Sonya Vollmer
About Sonya Vollmer
Chief Human Resources Officer at CPI Card Group (PMTS) since January 2022; joined in February 2021 as Director of Total Rewards and served as interim CHRO in August 2021. She holds a BA in Economics (University of Wisconsin–Parkside) and an MBA/Executive MBA (University of Wisconsin–Milwaukee) . Company performance in 2024: Net sales $480.6M (+8.1% YoY) and Adjusted EBITDA $91.9M (+2.7% YoY), with compensation programs tied to corporate metrics (Adjusted EBITDA and Net Sales) and long-term awards tied to Relative TSR vs. Russell 2000 and cumulative free cash flow .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CPI Card Group | Director of Total Rewards; Interim CHRO; CHRO | Feb 2021–Aug 2021; Aug 2021–Jan 2022; Jan 2022–present | Built and led total rewards; transitioned into enterprise HR leadership . |
| Charter Manufacturing Company | Director of Total Rewards | Feb 2013–Feb 2021 | Led compensation/benefits strategy at a metals manufacturer . |
| Rockwell Automation | HR leadership roles | Pre-2013 | HR leadership in industrial automation . |
| Teleflex, Inc. | HR leadership roles | Pre-2013 | HR leadership in healthcare/life sciences . |
| Abbott Laboratories | HR leadership roles | Pre-2013 | HR leadership in diversified healthcare . |
| Hewitt Associates (Aon) | Consultant | Pre-2013 | Compensation/benefits consulting . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Hewitt Associates (now Aon) | Consultant | Pre-2013 | Delivered HR/total rewards consulting . |
| Private consulting firm | Principal/Consultant | Pre-2013 | Independent advisory on compensation and HR programs . |
Fixed Compensation
Specific 2024–2025 base salary, target bonus %, and actual bonus amounts for the CHRO were not disclosed. PMTS qualifies as a “smaller reporting company” and discloses NEO details (CEO, CFO, EVP) rather than CHRO specifics .
Company program design (applicable to executives):
- Base salary set for role scope, experience, internal equity; annual reviews by Compensation Committee .
- Short-Term Incentive Plan (STIP): quarterly cash bonuses measured on corporate results; metrics 70% Adjusted EBITDA and 30% Net Sales; payouts interpolate 0–200% with quarterly cap and annual true-up .
Performance Compensation
STIP (Annual/Quarterly)
| Metric | Weighting | Target (2024) | Actual (2024) | Payout (Corporate) | Vesting/Timing |
|---|---|---|---|---|---|
| Adjusted EBITDA | 70% | Not disclosed for CHRO | Company met threshold; specifics not disclosed for CHRO | 125.3% of target for Continuing NEOs (indicative of corporate result) | Quarterly payments with annual true-up . |
| Net Sales (Total Net Sales) | 30% | Not disclosed for CHRO | Strong performance vs plan drove payout | 125.3% of target for Continuing NEOs | Quarterly payments with annual true-up . |
Long-Term Incentives (LTIP)
| Award Type | Weighting | Performance Period | Vesting Terms | Performance Metrics | Notes |
|---|---|---|---|---|---|
| RSUs | 67% of annual LTIP target | Ongoing | 33.4% year 1, 33.3% year 2, 33.3% year 3 | Time-based | Granted quarterly to mitigate stock price volatility . |
| Performance Cash (cash-settled) | 33% of annual LTIP target | Jan 1, 2024–Dec 31, 2025 | Pays in 2026 if metrics achieved | Relative TSR vs Russell 2000 (P50) and annual target cumulative free cash flow | Liability-classified; remeasured at fair value; counted as stock-based comp under ASC 718 . |
Form 4 evidence of CHRO vesting/tax withholding:
- 2025-08-30: RSUs vested with 331 and 565 shares withheld for taxes at $15.58; multiple tranches converted (e.g., 1,931 and 1,377 common shares) with post-transaction holdings updated (e.g., 4,076/3,970/5,734/5,169 shares across lines) .
Equity Ownership & Alignment
Insider Transactions (recent)
| Date | Type | Shares | Price | Post-Transaction Holdings | Source |
|---|---|---|---|---|---|
| 2024-09-13 | Sale (S) | -3,660 | $25.10 | 0 | |
| 2025-08-30 | Tax Withholding (F) | -331 | $15.58 | 3,970 | |
| 2025-08-30 | Tax Withholding (F) | -565 | $15.58 | 5,169 | |
| 2025-08-29–31 | RSU conversions (A/C) | +1,931; +1,377 (examples) | n/a | updated per filing lines |
Alignment policies:
- Hedging and pledging of company stock are prohibited for officers/directors (short sales, options, hedges, margin sales, pledges, standing limit orders) .
- Stock ownership guidelines: CEO 5x base salary; other executive officers 2x base salary; five-year compliance window after appointment .
Employment Terms
| Provision | Standard Terms (Executives without individual employment agreements) | Change-in-Control Terms | Notes |
|---|---|---|---|
| Severance multiple | 1.0x base salary + target bonus (CEO 1.5x) | 1.5x for officers; 2.0x for CEO | Requires release of claims; continuation of benefits at active officer rates; up to six months outplacement . |
| Benefits continuation | Company contribution to medical/dental/vision during severance/COBRA period | Longer continuation under CIC multiples | Administered per Executive Severance Guidelines . |
| Restrictive covenants | Confidentiality; non-compete; non-solicit | As applicable | Durations vary by agreement/policy; not specifically disclosed for CHRO . |
| Clawback | Mandatory clawback of erroneously awarded incentive compensation on restatements (3-year look-back) | Includes TSR/stock-price-based awards; no indemnification | Adopted Oct 9, 2023 per SEC Rule 10D-1 . |
Company Performance (context for pay-for-performance)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $475.745M | $444.547M | $480.601M |
| Net Income ($USD) | $36.540M | $23.985M | $19.521M |
| EBITDA ($USD) | $94.016M* | $77.521M* | $79.212M* |
Values retrieved from S&P Global.
- S&P Global data with no document citations.
Additional 2024 performance disclosures (proxy): Net sales $480.6M (+8.1% YoY); Adjusted EBITDA $91.9M (+2.7% YoY) .
Compensation Committee Analysis
- Committee members (2024): Marc Sheinbaum (Chair), Nicholas Peters (Chair Compensation), Valerie Soranno Keating (Chair Nominating), Thomas Furey, Ravi Mallela, Lisa Oleson, H. Sanford Riley (Board Chair); CEO not independent .
- Independent consultant: Willis Towers Watson (WTW) since 2018; Committee determined independence/no conflicts; provides peer benchmarking and design support .
- Peer group used (examples): Axcelis, EVERTEC, Qualys, International Money Express, CTS, Veeco, MeridianLink, Verra Mobility, etc. .
- Governance practices: no executive perquisites, no option repricing, no hedging/pledging, no excise tax gross-ups; annual say-on-pay .
SAY-ON-PAY & Shareholder Feedback
- 2024 say-on-pay approval ~97.5% of votes cast; Committee made no program changes in response .
Risk Indicators & Red Flags
- Insider selling: open-market sale of 3,660 shares on 2024-09-13; post-transaction direct holdings reported as zero; subsequent RSU vesting restored holdings in 2025, with tax-withholding settlements typical for RSUs .
- Hedging/pledging prohibited by policy, reducing alignment concerns .
- Executive severance/change-in-control protections exist; standard multiples could create cost in a transaction but are consistent with market practice .
Investment Implications
- Compensation alignment: Corporate-wide STIP tied to Adjusted EBITDA and Net Sales plus LTIP tied to Relative TSR and free cash flow supports pay-for-performance; RSU-heavy mix improves retention but can create periodic tax withholding sell pressure around vest dates .
- Retention risk/trading signals: The 2024 sale to zero direct holdings followed by 2025 RSU vesting suggests reliance on scheduled vesting rather than accumulation; ongoing vesting and ownership guidelines (2x salary for officers) should rebuild alignment over time .
- Company trajectory: 2024 net sales growth and modest Adjusted EBITDA expansion amid refinancing costs and mix/tariff headwinds; incentive metrics emphasize profitability and sales growth, indicating focus on margin quality and cash generation .