Michael J. Ferrantino
About Michael J. Ferrantino
Independent Director of The Gabelli Equity Trust Inc. (GAB) since February 22, 2017; born 1971. CEO of InterEx Inc.; CEO and director of M-tron Industries, Inc.; CEO and director of The LGL Group, Inc.; previously CEO and director of Valpey Fisher Corp. (sold to CTS Corp. in 2012). Holds a B.S. in Materials Engineering from Rensselaer Polytechnic Institute and an MBA from Loyola College, Baltimore .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Valpey Fisher Corp. | Chief Executive Officer and Director | Until sale to CTS Corp. in 2012 | Led through sale; no committee details disclosed |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| InterEx Inc. | Chief Executive Officer | Current | Full-service exhibit company |
| M-tron Industries, Inc. | Chief Executive Officer and Director | Current | Aerospace and defense manufacturing |
| The LGL Group, Inc. | Chief Executive Officer and Director | Current | Diversified manufacturing company |
| Gabelli Fund Complex (other funds) | Director | Current | Serves on boards of other funds in the complex |
Board Governance
- Independence: Classified as an Independent Director under the 1940 Act .
- Tenure and class: Director since February 22, 2017; currently in class serving until the 2027 Annual Meeting .
- Committees: Not listed as a member of the Audit Committee (Heitmann, Conn, Zizza) or Nominating Committee (Fahrenkopf, Zizza). Ad hoc committee membership not disclosed .
- Lead Independent Director: James P. Conn .
- Attendance: The Board met four times in FY2024 and five times in FY2023; each Director then serving attended at least 75% of Board and applicable committee meetings .
- Annual meeting attendance: Fund does not expect Directors to attend; no Directors or nominees attended the May 2024 annual meeting .
Attendance Detail
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Board meetings held | 5 | 4 |
| Attendance rate (Director-level) | ≥75% | ≥75% |
Fixed Compensation
- Structure: Annual retainer $15,000; $2,000 per Board meeting; $1,000 per committee meeting. Chair fees: Audit Committee $3,000; Proxy Voting Committee $1,500; Nominating Committee $2,000; Lead Independent Director $2,000. Directors not employed by the Adviser are reimbursed for out-of-pocket expenses .
| Compensation | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate compensation from GAB (Ferrantino) | $23,000 | $23,000 |
| Aggregate compensation from Fund Complex (Ferrantino) | $38,000 | $38,000 |
| Fee schedule (Board retainer, per Board and committee meetings; chair fees) | Retainer $15,000; Board $2,000; Committee $1,000; Chairs per above | Retainer $15,000; Board $2,000; Committee $1,000; Chairs per above |
Performance Compensation
- No performance-linked pay (no bonuses, stock awards, options, or performance metrics disclosed for Independent Directors) .
| Performance-linked element | Status |
|---|---|
| Bonus/Target bonus % | Not applicable; none disclosed for Directors |
| Stock awards (RSUs/PSUs) | None disclosed |
| Options (strike/vesting) | None disclosed |
| Compensation performance metrics (TSR/EBITDA/ESG) | None disclosed |
Other Directorships & Interlocks
| Company | Role | Committee Roles (if any) | Notes |
|---|---|---|---|
| The LGL Group, Inc. | CEO and Director | Not disclosed | Also holds economic interests; see Ownership section |
| M-tron Industries, Inc. | CEO and Director | Not disclosed | Holds economic interests; see Ownership section |
| Valpey Fisher Corp. | Former CEO and Director | Not disclosed | Sold to CTS Corp. in 2012 |
Potential interlocks/conflicts: Proxy discloses Independent Directors’ personal interests in entities “that may be deemed to be controlled by the Adviser and/or affiliates (including Mario J. Gabelli)” and thus under common control; Ferrantino’s interests in LGL and M-tron are disclosed in 2023 data (see Equity Ownership & Alignment), warranting monitoring for perceived conflicts .
Expertise & Qualifications
- Technical/industry: Materials engineering; leadership across aerospace/defense and diversified manufacturing .
- Education: B.S. Materials Engineering (RPI); MBA (Loyola College, Baltimore) .
- Board qualifications: Executive-operating experience; service on other fund boards within the Gabelli complex .
Equity Ownership
GAB Fund Ownership and Alignment
| Item | As of Dec 31, 2023 | As of Dec 31, 2024 |
|---|---|---|
| Dollar range of equity securities held in GAB | None (“A”) | None (“A”) |
| Aggregate dollar range in Fund Complex | None (“A”) | None (“A”) |
| Beneficial ownership (GAB shares) | 0 common shares | 0 common shares |
| Ownership as % of outstanding | <1% (group total; individual marked *) | <1% (group total; individual marked *) |
Interests in Entities Under Common Control with Adviser (Disclosure)
| Entity | Security/Interest | Value (as of Dec 31, 2023) |
|---|---|---|
| The LGL Group, Inc. | Common Stock | $164,066 |
| The LGL Group, Inc. | Warrants | $0 |
| M-tron Industries, Inc. | Common Stock | $698,327 |
No pledging/hedging or ownership guideline disclosures for Directors were provided; no vested/unvested share breakdowns for Directors are applicable/disclosed .
Insider Trades
| Year | Section 16(a) Compliance Statement |
|---|---|
| 2023 | Fund states that required persons complied with applicable filing requirements based on review of Forms 3 and 4 |
| 2024 | Fund states that required persons complied with applicable filing requirements based on review of Forms 3 and 4 |
Governance Assessment
- Independence and committee coverage: Ferrantino is independent but not on Audit or Nominating Committees—oversight roles are concentrated in Heitmann, Conn, and Zizza, which may limit his direct involvement in financial reporting and director selection processes .
- Alignment: Owns no GAB shares and reports “None” across the Fund Complex dollar ranges—weak direct economic alignment with Fund shareholders; cash-only director compensation structure (retainer/meeting fees) further reduces equity-based alignment incentives .
- Potential conflicts/interlocks: Disclosed personal economic interests in LGL and M-tron, entities that may be under common control with the Adviser/affiliates; while independence under the 1940 Act is maintained, this is a perceived conflict requiring monitoring (e.g., investment decisions, service-provider relationships) .
- Engagement: Board-level attendance thresholds met (≥75%) and regular executive sessions by Independent Directors; however, Directors do not attend annual stockholder meetings, which can be viewed as reduced public engagement though consistent with Fund practice .
- Board red flags to monitor: Presence of an Independent Director (Zizza) with prior SEC settlement (Board deemed not disqualifying) is a board-level governance consideration; not directly attributable to Ferrantino but relevant to overall board risk profile .
Overall, Ferrantino brings operating and manufacturing expertise but exhibits low ownership alignment with GAB shareholders and limited committee-based oversight responsibilities; disclosed interests in entities potentially under common control suggest monitoring for conflicts and interlocks in fund-related decision-making .