Christopher Berarducci
About Christopher Berarducci
Christopher Berarducci (birth year 1974) serves as Treasurer and Principal Financial Officer of HYI, a role he has held since 2019; effective September 27, 2019 he replaced prior officers as Treasurer and PFO of the Fund . He is Vice President, Fund Administration and Reporting at Franklin Templeton (since 2020), and previously held roles at Legg Mason & Co. as Managing Director (2020), Director (2015–2020), and Vice President (2011–2015) . HYI proxy materials do not disclose his education or fund performance metrics tied to his tenure (TSR, revenue, EBITDA); officers receive no compensation from the Fund and there are no officer-specific performance targets or awards disclosed in HYI’s proxies .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| HYI (Western Asset High Yield Opportunity Fund Inc.) | Treasurer and Principal Financial Officer | Since 2019; effective 09/27/2019 | Oversees fund treasury and financial reporting for HYI |
| Franklin Templeton | Vice President, Fund Administration and Reporting | Since 2020 | Leads fund administration/reporting across Franklin Templeton fund complex |
| Legg Mason & Co. | Managing Director | 2020 | Senior leadership in fund administration/compliance functions |
| Legg Mason & Co. | Director | 2015–2020 | Management oversight across mutual/closed-end fund operations |
| Legg Mason & Co. | Vice President | 2011–2015 | Fund administration and operational support |
External Roles
No public-company directorships or committee roles for Berarducci are disclosed in HYI proxy officer biographies; proxies list principal occupations but do not identify external boards for officers .
Fixed Compensation
HYI’s proxies disclose compensation for Directors, not officers; Fund officers receive no compensation from the Fund (may be reimbursed for reasonable out-of-pocket travel for Board meetings). Compensation, if any, for officers occurs at adviser/affiliate level and is not disclosed in HYI proxies .
| Component | HYI Fund Payment | Notes |
|---|---|---|
| Base salary | None | Officers receive no compensation from the Fund |
| Target/Actual bonus | None | Not applicable at Fund level |
| Perquisites | Travel reimbursement only (as needed) | For Board meeting attendance |
Performance Compensation
HYI proxies provide no officer-level incentive structures (RSUs/PSUs/options), no performance metric targets (revenue, EBITDA, TSR), and no vesting schedules for officers; proxy compensation sections pertain to Independent Directors only .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for Fund officers | — | — | — | — | — |
Equity Ownership & Alignment
- HYI proxies disclose beneficial ownership for >5% stockholders and Director compensation, but do not provide officer-level ownership tables; officer holdings, pledged shares, hedging, or ownership guideline compliance for officers are not disclosed .
- Section 16(a) compliance statements affirm required ownership change filings were met during the fiscal years; individual officer transaction details are not presented in the proxy .
Employment Terms
- Officers are chosen annually by the Board and hold office until successors are duly elected and qualified .
- Appointment: Effective September 27, 2019, Berarducci became Treasurer and Principal Financial Officer of the Fund .
- HYI proxies do not disclose officer employment agreements, severance multiples, change-of-control triggers, accelerated vesting, clawbacks, or tax gross-ups; these topics are not presented for officers at the Fund level .
Investment Implications
- Compensation alignment: With officers unpaid by the Fund and no disclosed performance-linked awards at HYI, there are no fund-level pay-for-performance levers or vesting overhangs tied to Berarducci; any incentives reside at Franklin Templeton and are outside HYI’s proxy disclosures .
- Insider selling pressure: Proxies do not show officer ownership or grant schedules; Section 16(a) compliance is noted but lacks transaction specifics, implying limited visibility into insider selling/pledging at the Fund level .
- Retention risk: Officers are appointed annually; absence of disclosed severance/CIC terms suggests retention and economics are set by adviser/affiliate employment, not the Fund—reducing Fund-level transition economics exposure .
- Governance: Director compensation and committee structures are well-defined; the Compensation Committee covers Independent Directors, not officers, indicating operational alignment through adviser oversight rather than Fund-paid incentives .