Thomas Avery
About Thomas Avery
Independent director at CRA International since February 2016; age 71 as of April 22, 2025. Former managing director at Raymond James (2000–2014), with prior senior roles in investment banking and venture capital at Interstate/Johnson-Lane, Noro-Moseley Partners, Summit Partners, and The Robinson-Humphrey Company. Education: B.S. in Industrial Management (Georgia Institute of Technology) and M.B.A. (Harvard Business School). CRAI’s board identifies him for significant investment banking and venture capital experience with deep professional services industry knowledge; he is considered independent under Nasdaq rules.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Raymond James & Associates | Managing Director | Aug 2000 – Dec 2014 | Led investment banking; capital markets experience |
| Interstate/Johnson-Lane | Head of Investment Banking; Co-Head Equity Capital Markets | 1995 – 2000 | Built and led IB/ECM functions |
| Noro-Moseley Partners | General Partner | 1989 – 1995 | Venture capital investing |
| Summit Partners | General Partner | 1984 – 1989 | Growth equity/VC investing |
| The Robinson-Humphrey Company | Senior Vice President | 1977 – 1984 | Investment banking leadership |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| ArborGen Inc. | Director | Since Jul 2018 | Biotechnology tree seedling company; board service |
| Cicero, Inc. | Director | Jul 2015 – 2020 | Public company board service |
| KIPP Metro Atlanta | Director | Not disclosed | Charter school organization; community impact |
| PowerUp (501(c)(3)) | Director | Not disclosed | Non-profit serving low-income children |
Board Governance
- Independence: All directors except CEO are independent; Avery is independent under Nasdaq rules.
- Committee assignments (current roster): Compensation Committee member; committee chaired by Heather Tookes; other members include Concannon and Detrick. Avery served part of fiscal 2024 as Compensation Committee Chair (cash fees reflect prorated chair service).
- Other committees: Avery is not listed on Audit, Nominating & Governance, or Executive Committees.
- Attendance/engagement: Board met 7 times in fiscal 2024; each incumbent director attended at least 75% of board/committee meetings; all nine directors attended the 2024 annual meeting. Compensation Committee met 8 times; Nominating & Governance met 4 times; Audit met 8 times.
- Lead independent director: William Concannon.
- Director retirement policy: No nomination for reelection after age 72 unless waived.
Fixed Compensation (Director Pay – Fiscal 2024)
Policy and structure:
- Annual cash retainer: $85,000 for non-employee directors (raised from $75,000 effective Jan 1, 2024).
- Chair fees: Audit Chair $25,000; Compensation Chair $20,000; Executive and Nominating & Governance Chairs $10,000; Lead Director $30,000.
- Committee member fees: $5,000 for service on each committee above one; additional $1,500 per meeting attended after the eighth meeting (no committees exceeded eight meetings in 2024).
Avery’s actual compensation earned (Fiscal 2024):
| Component | Amount ($) |
|---|---|
| Fees Earned or Paid in Cash | 95,000 |
| Stock Awards (RSUs; grant-date fair value) | 124,908 |
| Total | 219,908 |
Grant and vesting detail:
- Annual RSU grant: 700 shares on July 18, 2024 (valued at $125,000), vesting in four equal annual installments.
- Unvested RSUs outstanding at Dec 28, 2024: 2,275 shares.
Performance Compensation
- Directors do not receive performance-based equity; annual equity is time-vesting RSUs with four-year vesting and dividend equivalents paid only upon vesting. No PSUs, options, or performance metrics for director compensation are disclosed.
Other Directorships & Interlocks
- No compensation committee interlocks or insider participation issues reported; 2024 Compensation Committee members (including Avery) were not officers, former officers, or related persons under Item 404.
- Related-party transactions: None in fiscal 2024.
Expertise & Qualifications
- Capital markets and venture capital expertise from senior roles at Raymond James, Interstate/Johnson-Lane, Noro-Moseley, Summit Partners; professional services industry understanding; degrees from Georgia Tech and Harvard Business School.
Equity Ownership
| Category | Shares/Status |
|---|---|
| Beneficial ownership (outstanding shares) | 14,669 |
| Right to acquire within 60 days | 0 |
| Unvested RSUs (as of Dec 28, 2024) | 2,275 |
| Director stock ownership guideline | 300% of annual fee ($85,000); all directors meet guidelines |
| Hedging/short sales | Prohibited by trading policy |
| Pledging | Prohibited without CEO/GC approval |
Insider Trades (Form 4)
| Trade Date | Action | Shares | Price ($) | Post-Transaction Holdings | Source |
|---|---|---|---|---|---|
| 2025-02-24 | Sale | 1,000 | 199.05 | 14,669 | https://www.sec.gov/Archives/edgar/data/1053706/000141588925005711/xslF345X05/form4-02262025_100241.xml |
| 2024-03-04 | Sale | 1,000 | 138.05 | 15,504 | https://www.sec.gov/Archives/edgar/data/1053706/000141588924007124/xslF345X03/form4-03072024_120333.xml |
Additional filing noted: Form 4 filed July 21, 2025 for Avery (issuer CRAI).
Governance Assessment
- Board effectiveness: Avery’s long finance and capital markets background complements CRAI’s professional services model; his service on the Compensation Committee (including partial chair tenure in 2024) indicates active involvement in executive pay structures and risk mitigation.
- Independence and attendance: Independent under Nasdaq rules; attends at least 75% of meetings; committee cadence indicates active engagement.
- Alignment: Director pay mix balanced between cash and long-term RSUs; director ownership guideline at 300% of annual fee with compliance across all directors supports alignment; dividends on RSUs deferred until vesting.
- Conflicts: No related-party transactions reported; no compensation interlocks; hedging and short sales prohibited; pledging tightly controlled.
- Signals: Board increased director cash retainer to $85,000 and annual RSU grant value to $125,000 in 2024, consistent with competitive practices; strong 94% say‑on‑pay approval in July 2024 suggests shareholder support for compensation governance overseen by the Compensation Committee.
RED FLAGS: None disclosed related to related-party transactions, hedging/pledging, option repricing, or attendance shortfalls; note periodic open-market sales by Avery (routine liquidity events) without disclosed anomalies.