Clark R. Crosnoe
About Clark R. Crosnoe
Clark R. Crosnoe (age 55) is an independent director of 1847 Holdings LLC (EFSH) since August 2022. He founded CRC Capital LLC in 2009, managing a private investment fund focused on public equities across consumer, financial, healthcare, industrial, and energy sectors; earlier, he was a founding employee at Parallel Investment Partners (partner in 2003), and previously worked at Wasserstein Perella & Co. and HBK Investments. He holds undergraduate degrees from the University of Texas at Austin and an MBA from Harvard Business School (1996) . The board has determined he is independent under NYSE American rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| CRC Capital LLC | Founder, Managing Member; manages CRC Investment Fund LP | Founded 2009 (role ongoing) | Responsible for strategy, oversight, and day-to-day investment decisions across multiple sectors |
| Parallel Investment Partners | Founding employee; named Partner | Founding employee in 1999; Partner in 2003 | Sourcing, evaluating, structuring, executing, monitoring PE investments; fundraising/marketing |
| Wasserstein Perella & Co. | Investment banking | Not disclosed | Early career banking experience |
| HBK Investments | Investment professional | Not disclosed | Hedge fund investing experience |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Polished.com Inc. | Board Director | Not disclosed | Board service; adds public company governance exposure |
Board Governance
- Committee memberships: Audit Committee member; the committee included Paul A. Froning (Chair), Michele A. Chow-Tai, Clark R. Crosnoe, and Tracy S. Harris at the time of the filing; the audit committee met four times in 2023 .
- Independence: The board determined all directors other than the CEO/Chair (Ellery W. Roberts) are independent under NYSE American rules; each board committee’s members are independent per NYSE American and Rule 10A‑3 .
- Attendance: The board met four times in 2023, and each incumbent director attended at least 75% of board and committee meetings held while serving .
- Leadership structure: CEO also serves as Chairman; board cited clearer leadership as rationale .
- Risk oversight: Audit committee oversees financial reporting, internal controls, related-party transactions, hedging transactions, and conflicts between the Company and the Manager .
Fixed Compensation
| Year | Cash Retainer (USD) | Committee/Chair Fees | Meeting Fees |
|---|---|---|---|
| 2023 | $35,000 | Not disclosed | Not disclosed |
- Policy: Independent directors receive an annual cash fee of $35,000, payable monthly .
Performance Compensation
| Program Element | Description | Applicability to Directors | Metrics/Terms |
|---|---|---|---|
| Annual equity grant (policy) | Company agreed to grant independent directors $35,000 of restricted shares, RSUs and/or options, subject to compensation committee approval | Applicable | Specific grant dates, share counts, and vesting not disclosed |
| 2023 Equity Incentive Plan (as amended) | Plan authorizes restricted shares, options, SARs; share reserve increased to 500,000 in April 2024; evergreen adds 5% of year-end shares annually; further increased to 5,000,000 following Dec 2024 board action pending shareholder approval at the March 2025 special meeting | Directors are eligible participants | Awards may use performance criteria on absolute/relative bases vs peers or indices; specific metric types and director targets are not disclosed |
Note: No director-specific grant dates, vesting schedules, or performance targets were disclosed for Mr. Crosnoe; the plan permits performance-based awards, but metrics and payouts for directors are not specified in the filings .
Other Directorships & Interlocks
- Polished.com Inc.: Crosnoe is a director .
- Interlocks/overlap: EFSH CEO/Chair Ellery W. Roberts is Chairman of Polished.com (since April 2019), and director Robert D. Barry served as CAO/CFO of Polished.com; this creates cross-company ties that the board reviewed in independence determinations .
Expertise & Qualifications
- Investment and advisory expertise spanning public equities and private equity; sector breadth across consumer, financial, healthcare, industrial, energy .
- Education: Undergraduate degrees (University of Texas at Austin); MBA (Harvard Business School, 1996) .
- Governance: Audit committee member; not designated the committee’s financial expert (the board identified Paul A. Froning as audit committee financial expert) .
Equity Ownership
| As-of Date (Record Date) | Shares Beneficially Owned | % of Class |
|---|---|---|
| April 26, 2024 | 0 | <1% |
| January 22, 2025 | 0 | <1% |
- Insider trading policy prohibits hedging and short sales; pledging requires prior approval by the policy administrator .
- Stock ownership guidelines: Not disclosed for directors in the filings reviewed.
Governance Assessment
- Strengths: Independent director with deep investment background; audit committee membership supports financial oversight; board-level independence affirmed; audit committee mandate explicitly covers related-party transactions and conflicts with the Manager; attendance thresholds met .
- Concerns/RED FLAGS:
- Low ownership alignment: Mr. Crosnoe reported 0 shares owned at both the April 2024 and January 2025 record dates, which may weaken “skin-in-the-game” signaling .
- Capital structure actions: The special meeting proxy seeks approval for up to 2,000,000,000 authorized shares and increases plan share reserve to 5,000,000, alongside warrant price resets and extensive anti-dilution mechanics—material dilution risk that can affect investor confidence and tests board oversight of capital raising terms .
- Combined Chair/CEO role and limited disclosure of executive sessions/lead independent director may constrain independent board leadership .
- Related-party posture: The audit committee reviews related-party transactions and conflicts with the Manager; filings disclose fees and advances involving the Manager and certain subsidiary officer transactions; while not tied to Mr. Crosnoe directly, these relationships heighten the importance of robust committee oversight .
Overall: Mr. Crosnoe brings substantive investment acumen and serves on the audit committee, but the absence of disclosed director share ownership and aggressive capital actions (authorized share increase, warrant resets) present governance alignment and dilution risks for investors that warrant continued monitoring of board decision quality and director equity participation .