCG Investments | Equity Portfolio Manager | Not disclosed | Portfolio management responsibilities |
| Independence Investments | Equity Portfolio Manager | Not disclosed | Portfolio management responsibilities |
| CRA International (CRAI) | Analyst, Finance Practice | Early career | Began career at CRA |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Hydro-Québec Pension Fund investment funds | Board member | Current | Board member of funds dedicated to the Hydro-Québec Pension Fund |
| Brandeis University, International Business School | Adjunct Professor of Finance | Current | Teaching appointment in finance |
Fixed Compensation
| Component | Value | Terms |
|---|---|---|
| Base salary | $400,000 | Effective Aug 4, 2025 |
| Target annual cash bonus | $250,000 | Max $425,000; 50% corporate performance; 50% individual objectives (FY2025) |
Performance Compensation
Annual Incentive (Plan design applicable to CFO role)
| Metric | Weighting | Targets (illustrative from FY2024 plan design) | Payout mechanics | Notes |
|---|---|---|---|---|
| Corporate performance (non-GAAP net revenue) | 25% of CFO target bonus | FY2024 target: $675.3m; adjusted to $675.9m; FY2024 actual: ~$687.4m; paid at ~102% of target component | 1% payout change per 1% vs target (cap at 200% for this component) | FY2024 plan design indicates CFO’s corporate metrics split equally between revenue and “Performance Compensation EBITDA” |
| Corporate performance (Performance Compensation EBITDA) | 25% of CFO target bonus | FY2024 target: $125.1m; adjusted to $125.4m; FY2024 actual: ~$131.9m; paid at ~105.2% of target component | 1% payout change per 1% vs target (cap at 200% for this component) | As above |
| Individual strategic goals | 50% of CFO target bonus | Not disclosed | Linear scale with cap at 140% of target component | As used for executive officers in FY2024 |
For Nierenberg’s FY2025 bonus, the weighting is 50% corporate / 50% individual; specific FY2025 corporate targets were not disclosed at appointment .
Long-Term Incentive (granted at promotion)
| Award type | Target grant value | Max value | Vesting schedule | Performance period / metrics |
|---|---|---|---|---|
| RSUs | $130,000 | N/A | 25% on each of the 1st–4th anniversaries of grant date, continued service required | Time-based |
| PRSUs | $195,000 | $292,500 | 50% vests at performance certification; 25% on 3rd anniversary; 25% on 4th anniversary (continued service) | Dec 29, 2024–Jan 2, 2027; performance goals set by Compensation Committee |
CRAI’s broader LTIP design for executives ties PRSUs to multi-year non-GAAP revenue growth and average “Performance Compensation EBITDA” margin; RSUs and PRSUs accrue dividend equivalents that vest only if underlying awards vest .
Equity Ownership & Alignment
- Stock ownership guidelines: Executives must maintain ownership equal to 300% of base salary; awards counted include vested options and shares from RSUs/PRSUs; sales/transfers restricted until guidelines met (with limited exceptions) .
- Hedging/derivatives/short sales: Prohibited for directors, officers, employees, and consultants .
- Pledging: Prohibited without CEO or General Counsel approval .
- Clawback: Policy enables recovery of erroneously awarded incentive compensation from current/former named executive officers following a restatement (3-year lookback), in addition to SOX 304 .
- Beneficial ownership disclosure: Nierenberg was not listed as a named executive officer or beneficial owner in the April 22, 2025 proxy security ownership table and executive roster (he was promoted to executive officer in July 2025) .
Employment Terms
| Term | Severance (no change-in-control) | Change-in-control within 12 months (double trigger) | Equity treatment | Restrictive covenants |
|---|---|---|---|---|
| Cash severance | 1.0x (base salary + target bonus) paid over 12 months; plus pro‑rata target bonus for year of termination | 1.5x (base salary + target bonus) lump sum; plus pro‑rata target bonus lump sum | Time-based equity fully vests at termination; PRSUs remain outstanding and vest based on actual performance at end of period; time-vesting deemed satisfied then; non-vested portion forfeited | 12 months post-termination non-compete and non-solicit; non-compete support payments apply in limited cases; confidentiality and non-disparagement provisions; arbitration forum MA |
| Benefits | 12 months cash payments equal to COBRA and employer life insurance contribution (payroll schedule) | Lump sum equal to 12 months COBRA and employer life insurance contribution | If awards not assumed in a CIC: time-vested awards fully vest pre‑CIC; performance awards vest based on truncated period performance, pro‑rated for period elapsed | 280G cutback to avoid excise tax if beneficial to executive; 409A compliance |
Company Performance (context for pay-for-performance)
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenue ($ USD) | $565.9m | $590.9m | $624.0m | $687.4m |
| EBITDA ($ USD) | $68.5m* | $70.7m* | $68.2m* | $82.2m* |
*Values retrieved from S&P Global.
Additional operating highlights under Nierenberg’s tenure as PFO: Q3 FY2025 revenue $185.9m (+10.8% y/y), non‑GAAP EBITDA $24.4m (13.1% margin), and a 16% dividend increase; he also issued prepared CFO remarks outlining utilization, headcount, SG&A, and liquidity .
Governance and Shareholder Feedback
- 2024 Say‑on‑Pay approval: >94% support, indicating strong shareholder alignment with the compensation program design .
- Compensation Committee uses independent consultant Semler Brossy; plan emphasizes variable pay, multi-year PRSUs, ownership guidelines, and clawback risk mitigation .
Investment Implications
- Pay-for-performance alignment and retention: Nierenberg’s package is balanced—50% of annual bonus tied to corporate metrics and 50% to individual goals, with multi-year PRSUs and four-year RSU vesting; this supports retention while linking pay to revenue and profitability outcomes .
- Separation economics moderate: Severance of 1.0x (or 1.5x with double-trigger CIC) plus pro‑rata bonus and full acceleration of time-based equity is competitive but not excessive; PRSUs vest strictly on actual performance, limiting windfalls on departure .
- Alignment safeguards: Robust clawback, hedging/derivative prohibitions, and restricted pledging mitigate risk of misalignment; ownership guideline at 300% of salary further aligns long-term incentives .
- Potential insider selling pressure: Four-year, 25%-per‑year RSU vesting cadence can create periodic supply; PRSU settlements are partly immediate at certification with remaining tranches extended, smoothing some overhang .
- Execution track record and credentials: Former MassPRIM CSO and experienced portfolio manager with Harvard PhD—combined with early CRA career—suggest strong capital allocation and analytical rigor; early CFO period included solid growth and a dividend increase, though broader team efforts contribute to results .
Note: Beneficial ownership for Nierenberg was not disclosed in the April 2025 proxy (he was not an executive officer as of that record date); monitor future proxies and Form 4 filings for direct ownership, vesting, or sales to assess real‑time alignment and selling pressure .