Anna Shlimak
About Anna Shlimak
Cronos Group’s Chief Financial Officer since March 19, 2025 (age 39), Anna Shlimak has been with the company since May 2018 across investor relations, corporate affairs, strategy, and CIO/IT oversight, and previously served as Chief Strategy Officer; she holds an MBA from Columbia Business School and a BS in Economics from The Wharton School, University of Pennsylvania . In 2024, Cronos delivered Cronos Net Revenue of $111.9 million and Cronos Adjusted EBITDA of -$38.7 million; the 2024 business performance factor for bonuses scored 138.2% on the company’s revenue/EBITDA framework, with Shlimak’s individual performance rated at 102% and a bonus of $287,278 . She led cost optimization initiatives contributing to approximately $8.7 million in operating expense savings and broadened government affairs and cybersecurity programs, signaling execution on efficiency and governance priorities ahead of her CFO appointment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cronos Group Inc. | Chief Financial Officer | Mar 2025–present | Leads financial strategy; succeeded outgoing CFO; continuation of cost discipline and growth initiatives . |
| Cronos Group Inc. | Chief Strategy Officer | Sep 2024–Mar 2025 | Directed corporate strategy, IR, communications, govt affairs, and information systems; advanced cost savings and cybersecurity . |
| Cronos Group Inc. | SVP, Head of Strategy & Corporate Affairs | Jul 2020–Aug 2024 | Managed strategy, IR, comms, government affairs; executed realignment and cost reductions . |
| Cronos Group Inc. | SVP, Corporate Affairs | Feb 2020–Jul 2020 | Led corporate affairs and IR . |
| Cronos Group Inc. | Head of Investor Relations & Communications | May 2018–Feb 2020 | Built investor relations function and reporting . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Quest Partners LLC | Head of Investor Relations | Pre-2018 | Business development, investor reporting, marketing and communications for a research-driven alternatives firm . |
| New York Stock Exchange (NY & London) | Various roles | Pre-Quest | Market structure and global capital markets experience . |
Fixed Compensation
| Item | 2024 (while SVP/CSO) | 2025 CFO Terms |
|---|---|---|
| Base Salary | $279,231 reported for 2024; increased to $310,000 effective Aug 23, 2024 . | $372,000 per Shlimak CFO Agreement dated Mar 19, 2025 . |
| Target Bonus % | 83% of salary (fixed-dollar target $232,200 set Aug 23, 2024) . | 115% of base salary . |
| Actual Short-Term Bonus | $287,278 (Business rating 138.2%, Individual rating 102%) . | N/A (appointed Mar 19, 2025) . |
| One-time Retention Bonus | $34,830 paid Mar 22, 2024; subject to forfeiture/clawback until Mar 22, 2025 . | — |
Performance Compensation
Annual Cash Incentive (2024 STIC Program)
- Design: 60% Company “Business Performance” and 40% Individual Performance; max payout 142% of target .
- Metrics and scoring framework used for Business Performance component (average of two equally weighted measures) .
| Metric | Threshold | Target | Maximum | 2024 Actual | Measure Rating | Weight in Business Component |
|---|---|---|---|---|---|---|
| Cronos Net Revenue ($mm) | 74.1 | 98.8 | 123.6 | 111.9 | 126.4% | 50% |
| Cronos Adjusted EBITDA ($mm) | -67.5 | -54.0 | -40.5 | -38.7 | 150.0% | 50% |
| Business Component Rating | 138.2% | — |
| Executive | Target Bonus ($) | Business Rating | Individual Rating | Payout ($) |
|---|---|---|---|---|
| Anna Shlimak | 232,200 | 138.2% | 102% | 287,278 |
Long-Term Equity (RSUs)
| Grant | Grant Date | Instrument | Grant Size | Grant Date Fair Value | Vesting |
|---|---|---|---|---|---|
| Annual LTI (2024) | Mar 8, 2024 | RSUs | 137,055 | $270,000 | Ratable over 3 years on Mar 8, 2025/2026/2027 . |
| CFO Appointment Award | Mar 19, 2025 | RSUs | N/A | $157,800 | Terms per CFO Agreement; equity target 115% of base starting FY2026 . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 254,186 shares; <1% of outstanding (as of Mar 31, 2025) . |
| Unvested RSUs Outstanding (12/31/2024) | 30,000 (vest 3/15/2025); 90,452 (vest 3/15/2025 & 3/15/2026); 137,055 (vest 3/8/2025, 3/8/2026, 3/8/2027) . |
| Options | None shown outstanding for Shlimak as of 12/31/2024 . |
| Ownership Guidelines | 2x salary for executive officers; 5 years to comply; executives are within window . |
| Pledging/Hedging | Prohibited by Insider Trading Policy; no pledging allowed; hedging instruments also prohibited . |
Upcoming Vesting Schedule (Potential Selling Pressure Considerations)
| Date | RSUs Scheduled to Vest | Notes |
|---|---|---|
| Mar 8, 2025 | Portion of 137,055 tranche vests (1/3) . | Standard ratable vesting; subject to trading windows and policy . |
| Mar 15, 2025 | 30,000; plus 1/2 of 90,452 (first ratable installment) . | — |
| Mar 8, 2026 | Second 1/3 of 137,055 . | — |
| Mar 15, 2026 | Second 1/2 of 90,452 . | — |
| Mar 8, 2027 | Final 1/3 of 137,055 . | — |
Employment Terms
| Provision | Shlimak CFO Agreement (effective Mar 19, 2025) |
|---|---|
| Base/Bonus/Equity | $372,000 base; 115% target bonus; annual equity target 115% of base from FY2026; one-time RSU $157,800 at appointment . |
| Severance (No Cause / Good Reason) | Cash severance equal to 1x base salary; benefits continuation up to 1 year; pro-rated annual bonus; subject to release . |
| Change-of-Control Treatment | RSUs generally accelerate on double-trigger (termination without cause or for good reason on/within 1 year after CoC); death = full vest; disability = continue vesting (company-wide NEO RSU terms) . |
| Restrictive Covenants | Confidentiality and unilateral non-disparagement (perpetual); non-compete and customer non-solicit during employment and 1 year post-termination; employee non-solicit during employment and 2 years post-termination . |
| Clawbacks | Company-wide clawback on cash and equity incentive comp (including time-based equity) for covered employees; restatement recovery policy aligned to SEC Rule 10D-1 . |
| Perquisites/Pension/Deferred Comp | No perquisites in 2024; no defined benefit pension; no nonqualified deferred compensation paid in 2024 . |
| Anti-Hedging/Pledging | Hedging and pledging prohibited; trading subject to blackout windows unless under compliant 10b5-1 plan . |
Performance & Track Record (selected company metrics relevant to incentive alignment)
| Metric (FY2024) | Result |
|---|---|
| Cronos Net Revenue | $111.9 million (used for bonus plan) . |
| Cronos Adjusted EBITDA | -$38.7 million (used for bonus plan) . |
| Adjusted EBITDA (consolidated) | -$34.9 million; improved from -$63.7 million in 2023 . |
| Business Performance Rating (STIC) | 138.2% . |
Notable contributions in 2024 included achieving approximately $8.7 million in operating expense reductions, enhancing government affairs engagement, and advancing cybersecurity initiatives—areas she led as CSO and in prior strategy roles .
Compensation Structure Analysis
- Mix and leverage: Majority of total pay at risk via annual bonus and multi-year RSUs; no perquisites; ownership guidelines and multi-year vesting strengthen alignment .
- Metrics rigor: Company results exceeded revenue target and beat the maximum on adjusted EBITDA (on the defined “Cronos Adjusted EBITDA” basis), pushing the Business component to 138.2%; individual ratings added differentiation (Shlimak 102%) .
- Governance safeguards: Double-trigger CoC vesting (standard NEO RSUs), anti-hedging/anti-pledging, and robust clawbacks reduce misalignment and risk-taking incentives .
Equity Ownership & Alignment Details
| Aspect | Status |
|---|---|
| Beneficial ownership as % of shares outstanding | <1% (254,186 shares of 385,406,395 outstanding as of Mar 31, 2025) . |
| Vested vs Unvested | Unvested RSUs total 257,507 as of 12/31/2024 with defined vesting dates through 2027 . |
| Pledging/Hedging | Prohibited by policy; reduces margin-call or hedge-related sell pressure . |
| Ownership guideline compliance | Executives have up to 5 years; executives are within the compliance window . |
Say‑on‑Pay & Shareholder Feedback (context)
- 2024 say‑on‑pay support was approximately 96%, indicating strong investor endorsement of the pay program design underpinning current executive incentives .
Investment Implications
- Pay-for-performance linkage appears credible: 2024 cash bonuses reflected strong revenue outperformance and significant improvement on adjusted EBITDA, while equity grants vest over three years, aligning Shlimak’s upside with sustained execution .
- Limited selling pressure near term: Anti-pledging/hedging rules and ownership guidelines constrain discretionary selling; nonetheless, multiple RSU tranches vest in March 2025–2027, creating periodic liquidity windows to monitor in Form 4s .
- Retention risk mitigated: One-time retention bonus (earned March 2025), market-competitive CFO package, double-trigger CoC protection, and clear severance reduce retention risk while maintaining governance guardrails via non-compete/solicit and clawbacks .
- Execution signal: Her track record across strategy, cost optimization (~$8.7m savings), and stakeholder engagement supports confidence in ongoing profitability and control environment initiatives as Cronos scales internationally .