Alexander Shvartsman
Senior Vice President, Controller and Principal Accounting Officer at 
Madison Square Garden Sports
Madison Square Garden SportsExecutive
About Alexander Shvartsman
Senior Vice President, Controller and Principal Accounting Officer at Madison Square Garden Sports Corp. since April 2020; age 52. Previously held progressively senior accounting roles at MSGS since 2010, and earlier roles at CIT Group Inc., American Standard Inc., and KPMG LLP . Company performance metrics used to determine executive pay emphasize Adjusted Operating Income (AOI) and Revenues; FY2025 company results were Revenue $1.04B, Operating Income $14.8M, AOI $38.2M, with annual incentive funded based on AOI and modified to a 95.0% payout level; long-term PSUs vest on Revenues/AOI and the FY2023 PSU cycle paid at 106.7% of target . Over the recent period captured in Pay vs Performance, cumulative TSR from a $100 base reached 148.92 (company) vs 155.90 (peer group) in FY2025, with AOI used as the primary company-selected measure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MSGS | SVP, Controller & Principal Accounting Officer | Apr 2020 – Present | Leads corporate accounting, reporting, controls for Knicks/Rangers holding company |
| MSGS | SVP & Assistant Controller | 2016 – Apr 2020 | Strengthened controllership and close/process discipline |
| MSGS | VP, External Reporting & Consolidations | 2015 – 2016 | Drove SEC reporting and consolidation improvements |
| MSGS | VP, Technical Accounting & Accounting Policy | Mar 2015 – Oct 2015 | Established technical accounting policies |
| MSGS | Director, Technical Accounting & Accounting Policy | 2013 – 2015 | Advanced treatment of complex transactions |
| MSGS | Director, External Reporting | 2010 – 2013 | Managed SEC filings and disclosures |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CIT Group Inc. | Various roles | Not disclosed | Corporate finance/accounting experience |
| American Standard Inc. | Various roles | Not disclosed | Industrial accounting/operations exposure |
| KPMG LLP | Various roles | Not disclosed | Public accounting foundation |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 375,000 | 386,539 | 435,000 |
| Target Bonus (% of Salary) | Not disclosed | Not disclosed | 40% (per employment agreement) |
| Bonus ($) | — | — | 18,792 |
| All Other Compensation ($) | 21,687 | 23,519 | 24,639 |
| Total ($) | 950,192 | 909,696 | 964,186 |
Notes:
- “Bonus ($)” column reflects any special or adjusted bonus separate from MPIP; MPIP payout is shown under Performance Compensation .
Performance Compensation
| Component | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Incentive (MPIP) – FY2024 | AOI | 100% | Not disclosed | Not disclosed | $187,050 cash | Paid Sept 2024 |
| Annual Incentive (MPIP) – Framework | AOI (pool) + strategic modifier | — | Committee-set AOI target | Company-wide | FY2025 payout factor 95.0% (company program reference) | Paid Sept annually |
| Long-Term PSUs (2022 cycle, measured FY2024) | Revenues & AOI (50/50) | 100% | Committee-set | Revenues 108.7% of target; AOI 110.0% of target | 109.3% of target | Cliff at later of Sept 15 and certification |
| Long-Term PSUs (2023 cycle, measured FY2025) | Revenues & AOI (50/50) | 100% | Committee-set | Not disclosed | 106.7% of target (company-wide PSU result) | Cliff at later of Sept 15 and certification |
| Long-Term RSUs (standard) | Stock price | — | — | — | N/A (time-based) | Ratable over 3 years; Sept 15 annually |
Equity Awards Detail (grants and vesting)
| Grant Date | Award Type | Target Units | Threshold/Max Units | Grant-Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|---|---|
| Aug 28, 2023 | PSUs | 834 | 751 / 917 | 149,353 | Later of Sept 15, 2026 and FY2026 certification |
| Aug 28, 2023 | RSUs | 834 | N/A | 149,353 | Ratable: Sept 15, 2024/2025/2026 |
| FY2024 Vesting | RSUs Vested | 2,128 shares | — | $379,103 value realized | Sept 15, 2023 and Apr 1, 2024 vest dates |
| PSU Vesting Reference (company) | PSUs (2022 cycle) | — | — | — | Paid at 109.3% of target (measured FY2024) |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial Ownership – Class A shares (as of Apr 14, 2025) | 4,681 shares |
| Unvested RSUs (excluded from ownership table) | 1,655 units |
| Unvested PSUs at target (excluded from ownership table) | 2,485 units |
| Ownership % of Class A outstanding | ~0.024% (4,681 / 19,488,096 Class A shares) |
| Hedging/Pledging | Company policy prohibits hedging and pledging of company stock |
Employment Terms
- Current agreement effective April 17, 2023; role: SVP, Controller and Principal Accounting Officer .
- Base salary ≥ $435,000; target annual bonus ≥ 40% of base; expected long-term incentive target ≥ $330,000 (subject to grant) .
- Severance (through Apr 17, 2026): if terminated without cause or for good reason, not less than the sum of annual base salary + annual target bonus; prior-year unpaid and pro-rata current-year bonus payable .
- Non-compete: one year post-termination .
- Change-of-control terms (award agreements): RSUs receive cash or replacement award with accelerated vesting under specified conditions; PSUs vest at target upon change in control (company-wide award terms) .
- Pension/Deferred: Not a participant in frozen MSGE Cash Balance or Excess Cash Balance plans .
Compensation Structure Analysis
- Cash vs equity mix remained balanced: stock awards $326,765 (FY2022), $273,612 (FY2023), $298,705 (FY2024); annual incentive plan payouts $226,740 (FY2022), $226,026 (FY2023), $187,050 (FY2024) .
- Company-wide compensation levers emphasize at-risk pay tied to AOI and Revenues (PSUs) and AOI (annual incentive), with explicit clawback policy effective Dec 1, 2023 .
- Compensation benchmarking: no specific peer group used for FY2025 program design given limited comparables (company-wide) .
Say-on-Pay & Shareholder Feedback
- 2024 say-on-pay approval: 97.9% of votes cast; Class A approval approximately 92.1% .
- Company engaged holders of over 60% of Class A in FY2025 on governance and compensation .
Risk Indicators & Red Flags
- Hedging/pledging prohibited per Insider Trading Policy; Clawback Policy aligned with NYSE listing rule effective Oct 2, 2023; no delinquent Section 16 reports noted for FY2025 .
- Related party transactions largely reflect Dolan family control and intercompany arrangements; no specific related party transactions disclosed for Shvartsman .
Investment Implications
- Pay-for-performance alignment is clear: annual incentives funded by AOI, and PSUs measured on Revenues/AOI; PSU cycles have paid modestly above target (e.g., 106.7% for FY2025 cycle, 109.3% for FY2024 cycle), supporting discipline in financial execution .
- Retention risk appears moderate: severance economics (≥1x salary+target bonus), one-year non-compete, and multi-year vesting (RSUs/PSUs) create ongoing retention hooks; low personal share ownership (~0.024% of Class A) reduces alignment but is typical for non-NEO technical executives .
- Governance safeguards (anti-hedging/pledging, clawback) and strong say-on-pay support suggest low compensation-related controversy risk; continued Dolan family control remains a structural governance consideration at the company level .