Eric C. Hugel
About Eric C. Hugel
Independent Class I Director at IEH Corporation since 2016; age 54. Audit Committee Chair and designated Audit Committee Financial Expert. Currently CFO of Americraft Marine Group LLC (since May 2023); prior roles include Co-CEO/CFO of Hugel Corporation (2014–2023), Senior Institutional Specialist at McGraw Hill Financial – S&P Capital IQ (2013–2014), and Managing Director (A&D research) at Stephens Inc. (2002–2012). BS in Accounting, Lehigh University (1993) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Stephens Inc. | Managing Director, U.S. aerospace & defense research | Jul 2002 – Jun 2012 | Sector research expertise (A&D) |
| McGraw Hill Financial – S&P Capital IQ | Senior Institutional Specialist, U.S. Fundamental Equity Research | Mar 2013 – Feb 2014 | Provided research/analysis for A&D and industrial conglomerates |
| Hugel Corporation | Co-Chief Executive Officer and Chief Financial Officer | Jul 2014 – May 2023 | Led finance/operations at online retailer |
External Roles
| Organization | Role | Start | Notes |
|---|---|---|---|
| Americraft Marine Group LLC | Chief Financial Officer | May 2023 | U.S. shipbuilding/industrial infrastructure focus |
No other public company directorships are disclosed in the proxy biography or director tables for Mr. Hugel .
Board Governance
- Independence: The Board identifies Eric C. Hugel as independent under Nasdaq Rule 4200(a)(15) (IEHC is not Nasdaq-listed) .
- Committee assignments:
- Audit Committee: Chair; designated Audit Committee Financial Expert .
- Compensation Committee: Not a member (members are Chafetz (Chair), Gottlieb, Rosenfeld) .
- Election support (Annual Meeting 9/10/2025): For 1,390,791; Withheld 24,492; Broker Non-Votes 534,477 (elected) .
- Shareholder Say-on-Pay (FY2025): For 1,388,953; Against 25,444; Abstain 886; Broker Non-Votes 534,477 (approved). Say-on-pay frequency: “Every 1 year” received 1,390,530 votes .
- Meeting cadence and engagement (FY2025):
- Board meetings held: 6 (teleconference; all directors present at the Board-only meeting) .
- Audit Committee meetings: 5 (held jointly with full Board; one director absent at each joint meeting – not individually identified) .
- Compensation Committee meetings: 3 (all members present; one unanimous written consent action) .
| FY2025 Meeting Activity | Count | Notes |
|---|---|---|
| Board of Directors | 6 | One Board-only meeting with full attendance |
| Audit Committee | 5 | Joint with full Board; one director absent at each joint meeting (unspecified) |
| Compensation Committee | 3 | All committee members present |
Fixed Compensation (Director)
| Component | Amount | Structure/Notes |
|---|---|---|
| Annual non-executive director fee | $12,500 | Payable quarterly |
| Committee membership fee (per committee) | $5,000 | Payable quarterly |
| Committee chair additional fee | $2,500 | Payable quarterly |
| Policy restatement (as of Jul 31, 2025) | $17,500 (member); $20,000 (chair) | Annual total for director + one committee; chair receives $20,000 |
| FY2025 Actual Cash Paid (Year Ended Mar 31, 2025) | Fees Earned or Paid in Cash | Option Awards | Total |
|---|---|---|---|
| Eric C. Hugel | $17,500 | $0 | $17,500 |
Note: Despite Audit Chair role, the FY2025 director compensation table shows $17,500 total for Mr. Hugel; the policy indicates chairs receive an incremental $2,500 (total $20,000). The proxy does not reconcile this difference (potentially timing/proration) .
Performance Compensation (Director Equity)
| Grant Type | Status | Shares (Exercisable) | Exercise Price | Expiration |
|---|---|---|---|---|
| Stock Options | Exercisable | 5,000 | $5.30 | 08/15/2026 |
| Stock Options | Exercisable | 5,000 | $6.01 | 05/08/2033 |
| Stock Options | Exercisable | 5,000 | $8.28 | 05/08/2035 |
No director option awards were granted in FY2025 to Mr. Hugel per the Non-Employee Director Compensation table .
Other Directorships & Interlocks
| Company/Organization | Type | Role | Potential Interlock/Conflict |
|---|---|---|---|
| Americraft Marine Group LLC | Private/Industrial | CFO | None disclosed as related-party with IEH |
The proxy states no material related-party transactions with directors, executives, or 5% holders, and confirms Mr. Hugel’s independence .
Expertise & Qualifications
- Designated Audit Committee Financial Expert; chair of Audit Committee .
- Sector expertise in aerospace & defense and industrials (research background at Stephens and S&P Capital IQ) .
- Financial leadership experience as CFO/Co-CEO (Hugel Corporation; CFO Americraft) .
- BS in Accounting (Lehigh University, 1993) .
Equity Ownership
| Holder | Beneficial Ownership (Shares) | % Outstanding | Composition/Notes |
|---|---|---|---|
| Eric C. Hugel | 15,000 | <1% | Vested options to purchase 15,000 shares; counted as beneficial under SEC rules |
Hedging and pledging of company securities are prohibited by IEH’s insider trading policy (applies to directors) .
Governance Assessment
-
Positives
- Independent director; Audit Chair and designated financial expert strengthen oversight of reporting and audit processes .
- Strong re-election support (≈98% of votes cast for Mr. Hugel excluding broker non-votes) and robust say-on-pay approval suggest investor confidence in IEH’s governance and compensation oversight during the year .
- Company prohibits director hedging and pledging, aligning with good-practice risk mitigation .
- No related-party transactions disclosed for Mr. Hugel; independence affirmed .
-
Watch items / potential red flags
- Historical process concern: Company had not held an annual meeting since 2020 until 2025; while rectified, this gap is a governance signal to monitor (not specific to Mr. Hugel) .
- Ownership alignment: Beneficial ownership is via vested options totaling 15,000 shares (<1%); no common shares disclosed, and no director stock ownership guidelines disclosed in the proxy .
- Meeting attendance disclosure notes one director absent at each joint Board/Audit session (unspecified); individual attendance rates by director are not provided—investors may wish to seek confirmation of Mr. Hugel’s attendance record in future filings .
Overall: Mr. Hugel brings deep financial and A&D domain expertise, serves as Audit Chair and financial expert, and is formally independent. Supportive shareholder voting and absence of related-party issues are positives; clarity on individual attendance and continued focus on ownership alignment would further bolster investor confidence .