Jesse Funches
LIGHTBRIDGEAbout Jesse Funches
Independent director of Lightbridge Corporation since August 2021; age 77 as of March 12, 2025. Former CFO of the U.S. Nuclear Regulatory Commission (NRC) with three decades of nuclear regulatory and financial management experience; designated LTBR’s Audit Committee Chair and “audit committee financial expert.” Education: B.S. in Mathematics (Jackson State University), M.S. in Applied Mathematics (University of Illinois), MBA (Loyola College). Honors include the federal Donald L. Scantlebury Memorial Award and multiple Presidential Rank Awards.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| U.S. Nuclear Regulatory Commission (NRC) | Chief Financial Officer | 1997–2007 | Led agency financial strategy, internal controls (federal Sarbanes-Oxley), budgeting; liaised with Congress/OMB. |
| U.S. Nuclear Regulatory Commission (NRC) | Deputy Controller | 1990–1997 | Senior financial oversight. |
| U.S. Nuclear Regulatory Commission (NRC) | Director roles in multiple offices | 1981–1990 | Program management and oversight. |
| U.S. Nuclear Regulatory Commission (NRC) | Assistant to Chairman and Commissioner | 1978–1981 | Policy advisory role. |
| Office of the Secretary of Defense | Analyst | 1973–1978 | Defense analysis. |
| Talisman International, LLC | Senior Consultant | 2007–2008 | Regulatory cost consulting to civilian nuclear industry. |
| Lightbridge Corporation | Consultant to Company (strategic/regulatory advisory to a foreign government) | 2008–2017 | Advisory support on establishing a nuclear regulatory authority. |
| Independent Consultant | Nuclear industry/regulatory cost advisor | 2012–present | Independent advisory services. |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Federal Chief Financial Officers Council | Member (past) | n/a | Senior-level collaboration on government-wide financial issues. |
No current public company directorships disclosed in LTBR’s 2025 proxy for Mr. Funches.
Board Governance
- Independence: The Board determined Mr. Funches is independent under SEC and Nasdaq rules; all Audit, Compensation, and Governance/Nominating committee members are independent.
- Committee assignments: Audit Committee Chair and financial expert; also serves on the Compensation Committee; not listed on Governance/Nominating.
- Meeting cadence/attendance: Board met 4 times in 2024; each director attended at least 75% of Board and committee meetings where they served. Audit Committee met 4 times; Compensation Committee met 5 times; Governance/Nominating met 4 times.
- Governance structure: Combined CEO/Chairman with a Lead Independent Director (Daniel B. Magraw).
- Voting mechanics (authorized share increase): On Feb 27, 2025, LTBR issued 1 share of Series X Preferred Stock to Mr. Funches for $100 solely to vote on Proposal 2 (authorized share increase). The share carries 25,000,000 votes that “mirror” the pro-rata common vote on Proposal 2 and is automatically redeemed (for $100) upon final vote disclosure. It provides no voting rights on other proposals.
Fixed Compensation
| Component | 2024 Amount (USD) | 2025 Amount (USD) |
|---|---|---|
| Annual Board retainer (cash) | 65,000 | 70,000 |
| Audit Committee Chair fee | 11,000 | 12,000 |
| Compensation Committee Chair fee | — | 8,000 (not applicable to Funches unless chair) |
| Nominating/Governance Committee Chair fee | — | 6,000 (not applicable to Funches unless chair) |
| Meeting fees | None disclosed | None disclosed |
Notes: Non-chair committee members do not receive additional compensation.
Performance Compensation
| Year | Equity Type | Grant/Issue Date | Grant Value (USD) | Shares | Vesting |
|---|---|---|---|---|---|
| 2024 | RSAs | Issued Jan 2, 2025 | 100,000 | 17,183 (at $5.82/share) | Vested on Jan 2, 2025; annual practice is time-based vesting for directors. |
| 2025 (planned policy) | RSAs | n/a | 100,000 (policy) | n/a | Vest quarterly, in full after one year of service. |
No performance-based equity for directors is disclosed; director equity is time-based and intended to align interests via ownership rather than KPI achievement.
Other Directorships & Interlocks
| Company | Role | Committee Roles | Status |
|---|---|---|---|
| — | — | — | No other public company directorships disclosed for Mr. Funches in the 2025 proxy. |
Compensation Committee interlocks: None; members have never been officers/employees of LTBR, and no interlocking relationships were reported for 2024.
Expertise & Qualifications
- Audit and finance leadership: Former NRC CFO; designated “audit committee financial expert” by LTBR’s Board.
- Deep nuclear regulatory expertise: Decades at NRC across finance and program leadership and direct engagement with licensing new reactors/fuel cycle activities.
- Education and recognition: BS Mathematics (Jackson State), MS Applied Mathematics (University of Illinois), MBA (Loyola College); multiple federal awards, including the Scantlebury Memorial Award and Presidential Rank Awards.
Equity Ownership
| Security | Amount | Ownership % | Notes |
|---|---|---|---|
| Common stock (direct) | 52,538 | <1% of common | As of March 12, 2025; none pledged. |
| Series X Preferred Stock | 1 share | 100% of Series X | Only votes on Proposal 2; 25,000,000 “mirrored” votes; auto-redeemed after vote for $100. |
Insider trading/pledging: LTBR’s policy prohibits hedging, short sales, and pledging of company securities by directors; no pledges disclosed for Mr. Funches.
Governance Assessment
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Positives
- Independent director; Audit Chair and designated financial expert—strong fit for oversight of financial reporting, internal controls, and cybersecurity risk management.
- Attendance: Board reports each director met at least the 75% attendance threshold in 2024; Audit Committee met 4x, Compensation Committee 5x—indicating ongoing engagement cadence.
- Alignment via equity: Annual director RSAs of $100,000; additional Audit Chair cash fee reflects oversight burden.
- No related-party transactions requiring disclosure; no Section 16(a) delinquencies reported for Mr. Funches in 2024.
- Anti-hedging/pledging policy supports ownership alignment and risk control.
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Watch items
- Series X Preferred voting mechanism (held by Funches) concentrates 25,000,000 mirrored votes on the authorized share increase; while mechanically neutral (mirrors common vote and auto-redeems), the optics warrant monitoring for investor perception.
- Director cash retainer increased to $70,000 in 2025 and Audit Chair fee to $12,000; equity remains $100,000—monitor cost vs. value added amid company’s development stage.
- Combined CEO/Chairman structure persists; mitigated by Lead Independent Director role and fully independent key committees.
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Say-on-Pay/engagement context (board-level signal): 2024 say-on-pay approval at 81.6% with continued shareholder outreach reported by the Board.
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Conflicts check
- Prior consulting relationship with LTBR (2008–2017) noted in biography; no current related-party transactions requiring disclosure in FY2024.