Jared Mills
About Jared Mills
Jared Mills, 52, is IPM’s President (appointed January 2025) with 20+ years in managed IT services and large-scale private cloud datacenter operations. He previously served as President/COO/Director of Newtek Technology Solutions (NTS), CTO of Newtek and Newtek Bank, and President/COO/Director of Cloud Nine Solutions. His remit spans technology, sales, marketing, and service delivery to drive profitability and revenue growth. Company performance during his tenure shows rapid top-line scaling post-acquisition (see table below). Anti-hedging/pledging policies and a clawback framework apply company-wide, but his individual compensation and ownership are not disclosed in the 2025 proxy or subsequent filings reviewed .
Company performance since appointment:
| Metric | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|
| Total Revenue ($) | $5,500,000 | $5,722,599 | $6,238,019 |
| Adjusted EBITDA ($) | $(500,000) | $(378,289) | N/A (not disclosed) |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Newtek Technology Solutions, Inc. | President, COO, Director | Mar 2019–Jan 2025 | Led day-to-day operations across technology, sales, marketing, service delivery; focused on profitability and revenue growth |
| Newtek & Newtek Bank, N.A. | Chief Technology Officer | Dec 2022–Jan 2025 | Directed technology strategy, software development, data, cybersecurity, infrastructure |
| Cloud Nine Solutions, Inc. (Newtek subsidiary) | President, COO, Director | Dec 2021–Dec 2023 | Ran certified MBE consulting; operational leadership |
| Enterprise Technology Services | Director of Sales & Business Development | Apr 2016–Mar 2019 | Built IT infrastructure management business development |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Newtek Bank, N.A. | Chief Technology Officer | Dec 2022–Jan 2025 | Oversaw bank technology stack and cybersecurity posture |
| Cloud Nine Solutions, Inc. | President, COO, Director | Dec 2021–Dec 2023 | Delivered consulting services; integrated with Newtek ecosystem |
Fixed Compensation
- Mills was appointed in 2025 and is not a named executive officer for fiscal 2024; his base salary, bonus targets, and 2025 compensation terms are not disclosed in the 2025 proxy’s NEO tables (which cover Katz, Jenny, Zalko) .
Performance Compensation
- No Mills-specific performance metrics, incentive weightings, or awards are disclosed in reviewed filings; 2025 transaction-related bonuses and option grants are detailed for Katz, Jenny, and Zalko only .
Equity Ownership & Alignment
- Mills is not listed individually in the March 24, 2025 beneficial ownership table; current officers and directors as a group (9 persons) held 1,869,178 shares (19.3%), but individual holdings for Mills are not disclosed .
- Insider trading policy prohibits executive pledging/hedging of company securities; options timing practices and clawback policy (restatement recovery) are in place .
- 2025 LTIP (approved May 8, 2025) governs RSUs/PSUs/options with standard vesting, transfer limits, no repricing without shareholder approval, change-in-control treatment via substitution/accelerated settlement, and clawback linkage .
Employment Terms
- No Mills-specific employment agreement, severance, or change-of-control economics are disclosed in the proxy (agreements are provided for Katz, Jenny, Zalko only) .
- Applicable equity plan terms under the 2025 LTIP: non-transferability (limited family/charitable exceptions for NQSOs/SARs), vesting at Committee discretion, and potential cash-out/substitution or acceleration upon change in control; no option/SAR repricing allowed without shareholder approval .
Investment Implications
- Execution capability: Mills brings deep domain leadership (private cloud, cybersecurity) and long-tenured teams—a positive for integration and service quality; company Q1–Q3 2025 revenue ramp evidences early scaling post-transaction .
- Alignment and risk: Company policies prohibit hedging/pledging and include clawbacks; however, the absence of disclosed Mills-specific pay mix, performance metrics, and ownership reduces transparency into his personal incentives and retention risk .
- Governance and related-party exposure: IPM entered a $1.0M secured revolving credit facility with Newtek Bank (April 10, 2025); Newtek’s CEO Barry Sloane sits on IPM’s board—an arm’s-length review framework exists via the Related Party Transactions Policy and Audit Committee oversight, but investors should monitor potential conflicts and covenants .
- Shareholder sentiment: Say-on-pay passed with ~99% votes cast in favor; frequency set to triennial—broad support for the compensation approach, though Mills-specific details remain limited .
Compensation Committee Analysis
- Compensation Committee: Abada and Silberstein (chair); independent; oversees executive comp, administers equity plans, and compensation recovery policy. No external compensation consultant was engaged in 2024 given company size .
Say-on-Pay & Shareholder Feedback
- 2025 Annual Meeting results: Say-on-Pay “For” 4,984,463; “Against” 54,580; “Abstain” 10,470; frequency “3 years” 4,310,735 votes; LTIP approved (4,963,046 For) .
Related Party Transactions (Context)
- Newtek Bank revolving credit facility: $1,000,000, maturing April 10, 2026; APR indexed plus 2.00% (min 6.07%); secured by substantially all borrower assets; Newtek’s Barry Sloane is an IPM director; facility disclosure and policy oversight noted .
Company Performance (2024 baseline context and 2025 ramp)
| Metric | FY 2024 |
|---|---|
| Revenue ($) | $1,098,280 (continuing ops) |
| Net Loss (continuing ops) ($) | $(4,268,675) |
| Adjusted EBITDA ($) | $(4,431,852) |
| Cash and Equivalents ($) | $10,588,534 (12/31/2024) |
| Metric | Q1 2025 | Q2 2025 | 1H 2025 |
|---|---|---|---|
| Total Revenue ($) | $5,500,000 | $5,722,599 | $11,240,637 |
| Net Income (Loss) ($) | $800,000 | $(1,050,028) | $(241,498) |
| Adjusted EBITDA ($) | $(500,000) | $(378,289) | $(860,546) |
| Cash & Equivalents ($) | $9,700,000 (3/31/2025) | $8,301,692 (incl. restricted cash) | $8,301,692 |
Note: Net income in Q1 2025 included a ~$2.1M tax benefit tied to transaction accounting; adjusted EBITDA trends show sequential improvement (Q1 to Q2) .
Notes
- Anti-hedging/pledging policy: prohibits directors and executive officers from hedging or pledging IPM securities .
- 2025 LTIP approved May 8, 2025 with share authorization and governance protections (no repricing, change-of-control handling, clawback) .