Michael J. Ferrantino
About Michael J. Ferrantino
Independent trustee of Gabelli Utility Trust (GUT) since February 22, 2017, born 1971. CEO of InterEx Inc. (exhibit design/fabrication), CEO and director of The LGL Group, Inc., and CEO and director of M-tron Industries, Inc.; previously CEO and director of Valpey Fisher Corp. until its sale to CTS Corp. in 2012. Education: BS in Materials Engineering (Rensselaer Polytechnic Institute) and MBA (Loyola College, Baltimore) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Valpey Fisher Corp. | Chief Executive Officer & Director | Until sale to CTS Corp. in 2012 | Led company through sale to CTS Corp. |
| InterEx Inc. | Chief Executive Officer | Current | Leads exhibit company serving trade show, retail, museum markets |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| The LGL Group, Inc. | CEO & Director | Current | Diversified manufacturing company |
| M-tron Industries, Inc. | CEO & Director | Current | Aerospace and defense manufacturing company |
| Other Gabelli funds | Trustee/Director | Current | Serves on boards of other funds in Gabelli Fund Complex |
| LGL Systems Acquisition Corp. | Director | Prior/unspecified | SPAC affiliation noted in trustee background table |
Board Governance
- Independence: One of ten trustees not considered “interested persons” under the 1940 Act; only Mario J. Gabelli and John D. Gabelli are interested trustees .
- Tenure/class: Serving until the 2027 Annual Meeting of Shareholders under current class rotation .
- Committee assignments: Audit Committee (Enright, Birch, Melarkey); Nominating Committee (led by Conn; Enright member); ad hoc Proxy Voting Committee (chaired by Conn); ad hoc Pricing Committee (Birch member); multi-fund ad hoc Compensation Committees (Enright, Zizza, Melarkey). Ferrantino is not listed among committee members/chairs in the proxy’s committee disclosures .
- Lead Independent Trustee: James P. Conn .
- Attendance: Board met four times in FY2024; each trustee attended at least 75% of Board and applicable committee meetings .
Fixed Compensation
| Component | Amount/Policy | FY2024 Ferrantino Actual |
|---|---|---|
| Annual retainer (Independent Trustee) | $6,000 (cash) | Included in aggregate compensation |
| Board meeting fee | $1,500 per meeting attended | Included in aggregate compensation |
| Committee meeting fee | $1,000 per committee meeting attended | Not applicable (no committee membership listed) |
| Audit Committee Chair | $3,000 annually (chair only) | Not applicable (not chair) |
| Nominating Chair | $2,000 annually (chair only) | Not applicable (not chair) |
| Lead Independent Trustee | $2,000 annually (lead only) | Not applicable (Conn holds role) |
| Aggregate compensation from Fund | Cash fees for FY2024 | $12,000 |
| Aggregate compensation from Fund Complex | Total across all affiliated funds | $38,000 |
Performance Compensation
| Metric Type | Policy/Use | FY2024 Details |
|---|---|---|
| Equity awards (RSU/PSU/options) | Not disclosed for trustees; compensation structured as cash retainers/meeting fees | None disclosed |
| Bonus tied to performance | Not disclosed | None disclosed |
| Performance metrics (TSR, revenue, ESG) | Not disclosed for trustee pay | None disclosed |
Other Directorships & Interlocks
| Company | Role | Interlock/Conflict Considerations |
|---|---|---|
| The LGL Group, Inc. | CEO & Director | Historical interlock: Vincent D. Enright was a director of The LGL Group (2011–2014), not overlapping with Ferrantino’s current role; still relevant for network ties . |
| M-tron Industries, Inc. | CEO & Director | Aerospace/defense manufacturing; no fund-level transactions disclosed with M-tron . |
| Gabelli Fund Complex funds | Trustee/Director | Typical for complex governance; no adverse independence designation for Ferrantino . |
| LGL Systems Acquisition Corp. | Director | SPAC oversight experience; no related-party transactions disclosed at GUT . |
Expertise & Qualifications
- Operating CEO experience in diversified manufacturing and aerospace/defense (LGL Group, M-tron Industries) .
- Prior CEO/directorship in a company through strategic sale (Valpey Fisher to CTS in 2012) .
- Technical foundation (Materials Engineering) plus MBA—useful for industrial and manufacturing oversight .
Equity Ownership
| Measure | Value | As of |
|---|---|---|
| Shares beneficially owned (GUT) | 0 Common Shares; less than 1% outstanding | December 31, 2024 |
| Dollar range of GUT equity held | A: None | December 31, 2024 |
| Aggregate dollar range across Fund Complex | E: Over $100,000 | December 31, 2024 |
Governance Assessment
- Alignment: No direct GUT share ownership (A: None; 0 shares), a potential signal of weaker alignment for a fund trustee compared to those with direct holdings; however, aggregate holdings across the Fund Complex are “E: Over $100,000,” indicating broader complex exposure .
- Independence and committees: Classified as independent; not listed on key standing committees (Audit/Nominating) or ad hoc governance/compensation committees, limiting direct influence on audit/nomination controls; committee absence can reduce board-level oversight impact relative to peers .
- Attendance/engagement: Met the threshold of at least 75% attendance across Board meetings (four in FY2024), consistent with governance expectations but not distinguished by committee participation .
- Potential conflicts: Multiple concurrent CEO roles (LGL Group, M-tron Industries) may create time constraints; historic network tie via Enright’s prior LGL directorship could influence perspectives, though no related-party transactions or adviser-controlled entity interests are disclosed for Ferrantino in the proxy’s specific table of such interests (Ferrantino not listed) .
- Oversight environment: Strong lead-independent structure (Conn) and defined committee charters (Audit) provide governance scaffolding; Ferrantino’s governance signal is neutral-to-modest given independent status, operating experience, but lack of committee assignments and zero GUT holdings .
RED FLAGS
- No GUT share ownership (0 shares; A: None) .
- Multiple concurrent CEO roles—potential bandwidth risk for active fund oversight .