Subrata Purkayastha
About Subrata Purkayastha
Subrata Purkayastha is Chief Financial Officer and Treasurer of IEH, promoted to permanent CFO on October 26, 2023 with a new employment agreement effective November 1, 2023, after serving as Interim CFO from May 19, 2023; she previously served as Controller since November 2021 . She holds a BS in Accounting (Carson‑Newman University) and an MA focused on International Banking and Finance (Fordham University), and is a Certified Public Accountant; she was age 41 at the time of her interim appointment in May 2023 . Company performance over FY2023–FY2025 improved materially: revenues rose from $19.1M to $28.8M, EBITDA improved from -$4.78M to $1.32M, and net income turned positive at $0.999M in FY2025 . The company’s stock closed at $6.74 (3/31/2023), $6.00 (3/28/2024), and $7.57 (3/31/2025) during her tenure window .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| IEH Corporation | Interim CFO & Treasurer | May 19, 2023–Oct 26, 2023 | Appointed interim CFO/Treasurer amid transition |
| IEH Corporation | Controller | Nov 2021–May 2023 | Led corporate controllership prior to CFO promotion |
| IEH Corporation | CFO & Treasurer (Permanent) | Oct 26, 2023–present | Permanent CFO under 3‑year agreement |
| Sprouts Foods, Inc. | Controller | Mar 2019–May 2021 | Managed accounting for premium organic baby foods |
| Sprouts Foods, Inc. | Accounting Manager | Jul 2017–Mar 2019 | Provided timely financial reporting to CEO/CFO and PE partners |
| Champions Oncology, Inc. | Accounting Manager | Jul 2015–Jul 2017 | Accounting management at a publicly‑traded personalized oncology company |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | None disclosed in company filings |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Actual Bonus Paid ($) |
|---|---|---|---|
| FY 2024 | 216,904 | Not disclosed | 0 |
| FY 2025 | 250,000 | Not disclosed | 30,000 |
| Interim CFO (effective 5/19/2023) | 200,000 (annual rate) | Not disclosed | Not disclosed |
- Employment agreement terms as permanent CFO: base salary $250,000; eligible for cash bonus based on Compensation Committee‑set performance targets .
Performance Compensation
Cash Bonus Plan Outcomes
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Company profitability (Cash Bonus Plan, adopted 1987) | Not disclosed | Not disclosed | FY2025 net income $999,038 | $30,000 FY2025 cash bonus | Cash, paid June 2025 per plan timing |
Option Awards Detail
| Grant Date | Type | # Options | Strike ($) | Expiration | Vesting Status |
|---|---|---|---|---|---|
| Nov 1, 2021 | Stock Option | 10,000 | 12.25 | 11/01/2031 | Exercisable as of 7/31/2025 (no unexercisable balance) |
| Oct 26, 2023 | Stock Option | 25,000 | 8.00 | 10/26/2033 | Exercisable as of 7/31/2025 |
| Apr 26, 2024 | Stock Option | 15,000 | 5.65 | 04/26/2034 | Exercisable as of 7/31/2025 |
Equity Compensation (Reported Fair Value in Summary Compensation)
| Year | Option Awards Fair Value ($) |
|---|---|
| FY 2024 | 97,750 |
| FY 2025 | 41,700 |
- Employment agreement confirms eligibility for option awards; 25,000 option grant at $8.00 was part of the CFO promotion package effective Nov 1, 2023 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 50,000 shares (all via vested options exercisable within 60 days) |
| Ownership % of shares outstanding | 2.0% of 2,431,278 shares (as of 7/31/2025) |
| Vested vs. unvested | 50,000 vested; no unexercisable options listed |
| Options—exercisable detail | 10,000 @ $12.25 (2031); 25,000 @ $8.00 (2033); 15,000 @ $5.65 (2034) |
| Hedging/Pledging | Company insider trading policy prohibits hedging and pledging of Company stock |
| Ownership guidelines | Not disclosed in filings |
Employment Terms
| Term | Provision |
|---|---|
| Role | Chief Financial Officer & Treasurer |
| Permanent CFO Effective Date | October 26, 2023; agreement effective November 1, 2023 |
| Contract Term | 3 years, expiring October 31, 2026 |
| Base Salary | $250,000 (subject to Board/Comp Committee increases) |
| Bonus Eligibility | Cash bonus and stock option awards tied to performance targets set by Compensation Committee |
| Severance (no cause) | Severance pay of up to 12 months and continued health/welfare benefits up to 12 months |
| Change‑of‑Control | Specific change‑of‑control economics for CFO not disclosed; CEO terms explicitly disclosed separately |
| Non‑Compete/Confidentiality | Customary obligations that survive termination |
| Start at IEH | Controller since Nov 2021; Interim CFO from May 19, 2023 |
| Interim CFO base salary | $200,000 annual rate |
Performance & Track Record Snapshot
Financial Performance (Annual)
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue ($) | 19,136,890 | 21,524,544 | 28,783,861 |
| EBITDA ($) | -4,778,253* | -2,889,268* | 1,319,664* |
| Net Income ($) | -6,502,924 | -2,916,902 | 999,038 |
- Values retrieved from S&P Global.
Share Performance (Period End Closing Prices)
| Period End | Price ($) |
|---|---|
| 3/31/2023 | 6.74 |
| 3/28/2024 | 6.00 |
| 3/31/2025 | 7.57 |
- Relative to the 3/31/2025 price ($7.57), the $5.65 options were in‑the‑money, while the $8.00 and $12.25 tranches were out‑of‑the‑money at that date .
Compensation Committee Analysis
- Committee members: Gerald E. Chafetz (Chair), Allen Gottlieb, Michael E. Rosenfeld .
- Activity: 3 meetings held in FY2025 (via teleconference), plus one unanimous written consent; committee administers executive compensation and equity plans and evaluates risk alignment .
- Governance signals: Company states pay‑for‑performance philosophy; 2025 “say‑on‑pay” advisory vote proposed with recommendation “FOR” .
Investment Implications
- Alignment: 2.0% beneficial ownership via vested options with long‑dated expirations (2031–2034) suggests economic alignment and minimal near‑term forced selling pressure; hedging/pledging prohibited, reducing misalignment risk .
- Pay‑for‑performance: Bonus eligibility tied to Compensation Committee targets; FY2025 cash bonus paid alongside a return to profitability—positive signal for incentive calibration, though specific metric weightings/targets are undisclosed .
- Retention risk: Three‑year agreement through Oct 31, 2026 with 12‑month severance indicates moderate retention protection; monitor renegotiation/extension timing in 2026 .
- Trading signals: All options currently exercisable; watch for Form 4 filings indicating exercises or sales near price inflections—particularly the $5.65 tranche which was in‑the‑money at FY2025 year‑end; lack of pledging reduces forced sale risk .
- Performance backdrop: Multi‑year improvement from negative EBITDA/net losses to positive EBITDA and net income in FY2025 enhances confidence in execution; continued delivery against profitability is key for sustaining bonus payouts and de‑risking capital needs .