Richard Isserman
MOVADO GROUPAbout Richard Isserman
Independent director of Movado Group, Inc. since 2005; age 90. Career audit partner at KPMG’s New York office for 26 years (nearly 40 years at KPMG), led the firm’s New York real estate audit practice, and served on KPMG’s SEC Reviewing Partner’s Committee; licensed New York State CPA .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| KPMG LLP | Audit Partner, New York office | 26 years as Audit Partner; retired June 1995 | Led NY real estate audit practice; member, SEC Reviewing Partner’s Committee |
| KPMG LLP | Public accounting professional | ~40 years | Extensive leadership in financial reporting and risk management |
External Roles
- No other public company directorships disclosed in MOV’s proxy biography for Isserman .
Board Governance
- Committees: Audit Committee member (Audit Committee chaired by Peter Bridgman; Isserman, Alan Howard, and Stephen Sadove are members) .
- Expertise: Board determined each Audit Committee member is an “audit committee financial expert” under SEC rules (Isserman included) .
- Independence: Board determined a majority of directors are independent; all except Efraim and Alex Grinberg are independent (Isserman qualifies) .
- Attendance: Board held 11 meetings in fiscal 2025; all directors attended in excess of 75% of Board and committee meetings; all directors attended the 2024 Annual Meeting .
- Executive sessions: Non-management directors hold regular quarterly executive sessions; led by the Lead Director .
Fixed Compensation
| Component (FY2025) | Amount (USD) | Notes |
|---|---|---|
| Annual cash retainer | $90,000 | Policy for non-employee directors; increased $5,000 vs prior year |
| Audit Committee membership fee | $7,500 | Committee member retainer (chair $25,000; Isserman is not chair) |
| Fees earned in cash (reported) | $97,500 | Matches retainer + audit membership fee |
| All other compensation (watch allowance used) | $473 | Company watch allowance used at company cost (up to $6,000 value allowed) |
| Total (cash + other) | $222,973 | Includes equity fair value below |
- Director stock ownership guideline: Non-employee directors expected to beneficially own MOV common stock valued at least $250,000 (compliance by individual not explicitly disclosed) .
Performance Compensation
| Metric | Apr 1, 2024 | Apr 21, 2025 |
|---|---|---|
| Director equity grant shares (#) | 4,500 shares (common stock award; one-year cliff) | 9,280 shares (common stock award; Form 4 award) |
| Vesting | One-year cliff vest (annual director grant program) | One-year cliff vest (director stock award program) |
| Reported stock award fair value for FY2025 | $125,000 (standard equity component for non-employee directors) | Equity grant sizing varies with share price; Form 4 shows 9,280 shares awarded |
- No performance-linked metrics apply to director equity grants; awards are time-based stock awards that align with shareholder experience via vesting and market value .
Other Directorships & Interlocks
| Company/Org | Role | Committee Positions | Notes |
|---|---|---|---|
| None disclosed | — | — | MOV proxy does not list other public company boards for Isserman |
Expertise & Qualifications
- Licensed CPA; deep audit, financial reporting, and risk management credentials from KPMG; Audit Committee financial expert designation .
- Provides in-depth knowledge across accounting and risk oversight to MOV’s Board .
Equity Ownership
| Ownership item | Value |
|---|---|
| Beneficial ownership (Common Stock) | 19,961 shares; less than 1% of outstanding |
| Class A Common Stock | None |
| Unvested director stock award held at Jan 31, 2025 | One stock award (unvested) – directors each held their single FY2025 grant unvested at FYE; Isserman’s grant: 4,500 shares |
| Post-transaction holdings after 2025 award | 29,241 shares (after 9,280-share Form 4 award on Apr 21, 2025) |
| Pledging / hedging | Company policy prohibits short sales and trading in puts, calls, or other derivatives of MOV stock; no individual pledging disclosed |
Insider Trades (Form 4, recent)
| Filing Date | Transaction Date | Type | Shares Transacted | Post-Transaction Ownership | Link |
|---|---|---|---|---|---|
| 2024-04-03 | 2024-04-01 | Award (A) | 4,500 | 19,961 | https://www.sec.gov/Archives/edgar/data/72573/000095014224000913/0000950142-24-000913-index.htm |
| 2025-04-23 | 2025-04-21 | Award (A) | 9,280 | 29,241 | https://www.sec.gov/Archives/edgar/data/72573/000095014225001152/0000950142-25-001152-index.htm |
Governance Assessment
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Strengths:
- Long-tenured independent director with deep audit expertise; designated audit committee financial expert, strengthening financial oversight and credibility .
- Active engagement: attendance above 75% threshold across Board and committee meetings; present at 2024 Annual Meeting, supporting governance participation .
- Alignment: receives annual equity grants and holds MOV stock; director compensation mix balances cash retainer with equity, aligning with shareholder outcomes .
-
Considerations:
- Audit oversight context: MOV announced a material weakness leading to restatement in April 2025; audit fees increased materially due to restatement-related procedures—places heightened scrutiny on Audit Committee effectiveness (Isserman is a member) .
- Tenure/age: At age 90, succession planning for audit expertise and board refreshment should be monitored to sustain oversight continuity .
-
RED FLAGS
- Material weakness and restatement in April 2025; Audit Committee member status means investor focus on remediation effectiveness and timeline .
- No disclosed individual compliance status against $250,000 ownership guideline; inability to verify alignment threshold at individual director level from proxy .