Taiwo Danmola
About Taiwo Danmola
Taiwo K. Danmola, 65, is an independent director of Loar Holdings Inc. and Chair of the Audit Committee, designated by the Board as an “audit committee financial expert.” He joined Loar’s board in connection with the IPO in 2024; he holds a B.S. in Accounting with a minor in Economics from St. John’s University and is a CPA in New York State. His background includes senior assurance roles at EY and Arthur Andersen, along with part-time CAO experience and board service in insurance and non-profit governance .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ernst & Young LLP | Assurance Partner | 2002–2020 | Led audit/assurance engagements; foundation for “financial expert” designation |
| Arthur Andersen LLP | Assurance Partner | Not disclosed | Big Four legacy audit experience |
| LA 13 (Loar Acquisition 13, LLC) Board of Managers | Manager | Feb 2024 until liquidation post-IPO | Governance continuity pre/post IPO |
External Roles
| Organization | Role | Since | Notes |
|---|---|---|---|
| Taiwo Danmola LLC | Managing Member | Jan 2021 | Advisory/management entity |
| Global Infrastructure Solutions Inc. | Part-time Chief Accounting Officer | 2021 | Ongoing accounting leadership (part-time) |
| Security Mutual Life Insurance Company of New York | Director | Sep 2022 | Public insurance governance role |
| Brooklyn Public Library | Non-Trustee Audit Committee Member; Trustee | 2022; Trustee effective Apr 2023 | Public sector audit oversight and board service |
Board Governance
- Class and tenure: Class I director (nominated for re-election in 2025 to serve until the 2028 meeting) .
- Committee assignments: Audit Committee Chair; Audit members are Danmola (Chair), M. Chad Crow, and Margaret (Peg) McGetrick; all are independent and designated “audit committee financial experts” .
- Independence: Board affirmatively determined independence for all directors except the two executive co-chairmen; Danmola is independent .
- Board attendance: In FY2024, the Board met 4 times; each director attended at least 75% of Board and applicable committee meetings. Non-management directors held 4 executive sessions, led by the Lead Independent Director (David Abrams) .
- Board structure: Staggered board with three classes (10 directors total) .
Fixed Compensation
| Component | Amount | Period | Notes |
|---|---|---|---|
| Annual cash retainer (non-employee director) | $100,000 | FY2024 | Payable quarterly; several other directors waived retainers (not including Danmola) |
| Total cash compensation | $100,000 | FY2024 | Director compensation table (FY2024) |
Performance Compensation
| Grant Type | Grant Date | Shares | Reported Fair Value | Vesting/Restriction Terms |
|---|---|---|---|---|
| Matching Grant Shares (one-time IPO program) | Apr 24, 2024 | 17,857 | $500,000 | Fully vested; Matching Grant Shares restricted from sale until 3rd anniversary of Purchase Date; director may sell up to 50% of Purchased Shares between the 1st and 3rd anniversaries, then restrictions cease |
No director-specific performance metrics (e.g., revenue/EBITDA/TSR) are tied to non-employee director pay; director equity was a one-time matching grant aligned to share purchase, not PSUs/RSUs with measurable performance hurdles .
Other Directorships & Interlocks
| Company/Org | Role | Potential Interlock/Conflict Considerations |
|---|---|---|
| Security Mutual Life Insurance Company of New York | Director | No disclosed transactions with Loar |
| Global Infrastructure Solutions Inc. | Part-time CAO | No disclosed transactions with Loar |
| EY (former employer) | Former Assurance Partner | EY is Loar’s auditor; Audit Committee received required independence communications; EY ratification submitted to shareholders (FY2025). Perceived familiarity risk mitigated by audit committee oversight and independence determinations |
Expertise & Qualifications
- CPA (NY); deep audit/assurance background; designated audit committee financial expert .
- Experience as part-time CAO; oversight of accounting functions .
- Board and public/non-profit governance (insurance board; public library audit/board) .
- Education: B.S. in Accounting (minor in Economics), St. John’s University .
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Total beneficial ownership (shares) | 89,286 | Beneficial ownership as of Mar 28, 2025 |
| Ownership % of outstanding shares | <1.0% | Company had 93,556,071 shares outstanding at record date |
| Matching Grant Shares held (Dec 31, 2024) | 17,857 | Fully vested; sale-restricted until 3-year mark |
| Hedging/short sales/pledging | Prohibited by insider trading policy | No individual pledging disclosures; policy bans pledging and margin arrangements |
Governance Assessment
- Strengths: Independent Audit Chair with audit “financial expert” designation; audit committee composed entirely of independent directors with multiple financial experts; regular executive sessions; board-established clawback policy (Rule 10D-1) for executive incentive comp; prohibition on hedging/pledging enhances alignment .
- Alignment signals: One-time matching equity grant tied to director share purchases (fully vested but sale-restricted), plus standard retainer; total FY2024 director compensation of $600,000 for Danmola (cash $100,000; stock $500,000) indicates meaningful equity participation .
- Potential RED FLAGS (monitor): Danmola is a former EY assurance partner while EY serves as Loar’s auditor; although independence is affirmed and the audit committee reviewed PCAOB independence communications, investors may scrutinize perceived familiarity risks. Mitigants include full committee independence and formal auditor independence procedures .
- Related-party exposure: No related-party transactions disclosed involving Danmola; company’s related-party disclosures principally involve financing arrangements with Blackstone and entities related to certain executives, not this director .
- Attendance/engagement: At least 75% attendance at Board/committee meetings in FY2024; executive sessions held quarterly indicate active independent oversight .
- Board structure context: Staggered board; major shareholders and certain insiders have voting and registration rights agreements affecting director election dynamics (not specific to Danmola), which investors may consider in overall governance risk assessment .