Andrew Africk
About Andrew Africk
Andrew Africk (age 59 as of June 16, 2025) is an independent director of CVD Equipment Corporation appointed on May 28, 2024. He is founder of Searay Capital LLC (established July 2013), previously spent 21 years as a Senior Partner at Apollo Global Management leading technology and communications investments, and served on ADT Inc.’s board within the last five years. Africk holds a B.A. in Economics from UCLA, a J.D. from the University of Pennsylvania Law School, and an MBA from Wharton; he also serves on the Board of Advisors of the University of Pennsylvania School of Engineering and Applied Science .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Apollo Global Management | Senior Partner; led private equity & capital markets investments in tech/communications | 21 years (dates not individually disclosed) | Extensive board experience across technology companies while at Apollo |
| ADT Inc. | Director | Within last five years (specific dates not disclosed) | Public company board governance exposure |
External Roles
| Organization | Role | Start/Timing | Notes |
|---|---|---|---|
| Searay Capital LLC | Founder | July 2013 | Private investment firm |
| University of Pennsylvania School of Engineering and Applied Science | Board of Advisors | Not disclosed | Academic advisory role |
Board Governance
- Committee assignments: Member, Compensation Committee (Chair: Ashraf Lotfi; other members: Lawrence J. Waldman and Andrew Africk) .
- Not on Audit Committee (members: Lawrence J. Waldman-Chair, Robert M. Brill, Debra Wasser) and not on Nominating, Governance & Compliance Committee (members: Robert M. Brill-Chair, Ashraf Lotfi, Debra Wasser) .
- Independence: CVV’s board has a majority of independent directors; Africk is designated “independent” under NASDAQ rules .
- Attendance/engagement: In fiscal 2024 the Board met nine times; each director attended at least 75% of Board and committee meetings. Independent director executive sessions are a standing agenda item and are held in connection with 100% of regularly scheduled Board meetings .
- Board leadership: Non-executive Chairman (Lawrence J. Waldman); roles of Chairman and CEO are separated, facilitating independent oversight .
Fixed Compensation
| Item | Amount | Timing/Notes |
|---|---|---|
| Annual Board Cash Compensation | $40,000 | Director compensation plan (effective Oct 1, 2021) |
| Committee Chair – Audit | $25,000 | Additional chair retainer |
| Committee Chair – Compensation/Nominating/Strategic Planning | $10,000 | Additional chair retainer |
| Board Leadership Compensation (Non-Executive Chairman) | $48,000 | Additional leadership retainer |
| Andrew Africk – Cash Fees (FY2024 actual) | $23,736 | Prorated due to appointment on May 28, 2024 |
Performance Compensation
| Equity Award | Amount | Grant Timing | Vesting/Terms |
|---|---|---|---|
| Annual Equity Retainer (standard) | $40,000 | Automatically granted on the date of the annual meeting | |
| Andrew Africk – Restricted Stock Awards (FY2024 actual) | $23,736 | FY2024 director compensation (prorated) | |
| FY2025 Equity Retainer (planned) | $40,000 | To be determined/granted at the 2025 shareholder meeting (excludes in ownership table) |
No director performance metrics (e.g., TSR/EBITDA tied awards) are disclosed for non-employee directors; compensation consists of fixed cash retainers and time-based equity retainers .
Other Directorships & Interlocks
| Company/Organization | Role | Interlock/Conflict Note |
|---|---|---|
| ADT Inc. | Director (within last five years) | No disclosed related-party transactions or supply/customer interlocks with CVV |
| University of Pennsylvania (Engineering) | Board of Advisors | Academic advisory role; no related-party transactions disclosed |
Expertise & Qualifications
- 30+ years financing, analyzing, and investing in public/private companies; private equity leadership in technology and communications sectors .
- Multi-degree background (Economics BA; JD; MBA), blending legal, financial, and strategic perspectives; advisory role at a leading engineering school .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Andrew Africk / ADA Partners, L.P. | 1,306,515 | 19.0% | ADA Partners, L.P. is direct owner; ADA Partners GP, LLC is GP of ADA Partners; Africk is sole member/manager of GP and may be deemed beneficial owner. Africk disclaims beneficial ownership except to extent of pecuniary interest . |
Group holding totals and director/executive ownership are disclosed; Africk’s sizeable ownership aligns interests but concentrates influence .
Say-on-Pay & Shareholder Feedback
| Item | 2024 Outcome | 2025 Outcome |
|---|---|---|
| Say-on-Pay approval (Votes For/Against/Abstain; Broker Non-Votes) | 3,168,590 For / 244,613 Against / 7,894 Abstain; 1,979,465 Broker Non-Votes | 2,717,857 For / 22,289 Against / 17,985 Abstain; 2,206,675 Broker Non-Votes |
| Auditor Ratification (Votes For/Against/Abstain) | 5,382,634 / 12,741 / 5,187 | 4,919,573 / 36,254 / 8,979 |
| Africk Director Election (Votes For/Withheld; Broker Non-Votes) | 3,409,454 / 11,643; 1,979,465 Broker Non-Votes | 2,545,262 / 212,869; 2,206,675 Broker Non-Votes |
Governance Assessment
- Alignment and engagement: Africk is an independent director with deep investment experience; board conducts regular independent executive sessions and maintains separated Chair/CEO roles, supporting oversight quality .
- Ownership signal: Africk’s ~19% beneficial stake (via ADA Partners, L.P.) materially aligns interests with shareholders and can strengthen accountability; however, concentration of ownership warrants monitoring for influence dynamics .
- Committee role: Membership on the Compensation Committee places Africk in a key position affecting pay design; board uses an established director pay plan with balanced cash and equity retainer and has an SEC/NYSE-compliant clawback policy (effective Oct 2, 2023) for executives—positive governance hygiene .
- Shareholder support: Strong say-on-pay approvals in 2024 and 2025 and solid director election vote totals suggest investor confidence in governance and compensation oversight .
RED FLAGS / Watch Items
- Significant ownership plus Compensation Committee seat: While permitted, investors should monitor any perceived or actual conflicts arising from Africk’s dual role as a major shareholder and compensation decision-maker; no specific related-party transactions are disclosed, and CVV has a formal related-party transaction approval policy threshold of $120,000 routed to Audit/Board if exceeded .
- Disclosure gaps: No director-specific stock ownership guidelines, pledging/hedging disclosures, or performance-based director equity metrics are provided—common for small-cap boards but limits assessment of long-term alignment beyond retainers .