Matthew Lewicki
About Matthew Lewicki
Matthew E. Lewicki, age 41, is Vice President and Chief Financial Officer of Perma-Pipe International Holdings, Inc., appointed CFO on October 2, 2023 after joining as Chief Accounting Officer on May 2, 2023; he is a Texas-licensed CPA and member of AICPA and the Texas Society of CPAs . Under his finance leadership, FY2024 (year ended Jan 31, 2025) net sales rose to $158.4M from $150.7M, gross margin expanded to 34% (vs 28%), income before tax reached $18.5M, and backlog climbed 102% to $138.1M; net income attributable to common stock was $8.983M . Pay-versus-performance data show TSR value of a $100 investment at 172 for FY2024 versus 91 for FY2023, reflecting improved shareholder return during his tenure .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| HMT Holdings Corp., Inc. | Corporate Controller | 2019–2023 | Led accounting, FP&A, treasury, tax, and IT; member of executive leadership team |
| Quanta Services, Inc. (NYSE: PWR) | Senior Manager, Financial Planning & Reporting | 2013–2019 | Oversaw SEC reporting and FP&A (strategic planning, budgeting, forecasting, M&A, investment strategy) |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| American Institute of CPAs (AICPA) | Member | N/A | Professional standards and credentialing |
| Texas Society of CPAs | Member | N/A | State professional body affiliation |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Non-Equity Incentive ($) | STIP portion ($) | LTI cash portion ($) | Stock Awards ($) | All Other Comp ($) | Total ($) |
|---|---|---|---|---|---|---|---|---|
| 2024 (FY ended 1/31/2025) | 289,953 | 45% of base | 165,301 | ≈136,693 (Non-Equity – LTI portion) | 28,608 | 65,247 | 10,801 | 531,302 |
| 2023 (FY ended 1/31/2024) | 190,520 (prorated 9 months) | 45% of base | 94,769 | ≈87,305 (Non-Equity – LTI portion) | 7,464 | 42,005 | 3,236 | 330,530 |
Notes: STIP portion is derived from disclosed Non-Equity Incentive minus the disclosed LTI cash portion for each year .
Performance Compensation
| Component | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Short-Term Incentive (STIP) | Adjusted EBT | 100% of STIP | Company operating plan EBT target | 104.7% of target (FY2024) | Formulaic (full payout at target; scaled by performance) | Annual |
| Long-Term Incentive (Cash) | Return on Equity (ROE) | 50% of LTIP | 3-year ROE targets; minimum threshold 80% | Earned portion recognized annually; CFO 2024 portion $28,608 | 80%–150% of target based on ROE; 100% formulaic, no discretion | 3-year, paid in installments |
| Long-Term Incentive (Equity) | Restricted Stock | 50% of LTIP | Grant value set by Compensation Committee | 7,406 shares granted (7/25/2024) at $65,247 fair value | Time-based | Vests 1/3 per year over 3 years |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 10,921 shares; <0.5% of outstanding |
| Stock ownership guideline | 1.5× annual base salary for executive officers |
| Compliance status | Not yet achieved; fair value of shares $101,276 vs guideline, shortfall $(333,724); compliance window until Oct 2, 2028 |
| Anti-hedging/pledging | Executives prohibited from hedging, pledging, short sales, or margin purchases; pre-clearance required |
| Unvested RS detail (as of 1/31/2025) | 1,366 (vest 6/22/2025; $20,750), 2,468 (7/25/2025; $37,489), 1,366 (6/22/2026; $20,750), 2,469 (7/25/2026; $37,504), 2,469 (7/25/2027; $37,504); based on $15.19 closing price |
| RS vested in 2024 | 1,366 shares; $12,198 value realized |
Employment Terms
| Term | Detail |
|---|---|
| Employment start dates | CAO: May 2, 2023; CFO: Oct 2, 2023 |
| Current base salary | $275,000 |
| Target incentives | STIP: 45% of base; LTIP: 45% of base; LTIP split 50% time-based RS and 50% performance-based cash |
| Severance (no cause/good reason) | Up to 1 year’s base salary and short-term incentive compensation + benefits continuation |
| Change-of-control (CoC) | Double-trigger accelerated vesting; severance only upon CoC + resignation for good reason or involuntary termination without cause |
| Clawback | Broad clawback covering restatements and misconduct; methods include reimbursement, cancellation, offset |
| Vesting on retirement/death/disability | Continued vesting/earning for awards >12 months old; prorated for awards within last 12 months; disability credits one extra year of service |
| Ownership holding | Executives discouraged from selling until guidelines achieved; 5-year compliance window |
| Insider trading policy | Pre-clearance with CEO/CFO for transactions; anti-hedging/pledging prohibitions |
Compensation Structure Highlights (Alignment and Risk)
- Market positioning and pay mix: Executive total direct compensation targeted near 50th percentile, with more pay-at-risk for senior roles; CEO ~70% at-risk vs ~44% for other NEOs (including CFO) .
- Metrics and rigor: STIP based 100% on Adjusted EBT; LTIP performance cash based on multi-year ROE with formulaic payouts (80%–150% of target), reducing discretion risk .
- Governance protections: Double-trigger CoC vesting, minimum 1-year equity vesting, anti-hedging/pledging, share recycling limits, clawback policy compliant with SEC/NASDAQ .
Say-on-Pay & Shareholder Feedback
| Item | Result |
|---|---|
| 2025 Say-on-Pay | 94% approval (4,288,981 For; 240,764 Against; 196,949 Abstentions) |
| Vote frequency | Annual (86% voted for 1-year frequency) |
Performance & Track Record (during CFO tenure)
- FY2024 financials: Net sales $158.4M, gross profit $53.2M (34% margin), income from operations $20.3M, income before tax $18.5M, net income attributable to common $8.983M; backlog $138.1M (+102% YoY) .
- TSR: $100 investment value rose to 172 (FY2024) from 91 (FY2023) in pay-versus-performance table .
Investment Implications
- Alignment: CFO compensation ties near-term cash to Adjusted EBT and long-term to ROE, while equity grants vest over three years—balanced incentives for profitability and capital efficiency .
- Retention and selling pressure: Required ownership at 1.5× salary with anti-hedging/pledging and hold-until-guideline policies decrease near-term selling; Lewicki is below guideline with a 5-year compliance runway to Oct 2028—expect continued share accumulation rather than disposal .
- Governance support: Strong say-on-pay approval and robust clawback/double-trigger CoC terms lower governance risk; the formulaic LTIP reduces discretionary payout risk .
- Execution risk: While FY2024 operating metrics improved and backlog surged, ongoing performance must sustain ROE/EBT targets to realize LTIP uplifts; the cash portion of LTIP (vs equity-only) modestly tempers stock-price sensitivity in incentives .