Christopher G. Meredith
About Christopher G. Meredith
Christopher G. Meredith, age 40, is Pyxus International’s Corporate Controller and was designated as the Company’s principal accounting officer effective June 27, 2025; he previously served as Director of Financial Reporting (2019–2022) and is a certified public accountant in North Carolina with prior experience as a senior manager at KPMG LLP . Company performance context: Pyxus’ net income improved from a loss in FY2023 to positive $2.7 million in FY2024 and $15.2 million in FY2025, while cumulative TSR (from a $100 base since 3/31/2022) reached $275.86 as of FY2025; FY2025 sales were $2,481.3 million .
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Net Income (USD Millions) | ($39.1) | $2.7 | $15.2 |
| Cumulative TSR Value of $100 Investment | $82.76 | $206.90 | $275.86 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Pyxus International | Director of Financial Reporting | 2019–2022 | Led SEC reporting responsibilities and financial disclosures . |
| Pyxus International | Corporate Controller | 2022–present | Principal accounting oversight; signed PAO certifications for Q1 and Q2 FY2026 10-Qs . |
| Pyxus International | Principal Accounting Officer (designation) | Effective 06/27/2025 | Elevated to PAO following CAO resignation; continuity of accounting leadership . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| KPMG LLP | Senior Manager | Prior to 2019 | Public accounting leadership; audit and advisory background supporting financial reporting rigor . |
Fixed Compensation
- Not disclosed for Meredith in the 2025 proxy or 8-K appointment filing; Pyxus’ Compensation Committee oversees executive pay programs and CEO pay, with non-CEO executive compensation approved by the Committee .
Performance Compensation
- Pyxus’ FY2025 Annual Incentive Plan used objective financial metrics with threshold/target/stretch goals and linear interpolation; while NEO-specific payouts are disclosed, Meredith’s participation/targets are not disclosed .
| FY2025 AIP Metric | Weighting | Threshold | Target | Stretch | Actual |
|---|---|---|---|---|---|
| Adjusted EBITDA | 70% | $148,000k | $185,000k | $222,000k | $208,410k |
| Corporate Operational EBITDA | 30% | $95,256k | $119,071k | $142,885k | $143,816k |
- Equity vesting design (company-wide): time-vesting RSUs granted in May 2024 vest in tranches subject to a “Vesting Event” (earliest of March 31, 2031; Change in Control; national exchange listing); 2025 performance-based RSUs pay out 50–200% at a Liquidity Event per-share price grid; NEO quantities are disclosed (Meredith awards not disclosed) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (Meredith) | 0 shares beneficially owned as of 06/27/2025 (Form 3) . |
| Shares Outstanding (context) | 24,607,791 shares outstanding as of 06/13/2025 record date . |
| Ownership % (Meredith) | 0.0% of outstanding given zero beneficial ownership . |
| Hedging/Pledging | Company prohibits hedging/short positions and pledging by directors/executive officers . |
| Options Outstanding (Company) | No stock options/SARs outstanding under the plan as of 05/31/2025 . |
- Stock ownership guidelines (executive-specific) are not disclosed in the 2025 proxy; director RSU policy and vesting conditions are disclosed separately .
Employment Terms
- Appointment and role: Meredith was designated principal accounting officer effective June 27, 2025, following the CAO’s resignation; background includes Corporate Controller since June 2022 and prior KPMG experience .
- Executive Severance Plan: Pyxus adopted an Executive Severance Plan on June 12, 2024 for covered executive officers (CEO and “other executive officers”), providing 2x base salary and target bonus for CEO and 1.5x for other covered officers (paid over 2 or 1.5 years), plus prorated current-year bonus; payments require a release and include non-solicitation, non-disparagement, confidentiality, and clawback provisions; applicability to Meredith is not explicitly stated in filings .
- Deferred comp/pension: FY2025 filings detail SRAP participation for the CEO and interim CFO and a Global Pension Plan for the COO; no disclosure that Meredith participates in these programs .
Performance & Track Record
- Financial execution backdrop: FY2025 sales rose 22.1% to $2,481.3 million, operating income increased 11.7% to $153.3 million, and net income reached $15.2 million amid undersupply conditions and debt reductions; Pyxus repurchased senior notes/term loans at discounts and upsized/extended its ABL facility in May 2025 .
- Accounting leadership continuity: Meredith signed the Q1 and Q2 FY2026 10-Qs as PAO, evidencing continuity in principal accounting oversight .
- Executive transitions: The CFO resigned in February 2025 and an internal interim CFO was appointed and later named CFO in July 2025; transitions were disclosed without disagreement on accounting matters .
Risk Indicators & Red Flags
- Insider alignment safeguards: Hedging and pledging are prohibited, and there are no options outstanding company-wide, reducing near-term insider selling pressure tied to option exercises .
- Liquidity/Leverage: Net debt stood at $771.6 million at 03/31/2025, reflecting a highly leveraged capital structure requiring continued cash generation and access to seasonal lines; peak short-term borrowings reached $823.5 million during FY2025 .
- Executive turnover cadence: CFO departure adjacent to Q3 results was disclosed (no disagreements noted), followed by appointment of a new CFO, reducing potential continuity risk; nonetheless, executive churn is a monitoring point for governance-sensitive investors .
Board Governance (Context)
- Compensation Committee oversees executive pay design and approves non-CEO executive compensation; committee composition and chair are disclosed in the 2025 proxy .
Investment Implications
- Alignment and retention: Meredith currently reports zero direct beneficial ownership and faces prohibited hedging/pledging; lack of disclosed equity awards for him reduces insider-sell pressure but also limits direct alignment signal versus NEOs with RSU/PSU packages tied to a Liquidity Event .
- Execution risk balanced by accounting continuity: As PAO, Meredith signed Q1/Q2 FY2026 10-Qs, supporting reporting continuity amid leadership changes; continued monitoring of control effectiveness and timely filings is appropriate given leverage and international complexity .
- Capital structure constraints: High net debt and reliance on seasonal lines, offset by recent debt repurchases and ABL upsizing/extension, imply sensitivity to working capital cycles and interest rates; accounting discipline around inventory, receivables, and securitizations is a key lever for mitigating liquidity risk .