Anthony Pike
About Anthony Pike
Anthony F. Pike, age 39, is KVH Industries’ Chief Financial Officer and Chief Accounting Officer, serving since April 2024 after progressing through finance leadership roles at KVH since 2014; he is ACA-qualified (Institute of Chartered Accountants in England & Wales, 2009) . Company performance during his first year as CFO included FY2024 net loss of $11.0 million and cumulative TSR value of $62.02 for a $100 investment from 12/31/2021 to year-end 2024, with the executive team emphasizing capex reductions and a goal of being free cash flow positive in 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| KVH Industries | CFO & Chief Accounting Officer | Apr 2024–present | Finance leadership; Sarbanes-Oxley certifications and capital allocation |
| KVH Industries | VP Finance & Corporate Controller | Jan 2023–Apr 2024 | Led financial reporting; prepared transition to CFO |
| KVH Industries | VP, Finance & Operations EMEA/APAC | Mar 2021–Jan 2023 | Managed non‑US subsidiaries’ finance; ran Media Group operations |
| KVH Industries | Senior Director of Finance | Sep 2019–Mar 2021 | Corporate finance leadership |
| KVH Media Group & Videotel (KVH) | Finance Director | Jul 2016–Sep 2019 | Media unit finance management |
| KVH Media Group & Videotel (KVH) | Financial Controller | Aug 2014–Sep 2019 | Controllership for media businesses |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Univar Solutions LLC | General Ledger Regional Lead – Northern Europe | Apr 2010–Aug 2014 | Regional GL leadership for a public chemical distributor |
| Garbutt & Elliott LLP | Audit Senior | 2004–2010 | Audit experience; earned ACA qualification (2009) |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $248,746 | $278,302 |
| Bonus – retention/holiday ($) | $6,264 | $27,448 (includes $23,494 discretionary retention + $1,000 holiday) |
| All Other Compensation ($) | $19,753 | $21,734 (incl. $7,672 auto allowance) |
Additional CFO appointment terms:
- Effective April 1, 2024: annual base salary $275,000; target annual incentive 40% of base .
Performance Compensation
| Component | Target Structure | 2024 Outcome | CFO Payout |
|---|---|---|---|
| Annual cash incentive | 75% corporate, 25% individual | Corporate payout 50% based on: service gross profit below threshold; product gross profit ~55% to target; recurring opex > max (≈39% savings); adjusted EBITDA–capex ~66% to target; individual goals 100% | $70,605 non‑equity incentive paid Mar 2025 |
| Corporate metrics & weights | Adjusted service gross profit (40%); adjusted product gross profit (10%); recurring operating expenses (10%); adjusted EBITDA less capex (40%) | See “Outcome” column above | — |
| Equity awards (mix/vesting) | Options and restricted stock; 4‑year equal‑installment vesting; option exercise price = grant‑date close | Granted in Q1; awards sized as % of market medians | Stock awards $19,013; option awards $20,049 (grant‑date fair values) |
Management guidance signal:
- CFO/CEO stated Q4 2024 Agile-related capex cut to one‑quarter of Q2, ERP capex ≈$1M, and aim for free cash flow positive in 2025 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 34,066 shares (18,200 outstanding + 15,866 right to acquire within 60 days), <1% of shares outstanding |
| Unvested restricted stock | 453 ($2,582 MV), 1,238 ($7,057), 2,835 ($16,160), 3,780 ($21,546) – MV at $5.70 close on 12/31/2024 |
| Options – exercisable/unexercisable | 2,059 @ $8.12 exp 8/2/2025 (exercisable) ; 3,681/1,226 @ $12.68 exp 3/31/2026 ; 3,388/3,388 @ $8.09 exp 5/2/2027 ; 2,246/6,737 @ $9.81 exp 3/7/2028 ; 0/8,983 @ $5.03 exp 2/16/2029 |
| In‑the‑money status at 12/31/2024 | With KVHI at $5.70, only the 2024 option grant at $5.03 was in‑the‑money at year‑end; others were out‑of‑the‑money |
| Hedging/pledging | Prohibited for directors, officers, and employees; also margin/derivative transactions banned |
| Ownership guidelines | Director stock ownership guidelines exist (3x cash retainer), but no executive multiple-of-salary guideline disclosed |
Employment Terms
- Employment agreement: “Mr. Pike does not have an employment agreement with the Company” .
- Company executive agreements (for certain executives): double‑trigger change‑of‑control; severance on Qualifying Termination: 12 months base salary + pro‑rata target bonus, acceleration of awards vesting due within 12 months, and up to 12 months employer health contributions; on change‑of‑control Qualifying Termination: 1.5× (base + target bonus), pro‑rata target bonus, full acceleration, and up to 18 months employer health contributions (subject to conditions) .
- Compensation recovery (clawback): Policy effective Oct 2, 2023 mandates recovery of erroneously awarded incentive‑based compensation over a 3‑year lookback on accounting restatements and misconduct; no indemnification for recovered amounts .
- Securities trading policy: blackout windows, preclearance, and ban on insider trading/tipping; KVH filed the policy as Exhibit 19.1 to the 2024 Form 10‑K .
Investment Implications
- Pay‑for‑performance alignment: CFO’s target bonus at 40% of salary and realized 2024 non‑equity incentive of $70,605 reflect tied outcomes to corporate/individual performance; equity awards vest over four years, weighting compensation toward long‑term outcomes .
- Ownership and selling pressure: Beneficial ownership is small relative to shares outstanding; most outstanding options (pre‑2024 grants) were out‑of‑the‑money at 2024 year‑end, limiting near‑term exercise/selling pressure; only the 2024 grant was in‑the‑money .
- Retention risk and change‑of‑control economics: Pike’s lack of a bespoke employment agreement suggests severance terms are not individually contracted, while company policies require a double‑trigger for equity/cash benefits—reducing windfall risk but potentially increasing mobility compared to peers with contracts .
- Governance and risk controls: Robust clawback and no‑hedging/pledging policies reduce misalignment risk; prior say‑on‑pay support was high (≈96% approval for 2023 pay at the 2024 meeting), indicating shareholder acceptance of the program design .
- Execution focus: CFO commentary emphasizes capex discipline (Agile program reductions, ERP investment) and a goal of 2025 free cash flow positivity—a potential positive catalyst if achieved amid FY2024 net loss and depressed TSR baseline .