Nicolas Lafond
About Nicolas Lafond
Nicolas Lafond (age 35) is Interim Chief Financial Officer of Loop Industries, appointed March 5, 2025, and serves as the Company’s Principal Financial Officer and Principal Accounting Officer. He is a Canadian CPA with a Bachelor’s in Administration and a post‑graduate accounting degree from HEC Montréal; he joined Loop from a public accounting firm in 2017 and has led financial reporting, regulatory disclosure, and internal controls work with the Audit Committee and external auditors . Lafond’s tenure includes prior stints as Interim CFO (Dec 2022–Apr 2023) and Senior Director of Finance & Corporate Secretary (Mar 2024–Mar 2025) . Company performance context: Loop remains pre‑commercial; net income losses narrowed in FY2025 as revenues ramped, while TSR declined in FY2025 after improving in FY2024 .
Company performance (context during Lafond’s tenure)
| Metric (USD) | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenues | $173,000 | $153,000 | $10,889,000 |
| EBITDA | $(-37,602,000)* | $(-21,214,000)* | $(-5,203,000)* |
| Net Income | $(-21,301,000)* | $(-21,087,000)* | $(-15,057,000)* |
Values retrieved from S&P Global.
TSR (Value of initial fixed $100 investment): FY2023 $37.46, FY2024 $120.77, FY2025 $42.36 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Loop Industries | Senior Financial Analyst | Oct 2018–May 2020 | Supported financial reporting and analysis as Loop advanced R&D and commercialization planning |
| Loop Industries | Director of Finance | May 2020–Mar 2024 | Led finance as the Company progressed partner discussions, R&D, and facility planning |
| Loop Industries | Interim CFO | Dec 2022–Apr 2023 | Acted as principal finance leader during transition; oversaw reporting/disclosure and controls |
| Loop Industries | Senior Director of Finance & Corporate Secretary | Mar 2024–Mar 2025 | Co‑led disclosure, audit engagement, and governance processes |
| Loop Industries | Interim CFO (Principal Financial & Accounting Officer) | Mar 5, 2025–present | Now leading finance through commercialization and JV/licensing milestones |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Public accounting firm (Canada) | Accountant (CPA) | Pre‑2017 | Professional audit/accounting experience underpinning SEC reporting quality |
Fixed Compensation
| Year | Base salary (USD) | Notes |
|---|---|---|
| FY2023 | $93,419 | Interim CFO from Dec 30, 2022; base increased from CAD $123,500 to CAD $140,000 with interim appointment |
| FY2024 | Not disclosed for Lafond | Not a Named Executive Officer (NEO) in FY2024; no table disclosure [2024 proxy not applicable] |
| FY2025 | Not disclosed for Lafond | Appointment effective March 2025 (after FY2025 year‑end); not an FY2025 NEO |
FY2023 cash bonus (detail)
| Item | Figure |
|---|---|
| Target bonus schedule | 10% threshold; 15% target; 20% max of base salary |
| Actual payout | CAD $18,340 (15% of base) |
| USD bonus reported | $13,975 (USD) |
| Determination basis | Discretionary by Compensation Committee, based on company and individual performance |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual cash bonus (FY2023) | N/A (discretionary) | 15% of base | 15% of base | CAD $18,340 | Cash; no vesting |
| RSUs (grant approved Mar 9, 2022) | N/A | 4,331 RSUs (intended value CAD $40,000) | Time‑vest only | N/A | 100% cliff vest on Mar 9, 2027 |
Compensation program notes: Loop prohibits short sales, hedging, and pledging; 10b5‑1 plans may be used only with preclearance and cooling‑off periods; officers currently have no 10b5‑1 plans in place .
Equity Ownership & Alignment
| Category | Detail |
|---|---|
| Total beneficial ownership (as of FY2023 year‑end) | 4,331 unvested RSUs; no common shares; no options |
| RSU grant | 4,331 RSUs; grant approved Mar 9, 2022; intended value CAD $40,000; cliff vest Mar 9, 2027 |
| Vested vs unvested | Unvested: 4,331 RSUs (as of Feb 28, 2023) |
| Options | None disclosed for Lafond |
| Pledging/hedging | Prohibited by policy; pledging only with preclearance; securities not permitted in margin accounts |
| Ownership guidelines | Not disclosed for executives |
Employment Terms
| Term | Provision |
|---|---|
| Agreement | Employment agreement with Loop Canada Inc. (no fixed term) |
| Severance (termination without “Serious Reason”) | RSU award paid as if vested ratably over 60 months from grant; vested RSUs paid within 30 days of termination |
| Change‑of‑control | No specific acceleration terms disclosed for Lafond (contrast: CEO/other NEOs have distinct CoC terms) |
| Restrictive covenants | Non‑Competition, Non‑Solicitation, and Non‑Disparagement agreements signed |
| 10b5‑1 / Insider trading | Preclearance required; cooling‑off period; no current officer plans; hedging/pledging restricted |
| Related‑party transactions | None reported for Lafond under Item 404(a) |
Compensation Structure Analysis
- Mix shows modest fixed pay with at‑risk bonus and long‑dated RSUs; no options, reducing near‑term dilution and emphasizing retention to 2027 .
- Discretionary bonus in FY2023 paid at target (15%), consistent with pre‑commercial stage metrics and Committee discretion .
- Company’s governance policies limit hedging/pledging, supporting alignment; no tax gross‑ups or single‑trigger CoC benefits for executives generally .
Risk Indicators & Red Flags
- No related‑party transactions disclosed for Lafond; no family relationships; and no Item 404(a) transactions reported .
- Section 16 filings: proxy notes certain late Form 4s for other individuals in FY2025 but none for Lafond; officers currently have no 10b5‑1 plans .
- Loop is a “controlled company” (CEO holds majority voting power via Series A Preferred), which may influence governance dynamics; Loop states it does not use controlled company exemptions currently .
Say‑on‑Pay & Shareholder Feedback (Company context)
| Year | Say‑on‑Pay approval | Notes |
|---|---|---|
| 2024 | 99.57% | Committee maintained philosophy and approach for FY2025 |
| 2022 | 98.47% | Reinforced pay‑for‑performance approach in pre‑commercial stage |
Expertise & Qualifications
- Canadian CPA; HEC Montréal education (Bachelor’s in Administration; post‑graduate accounting) .
- SEC reporting, regulatory disclosure, internal controls, and audit committee engagement leadership since 2017 .
Work History & Career Trajectory
| Period | Role progression |
|---|---|
| 2017 | Joined Loop from public accounting firm |
| 2018–2020 | Senior Financial Analyst |
| 2020–2024 | Director of Finance |
| Dec 2022–Apr 2023 | Interim CFO |
| Mar 2024–Mar 2025 | Senior Director of Finance & Corporate Secretary |
| Mar 5, 2025–present | Interim CFO (PFO/PAO) |
Investment Implications
- Alignment: Long‑dated RSU cliff in March 2027 encourages retention; absence of options suggests lower leverage and less near‑term selling pressure. Hedging/pledging restrictions and preclearance requirements mitigate misalignment risks .
- Execution risk: CFO role is interim amid commercialization and JV/licensing build‑out; focus areas include funding, reporting, and controls quality as revenues begin to ramp (FY2025 revenue $10.9M) while losses narrow, requiring disciplined capital allocation and cost management .
- Governance overlay: Controlled company status under CEO’s voting power persists; investors should monitor committee independence continuity and finance leadership stability through commercialization .