Phillip Balatsos
About Phillip Balatsos
Phillip Balatsos, 48, is an independent director of Inspire Veterinary Partners (IVP), appointed in October 2024. He brings capital markets and trading expertise from FX/emerging markets and prior Wall Street roles; education includes a B.S. in Business Administration (Skidmore College) and study at the Institute of Culinary Education. Tenure on IVP’s board began October 2024; he serves on the Audit Committee.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| XP Investments US Inc. | VP, Foreign Exchange Emerging Markets Rates Sales/Trading | Aug 2022–present | Coverage/execution for EM FX, commodities, fixed income; hedge fund clients |
| LAPH Hospitality | Founder/Operator | Sep 2018–Aug 2022 | Operated multi-location café/catering business |
| Credit Suisse | Vice President, Foreign Exchange Sales/Trading | Not disclosed | FX sales/trading for institutional clients |
| Barclays Capital | Director, FX Hedge Fund Sales | Not disclosed | FX hedge fund coverage and sales |
| Stifel Nicolaus & Co. | Financial Advisor | Not disclosed | Advisory role |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Sadot Group Inc. | Director (prior) | Not disclosed | Served on Audit and Finance Committees |
Board Governance
- Committee assignments: Audit Committee member; Audit chaired by Timothy Watters; other members Larry Alexander and Balatsos .
- Independence: Board determined all directors except CEO/Chair Kimball Carr and Charles Stith Keiser are independent; Balatsos is independent .
- Attendance: Board held 4 meetings in 2024; each director attended at least 75% of Board and applicable committee meetings during their service period .
- Executive sessions: Non-management directors meet in executive session at each quarterly board meeting; no Lead Independent Director .
- Committee activity: Audit met 3 times; Compensation met 4 times; Governance & Nominating met 2 times in 2024 .
Fixed Compensation
- IVP Non-Employee Director Compensation structure:
- Annual cash retainer: $36,000 .
- Annual committee fee: $5,000 (for service on one or more committees) .
- 2024 fees earned (Balatsos): $9,000 (partial year after October 2024 appointment) .
| Item | Amount | Notes |
|---|---|---|
| Annual retainer (cash) | $36,000 | Payable monthly |
| Committee fee (cash) | $5,000 | Payable annually |
| 2024 fees earned (Balatsos) | $9,000 | Joined Oct 2024 |
Performance Compensation
- Equity awards: In Sept 2024, non-employee directors then serving received fully vested stock options (exercise price $17, adjusted for reverse split); Balatsos joined in Oct 2024 and did not receive an option grant in 2024; he had no outstanding options as of Dec 31, 2024 .
- Performance metrics tied to director pay: None disclosed; director equity awards were fully vested on grant and not subject to performance conditions .
| Performance Element | Metric/Condition | Status |
|---|---|---|
| Director equity awards | Performance metrics | No performance-based metrics disclosed |
| Sept 2024 option grant (directors) | Vesting | Fully vested at grant; Balatsos did not receive a grant |
Other Directorships & Interlocks
| Company | Role | Committees | Potential Interlock/Conflict |
|---|---|---|---|
| Sadot Group Inc. | Director (prior) | Audit; Finance | None disclosed with IVP counterparties/customers |
Expertise & Qualifications
- Capital markets: FX/emerging markets rates sales/trading; commodities and fixed income derivatives coverage for global macro hedge funds .
- Wall Street experience: Senior roles at Credit Suisse and Barclays in FX; advisory at Stifel Nicolaus .
- Operating experience: Founded/operated multi-location hospitality business, bringing small-business operational perspective .
- Education: B.S., Business Administration (Skidmore College); Institute of Culinary Education .
Equity Ownership
- Beneficial ownership: No Class A or Class B shares beneficially owned as of Oct 14, 2025; no options reported for Balatsos in 2024 .
- Hedging/pledging: Company has not adopted prohibitions on hedging or pledging company stock, a governance risk consideration; no pledges by Balatsos disclosed .
| Class | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Class A common | 0 (none) | — | No outstanding options as of 12/31/2024 |
| Class B common | 0 (none) | — | — |
Insider Trades and Section 16 Compliance
| Filing/Item | Date/Period | Detail |
|---|---|---|
| Section 16(a) compliance | 2024 | Initial report of beneficial ownership for Balatsos was filed late; characterized as inadvertent administrative error |
Governance Assessment
-
Positives:
- Independent director with finance/trading expertise; appointment to the Audit Committee aligns skills with oversight needs .
- Board-wide minimum attendance threshold met (≥75%); committees active with multiple meetings in 2024 .
- Adoption of an executive incentive compensation recovery (clawback) policy consistent with SEC/Nasdaq requirements, improving overall governance posture .
-
Concerns/Red Flags:
- Dual-class structure with Class B carrying 25 votes per share confers outsized control; as of the record date, significant voting concentration at Wilderness Trace/Keiser, which can diminish minority shareholder influence .
- CEO also serves as Chair; the Board has no Lead Independent Director, reducing independent counterbalance in agenda-setting .
- No company policy prohibiting hedging or pledging of company stock by directors, which can misalign incentives; no disclosures of Balatsos hedging/pledging, but policy absence is a risk indicator .
- Auditor change in Oct 2025; prior auditor cited material weaknesses in internal control and going concern explanatory paragraphs—broader governance/controls risk context for the Board, including Audit Committee oversight .
- Director equity alignment: Balatsos had no reported share ownership or options as of the dates disclosed, limiting “skin-in-the-game” alignment relative to cash retainer .
- Late Section 16 filing (administrative error) is minor but worth monitoring for future compliance consistency .
-
Related-party transactions: Proxy details related-party dealings (consulting agreements, loans, clinic sale) involving management/another director; no transactions involving Balatsos disclosed .