Anthony Belcastro
About Anthony Belcastro
Anthony P. Belcastro is Senior Vice President, Controller and Chief Accounting Officer at Crawford & Company, appointed March 18, 2024; he joined the company January 1, 2024. He is 43, a CPA, and holds undergraduate degrees in Accounting and Business Management plus a Master of Accounting from North Carolina State University; he previously held senior controllership roles at WestRock, ABB Industrial Solutions/GE, and began his career at PwC . In role, he leads corporate, domestic and international technical and operational accounting, financial systems, internal controls, and SEC reporting, reporting to the CFO . Company performance in his first year included revenue before reimbursements of $1,293.9 million, adjusted operating earnings of $82.5 million, adjusted operating margin of 6.4%, and LTIP earnings-per-share metric of $0.74 for 2024 .
2024 Company Performance Context
| Metric | FY 2024 |
|---|---|
| Revenue before Reimbursements ($mm) | 1,293.9 |
| Adjusted Operating Earnings ($mm) | 82.5 |
| Adjusted Operating Margin (%) | 6.4% |
| EPS used for 2024–2026 LTIP (adjusted definition) | $0.74 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| WestRock Company | Vice President, Corporate Controller | Mar 2021–Mar 2024 | Led corporate controllership at a large industrial company |
| ABB Industrial Solutions (acquired from GE) | Vice President, Controller | Jul 2018–Mar 2021 | Led controllership through strategic transition from GE to ABB |
| GE (Industrial Solutions) | Controller | Nov 2016–Jun 2018 | Managed divisional controllership at a global conglomerate |
| PwC | Transaction Services and Assurance | Early career | Built technical accounting and transaction diligence foundation |
Fixed Compensation
- Appointment filing states he is eligible for salary, annual cash incentive awards, long‑term incentive equity awards, and participation in benefits commensurate with role; specific dollar amounts are not disclosed .
- Senior executive compensation at Crawford is structured across base salary, annual cash incentive (STIP), and long‑term incentives (RSUs and PSUs) administered by the Compensation and Human Capital Committee; design emphasizes pay-for-performance and risk safeguards .
Performance Compensation
Short-Term Incentive Plan (STIP) Architecture (Company-wide 2024)
| Metric | Weight | Threshold vs Target | Target | Maximum vs Target | Actual Performance |
|---|---|---|---|---|---|
| Revenue | 25% | 95% of target | Operating plan | 110% of target | $1,293.891mm |
| Adjusted Operating Earnings | 50% | 90% of target | Operating plan | 115% of target | $82.5mm |
| Adjusted Operating Margin | 25% | 95% of target | Operating plan | 110% of target | 6.4% |
| STIP Funding Results (Total Company, 2024) | Payout Achieved |
|---|---|
| Revenue metric | 90.3% |
| Operating Earnings metric | 31.1% |
| Operating Margin metric | 0% |
| Overall achievement factor | 38.2% of target |
Note: Individual targets and payouts for Mr. Belcastro were not disclosed; above reflects company-level STIP design and funding outcomes .
Long-Term Incentive Plan (LTIP) Design (2024 awards)
| Performance Level | 2024–2026 Cumulative EPS (adjusted per plan) | PSU Payout |
|---|---|---|
| Below Threshold | < $2.64 | 0% |
| Threshold | ≥ $2.64 | 30% |
| Target | $2.95–$3.11 | 100% (flat within band) |
| Maximum | ≥ $3.42 | 200% |
- Time-vested RSUs generally vest ratably over three years (e.g., 33%/33%/34%), with some grants vesting 100% at year-end schedules; 2024 RSUs vest 100% on Dec 31, 2026 (company program references) .
Equity Ownership & Alignment
| Executive Level | Stock Ownership Guideline |
|---|---|
| Senior Vice Presidents | 1.0x base salary OR 45,000 shares; must retain at least 75% of net shares until guideline met |
- Hedging and pledging of Crawford stock are prohibited for officers and directors; no exceptions are permitted .
- Clawback policy effective July 28, 2023 (Exchange Act Rule 10D/NYSE compliant) enables recovery of incentive compensation upon accounting restatement or misconduct; applies to current and former executive officers with a three-fiscal-year recovery window .
- Equity awards are in Class A shares; acceleration/continued vesting provisions apply for death, disability, retirement, termination without cause, and change-in-control per plan terms (performance awards vest pro rata on CoC; time-based awards vest at 100% on CoC) .
- Individual beneficial ownership for Mr. Belcastro is not listed in the proxy’s named table; only directors/NEOs and group totals are disclosed .
Employment Terms
- Appointed SVP, Controller and Chief Accounting Officer effective March 18, 2024; joined January 1, 2024; reports to CFO .
- No special arrangements or understandings regarding his appointment; no family relationships with directors/executives; no related party transactions reportable under Item 404(a) .
- Responsibilities include leadership of corporate, domestic and international accounting, financial systems, internal controls, and SEC reporting .
- Company-wide policies cover equity grant timing windows (avoid grants around SEC filing windows) and a formal Insider Trading Policy filed as a 10-K exhibit .
Performance & Track Record
| Year | Class A / Class B $100 Investment Value | Peer Group $100 Investment Value | Net Income Attributable to Shareholders ($000s) | Adjusted Operating Earnings ($000s) |
|---|---|---|---|---|
| 2020 | $66 / $73 | $106 | $28,296 | $71,830 |
| 2021 | $69 / $78 | $125 | $30,692 | $62,505 |
| 2022 | $53 / $57 | $149 | $(18,305) | $61,879 |
| 2023 | $129 / $145 | $164 | $30,609 | $85,361 |
| 2024 | $116 / $133 | $220 | $26,529 | $82,500 |
Note: These are company-level TSR proxies, net income, and adjusted operating earnings spanning periods before and during Mr. Belcastro’s tenure; they frame execution backdrop.
Governance & Shareholder Feedback
- 2023 say‑on‑pay approval: approximately 92.1% “FOR,” which the committee considered in ongoing compensation oversight .
- No related party transactions in 2024 per proxy disclosure .
Investment Implications
- Alignment: Strong structural alignment via ownership guidelines for Senior Vice Presidents (1.0x salary or 45,000 shares), mandatory net share retention, clawback coverage, and strict anti‑hedging/pledging—collectively mitigating adverse incentive risks .
- Retention risk: New appointment with enterprise‑critical responsibilities and standard participation in STIP/LTIP suggest competitive retention levers; absence of disclosed bespoke severance for him narrows “golden parachute” exposure, while plan‑level acceleration terms provide baseline protection .
- Selling pressure: Company RSU schedules concentrate vesting at year‑end and over three years; hedging/pledging prohibitions and ownership retention requirements structurally reduce forced selling dynamics; individual holdings for Mr. Belcastro are not disclosed, so monitoring Form 4s remains prudent .
- Performance linkage: STIP weighted 50% to operating earnings and 25% each to revenue and margin; LTIP driven by cumulative EPS—both align accounting leadership accountability with value creation metrics during his tenure .