David Verret
LIVE VENTURESAbout David Verret
David Verret (age 51) serves as Chief Financial Officer of Live Ventures; he was appointed CFO on March 1, 2022 after serving as Chief Accounting Officer since September 29, 2021. He previously spent a decade as Chief Accounting Officer at Brinks Home Security and 13 years at KPMG LLP in audit, rising from audit staff to Manager/Senior Manager; he holds a B.B.A. in Accounting and an M.S. from Texas Tech University . Company performance during his CFO tenure has been mixed: cumulative TSR fell in FY2022 to $67.70 on an initial $100 investment, rose to $112.93 in FY2023, then declined to $53.73 in FY2024; reported net income was $24,741k (FY2022), $(102)k (FY2023), and $(26,685)k (FY2024) .
Company Performance During Verret’s Tenure
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Value of initial $100 investment (TSR) | $67.70 | $112.93 | $53.73 |
| Net Income ($USD Thousands) | $24,741 | $(102) | $(26,685) |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| KPMG LLP | Audit Staff; Manager; Senior Manager | 1998–2011 | Led and executed audits; built technical accounting and SEC-reporting expertise |
| Brinks Home Security™ | Chief Accounting Officer (also other accounting roles) | 10 years prior to joining Live Ventures | Oversaw accounting and controls; prepared the foundation for public-company finance leadership |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | None disclosed in Company filings |
Fixed Compensation
| Year | Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2022 | 268,149 | 110,000 | — | — | — | 378,149 |
Base salary terms:
| Effective Date | Base Salary ($) | Notes |
|---|---|---|
| Prior to Mar 1, 2022 | 250,000 | Per employment agreement dated Sept 27, 2021 (effective Jan 31, 2022) |
| Mar 1, 2022 | 275,000 | Increased upon CFO appointment |
Performance Compensation
| Metric | Weighting (%) | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual performance bonus (CFO) | Not disclosed | Not disclosed | Not disclosed (bonus paid $110,000 in FY2022) | Discretionary/eligible | Not disclosed |
Notes:
- Company indicates executive plans emphasize performance-based pay but does not detail CFO-specific metrics; subsidiary CEOs’ bonuses are tied 75% to EBITDA targets and 25% discretionary, underscoring usage of profit-based metrics at the operating level .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (shares) | 0 reported (not listed with shares; table shows “—”) as of June 9, 2023 |
| Ownership as % of shares outstanding | ~0% (not listed; less than 1% implied) |
| Options – exercisable | None outstanding as of FY2022 year-end; no options listed for Verret |
| Options – unexercisable | None |
| RSUs/PSUs | Not disclosed; none reported in summary tables |
| Vested vs unvested shares | Not disclosed |
| Shares pledged as collateral | None disclosed |
| Hedging policy | Hedging prohibited for directors, officers, and employees |
| Stock ownership guidelines | Not disclosed |
Employment Terms
| Term | Detail |
|---|---|
| Roles | Chief Accounting Officer (from Sept 29, 2021); Chief Financial Officer (from Mar 1, 2022) |
| Agreement dates | Employment agreement dated Sept 27, 2021; effective Jan 31, 2022; three-year term; terminable by either party on 14 days’ notice |
| Base salary | $250,000 initially; increased to $275,000 effective Mar 1, 2022 |
| Bonus | Eligible for annual performance bonus (metrics not disclosed) |
| Severance | If terminated without cause, severance equals one year of base salary |
| Change-of-control | Not disclosed for CFO |
| Benefits | Eligible to participate in Company benefit programs |
| Clawback / ownership guidelines | Not disclosed (Company-wide hedging prohibited) |
Investment Implications
- Alignment: Verret had no reported equity ownership and no outstanding options as of FY2022 year-end, which reduces direct equity alignment; the Company prohibits hedging, and no pledging was disclosed .
- Pay-for-performance visibility: CFO bonus eligibility is disclosed, but specific metrics and weightings are not, limiting transparency relative to EBITDA-tied operating-unit CEO plans .
- Retention: A three-year agreement effective Jan 31, 2022 with 14‑day mutual termination rights and one year salary severance for termination without cause suggests moderate contractual protection but limited lock-in; monitor for renewal or amendment updates .
- Performance backdrop: Company TSR and net income trended negatively in FY2024 following mixed FY2022–FY2023, potentially influencing incentive outcomes and capital market perceptions .
- Governance risk: Ongoing SEC litigation concerning 2016–2018 disclosures persists; while predating Verret’s CFO tenure, it represents an overhang for Live Ventures that investors should monitor .
Say-on-pay context: Board cites strong stockholder support for named executive compensation at the July 26, 2022 meeting and continues a triennial say‑on‑pay cadence, indicating limited pressure for changes to the compensation framework .