Todd A. Correll
About Todd A. Correll
Todd A. Correll (age 57) is an independent director of Data Storage Corporation (DTST). He previously served on the DTST board from 2014–2017 and was reappointed on November 5, 2019. Correll was CEO of Broadsmart Florida, Inc. (facility-based VoIP carrier) from 2001–2017, leading its nationwide expansion and sale to MagicJack in 2016 for $42 million; he later served as a financial/operations executive consultant and board member at SACo from 2017–2022. He studied at Syracuse University and holds a pilot’s license and USCG Captain’s license, reflecting operational discipline and leadership credentials .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Broadsmart Florida, Inc. | Chief Executive Officer | 2001–2017 | Led transformation into nationwide carrier; sale to MagicJack for $42M in 2016 |
| SACo (online retail) | Executive consultant and board member | 2017–2022 | Operational and financial oversight for growth-stage e-commerce |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| SACo (private) | Board member | 2017–2022 | Not a public company; complements telecom/operations background |
Board Governance
- Independence: The Board determined Correll is independent under Nasdaq rules .
- Committee assignments: Member, Compensation Committee; Member, Merger & Acquisition (M&A) Committee .
- Committee chairs: Compensation Committee chaired by Matthew Grover; M&A Committee chaired by Lawrence A. Maglione, Jr. .
- Attendance: Each director met at least 75% participation in 2024 board/committee meetings; Board held 8 meetings; Compensation 7; M&A 1 .
- Years of service: Director since 2019 (previous service 2014–2017) .
- Lead Independent Director: None; CEO is also Chairman .
- Executive sessions: Independent directors meet in executive session at least twice per year .
Fixed Compensation
2024 non-employee director compensation (amounts reflect DTST’s disclosed structure):
| Component | Amount (USD) |
|---|---|
| Cash fees | $8,000 |
| Stock awards (grant-date fair value) | $30,700 |
| Option awards (grant-date fair value) | $27,698 |
| Total | $66,398 |
Notes:
- DTST states director compensation includes cash fees, RSUs and options; valuation uses ASC 718 and Black-Scholes methodologies .
Performance Compensation
Equity awards and vesting alignment:
| Metric | Detail |
|---|---|
| Outstanding options (as of Dec 31, 2024) | 25,627 options |
| Outstanding unvested RSUs (as of Dec 31, 2024) | 5,000 RSUs |
| Vesting schedule (general) | Options/RSUs vest 33.33% annually over 3 years (Board service grants) |
| Change-in-control treatment | All unvested equity awards for employees and directors fully accelerate upon the Divestiture close (single-trigger) |
Governance signal: Single-trigger acceleration for directors at change-in-control can misalign incentives with shareholder outcomes if acceleration occurs without post-transaction service requirements .
Other Directorships & Interlocks
- Current public company boards: None disclosed beyond DTST .
- Private/other boards: SACo (2017–2022) .
- Shared directorships/related parties: No disclosures indicating Correll-related party transactions; DTST’s related-party items primarily involve entities associated with Harold Schwartz and Charles Piluso (leases, equipment financing) .
Expertise & Qualifications
- Telecom and voice/data operations leadership (VoIP, carrier build-out) .
- Financial and operational consulting experience for e-commerce .
- Regulatory/operational discipline (pilot’s and USCG Captain’s licenses) .
Equity Ownership
Beneficial ownership and alignment:
| Item | Value |
|---|---|
| Beneficial ownership (Record Date Aug 7, 2025) | 50,831 shares; <1% of outstanding |
| Common shares owned (included in beneficial ownership) | 33,540 shares |
| Options exercisable within 60 days (included in beneficial ownership) | 17,291 shares |
| Additional options to vest upon Divestiture | 8,337 shares (excluded from beneficial ownership until vest) |
| Unvested RSUs (as of Dec 31, 2024) | 5,000 RSUs (subject to standard vesting; accelerate on Divestiture) |
| Hedging/pledging policy | Company prohibits hedging and pledging of DTST stock for directors/officers/employees |
Governance Assessment
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Strengths:
- Independent director with relevant telecom/operator background; sits on Compensation Committee overseeing NEO/director pay policies (including clawback administration), and on the M&A Committee—both critical to aligning incentives during strategic transactions .
- Attendance and engagement at/above the company’s 75% threshold; participates in executive sessions that reinforce independent oversight .
- Ownership and equity grants provide alignment; anti-hedging/anti-pledging policy reinforces long-term orientation .
-
Watch items / potential red flags:
- Single-trigger equity acceleration for directors at Divestiture close—may reduce retention incentives post-transaction and be viewed as shareholder-unfriendly if not linked to performance/service .
- No lead independent director; CEO also chairs the Board, which can weaken independent oversight unless committee leadership is strong .
- Section 16(a) compliance: DTST disclosed certain untimely Form 4 filings in 2024–2025, including one for Todd A. Correll (June 11, 2025), indicating minor reporting control lapses; advisable to monitor remediation .
- Related-party transactions exist at DTST (leases/financing with entities linked to executives), though none disclosed involving Correll; continued Audit Committee oversight is important .
Overall: Correll’s background and committee roles support board effectiveness in compensation and strategic transactions. Governance quality would be enhanced by robust application of clawback provisions, careful handling of change-in-control equity acceleration, ongoing Section 16 compliance discipline, and consideration of independent board leadership structure .