Ned Mavrommatis
About Ned Mavrommatis
Independent director at Duos Technologies Group, Inc. (DUOT); age 54, serving since August 13, 2019. Background includes CFO roles at Halo Collar (since May 2022), PowerFleet, Inc. (NASDAQ: PWFL; Oct 2019–May 2022), and I.D. Systems, Inc. (NASDAQ: IDSY; Aug 1999–Oct 2019); started his career in public accounting and is a CPA. The Board has designated him Audit Committee Chair and identified him as an “audit committee financial expert,” underscoring finance and governance credentials .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| I.D. Systems, Inc. (NASDAQ: IDSY) | Chief Financial Officer | Aug 1999–Oct 2019 | Public company finance leadership; CPA credentials cited by DUOT Board . |
| PowerFleet, Inc. (NASDAQ: PWFL) | Chief Financial Officer | Oct 2019–May 2022 | Public company CFO experience . |
| Public Accounting | Early Career | Not disclosed | Began career in public accounting . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Halo Collar (private) | Chief Financial Officer | May 2022–present | Technology/consumer device finance leadership . |
Board Governance
- Independence: Board affirmatively determined Ned Mavrommatis is independent under NASDAQ Rule 5605(a)(2) .
- Committees: Audit Committee Chair; Compensation Committee member; Corporate Governance & Nominating Committee member .
- Audit expertise: Designated as “audit committee financial expert” (Item 407(d)(5) of Regulation S-K) .
- Board activity: Board held eight meetings in 2024; Audit Committee held four meetings with auditors in 2024 .
- Attendance: Specific director attendance rates not disclosed .
| Committee | 2024 Role | 2025 Role |
|---|---|---|
| Audit | Chair | Chair |
| Compensation | Member | Member |
| Corporate Governance & Nominating | Member (Chair was Ehrman) | Member (Chair Nixon) |
Fixed Compensation
- Structure: Independent directors receive $40,000 annually (board + ≥1 committee), plus $10,000 for serving as a committee Chair; paid 40% cash / 60% stock or options, with option to elect up to 100% in stock .
| Year | Cash Retainer ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| 2023 | 20,000 | 30,000 | 50,000 |
| 2024 | 20,000 | 30,000 | 50,000 |
Performance Compensation
- No performance-tied metrics disclosed for director compensation (awards are retainer-based and elective into stock/options) .
| Year | Performance Metrics Tied to Director Pay |
|---|---|
| 2023 | None disclosed |
| 2024 | None disclosed |
Other Directorships & Interlocks
| Company | Board Role | Period | Notes |
|---|---|---|---|
| None disclosed | — | — | No other public company directorships or board interlocks disclosed for Mavrommatis . |
Expertise & Qualifications
- CPA with extensive public company officer experience (finance oversight) .
- Audit Committee financial expert designation by DUOT Board .
- Industry exposure across technology/IoT and logistics from prior CFO roles .
Equity Ownership
- Beneficial ownership at DUOT (as of record dates); note breakdown of unvested vs. owned, and options history.
| Metric | Aug 5, 2024 | Apr 4, 2025 |
|---|---|---|
| Total Beneficial Ownership (shares) | 47,904 (<1%) | 46,447 (<1%) |
| Common shares owned (direct/indirect) | Not disclosed | 36,447 |
| Unvested restricted stock | Not disclosed | 10,000 (one-year cliff; vests Apr 1, 2026) |
| Options exercisable | 17,144 (8,572 @ $4.74; 8,572 @ $6.00; fully vested) | Not disclosed in 2025 proxy footprint for Mavrommatis |
| Shares pledged as collateral | None disclosed |
Governance Assessment
-
Positive signals:
- Independent director with Chair role on Audit Committee; designated “financial expert.” Enhances board oversight of financial reporting, controls, and cybersecurity risk .
- Consistent, modest director pay ($50k), with stock-elected component supporting alignment; no director meeting fees disclosed, minimizing pay complexity .
- Section 16 compliance: no late filings reported for Mavrommatis (only one late Form 4 referenced for another director in 2024), indicating good compliance hygiene .
-
Watch items:
- Dual executive roles at DUOT management are with other executives (Ferry/King) at New APR; while not involving Mavrommatis, the Audit Committee must continue vigilant related-party oversight given DUOT’s Asset Management Agreement and shared management resources . No related-party transactions involving Mavrommatis were disclosed .
- Attendance rates not disclosed; continued monitoring of committee meeting cadence and board activity advisable .
-
RED FLAGS
- None specific to Mavrommatis disclosed: no related-party transactions, no pledging/hedging, no legal proceedings or SEC sanctions, no option repricing or unusual director pay practices reported .