Andrew Alford
NEXSTAR MEDIA GROUPAbout Andrew Alford
Andrew Alford, age 63, is President, Broadcasting at Nexstar Media Group (NXST), overseeing local television and digital content and sales since June 2021 after serving as SVP & Regional Manager from August 2017–June 2021 . Under his tenure within the broadcasting division, Nexstar delivered record 2024 company results: net revenue of $5.4B, net income of $683M, and adjusted EBITDA of $2.0B, with $1.25B cash from operations and $1.2B adjusted free cash flow, supporting robust capital returns to shareholders via $601M buybacks and $219M dividends . His background includes VP/GM roles at WFLA-TV/WTTA-TV (Tampa), WTEN/WXXA (Albany), and WGCL-TV (Atlanta), plus sales and management roles across Orlando, Syracuse, and Rochester markets .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nexstar Media Group | SVP & Regional Manager | Aug 2017–Jun 2021 | Led multi-station operations; prepared transition to President, Broadcasting |
| WFLA-TV / WTTA-TV (Tampa) | VP & General Manager | 2014–2017 | Ran NBC/MyNet affiliates; market leadership and operations |
| Media General | Vice President of Sales | Not disclosed | Drove revenue strategy across broadcast portfolio |
| WTEN-TV / WXXA-TV (Albany) | VP & General Manager | Not disclosed | Managed ABC/Fox stations under shared services and joint sales agreement |
| WGCL-TV (Atlanta) | VP & General Manager | Seven years | Led operations in major market station |
| Various markets (Orlando, Syracuse, Rochester) | Broadcast management roles | Not disclosed | Advanced station-level execution and sales |
External Roles
No public company board or external directorships disclosed in company filings for Mr. Alford .
Fixed Compensation
| Component | Detail | Period/Date | Amount / Terms |
|---|---|---|---|
| Base Salary | President, Broadcasting agreement effective Jun 1, 2021; eligible for merit increases | Jun 1, 2021 | $625,000 base |
| Base Salary (increase) | Annual base increased | Effective Jun 1, 2022 | $637,500 base |
| Auto allowance | Per employment agreement | Ongoing | $750/month |
| 2021 Perquisites | Auto allowance, life insurance, 401(k), moving/cell | FY2021 | $10,269 (auto), $1,624 (life), $8,700 (401k), $31,200 (misc) = $51,793 total |
Performance Compensation
Annual Bonus Structure (President, Broadcasting)
| Metric | Weighting | Target Framework | Maximum Framework | Notes |
|---|---|---|---|---|
| Broadcasting Net Revenue | 25% | Earn if ≥90% of budget | CEO/Committee discretion up to 200% of salary overall | Post-6/1/2021 metrics |
| Broadcasting EBITDA | 25% | Earn if ≥90% of budget | CEO/Committee discretion up to 200% of salary overall | Post-6/1/2021 metrics |
| Digital Net Revenue or EBITDA | 25% | Earn if ≥90% of budget | CEO/Committee discretion up to 200% of salary overall | Post-6/1/2021 metrics |
| Discretionary | 25% | Committee/CEO discretion | Committee/CEO discretion | Post-6/1/2021 metrics |
| Target Bonus | — | Up to 100% of base salary | Up to 200% of base salary with CEO + Comp Committee approval | Agreement terms |
2021 Actual Bonus Payout
| Year | Actual Bonus ($) | Target ($) | Payout vs Target |
|---|---|---|---|
| 2021 | $450,833 | $441,250 | 102% |
Equity Awards and Vesting
| Grant Type | Grant Date | Shares Granted | Vesting / Performance | 2022 Vesting | 2022 Value Realized |
|---|---|---|---|---|---|
| RSUs (time-based) | May 17, 2021 | 5,000 | 4-year ratable annual vesting | 5,125 shares vested in 2022 | Included in $1,140,871 total vesting value |
| PSUs (performance-based) | May 17, 2021 | 5,000 | 4 annual tranches contingent on broadcasting division ≥90% of budgeted net revenue/EBITDA (all-or-nothing) | 1,250 shares vested in 2022 | Included in $1,140,871 total vesting value |
2021 RSU/PSU grants vest in full upon a Change in Control; PSU tranches are forfeited if annual metrics are not met .
Equity Ownership & Alignment
| Ownership Item | As of | Detail |
|---|---|---|
| Beneficial ownership | Mar 31, 2022 | 9,903 shares total; includes 6,403 direct and 3,500 RSUs vesting/will vest within 60 days; <1% of shares outstanding |
| Stock ownership guidelines | Policy | Senior executives must hold stock equal to 2x base salary; includes unvested RSUs/PSUs; to be achieved within 5 years; all applicable officers in compliance as of 12/31/24 |
| Hedging/pledging | Jan 2025 update | Hedging and pledging of Company securities strictly prohibited under Insider Trading and Anti-Hedging/Pledging Policy |
| Options | Current policy | Company does not currently grant options; option timing policy not applicable; no options disclosed for Alford |
Employment Terms
| Term | Detail |
|---|---|
| Agreement term | President, Broadcasting agreement effective Jun 1, 2021; expires May 31, 2024; auto-renews annually unless notice is given |
| Base salary | $625,000 at inception; increased to $637,500 effective Jun 1, 2022 |
| Annual bonus | Up to 100% of base salary; may be up to 200% with CEO + Compensation Committee approval; structured per metrics above |
| Severance (incl. change-in-control) | If terminated without Cause, in connection with a Change in Control, or resigns for Good Reason: lump-sum equal to 12 months base salary, prorated bonus (actual for Company termination; target for Good Reason resignation), plus $20,800; subject to release and restrictive covenants |
| Non-compete / confidentiality | One-year post-employment non-compete and perpetual non-disclosure obligations apply to NEOs/executives per company policy |
| Equity acceleration | RSUs/PSUs vest in full upon Change in Control per plan; PSU vesting at target level upon Change in Control for applicable plans |
| Clawback | SEC-compliant clawback adopted Oct 2023; recoups excess incentive-based compensation over prior 3 fiscal years upon restatement |
Investment Implications
- Pay-for-performance alignment: Alford’s bonus metrics directly tie to broadcasting net revenue and EBITDA, with PSU vesting dependent on division performance at ≥90% of budget, reinforcing operational execution in core TV station economics .
- Vesting cadence and supply: Four-year ratable RSU/PSU schedules create predictable annual vesting; in 2022 he vested 6,375 shares with $1.14M value, a modest potential source of insider selling pressure relative to NXST’s float .
- Ownership quality and risk controls: Compliance with 2x salary stock ownership guidelines, strict anti-hedging/pledging, and a robust clawback reduce misalignment and governance risk; absence of options lowers forced-selling risk in drawdowns .
- Retention and transition risk: Auto-renewal employment terms and moderate severance (12 months salary + prorated/target bonus) suggest balanced retention incentives without excessive change-in-control economics; full equity acceleration in CIC is standard for peers but warrants monitoring in consolidation cycles .
- Macro tie-in: Company-level record 2024 performance and continued free cash flow generation underpin Alford’s operating remit; execution through political cycles remains a key lever for payout outcomes under PSU changes .