Daniel Satterfield
About Daniel Satterfield
Daniel Satterfield, 60, has served as Chief Financial Officer of StandardAero (SARO) since January 2023. He previously was CFO for Honeywell Aerospace (Dec 2018–Dec 2022) and held senior financial leadership roles at Gates Corporation, Eaton, Cooper Industries, and Siemens; he holds a BBA in Accounting from the University of Georgia . Under his tenure, the 2024 incentive framework emphasized cash generation and EBITDA, with results of revenue $5,223.4 million (99.9% of target), Management EBITDA $644.1 million (102.7% of target), and operating cash flow $379.0 million (106.1% of target), driving a 114% bonus payout; Company TSR from IPO (10/2/24) to 12/31/24 was 75.60 on a $100 basis, with 2024 net income of $10,974,106 and Management EBITDA of $644,153,000 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Honeywell Aerospace | Chief Financial Officer | 2018–2022 | Led finance for a multi‑segment aerospace business; experience across growth, productivity, acquisition integration, SEC/GAAP, and complex accounting |
Fixed Compensation
| Component | 2024 detail | Notes |
|---|---|---|
| Base salary | $525,000 post‑increase (from $500,000 pre‑increase; effective Apr 1, 2024) | Annual review by Compensation Committee; CFO base increased in 2024 |
| Target annual bonus | 80% of base salary | AIP design: Revenue 10%, Management EBITDA 50%, Operating Cash Flow 40% |
| All other compensation | $41,900 total: auto allowance $24,130; 401(k) match $17,250; wellness credit $520 (2024) | No tax gross‑ups on perquisites |
Performance Compensation
| Metric | Weight | 2024 target | 2024 actual | Payout vs target | Vesting/notes |
|---|---|---|---|---|---|
| Revenue (non‑GAAP AIP) | 10% | Company target (not disclosed) | $5,223.4M (99.9% of target) | 90% | AIP cash metric |
| Management EBITDA | 50% | Company target (not disclosed) | $644.1M (102.7% of target) | 110% | AIP cash metric |
| Operating cash flow (non‑GAAP AIP) | 40% | Company target (not disclosed) | $379.0M (106.1% of target) | 125% | AIP cash metric |
| CFO AIP target ($) | — | $420,000 | — | — | Target % is 80% of base; payout scales to 2.0x max |
| CFO AIP payout ($) | — | — | $478,800 (114% of target) | 114% | Based on aggregated metric outcomes |
Equity awards and vesting:
- Outstanding unvested restricted shares (time-based): 295,558 ($7,318,016 market value at 12/31/24); eligible to vest immediately prior to a “Liquidity Event,” subject to continued service .
- Outstanding performance-based restricted shares (unearned): 126,670 ($3,136,349 market value at 12/31/24); vesting tied to annual Management EBITDA and cash flow targets with catch‑up and alternative MOIC vesting at 2.5x upon a Liquidity Event .
- The IPO did not constitute a Liquidity Event; therefore, these shares remain unvested .
Insider equity grant (post‑IPO): A Form 4 filed Apr 17, 2025 reports a stock option for Satterfield that vests in three equal annual installments beginning on April 15, 2026; the filing excerpt does not indicate any open‑market sales in that report .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 422,228 shares; less than 1% of shares outstanding (based on 334,461,630 shares outstanding at 4/17/25) |
| Vested vs unvested | Entirely unvested restricted shares per beneficial ownership footnote; underlying components: 295,558 time‑based unvested shares; 126,670 performance‑based unearned shares |
| Market value (12/31/24) | Time‑based $7,318,016; performance‑based $3,136,349 |
| Pledging/hedging | Company policy prohibits hedging transactions (e.g., collars, swaps); no pledging disclosure specific to Satterfield noted in footnotes |
| Stock ownership guidelines | CFO guideline: 3x base salary; 5 years to comply; 50% net‑shares retention until met |
Employment Terms
| Provision | Key terms |
|---|---|
| Employment instrument | Executive Offer Letter |
| Target/STI | Annual AIP target per above; auto allowance also provided |
| Severance (without cause) | 6 months base salary; estimated at $262,500 as of 12/31/24 |
| Restrictive covenants | 12‑month non‑compete; 24‑month non‑solicit; confidentiality and non‑disparagement |
| Change‑in‑control | No single‑trigger equity acceleration; equity does not accelerate unless a change‑in‑control also constitutes a Liquidity Event |
| Clawback | Mandatory clawback policy adopted in connection with IPO per SEC Rule 10D‑1 |
| Tax gross‑ups | None on perquisites; no excise tax gross‑ups under Section 4999 |
Say‑on‑Pay & Shareholder Feedback
| Proposal (2025 Annual Meeting) | For | Against | Abstain | Broker non‑votes | Outcome |
|---|---|---|---|---|---|
| Say‑on‑Pay (Item 4) | 280,310,336 | 752,337 | 48,611 | 737,112 | Approved |
| Say‑on‑Frequency (Item 3) | One‑year: 280,821,425 | Two‑years: 5,561 | Three‑years: 238,877 | 45,421 | One‑year frequency approved |
Investment Implications
- Pay-for-performance alignment: 2024 AIP heavily weighted to Management EBITDA (50%) and operating cash flow (40%), with a 114% payout vs target—consistent with achieving slightly above‑target cash and EBITDA and near‑target revenue .
- Retention and potential supply at Liquidity Event: Satterfield’s substantial unvested equity (422,228 shares) vests upon a Liquidity Event, effectively incentivizing long‑term value creation and exit execution; however, such an event could also concentrate insider supply timing, which investors should monitor .
- Governance safeguards and risk: No hedging allowed, no tax gross‑ups, and an SEC‑compliant clawback policy support alignment; equity does not accelerate on a plain change‑in‑control absent a Liquidity Event, tempering windfall risk .
- Insider selling pressure: Available 2025 Form 4 shows a stock option grant with a three‑year vest schedule starting April 2026; we did not see open‑market sales in that filing, though continued monitoring of Form 4s is warranted .
- Shareholder support: First post‑IPO Say‑on‑Pay garnered strong approval and annual frequency—reducing near‑term compensation policy overhang .