Anthony Bellomo
About Anthony Bellomo
Executive Vice President, Chief Financial Officer and Treasurer of KORE, appointed June 2, 2025. Prior to KORE, he spent 15 years at Mitel Networks in progressively senior finance roles, including Group Vice President, Finance M&A and Chief Accounting Officer since 2018; earlier roles include a senior finance role at Onex Corporation and Audit Manager at Deloitte & Touche LLP. He is a Chartered Accountant (Ontario), Certified Public Accountant (Illinois), and CFA charterholder, with a Bachelor of Mathematics and Master of Accounting from the University of Waterloo . During 2025 under new leadership, KORE reported Q2 2025 revenue growth and stronger profitability: revenue $71.3M (+$3.4M YoY, +5%), Adjusted EBITDA $16.7M (+$5.3M YoY, +46%), and positive free cash flow of $1.6M, while highlighting cash generation focus; management subsequently disclosed a strategic review following a non-binding take-private approach by Searchlight and Abry and suspended FY25 guidance .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Mitel Networks Corporation | Group VP, Finance M&A and Chief Accounting Officer | 2018–2025 (within a 15-year Mitel tenure) | Finance operations, strategic financial planning, and capital allocation expertise; seasoned financial leader in communications |
| Onex Corporation | Senior financial role | Not disclosed | Senior finance experience |
| Deloitte & Touche LLP | Audit Manager | Not disclosed | Audit and financial reporting foundation |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | Employment agreement allows board service with prior Board consent (non-competing) |
Fixed Compensation
| Component | Terms |
|---|---|
| Base Salary | CAD $357,000 per annum; reviewed annually for upward adjustment only |
| Target Annual Bonus | 75% of base salary; metric-based (revenue and EBITDA) with sliding scale |
| Guaranteed Bonus (FY2025) | CAD $267,750 payable per bonus plan timing |
| Benefits | Standard senior executive benefits; 4 weeks’ vacation; expense reimbursement per policy |
| Location/Employer entity | KORE Wireless Canada Inc.; agreement effective June 2, 2025 |
Performance Compensation
Annual Incentive Plan (AIP)
| Metric | Weighting | Target | Actual/Payout | Vesting/Timing |
|---|---|---|---|---|
| Revenue | Not disclosed | Board-set annual targets | Not disclosed | Paid after audit; expected by Apr 30 following plan year |
| Adjusted EBITDA | Not disclosed | Board-set annual targets | Not disclosed | Paid after audit; expected by Apr 30 following plan year |
| FY2025 Guaranteed Bonus | N/A | CAD $267,750 | To be paid per plan timing | By Apr 30, 2026 (normal timing) |
Equity Awards (Time-Vesting RSUs)
| Grant date | Award type | Shares | Vesting schedule | Accelerated vesting triggers |
|---|---|---|---|---|
| 2025-06-02 | RSUs | 75,000 | 1/3 on each of the first three anniversaries of grant (2026-06-02, 2027-06-02, 2028-06-02) | Time-vested (service-based) equity automatically vests upon termination without Cause or resignation for Good Reason (Canadian-law notice constructs apply) |
Retention Award Program (Company-wide; includes NEOs)
| Approval date | Aggregate pool | Individual award | Retention period | Early payout conditions | Forfeiture |
|---|---|---|---|---|---|
| 2025-10-30 | ~$3.2 million value for Participants (incl. NEOs) | Not disclosed per executive | 18 months from grant | Pays within 60 days if terminated without Cause or (for execs) resignation for Good Reason before end of period | Forfeit if terminated for Cause, resign without Good Reason, death/disability |
Equity Ownership & Alignment
- Initial equity alignment via 75,000 time-based RSUs vesting over 3 years, creating multi-year retention and potential selling cadence at each vest date .
- Anti-hedging policy: directors, officers, and employees (and controlled entities) are prohibited from hedging KORE equity via derivatives or similar mechanisms .
- Pledging policy: no explicit pledging prohibition located in the 2025 or 2024 proxies in the sections reviewed .
- Beneficial ownership: 2025 proxy record date precedes his June 2025 appointment; therefore, no individual beneficial ownership line item for Bellomo in that filing. As context, all current directors and executive officers as a group (14 individuals) held 33.5% as of the record date; large holders include ABRY (28.3%) and Searchlight (14.0%) .
Employment Terms
| Term | Detail |
|---|---|
| Start date; Term | Effective June 2, 2025; indefinite term |
| Severance (without Cause / Good Reason) | 12 months’ base salary (offset by statutory entitlements), prorated current-year bonus based on actual achievement, any earned but unpaid prior-year bonus, continuation of medical/dental/vision during severance period (or cash equivalent if not feasible), and automatic vesting of unvested time-based equity; accrued rights paid within 30 days |
| Death | Estate receives accrued rights, earned but unpaid prior-year bonus, and prorated current-year bonus |
| Restrictive covenants | Confidentiality (perpetual); Non-compete and non-solicit for 24 months post-termination (Canada-focused “Restricted Business” scope) |
| Indemnification/D&O | Covered to the same extent as other officers; D&O insurance coverage |
| Change-of-control economics | No separate CoC multiple disclosed in the employment agreement; time-based equity vests on qualifying termination as noted above |
Performance & Track Record
2025 Operating Highlights (context during initial tenure)
| Metric | Q2 2025 | YoY change |
|---|---|---|
| Revenue ($) | $71.3M | +$3.4M (+5%) |
| Adjusted EBITDA ($) | $16.7M | +$5.3M (+46%) |
| Free Cash Flow ($) | $1.6M | +$1.7M |
| Total Connections (period end) | 20.1M | +8% YoY |
Additional context: On Nov 4, 2025, KORE received a non-binding letter from Searchlight and Abry to acquire all outstanding shares they do not own; KORE formed a Special Committee and suspended FY25 guidance given the range of potential outcomes .
Compensation Structure Analysis
- Mix and at-risk pay: Base salary CAD $357k with 75% target bonus tied to revenue and EBITDA introduces meaningful performance linkage; 3-year RSU vesting adds long-term alignment .
- Guaranteed FY2025 bonus: CAD $267,750 ensures transitional certainty in first year; expect normal performance-based bonus thereafter .
- Equity design: Time-based RSUs (no options disclosed) lowers risk vs options; automatic vesting on qualifying termination reduces retention risk in downside scenarios .
- Retention program: 18-month retention awards across key employees/NEOs during strategic review reduces flight risk and potential execution disruption; amounts per exec not disclosed .
- Policies: Anti-hedging in place; no tax gross-ups disclosed for NEOs in 2023 proxy period (contextual governance signal) .
Risk Indicators & Red Flags
- Strategic review/M&A overhang: Potential acquisition by existing sponsors (Searchlight/Abry) could create executive turnover scenarios; Bellomo’s agreement provides for time-based equity vesting and severance under qualifying terminations .
- Pledging policy not explicitly disclosed in reviewed proxy sections (monitor future proxies for clarity) .
- Say-on-pay/peer group specifics not disclosed in reviewed sections; monitor future filings for any adverse votes or peer group inflation dynamics .
Investment Implications
- Alignment and retention: A 75% target bonus tied to revenue/EBITDA plus 3-year RSU vesting and an 18-month retention program suggest strong retention scaffolding through the strategic review—reducing execution risk during potential transaction processes .
- Downside protection and payout visibility: Guaranteed FY2025 bonus provides near-term cash certainty; severance (12 months’ base) and automatic vesting of time-based equity on qualifying termination limit personal downside, which is customary but could modestly increase deal-related cash/stock settlements if terminations occur .
- Performance focus: Q2 2025 results indicated improved revenue, profitability, and cash flow, aligning with management’s stated focus on profitable growth; continued delivery against revenue and Adjusted EBITDA metrics would directly influence AIP payouts and support equity value through vesting cycles .
- Monitoring items: Absence of explicit pledging policy disclosure in reviewed sections and lack of Form 4 visibility for post-hire ownership/sales suggest tracking future proxies and Section 16 filings for updated ownership, pledging, and any insider trading patterns .