Liron Kronzon
About Liron Kronzon
Vice-President since 2019 and securities analyst covering general industries; employee since 2016; age 55 per the 2025 proxy. No public company directorships disclosed . GAM’s investor performance context (TSR) over standard horizons is shown below; education/background beyond role and tenure are not disclosed in proxies .
| Period (ended 09/30/2025) | GAM Stockholder Return (Market) | GAM NAV Return | S&P 500 Return |
|---|---|---|---|
| 1 Year | 26.66% | 20.98% | 17.60% |
| 3 Years | 29.86% | 27.15% | 24.94% |
| 5 Years | 20.55% | 18.67% | 16.47% |
| 10 Years | 15.08% | 14.20% | 15.30% |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| General American Investors (GAM) | Vice-President; Analyst – general industries | Employee since 2016; Officer since 2019 | Coverage of general industries as a securities analyst |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | None disclosed | — | — |
| No public company directorships . |
Fixed Compensation
- Individual base salary/bonus for Kronzon is not itemized in proxies (GAM discloses only the three highest-paid officers) .
- Company retirement and thrift programs (apply to officers broadly):
- Thrift Plan: Company matches 150% of employee contributions up to 8% of basic salary; invested in GAM common stock; vesting begins after 2 years, fully vested after 6 years; eligibility after 6 months of service .
- Defined Benefit Retirement Plan: Benefits based on final average earnings and years of credited service; normal retirement at 65; Excess Contribution/Benefit Plans used to offset IRS limits for selected participants .
| Program | Key Terms | Vesting | Investment | Eligibility |
|---|---|---|---|---|
| Employees’ Thrift Plan | 150% match on up to 8% of salary | Partial after 2 years; 100% after 6 years | Company contributions in GAM common stock | After 6 months of service |
| Employees’ Retirement Plan | Defined benefit on final average earnings & service; offset for Social Security; +$150 per service year | Fully vested after 6 years; partial after 2 years | N/A | Age 21+; normal retirement at 65 |
| Excess Plans | Excess Contribution/Benefit Plans to address IRS limits; selected participants only | N/A | N/A | N/A |
Performance Compensation
- No RSU/PSU or option grant disclosures for officers; compensation decisions are reviewed by the Compensation Committee using company performance, officer contributions, comparable data, and external data provider inputs; the committee met on Dec 4, 2024 to set year-end supplemental compensation and next-year compensation recommendations .
- No disclosed individual performance metric weightings (e.g., revenue/EBITDA/TSR) for Kronzon in proxies; closed-end fund officers’ pay appears primarily cash plus pension/thrift plan participation .
Equity Ownership & Alignment
- Section 16 filings show periodic acquisitions through the Employees’ Thrift Plan; shares are held by the plan trust and disclaimed as beneficial interest by the reporting person (typical for plan holdings):
- Form 5 (for FY 2022): 9,892 common shares indirectly via Thrift Plan trust as of 12/31/2022; transaction code “J” indicates periodic acquisitions via the plan .
- Subsequent Form 5 filings for 2023 and 2024 indicate continued plan-related acquisitions; individual share balances are reported on the SEC but not summarized in the proxy’s officer ownership table .
- As of 12/31/2024, the proxy “Security Ownership…” table enumerates officer/common stock holdings for some officers but does not list Kronzon separately, implying no reportable direct holdings outside plan context at that date .
| Title of Security | Amount | Ownership Form | Source/Notes |
|---|---|---|---|
| Common Stock (Thrift Plan) | 9,892 | Indirect (Thrift Plan Trust); beneficial interest disclaimed | Form 5 FY2022 |
| Common Stock (Direct) | Not listed | — | 12/31/2024 proxy officer table omits Kronzon |
| Preferred Stock | Not listed | — | 12/31/2024 proxy officer table omits Kronzon |
Ownership guidelines, hedging/pledging policies, and option holdings are not disclosed for Kronzon in the reviewed materials .
Employment Terms
- Officers are appointed annually by the Board at its April organizational meeting; Liron Kronzon serves as Vice-President since 2019 (employee since 2016) .
- Benefits eligibility and vesting follow company-wide Thrift and Retirement Plan terms (see Fixed Compensation table) .
- No individual employment agreement, severance multiple, change-of-control trigger, clawback provision, tax gross-up, non-compete or garden-leave terms disclosed for Kronzon in proxies/filings reviewed .
Investment Implications
- Alignment: Kronzon’s recurring Thrift Plan acquisitions align him with common shareholders via plan-invested GAM stock, but holdings are indirect and disclaimed; absence of disclosed RSUs/options suggests limited direct equity incentive exposure relative to typical operating companies .
- Retention: Defined benefit pension accrual plus Thrift Plan vesting create steady retention incentives; lack of disclosed individualized severance/change-of-control economics reduces golden-parachute risk but also limits visibility into departure economics .
- Selling pressure: Section 16 history shows periodic plan acquisitions; no Form 4 sales identified for Kronzon in the available “Beneficial Ownership Reports” index, indicating low near-term insider selling pressure from him specifically .
- Performance context: GAM’s multi-year TSR is competitive vs. S&P 500, supporting compensation sustainability and potential investor confidence; however, without individualized performance metrics/targets for analysts, pay-for-performance linkage at the officer level is opaque .