Andrew Bursky
Greenidge Generation HoldingsAbout Andrew M. Bursky
Andrew M. Bursky (age 68) is a long-tenured director of Greenidge Generation Holdings Inc., serving since Greenidge was acquired by Atlas in February 2014; he is Co‑Managing Partner and co‑founder of Atlas Holdings (2002) and previously co‑managed Pegasus Capital Advisors (1999–2002) and co‑founded Interlaken Capital (1980–1999) . He holds a B.A. in economics and B.S./M.S. in chemical engineering from Washington University in St. Louis (1978) and an MBA from Harvard (1980), and serves as Chairman of the Board of Trustees and on the Executive Committee of Washington University, as a Director of Washington University Investment Management Company, and on the Executive Board of No Labels . His tenure and private equity background indicate deep operational and investment experience; he is not identified as independent under Nasdaq rules, consistent with Atlas’s controlling stake in Greenidge .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Atlas Holdings | Co‑Managing Partner; Co‑Founder | 2002–present | Grew into global family of industrial and distribution businesses; significant leadership |
| Pegasus Capital Advisors | Co‑Managing Partner | Jun 1999–Apr 2002 | ~$2B AUM; control investments at stress/change points |
| Interlaken Capital | Co‑Founder; Managing Director | 1980–1999 | Led investment/business development in industrial manufacturing, business/financial services, distribution |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Washington University in St. Louis | Chairman, Board of Trustees; Executive Committee member | Ongoing | Governance leadership at major academic institution |
| Washington University Investment Management Company | Director | Ongoing | Oversight of endowment investments |
| No Labels | Executive Board member | Ongoing | Centrist political organization governance involvement |
Board Governance
| Item | Detail |
|---|---|
| Board independence | 5 of 10 directors independent; independent directors are Neuscheler, Fearn, Rogers, Krug, Lowe; Bursky not listed as independent |
| Committees (membership) | Audit: Neuscheler (Chair), Lowe, Fearn; Compensation: Fazio (Chair), Krug, Lay; Capital: Fazio, Lay; Affiliate Transaction: Kovler, Neuscheler, Rogers; Bursky not shown as a member of these committees |
| Board/committee activity | Board met 4 times in 2024; Audit met 5 times; Compensation met once in 2024 |
| Attendance | Each director attended at least 75% of board and applicable committee meetings in 2024; one director attended the 2024 annual meeting |
| Executive sessions | Independent directors meet in executive session at least twice per year |
| Controlled company status | Greenidge is a “controlled company”; Atlas controls 70.4% of voting power and can elect a majority of directors; committee independence exemptions apply |
Fixed Compensation (Director)
| Component | Policy (Approved) | Andrew M. Bursky – 2024 Actual |
|---|---|---|
| Annual Board retainer (cash) | $40,000; increased $10,000 effective Jan 1, 2025 | $0 (does not receive compensation) |
| Vice Chair retainer (cash) | $20,000 | N/A; not Vice Chair |
| Audit Chair retainer (cash) | $10,000 | N/A; not Audit Chair |
| Meeting fees | Not disclosed | Not disclosed; $0 total in 2024 |
| Total director fees (2024) | — | $0 |
Messrs. Anderson, Bursky, Fazio, Filippelli, and Lay do not receive compensation from the Company for board service; 2024 director compensation table shows $0 for Bursky .
Performance Compensation (Director)
| Award Type | Grant Date | Shares/Units | Vesting | Fair Value/Strike | Status |
|---|---|---|---|---|---|
| RSUs/Stock awards (director) | Not disclosed | — | — | — | None reported for Bursky in 2024 |
| Options (director) | Not disclosed | — | — | — | None reported for Bursky in 2024 |
Other Directorships & Interlocks
| Company/Entity | Type | Role | Potential Interlock/Conflict |
|---|---|---|---|
| Atlas Holdings affiliates | Private investment funds | Co‑Managing Partner | Atlas entities are controlling stockholder of GREE and party to related transactions (see below) |
| Washington University entities | Academic/Investment | Governance roles | Not a commercial counterparty to GREE; no related transactions disclosed |
| No Labels | Non‑profit | Executive Board | No related transactions disclosed |
Expertise & Qualifications
- Private equity operator with decades of industrial/manufacturing and distribution investing and business development; long-standing governance roles at Washington University and No Labels .
- Education: Washington University B.A. (economics) and B.S./M.S. (chemical engineering), Harvard MBA; credentials align with financial, operational oversight .
- Board’s designated “audit committee financial expert” is Michael Neuscheler; Bursky is not identified as such .
Equity Ownership
| Holder | Class A Shares | Class B Shares | Percent Ownership | Percent Voting Power |
|---|---|---|---|---|
| Andrew M. Bursky (as deemed via Atlas entities) | 962,744 | 2,680,030 | 24.6% | 70.4% |
Footnote: Shares are held by Atlas entities (GGH Bridge Investment LP; Atlas Capital Resources (A9) LP; Atlas Capital Resources (A9‑Parallel) LP; Atlas Capital Resources (P) LP); Atlas Capital Resources GP LP/GP LLC are general partners; Bursky and Fazio, as managing partners, may be deemed to share voting/investment power and disclaim beneficial ownership except to extent of pecuniary interest . Anti‑hedging and anti‑pledging policies apply to directors (no hedging or pledging of Company stock) .
Related Party Transactions (Conflict Exposure)
| Date/Period | Counterparty | Description | Amount/Terms |
|---|---|---|---|
| Dec 31, 2024/2023 | Atlas Holdings & affiliates | Letters of credit to NYS DEC ($5.0m) and Empire Pipeline ($3.6m) guaranteeing Company environmental and pipeline obligations | $5.0m and $3.6m LCs outstanding |
| Jan 24, 2025 | Atlas Capital Resources entities | Equity Interest Payment Agreement: Atlas to maintain LCs; Company to pay L/C Extension Payment of $1,369,990 and quarterly interest in shares per formulas; registration rights to Atlas | $1,369,990 L/C extension payment + quarterly interest in Class A shares |
| Apr 2024 | Atlas portfolio company (Motus) | Purchase of Columbus, MS industrial property (73k sq ft warehouse, 12 acres) by GREE subsidiary from Atlas portfolio company; used for datacenter operations | $1.45m purchase price |
| 2024 | Atlas affiliates | Reimbursement of costs incurred for Company benefit | $0.1m reimbursed |
Atlas controls 70.4% voting power; Company is a “controlled company” and relies on certain Nasdaq governance exemptions . Affiliate Transaction Committee (Kovler, Neuscheler, Rogers) oversees related transactions with the controlling stockholder .
Governance Assessment
- Strengths: Deep operating/investing experience; long tenure; significant economic alignment via Atlas’s substantial ownership; Board has formal Audit and Compensation charters and holds independent executive sessions .
- Concerns/RED FLAGS: Controlled company with Atlas at 70.4% voting power; Bursky, as Atlas Co‑Managing Partner, is non‑independent; material related‑party arrangements (LC support with equity payments, affiliate property purchase), creating potential conflicts and minority shareholder risk .
- Engagement: Board met 4 times in 2024; each director ≥75% attendance; however, only one director attended the 2024 annual meeting, a modest signal for shareholder-facing engagement .
- Director pay alignment: Bursky receives no cash or equity compensation for board service (consistent with sponsor-affiliated directors), relying on ownership alignment; anti‑hedging/pledging policy is positive .
- Process controls: Affiliate Transaction Committee established to review Atlas-linked dealings; Audit Committee has an identified financial expert (Neuscheler) and met 5 times in 2024 .
- Shareholder votes: As an emerging growth company, Greenidge is exempt from say‑on‑pay and certain executive compensation disclosures, limiting external feedback mechanisms on pay practices .
Overall, Bursky’s profile combines strong operational capital allocation credentials with pronounced sponsor-control dynamics; investors should weigh governance mitigants (independent committees, anti-hedging/pledging policies, related-party review structures) against concentrated control and ongoing related-party transactions when assessing board effectiveness and minority protections .