Thomas Furey
About Thomas Furey
Thomas Furey, age 60, is an independent director of CPI Card Group Inc. (PMTS) and has served on the Board since May 2021. He is Chairman and CEO of Sagetech Avionics, Inc., and previously held senior operations roles at Sagetech Corporation, Standard Register Company, Avery Dennison, and AlliedSignal/Honeywell; he began his career as a U.S. Navy Naval Flight Officer. His education includes a B.S. in Mathematics (U.S. Naval Academy), M.S. in Industrial Engineering (CSU Northridge), and both an M.S. in Mechanical Engineering and MBA from MIT .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Sagetech Avionics, Inc. (private) | Chairman & CEO | 2019–present | Leads aerospace electronics company; carved out from Sagetech Corporation |
| Sagetech Corporation | Chief Operating Officer | 2015–2019 | Oversaw manufacturing operations |
| Unitec, Inc. | VP Manufacturing & Engineering | 2014–2015 | POS payments equipment operations leadership |
| Independent consultancy | Principal | 2012–2013 | Operations advisory |
| Standard Register Company | VP Manufacturing; Chief Supply Chain Officer; President of Industrial Business | 2004–2012 | High-volume manufacturing and supply chain leadership |
| Avery Dennison | Head of North American Operations | 2001–2004 | Label materials manufacturing operations |
| AlliedSignal/Honeywell | Manufacturing leadership roles; MIT Leaders for Manufacturing Fellow | 1994–2001 | Manufacturing leadership; executive training |
| U.S. Navy | Naval Flight Officer | Early career | Leadership and technical discipline foundation |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Public company directorships | None disclosed | — | No other public boards disclosed in PMTS proxy |
| Sagetech Avionics, Inc. | Chairman & CEO | 2019–present | Private company; aerospace electronics |
Board Governance
- Independence: The Board affirmatively determined Furey is independent under applicable market rules .
- Tenure: Director since May 2021 .
- Attendance: Board held 10 meetings in FY2024; each director attended at least 75% of Board and committee meetings. Non-employee directors meet regularly in executive session, chaired by H. Sanford Riley .
- Committee memberships:
- 2025: Audit Committee member; Compensation Committee member (not chair). Audit met 8 times; Compensation met 9 times in 2024 .
- 2024: Audit Committee member; Nominating & Corporate Governance Committee member (not chair). Audit met 9 times; Compensation 10 times; Nominating 9 times in 2023 .
- Audit Committee report signatories include Furey, evidencing active participation .
| Year | Committee | Role | Meetings |
|---|---|---|---|
| 2025 (FY2024 activity) | Audit | Member | 8 meetings in 2024 |
| 2025 (FY2024 activity) | Compensation | Member | 9 meetings in 2024 |
| 2024 (FY2023 activity) | Audit | Member | 9 meetings in 2023 |
| 2024 (FY2023 activity) | Nominating | Member | 9 meetings in 2023 |
Fixed Compensation
- Program design: Non-employee directors receive cash retainers plus RSU grants vesting on first anniversary; quarterly grant cadence. Effective Jan 1, 2024, the annual cash retainer increased to $100,000 and Chair of the Board cash fee to $50,000; committee chair fee $15,000; committee member fee $7,500 .
- 2024 individual compensation: Furey received $115,000 cash and $110,275 stock awards (RSUs), totaling $225,275 .
- 2023 individual compensation: Furey received $63,125 cash and $101,239 stock awards, totaling $164,364 .
- Deferred Stock Units: Beginning Jan 1, 2024, directors could elect to defer RSUs into DSUs at vest until separation from service .
| Metric | 2023 | 2024 |
|---|---|---|
| Annual cash retainer (program) | $50,000 | $100,000 |
| Annual equity award (program) | $100,000 RSUs | $100,000 RSUs |
| Committee fees (program) | Chair $15,000; Member $7,500 | Chair $15,000; Member $7,500 |
| Furey – Fees earned/paid in cash | $63,125 | $115,000 |
| Furey – Stock awards (grant-date fair value) | $101,239 | $110,275 |
| Furey – Total compensation | $164,364 | $225,275 |
Performance Compensation
- Director equity awards are time-based RSUs vesting one year from grant; no performance metrics are attached to director equity grants. Directors may elect deferral to DSUs post-vest until separation .
| Component | Metric/Trigger | Vesting | Notes |
|---|---|---|---|
| RSUs (Directors) | None (time-based) | 100% at 1-year anniversary | Quarterly grant cadence; grant-date fair value determined per ASC 718 |
| DSU election | Director election | DSUs settle at separation | RSUs can be deferred to DSUs at vest |
Other Directorships & Interlocks
- Tricor Funds nomination rights: Tricor funds can designate Board nominees; current designees are Nicholas Peters, H. Sanford Riley, and Lisa Oleson. Furey is not identified as a Tricor designee, reducing interlock risk with significant shareholder nominees .
- Compensation Committee interlocks: None; no members served as company officers; no related party transaction disclosures for committee members .
Expertise & Qualifications
- Manufacturing and operations executive with high-volume manufacturing experience across multiple industrial companies; technology and supply chain leadership .
- Advanced technical and business education (MIT MS Mech Eng and MBA; CSU Northridge MS Industrial Engineering; USNA BS Math) .
- Audit committee participation; however, audit committee “financial expert” designation is held by Marc Sheinbaum, not Furey .
Equity Ownership
- Beneficial ownership: 11,724 shares (includes 1,448 DSUs and 1,067 RSUs), less than 1% of shares outstanding .
- Outstanding RSUs: 4,348 RSUs as of Dec 31, 2024 for each non-employee director, including Furey .
- Hedging/Pledging policy: Company prohibits directors from hedging or pledging company stock; policy also prohibits margin sales and certain transactions .
- Ownership guidelines: Directors must hold shares equal to 5x the cash portion of annual retainer within five years of appointment; individual compliance status not disclosed .
| Metric | Value |
|---|---|
| Shares beneficially owned | 11,724 |
| DSUs included | 1,448 |
| RSUs included | 1,067 |
| % of shares outstanding | <1% |
| RSUs outstanding (Dec 31, 2024) | 4,348 |
| Hedging/pledging permitted? | Prohibited |
| Director ownership guideline | 5x cash retainer; 5-year horizon |
Say-on-Pay & Shareholder Feedback
| Year | Approval (%) |
|---|---|
| 2023 | ~99% |
| 2024 | ~97.5% |
Committee uses Willis Towers Watson (WTW) as independent compensation consultant; WTW reviewed director compensation levels; WTW independence confirmed, with no conflicts of interest .
Related Party Transactions & Conflicts
- Tricor Funds Director Nomination Agreement and Registration Rights Agreement provide ongoing governance rights to a significant shareholder; current Tricor nominees (Peters, Riley, Oleson) are on the Board. No indication Furey is a Tricor nominee .
- Share repurchase agreements: Company executed two private repurchase agreements with a Tricor fund in 2024 at 98% of VWAP of open-market buys; approved by the Audit Committee .
- No related party transactions disclosed involving Thomas Furey personally .
Risk Indicators & Red Flags
- Independence: Affirmed independent, reducing management conflict risk .
- Attendance: ≥75% of Board and committee meetings in 2024; strong engagement .
- Hedging/Pledging: Prohibited for directors; alignment preserved .
- Committee interlocks/conflicts: None disclosed .
- Significant shareholder governance influence (Tricor): Present via nomination and repurchase agreements; monitored by Audit Committee; not tied to Furey .
Governance Assessment
- Positive signals:
- Independent status, multi-year operations expertise, and active Audit/Compensation committee participation support Board effectiveness .
- Strong attendance and executive sessions indicate independent oversight cadence .
- Director pay mix balances cash and equity; DSU election enhances long-term alignment; hedging/pledging ban further aligns interests .
- Say-on-Pay approvals (~97.5% in 2024; ~99% in 2023) indicate investor support for compensation governance .
- Watch items:
- Tricor Funds’ ongoing nomination rights and share repurchase arrangements reflect significant shareholder influence; continued committee oversight mitigates conflict risk .
- Individual compliance with director ownership guidelines is not disclosed; monitor future proxies for status .
No red flags specific to Thomas Furey were disclosed (no related-party transactions, no hedging/pledging, attendance above minimum) .