Steven Handwerker
About Steven Handwerker
Steven Handwerker (age 37) is Chief Financial Officer of Plum Acquisition Corp. III (PLMJF) since March 20, 2024; he is not disclosed as a director of PLMJF, and therefore is not an “independent director” of this entity. He holds a BBA from Emory University and has 15+ years in financial services and FinTech roles, including Citadel and Barclays; he also serves as CFO and Director of Plum Acquisition Corp. IV as of January 2025 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Events.com | Financial consultant | From Dec 2023 | Finance advisory |
| FinServ Acquisition Corp. II | Chief Financial Officer | 2021–2023 | SPAC CFO responsibilities |
| FinServ Acquisition Corp. I | Consultant | 2019–2021 | SPAC operations support |
| Citadel (Equity L/S) | Analyst (financial services/FinTech) | 2013–2017 | Sector coverage |
| Barclays (FIG) | Investment Banking Analyst | 2010–2013 | M&A/Capital markets |
External Roles
| Organization | Role | Start Date | Notes |
|---|---|---|---|
| Plum Acquisition Corp. IV | Chief Financial Officer and Director | Jan 2025 | Parallel SPAC governance role |
Board Governance
- Independence status: PLMJF identifies three independent directors (Alan Black, David Sable, Hume Kyle); Steven Handwerker is an executive officer (CFO), not an independent director .
- Committee assignments: Audit Committee (Black, Sable, Kyle; chair: Black), Compensation Committee (Black, Sable; chair: Sable), Nominating Committee (Black, Sable, Kyle; chair: Kyle). Handwerker is not disclosed as serving on any PLMJF board committee .
- Lead Independent Director and executive sessions: Not disclosed .
Fixed Compensation
| Component | Amount/Terms | Notes |
|---|---|---|
| Director cash retainer | $0 | “None of our executive officers or directors have received any cash compensation” prior to business combination |
| Committee chair/member fees | $0 | No fees disclosed prior to business combination |
| Meeting fees | $0 | Not disclosed/none prior to business combination |
| Sponsor reimbursement (company obligation) | Up to $55,000/month | Reimbursement to Sponsor for office/administrative services; not individual director pay |
Performance Compensation
| Instrument / Metric | Grant/Terms | Vesting | Performance Metrics |
|---|---|---|---|
| RSUs/PSUs | None disclosed | N/A | N/A |
| Options/warrants (director awards) | None disclosed | N/A | N/A |
| Executive bonus/base salary (pre-combination) | None | N/A | N/A |
Other Directorships & Interlocks
| Company | Role | Committee Roles | Potential Interlock/Notes |
|---|---|---|---|
| Plum Acquisition Corp. IV | CFO and Director | Not disclosed | Parallel SPAC; governance and sponsor ecosystem overlap |
Expertise & Qualifications
- Financial leadership: SPAC CFO/consultant roles at FinServ I/II; equity research/IB background at Citadel and Barclays .
- Education: BBA, Emory University .
- Sector focus: Financial services and FinTech coverage and transaction experience .
Equity Ownership
| Holder | Shares | % Ownership of Class A | Notes |
|---|---|---|---|
| Steven Handwerker | 0 | 0% | Beneficial ownership table shows no Class A or Class B holdings for Steven (explicit empty entry) |
Governance Assessment
- Role accuracy: Steven Handwerker is CFO of PLMJF and not disclosed as a director of PLMJF; the “independent director” characterization does not align with filings .
- Committee/independence: Handwerker does not sit on the Audit, Compensation, or Nominating Committees; independent directors are Black, Sable, Kyle, which concentrates committee oversight away from management .
- Internal control risk: The company disclosed a material weakness in internal control over financial reporting (accruals and stock-based compensation) for FY 2024—under the CFO’s certification responsibilities. This is a governance red flag for investors assessing reporting reliability .
- Going-concern risk: Management disclosed substantial doubt about the company’s ability to continue as a going concern given minimal cash outside the trust and proximity to the business combination deadline—heightens execution and liquidity risk .
- Sponsor control and conflicts: Initial shareholders/Sponsor control voting outcomes (e.g., ~95.6% voting control at the June 2025 record date) and economics of founder shares/warrants create potential misalignment with public holders; company also reimburses the Sponsor up to $55,000/month prior to a business combination. RED FLAG: Sponsor dominance and economic incentives may bias outcomes .
- Listing risk: Securities were delisted from Nasdaq and now trade on OTC Pink; listing condition changes and market liquidity constraints can impair governance discipline and investor protections .
- Charter changes: Removal of the net tangible asset requirement and repeated deadline extensions indicate structural shifts to facilitate transaction execution over capital protection. RED FLAG: Erosion of protective thresholds .
- D&O insurance market tightening: Disclosed constraints on D&O insurance availability and terms for SPACs may affect post-combination governance robustness and director recruitment .
Overall, Handwerker’s current role is executive (CFO), not independent director; governance influence at PLMJF is driven by Sponsor-controlled board committees and voting power, with notable risk indicators (material weakness, going concern, OTC listing, charter amendments) that can weigh on investor confidence .