Todd Yoder
About Todd Yoder
Todd Yoder, 49, is Executive Vice President, Chief Financial Officer and Treasurer of Shimmick, appointed effective April 14, 2025; his offer letter set a Start Date of April 21, 2025 . He holds undergraduate degrees from Indiana University and Goshen College and an MBA from the University of Notre Dame . Yoder previously served as EVP & CFO at S&B USA (Sep 2023–Apr 2025) and spent 12 years at Fluor Corporation as a corporate finance executive across infrastructure, energy, government, mining, and other segments; earlier roles included finance leadership at Elevance Health, Zimmer Biomet, and Capitol Bancorp .
Recent operating context under his CFO tenure:
- Q3 2025 revenue $142M, gross margin $11M, Adjusted EBITDA $4M, liquidity $48M .
- Backlog reached $754M at quarter-end (book-to-burn 1.7×), with Shimmick projects 86% of backlog .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| S&B USA | Executive Vice President & Chief Financial Officer | 2023–2025 | Led finance at U.S. subsidiary focused on infrastructure; prepared transition to Shimmick |
| Fluor Corporation | Corporate Finance Executive | 2011–2023 | Global finance leadership across infrastructure, energy/chemicals, government; multi-segment portfolio |
| Elevance Health; Zimmer Biomet; Capitol Bancorp | Finance leadership roles | 2005–2011 | Built healthcare/industrial/financial services finance experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed | – | – | No external directorships disclosed in filings for Todd Yoder |
Fixed Compensation
| Component | Amount/Terms | Source |
|---|---|---|
| Base Salary | $450,000 per year | |
| Sign-on Cash | $125,000, includes relocation; paid ~30 days after start; repayable if voluntary resignation/for cause within 12 months | |
| RSU Sign-on | $100,000 grant-date fair value; vests on first anniversary of grant date | |
| Annual RSU Grant | $250,000 grant-date fair value; vests in three equal installments on first, second, third anniversaries of Start Date |
Performance Compensation
| Plan/Metric | Weighting | Target | Actual | Payout | Vesting | Source |
|---|---|---|---|---|---|---|
| Annual Incentive Bonus Plan (cash) | Not disclosed | 90% of base salary target for FY2025 | Not disclosed | Minimum guaranteed 70% of base salary for FY2025, subject to plan terms and proration if termination | N/A (cash) |
Performance metrics for the annual bonus (e.g., revenue, EBITDA, TSR) are set by the Board/Compensation Committee but not disclosed in filings .
Equity Ownership & Alignment
| Item | Detail | Source |
|---|---|---|
| Beneficial Ownership | Not listed among directors/NEOs in 2025 proxy table; implies no disclosed ownership at record date (Apr 22, 2025) | |
| Pledging/Hedging | Prohibited for directors and certain senior officers under anti-hedging/pledging policy | |
| Stock Ownership Guidelines | Not disclosed for executives in available filings | – |
| Trading Controls | Pre-clearance required; blackout periods apply; 10b5-1 plans permitted under policy |
Vesting Schedules and Insider Selling Pressure
| Award | Quantity/Value | Vesting Schedule | Notes | Source |
|---|---|---|---|---|
| RSU Sign-on | $100,000 fair value | Vests fully on first anniversary of grant date (grant aligned with public announcement of appointment) | Single 12‑month cliff enhances short-term retention; subject to continued employment | |
| Annual RSU | $250,000 fair value | Vests in three equal annual installments on 1st/2nd/3rd anniversaries of Start Date | Straight-line vesting over 3 years aligns multi-year retention |
Anti-hedging/pledging rules plus mandatory pre-clearance and blackout periods reduce near-term insider selling flexibility .
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Appointment/Start | Appointed CFO effective April 14, 2025; Start Date April 21, 2025 | |
| Employment Nature | At-will | |
| Severance (first 2 years) | If terminated without Cause or for Good Reason: 12 months base salary; plus prorated guaranteed 2025 minimum bonus if unpaid, subject to separation agreement | |
| Good Reason | Material reduction in authority/compensation or relocation >50 miles; notice/cure; termination within 60 days post-cure period | |
| Change-of-Control | No specific CoC provisions disclosed for CFO; general NEO CoC terms in 2024 proxy indicated none for then-NEOs | |
| Non-solicit | One-year restriction on client/customer solicitation using company confidential information | |
| Confidentiality | Comprehensive confidentiality obligations; return of company materials upon termination | |
| Clawbacks | Recovery for restatements due to misconduct; fraud/misconduct; policy aligned with SEC/stock exchange standards | |
| Arbitration | Binding arbitration under FAA/California Arbitration Act; company covers arbitrator fees | |
| Trading Policy | Pre-clearance; blackout periods; 10b5-1 plans permitted; pledging/hedging prohibited | |
| Compensation Oversight | Special Committee and Compensation & Human Capital Committee oversee certain compensation matters |
Performance & Track Record
| Metric | Period | Value | Source |
|---|---|---|---|
| Revenue ($M) | Q3 2025 | $142 | |
| Gross Margin ($M) | Q3 2025 | $11 | |
| Adjusted EBITDA ($M) | Q3 2025 | $4 | |
| Liquidity ($M) | Q3 2025 | $48 (cash $18; availability $30) | |
| Backlog ($M) | As of Oct 3, 2025 | $754; book-to-burn 1.7× in Q3 |
FY 2025 outlook reiterated under Yoder:
| Guidance Metric | FY2025 Range | Notes | Source |
|---|---|---|---|
| Shimmick Project Revenue ($M) | $405–$415 | Mix shifting to higher-margin core work | |
| Non-core Project Revenue ($M) | $80–$90 | Gross margin between -15% and -5% | |
| Overall Gross Margin (%) | 9%–12% | Consolidated | |
| Adjusted EBITDA ($M) | $5–$15 | Expect lower end of range |
Investment Implications
- Compensation alignment: Target bonus (90% of base) with a guaranteed 70% minimum for FY2025 reduces near-term pay-for-performance sensitivity, while multi-year RSU vesting ($350k initial equity grants) strengthens retention and longer-term alignment . Anti-hedging/pledging and pre-clearance/blackout regimes further align incentives and dampen opportunistic trading signals .
- Retention risk: One-year sign-on RSU cliff plus three-year annual RSU vesting and severance (12 months base + prorated minimum bonus within first two years) provide retention buffers but add cost in a separation scenario; limited CoC protections suggest no automatic acceleration absent Board action .
- Trading signals: Pre-clearance and blackout periods indicate any future Form 4 selling will likely be under 10b5-1 plans; pledging is prohibited, mitigating red-flag leverage risk .
- Execution/Value creation: Early signs under Yoder’s finance leadership show backlog growth, improved core mix, and reaffirmed FY2025 guidance; however, non-core project drag persists and Adjusted EBITDA guidance implies cautious profitability ramp .