John Joyce
About John Joyce
John Joyce is Vice Chairman and an independent director of IB Acquisition Corp. (IBAC) since December 2023. He is the former Chief Financial Officer of IBM, where he also served as President of Asia Pacific and Head of Global Services, and later was a Managing Director at Silver Lake Partners; he holds a BA from Montclair State University and an MBA from Fairleigh Dickinson University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| IBM | Chief Financial Officer; President, Asia Pacific; Head of Global Services | 1977–2007 | Led IBM’s global reengineering; executed HDD sale to Hitachi and PC sale to Lenovo; acquisition of PW Consulting; managed ~150,000 employees and nearly $50B revenue |
| Silver Lake Partners | Managing Director; Investment Committee member; leader of value creation | 2007–2012 | Technology-focused PE; value creation leadership |
| HP | Director | Not disclosed | Board service (past) |
| Avago (Broadcom) | Director | Not disclosed | Board service (past) |
| Bertelsmann AG | Director | Not disclosed | Board service (past) |
| Intelsat | Director | Not disclosed | Board service (past) |
| Gartner | Director | Not disclosed | Board service (past) |
| Sabre | Director | Not disclosed | Board service (past) |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| NetX Fund | Executive Chairman | Current (not dated) | Listed as pre-existing fiduciary obligation |
| Globality, Inc. | Director | Current (not dated) | Listed as pre-existing fiduciary obligation |
| St. Thomas Aquinas Academy | Vice Chairman | Current (not dated) | Listed as pre-existing fiduciary obligation |
Board Governance
- Board independence: IBAC’s board determined Joyce is independent under Nasdaq and SEC rules; the board has 4 directors, and independent directors hold regularly scheduled sessions without management .
- Committee leadership: Joyce chairs all three standing committees—Audit, Compensation, and Nominating & Corporate Governance—each comprised solely of independent directors .
- Audit committee remit includes related-party transaction oversight, auditor independence, and compliance reviews; compensation committee administers executive pay and director remuneration policies; nominating committee oversees director selection and governance guidelines .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer | $0 | No cash paid to directors to date |
| Committee membership fees | $0 | None disclosed |
| Committee chair fees | $0 | None disclosed |
| Meeting fees | $0 | None disclosed |
| Other payments | $0 to directors | CFO receives $5,000/month admin services; directors reimbursed only for out-of-pocket expenses |
Performance Compensation
- No equity grants (RSUs/PSUs/options), performance metrics, or bonus programs are disclosed for directors prior to a business combination; any future compensation would be determined by the post-combination company’s board and disclosed at that time .
- IBAC has a Clawback Policy filed as an exhibit, indicating adoption of clawback governance, though director-specific triggers are not described in the 10-K .
Other Directorships & Interlocks
| Company | Role | Public/Private | Potential Interlocks |
|---|---|---|---|
| NetX Fund | Executive Chairman | Not disclosed | None disclosed with IBAC counterparties |
| Globality, Inc. | Director | Private | None disclosed |
| St. Thomas Aquinas Academy | Vice Chairman | Non-profit/academic | None disclosed |
| HP; Avago (Broadcom); Bertelsmann AG; Intelsat; Gartner; Sabre | Director (past) | Public (various) | No current interlocks disclosed with IBAC |
Expertise & Qualifications
- Deep financial and operational expertise as IBM CFO and senior operator across global services and Asia Pacific, with large-scale M&A execution and organizational restructuring experience .
- PE value-creation background (Silver Lake Partners) and extensive public board experience across technology and media companies .
- Independent status and financial literacy in committee roles; IBAC notes audit committee members are financially literate .
Equity Ownership
| Item | Detail | Source |
|---|---|---|
| Direct beneficial ownership | Not separately reported (—) | |
| Indirect founder share interest via Sponsor | 3.08% Sponsor interest; right to receive 100,000 founder shares; directors disclaim beneficial ownership beyond pecuniary interest | |
| Shares outstanding (record date for proxy) | 15,749,090 | |
| Pledging/Hedging | Not disclosed | |
| Ownership guidelines | Not disclosed |
Governance Assessment
- Strengths: Joyce is independent and chairs all three key committees, providing strong oversight across audit, pay, and nominations; independent director sessions are regularly scheduled; related-party transaction approval policy is explicit and audit-committee controlled; clawback policy is on file .
- Alignment considerations: Directors (including Joyce) have indirect founder share rights via the Sponsor (100,000 for Joyce), which can align with deal completion but create incentives typical of SPACs; directors disclaim beneficial ownership beyond pecuniary interests .
- RED FLAGS:
- SPAC founder economics—founder shares and private placement units are worthless if no business combination—may bias deal selection; initial stockholders own a significant stake (24.68%), increasing influence over stockholder votes .
- Potential financing by the Sponsor or officers/directors up to $1.5M in convertible loans into units at $10 could introduce conflicts in financing terms; consulting/finder/success fees may be paid to officers/directors for consummating the business combination .
- Corporate opportunity renunciation in IBAC’s charter reduces risk of liability but formalizes that directors may prioritize other entities they serve; numerous external fiduciary obligations are disclosed (including Joyce’s) .
- Sponsor sold membership interests to management/directors representing 500,000 founder shares for $2,500; a subscription for 100,000 founder shares was later terminated—nominal pricing heightens pay-for-performance scrutiny and dilution concerns for public investors .
Overall, Joyce’s governance profile combines extensive financial leadership and board experience with materially influential SPAC sponsor economics and committee control. The committee leadership and independence are positives, but SPAC-specific incentives (founder shares, convertible loans, potential success fees) warrant heightened monitoring around deal selection, related-party approval rigor, and post-combination pay structures .