Peter Kravitz
About Peter Kravitz
Peter Kravitz (age 55) is an independent director of Shimmick Corporation, serving since 2024. He was appointed Lead Independent Director effective immediately following the June 4, 2025 annual meeting, and chairs the Compensation & Human Capital (CHC) Committee; he also serves on the Audit and Governance Committees and the Special Committee . Kravitz is a founding principal of Province, LLC (est. 2011), and holds a bachelor’s degree from Lehigh University and a J.D. from Rutgers Law School, with extensive corporate transformation and restructuring experience . The Board has affirmed his independence under Nasdaq rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Province, LLC | Founding Principal | 2011–present | Corporate transformations advisory |
| Gibraltar Insurance Co. | President; Director | Not disclosed | Executive leadership |
| Automotive Retailer | VP, Business Affairs & General Counsel | Not disclosed | Legal and business affairs leadership |
| International Law Firm | Attorney (private practice) | Not disclosed | Legal practice foundation |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Boardriders | Director | Jun 2020–Aug 2023 | Private company board service |
| PetSmart | Director | May 2018–Nov 2019 | Private company board service |
| Cisco Equipment | Director | Not disclosed | Private company board service |
| Island Air | Director | Not disclosed | Private company board service |
| Sable Permian; Performance Powersports Group; Mesquite Energy; RDIO; Martifer Solar; Medley Management; The Elephant Bar | Independent Director (through formal bankruptcy proceedings) | Not disclosed | Restructuring roles across multiple private companies |
Board Governance
- Independence: Determined to be independent under Nasdaq rules .
- Roles: Lead Independent Director; CHC Chair; Audit Committee member; Governance Committee member; Special Committee member .
- Special Committee Interlock: Served as AECOM’s designee on the Special Committee; AECOM held 19.5% of SHIM shares as of April 22, 2025 .
- Attendance: Directors attended 100% of Board meetings (12 in 2024) and 100% of their committee meetings; 2024 committee meeting counts: Audit (7), CHC (7), Governance (4), Special (27) .
- Board Leadership: Independent directors meet in regular executive sessions; Lead Director acts as liaison between Executive Chair and independent directors .
Fixed Compensation
| Component | Amount | Basis | Notes |
|---|---|---|---|
| Annual cash retainer (Director) | $90,000 | FY2024 policy | Paid quarterly; no meeting fees |
| Lead Director fee | $25,000 | FY2024 policy | Additional cash retainer |
| Governance Committee | Chair: $5,000; Member: $2,500 | FY2024 policy | Additional cash retainer |
| CHC Committee | Chair: $5,000; Member: $2,500 | FY2024 policy | Additional cash retainer |
| Audit Committee | Chair: $10,000; Member: $5,000 | FY2024 policy | Additional cash retainer |
| Special Committee | $82,000–$120,000 per member | FY2024 policy | Additional cash retainer |
| Kravitz – Cash fees earned (2024) | $187,500 | Actual | Reflects role mix noted above |
Performance Compensation
| Award Type | Grant Date | Quantity/Value | Vesting/Terms | Performance Metrics |
|---|---|---|---|---|
| Annual equity retainer (RSUs) | FY2024 policy | $150,000 | Not specified in policy section | No performance conditions described in director equity retainer |
| Kravitz – RSU grant | Jun 6, 2024 | 84,269 RSUs at $149,999 | Grant-date closing price $1.78; vesting not specified in filing | No performance conditions disclosed for this grant |
Other Directorships & Interlocks
- Special Committee Designee Relationships: Kravitz was the initial Special Committee designee selected by AECOM; Special Committee composed of independent directors selected by Shimmick, AECOM, and BHSI . AECOM beneficially owned 6,708,051 shares (19.5%) at record date, indicating potential influence and interlock considerations .
- Shareholder Vote Support (Election on June 4, 2025): For Kravitz – FOR 22,367,981; AGAINST 156,383; ABSTAIN 11,520; Broker non-votes 1,658,049 (≈99.3% support of votes cast) .
Expertise & Qualifications
- Transformation and restructuring specialist with multi-company board and advisory experience (Province, multiple restructuring boards) .
- Legal training (Rutgers Law, J.D.) and business acumen (Lehigh University) .
- Committee leadership and governance experience, including CHC Chair and Lead Independent Director role .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| Peter Kravitz | 84,269 | <1% | Beneficial ownership as of April 22, 2025 record date |
| Hedging/Pledging Policy | Prohibited | — | Company prohibits directors from pledging or hedging Company securities |
Governance Assessment
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Strengths:
- Independent Lead Director and CHC Chair roles signal strong governance orientation and board independence mechanisms .
- 100% Board and committee attendance in 2024 supports engagement and effectiveness .
- Clear anti-hedging/pledging policy enhances alignment and risk control .
- Significant shareholder support in 2025 director election (≈99.3% of votes cast) reinforces investor confidence .
-
Watch items / RED FLAGS:
- Controlled company status: SHIM elected to rely on Nasdaq’s “controlled company” exemption post–Annual Meeting such that the Board need not be majority independent, which can reduce minority shareholder protections; committees remain fully independent, but board composition flexibility warrants monitoring .
- Interlock risk: Kravitz served as AECOM’s Special Committee designee while AECOM held 19.5%—potential perception of influence requiring robust conflict management and disclosure .
- Compliance note: Late Section 16 filings cited for Kravitz (late Form 3 and Form 4 in June 2024), indicating a minor compliance lapse; continued monitoring recommended .
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Compensation mix and alignment:
- 2024 director pay: $187,500 cash and $149,999 equity (RSUs), with equity ≈44% of total ($149,999/$337,499), promoting ownership alignment; RSU grants are not described as performance-conditioned for directors .
Overall, Kravitz brings deep restructuring and governance expertise, now paired with lead independent oversight and pay committee leadership. Interlock exposure via AECOM and controlled company governance structure should be actively overseen by independent directors and disclosed with rigor to maintain investor confidence .