Craig A. Grassi
About Craig A. Grassi
Craig A. Grassi is Vice-President at General American Investors Company, Inc. (GAM), serving as an analyst focused on technology and technology support; he has been an officer since 2005, an employee since 1991, and is age 56 . Company performance over the most recent periods was strong: for the six months ended 6/30/2025, NAV total return was 10.95% and stockholder return was 10.40%; for the twelve months ended 6/30/2025, NAV return was 15.77% and stockholder return was 23.02% . As of 6/30/2025, net assets applicable to common were $1,485,083,433 and shares outstanding were 23,279,512; NAV per share was $63.79 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| General American Investors Company, Inc. | Vice-President; Analyst – technology and technology support | Employee since 1991; Officer since 2005; VP since 2013 | Coverage of technology and technology support sectors |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | No public company directorships disclosed for Grassi |
Fixed Compensation
- The proxy discloses the three highest-paid executive officers in 2024; Craig A. Grassi was not among them, so specific base salary/bonus figures for Grassi are not provided .
- GAM operates a defined benefit retirement plan and a defined contribution Employees’ Thrift Plan available to all employees, including officers .
- Aggregate officer compensation for the six months ended 6/30/2025 was $3,756,629 .
Employees’ Thrift Plan — Key Terms
| Plan Feature | Detail |
|---|---|
| Company match | 150% of employee contributions up to 8% of basic salary; invested in GAM common stock |
| Eligibility | All employees, including officers, eligible after six months of service |
| Vesting | Company contributions fully vested after six years; partial vesting begins after two years |
Defined Benefit Pension Plan — Key Data (Plan-level)
| Metric | Six Months Ended 6/30/2025 |
|---|---|
| Service cost ($) | $143,502 |
| Interest cost ($) | $615,340 |
| Expected return on plan assets ($) | $(1,076,486) |
| Amortization of net actuarial gain ($) | $(3,098) |
| Net periodic benefit income ($) | $(320,742) |
Performance Compensation
- The proxy does not disclose specific performance metric weightings (e.g., TSR, NAV, revenue) tied to officer compensation; the Compensation Committee reviews company operations/performance, officer contributions, comparables, external data, and management proposals when recommending compensation .
Equity Ownership & Alignment
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Common shares beneficially owned (Form 5) | 66,083 (Indirect – by Employees’ Thrift Plan Trust) | 73,127 (Indirect – by Employees’ Thrift Plan Trust) |
| Change in common shares (YoY) | — | +7,044 acquired via Thrift Plan on 12/31/2024 (Code J) |
| Preferred shares (spouse IRA) | 350 | 350 |
| Preferred shares (son UTMA) | 250 | 250 |
| Ownership % of common outstanding | — | ~0.314% (=73,127 / 23,279,512) |
| Ownership form | Indirect via Thrift Plan Trust; Grassi disclaims beneficial interest in these shares | |
| Derivative securities | None reported on Form 5 (Table II) | |
| Pledging/hedging | No pledging or hedging disclosures observed in Form 5/N-CSRS/DEF 14A for Grassi |
Employment Terms
| Term | Disclosure |
|---|---|
| Appointment/term | Officers are appointed each year by the Board at its annual organizational meeting in April |
| Employment agreement | No specific employment contract or term disclosed for Grassi |
| Severance/change-of-control | No severance or change-in-control provisions disclosed for officers in the proxy/N-CSRS |
| Clawback | N-CSRS Item 18 “Recovery of Erroneously Awarded Compensation”: Not applicable |
| Non-compete/non-solicit/garden leave | Not disclosed |
| Stock ownership guidelines | Not disclosed |
Investment Implications
- Alignment: Grassi’s GAM exposure is primarily via the Employees’ Thrift Plan Trust, which accumulates GAM stock with vesting over time; he reports indirect holdings and disclaims beneficial interest, with no derivative positions or pledging noted .
- Insider pressure: Form 5 shows net accumulation (+7,044 shares in 2024) via the Thrift Plan, with no reported sales—suggesting limited near-term insider selling pressure from Grassi .
- Retention: Long tenure (employee since 1991; officer since 2005; VP since 2013) indicates institutional knowledge and continuity in technology coverage .
- Firm-level context: GAM repurchased 188,651 common shares in H1 2025 at an average 13.0% discount to NAV, with the shares trading at a 12.15% discount on 6/30/2025—supportive for shareholder returns and potentially indicative of disciplined capital allocation .
- Governance/compensation transparency: While committee process is described, absence of disclosed metric weightings, severance, or ownership guidelines reduces visibility into pay-for-performance and retention economics for non-NEO officers like Grassi .