Edmond Cheng
About Edmond Cheng
Edmond Cheng, 64, is Chief Financial Officer of GCT Semiconductor Holding, Inc., appointed March 18, 2024. He previously served as CFO at Cenntro Inc. (led its IPO), Mithera Capital, and public companies including TCL Electronics Holdings, UTStarcom Inc., and Zoomlion Heavy Industry; he holds an MBA from Columbia University, London Business School, and the University of Hong Kong, plus a Master of Accounting and BBA from the University of Hawaii at Manoa . Under his tenure, GCT recognized initial 5G product revenue in Q3 2025 as commercialization begins, with net revenues at $0.4M and CFO commentary emphasizing ramp expectations into late Q4 2025 or early Q1 2026 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cenntro Inc. | Chief Financial Officer | 2021–2024 | Led IPO; finance leadership at a zero-emission commercial EV company |
| Mithera Capital | Chief Financial Officer | Not disclosed | PE/VC CFO; corporate development, cross-border M&A, governance |
| TCL Electronics Holdings | Chief Financial Officer | Not disclosed | CFO of a public electronics company |
| UTStarcom Inc. | Chief Financial Officer | Not disclosed | CFO of public telecom equipment company |
| Zoomlion Heavy Industry | Chief Financial Officer | Not disclosed | CFO of public industrial equipment company |
| Various PE portfolio companies (Temasek, Hony/Goldman, Blackstone/HNA) | CFO roles | Not disclosed | Financial management, controls, treasury, governance |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| GCB AutoX (Mexico) | Director | Current | Automotive aftermarket board role; industry oversight |
Fixed Compensation
| Component | 2024 Amount | Ongoing Terms | Notes |
|---|---|---|---|
| Base Salary | $224,712 | $285,000 per year | 2024 reflects partial year from 3/18/2024 |
| Target Bonus % | — (no 2024 annual bonus) | 25% of base salary | Annual bonus eligible; none paid for 2024 |
| Actual Annual Bonus | $0 (2024) | — | Company did not award annual bonuses in 2023–2024 |
| Sign-on Bonus | $25,000 (paid May 2024) | One-time | Per employment agreement |
| Perquisites | $8,063 (401k match $6,413; life insurance $1,650) | Standard employee benefits | Eligible for health/401(k) |
Performance Compensation
- No performance-based cash bonus paid in 2024; equity granted as time-based RSUs (no disclosed performance metrics/weightings) .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| None disclosed (2024) | — | — | — | — | RSUs vest in equal annual installments over 4 years from 3/18/2024 |
RSU Grant Detail
| Grant Type | Grant Date | Shares Granted | Grant Fair Value | Vesting Schedule | Notes |
|---|---|---|---|---|---|
| RSUs | Aug 21, 2024 | 76,000 | $262,960 (at $3.46/share) | Equal annual installments over 4 years from 3/18/2024 | 2024 Omnibus Plan |
Equity Ownership & Alignment
| Item | Value | Detail |
|---|---|---|
| Total Beneficial Ownership (as of 7/25/2025) | 19,000 shares (<1%) | Includes 13,367 shares issued and 5,633 withheld for income tax |
| Ownership % of Outstanding | <1% | Based on 55,821,690 shares outstanding |
| Vested vs Unvested RSUs | 19,000 vested; 57,000 unvested (76,000 total) | First annual tranche consistent with vesting schedule; remaining subject to service |
| Options (Exercisable/Unexercisable) | None | No options listed for Cheng in December 31, 2024 table |
| Hedging/Pledging | Prohibited unless pre-cleared | Insider Trading Policy bans hedging, margin accounts, and pledging without approval |
| Clawback Policy | Yes | Applies to incentive compensation upon material restatement |
| Ownership Guidelines | Not disclosed | No executive stock ownership guidelines disclosed in DEF 14A |
Employment Terms
| Term | Disclosure | Key Economics/Protection |
|---|---|---|
| Employment Agreement | Effective March 18, 2024 | At-will; $285,000 base; 25% target bonus; $25,000 sign-on; 76,000 RSUs; benefits; PIIA agreement |
| Term Length/Auto-Renew | At-will (no fixed term) | — |
| Severance (No CIC) | If involuntary termination without cause/for good reason (outside 12 months after CIC): 6 months base salary; 6 months healthcare; 50% acceleration of unvested equity | |
| Severance (With CIC) | If within 12 months after CIC: 12 months base salary; 12 months healthcare; full acceleration of outstanding equity | |
| CIC Award Treatment | If awards not assumed/substituted/continued: full vesting upon CIC | |
| 280G Treatment | Cutback to maximize net after-tax (no tax gross-up) | |
| Clawback | Incentive comp recoverable upon material restatement | |
| Hedging/Pledging | Restricted; pre-clearance required | |
| Non-compete/Non-solicit | Not disclosed | — |
| Garden Leave | Not disclosed | — |
Governance and Shareholder Votes (2025 Annual Meeting)
| Proposal | For | Against | Abstain | Broker Non-Vote |
|---|---|---|---|---|
| Elect Nelson C. Chan | 30,546,750 | 1,074,731 | — | 1,988,615 |
| Elect Dr. Kukjin Chun | 30,700,657 | 920,824 | — | 1,988,615 |
| Ratify BPM LLP (Auditor) | 32,620,731 | 3,990 | 985,375 | — |
| NYSE ELOC >19.99% Share Issuance | 30,629,198 | 79,294 | 912,989 | 1,988,615 |
- Compensation Committee: Members—Kyeongho Lee (Chair), Robert Barker, Jeff Tuder; independent; Meridian retained as independent consultant; no conflicts disclosed .
- Related-party transactions context: Significant loans and security agreements with Anapass (major shareholder) and financing arrangements involving Dr. Lee; ongoing term extensions and collateral support—important governance consideration for CFO oversight .
Performance & Track Record
- CFO communications highlight initial 5G product revenue recognition in Q3 2025, expected ramp into late Q4 2025–Q1 2026, and $8.3M cash on hand at quarter end supporting production scaling .
- Signed multiple 8-Ks and press releases as CFO, including Q3 and Q2 2025 results and financing updates .
Investment Implications
- Pay-for-performance alignment is modest so far: 2024 had no annual bonus and equity was time-based RSUs; performance metrics are not disclosed, limiting direct linkage to revenue/EBITDA/TSR outcomes .
- Vesting cadence (annual RSU tranches from 3/18/2024) implies predictable equity issuance and tax withholding events; first tranche totaled 19,000 shares (13,367 issued; 5,633 withheld), with remaining 57,000 unvested—monitor for dilution and any Form 4 activity around vest dates .
- Retention risk appears reasonably mitigated via severance and CIC protections (salary/benefits and equity acceleration), though absence of disclosed non-compete/non-solicit reduces post-departure constraints; 280G cutback (no gross-up) is shareholder-friendly .
- Alignment safeguards include clawback and hedging/pledging restrictions; no executive ownership guideline is disclosed, so ongoing equity accumulation will be key for skin-in-the-game assessment .
- Governance context includes material related-party financing with a major holder and chairman—positive for liquidity but a potential red flag for minority holders; CFO oversight of such transactions bears scrutiny, especially as 5G commercialization scales and external financing (ELOC) expands following shareholder approval .