Christopher Callesano
Moelis &About Christopher Callesano
Christopher Callesano, 52, is Chief Financial Officer of Moelis & Company, appointed effective March 31, 2025, after serving as Principal Accounting Officer since 2016 and Corporate Controller since 2010. He holds a B.S. in Accounting from Penn State and an MBA in Finance from NYU Stern; he is a CPA and holds a Series 27 license . Firm performance heading into his tenure includes adjusted revenues of $1.2 billion in 2024 (+40% YoY), adjusted pre-tax income of $197 million, and 1-year TSR of 37%; Q1 2025 revenues were $307 million (+41% YoY), with a 69% compensation ratio and a declared quarterly dividend of $0.65 per share . On the Q1 2025 call, Callesano emphasized that the comp ratio outlook is dependent on revenues and hiring, and explained seasonal expense effects from retirement-eligible equity vesting, underscoring execution levers tied to compensation and cost management .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Moelis & Company | Chief Financial Officer | 2025–present | Leads finance, capital allocation, and compensation ratio guidance; articulated 69% comp ratio outlook tied to revenues/hiring; highlighted zero funded debt and dividend policy |
| Moelis & Company | Principal Accounting Officer | 2016–2025 | Oversaw financial reporting/accounting; succeeded by Head of Financial Reporting upon CFO appointment |
| Moelis & Company | Corporate Controller | 2010–2016 | Built finance/accounting infrastructure supporting firm growth |
| NASDAQ OMX | Sr. Managing Director, Financial Reporting & Accounting Policy | 2008–2010 | Responsible for SEC-filed financial statements |
| Merrill Lynch | Director of Corporate Reporting | 2004–2008 | Led corporate reporting |
| Ernst & Young | Auditor | Pre-2004 | Early career audit experience |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Atlas Crest Investment Corp. (SPAC I) | Chief Financial Officer | 2020–2021 | Oversight of SPAC financials; public company finance experience |
| Atlas Crest Investment Corp. II (SPAC II) | Chief Financial Officer | 2021–2022 | Oversight of SPAC II financials; public company finance experience |
Fixed Compensation
- Compensation terms specific to Callesano (base salary, target bonus, actual bonus) were not disclosed in the appointment 8-K or 2025 proxy. The company’s program emphasizes variable incentive compensation over fixed salary for executive officers .
- General program features: no annual guaranteed incentive compensation; no severance payments or golden parachutes; no substantive tax gross-ups; no excessive perquisites . Compensation decisions consider firmwide performance, peer comparison, individual contributions, and risk management; the program is discretionary with no preset metric weightings .
Performance Compensation
| Metric | Weighting | Target | Actual (FY 2023) | Actual (FY 2024) | Payout Basis | Vesting/Restrictions |
|---|---|---|---|---|---|---|
| Adjusted Revenues ($mm) | Discretionary, no preset weights | Not disclosed | $860.1 | $1,201.5 | Discretionary assessment of firm performance | Equity awards vest/sell over ~5 years; RSUs/Restricted LP Units time-vest; Deferred LP Units delivered 40%/20%/20%/20% annually subject to non-compete and transfer restrictions |
| Adjusted Net Income ($mm) | Discretionary | Not disclosed | $(27.5) | $150.0 | Discretionary | As above |
| Adjusted Pre-tax Income ($mm) | Discretionary | Not disclosed | $(17.2) | $197.0 | Discretionary | As above |
| 1-Year TSR (%) | Discretionary | Not disclosed | Not shown | 37% | Discretionary; performance units use TSR price hurdles | Performance Units: 20-day VWAP hurdles at dividend-adjusted $61.11/$81.78/$102.45 corresponding to 50%/100%/150% of target; time-vesting over 3–5 years; change-in-control provisions apply |
| Q1 2025 Operating Metrics | Q1 2025 |
|---|---|
| Revenues ($mm) | $307 |
| Compensation Expense Ratio (%) | 69 |
| Non-Compensation Ratio (%) | 19 |
| Underlying Corporate Tax Rate (%) | 29.5 (before discrete equity-related benefit) |
| Dividend per Share ($) | $0.65 |
| Funded Debt | None |
| Commentary | Comp ratio outlook reflects revenues trajectory and strategic hiring; Q1 fixed comp elevated due to retirement-eligible equity vesting (about double normal quarter) |
Equity Ownership & Alignment
| Ownership Metric | As of | Value |
|---|---|---|
| Class A shares owned | April 9, 2025 | 1,227 |
| Ownership % of Class A | April 9, 2025 | 0.0% (less than 0.1% of 74,183,429 shares outstanding) |
| Class B voting power | April 9, 2025 | 0.0% |
| Stock ownership guidelines | FY 2024 (program) | Company reports NEOs own equity >5x base salaries; formal multiples not disclosed |
| Hedging/Pledging | Policy | Executive officers are prohibited from hedging and pledging company stock; insider trading policy in place |
| Vested vs. unvested, options | — | Not disclosed for Callesano in proxy; beneficial ownership table excludes RSUs/LP Units |
Employment Terms
| Term | Details |
|---|---|
| Appointment | CFO effective March 31, 2025; succeeds Joseph Simon (resigned Feb 25, 2025; leaving end of May 2025) |
| Tenure at firm | Corporate Controller since 2010; Principal Accounting Officer since 2016; CFO since 2025 |
| Indemnification | Entered company’s standard indemnification agreement upon PAO appointment (Aug 5, 2016) |
| Severance | Company states no severance or golden parachute program for NEOs; post-termination benefits generally limited to equity vesting mechanics |
| Change-of-control | RSUs/Restricted LP Units accelerate if terminated without cause or for good reason within 12 months after change-in-control; Performance Units have specific change-in-control vesting rules |
| Clawback | Clawback policy for executive officers to recover erroneously awarded compensation upon financial restatement (SEC/NYSE compliant) |
| Non-compete/Non-solicit | Deferred LP Units subject to non-compete and transfer restrictions; violation forfeits undelivered portions; RSUs/Restricted LP Units continue vesting post certain terminations conditioned on no detrimental activities |
| Insider trading | Hedging and pledging prohibitions; comprehensive insider trading policy filed with 10-K |
| Related party/conflicts | 2016 appointment 8-K noted no related party transactions requiring disclosure under Item 404(a) |
Compensation Structure Analysis
- Mix and vesting: Program heavily weights equity with multi-year vesting/sale restrictions (five-year schedules or deferred delivery), aiming to align executives with long-term TSR and revenue growth while discouraging excessive risk-taking .
- Metric design: Discretionary pay framework assesses adjusted revenues, operating margins, adjusted net income, TSR, peer-relative performance, and strategic investments; no preset metric weights/targets, reflecting investment banking cyclicality .
- Instruments: No stock options currently; use RSUs, LP Units (restricted and deferred), and Performance Units with explicit dividend-adjusted VWAP hurdles, plus double-trigger change-in-control protections .
- Seasonal pressure: Q1 has elevated fixed comp due to retirement-eligible equity vesting; CFO indicated Q1 expense is about double a normal quarter—important for modeling quarterly comp ratios and tax effects .
Say-on-Pay, Peer Group, and Committee Governance
- Say-on-Pay approval: 93% support at 2024 meeting, indicating shareholder endorsement of pay practices .
- Peer benchmarking: Evaluates performance vs. Evercore, Houlihan Lokey, Lazard, Perella Weinberg Partners, PJT Partners; long-term returns since IPO outpaced peers and indices; no specific targets set .
- Compensation Committee: Independent committee of Louise Mirrer, Kenneth L. Shropshire, and Laila Worrell (Chair); retains Willis Towers Watson as independent consultant .
Investment Implications
- Alignment: Long deferral/vesting and strict hedging/pledging prohibitions reduce short-term selling pressure and support retention; clawback adds downside protection for restatement risk .
- Execution levers: CFO’s comp ratio guidance links earnings power to revenue trajectory and hiring pace; Q1 seasonal equity vesting effects and tax discrete items are material to quarterly EPS modeling .
- Ownership: Direct ownership of 1,227 Class A shares suggests limited current “skin-in-the-game” disclosure; expect alignment to be driven by future equity awards under standard firm programs, though specific CFO grants were not disclosed in filed materials .
- Governance risk: No severance/golden parachutes and double-trigger CIC vesting terms point to shareholder-friendly structures; absence of disclosed related party issues for Callesano reduces conflict risk .