Michael W. Schmitt
About Michael W. Schmitt
Michael W. Schmitt is Chief Accounting Officer at Sky Harbour (SKYH), serving since the closing of the Yellowstone business combination. He has 15+ years of accounting/audit experience at PwC, including Assurance Director (Jul 2021–Jan 2022) and Senior Manager (Jul 2019–Jun 2021). He holds a BS in Accountancy from Bryant University and is a licensed CPA (AICPA member). Age: 39 as of March 31, 2025. Company performance context: 2024 consolidated revenues increased 95% YoY; management reiterates a path to consolidated run-rate breakeven operating cash flow/adjusted EBITDA by year-end 2025, with campuses ramping in Phoenix, Denver, and Addison .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PricewaterhouseCoopers LLP (PwC) | Assurance Director | Jul 2021–Jan 2022 | Led audits for transportation, travel, logistics; airlines; aircraft leasing/finance; multi-billion-dollar SEC registrants in consumer/industrial sectors . |
| PricewaterhouseCoopers LLP (PwC) | Assurance Senior Manager | Jul 2019–Jun 2021 | Served SEC registrants across aviation and industrials; elevated responsibility in audit practice . |
| PricewaterhouseCoopers LLP (PwC) | Audit Practice (progressive roles) | 2012–2021 | Progressive responsibility in audit practice, sector focus aligning to SKYH industry ecosystem . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| American Institute of Certified Public Accountants (AICPA) | Member | Not disclosed | Professional credential/membership (CPA) . |
Fixed Compensation
- Not disclosed in the Summary Compensation Table; SKYH’s named executive officers for 2024–2023 are CEO (Keinan), CFO (Gonzalez), and COO (Whitesell). Schmitt (CAO) is not an NEO, so his base salary and cash compensation are not itemized in the proxy .
Performance Compensation
- Equity compensation for Schmitt is not itemized; however, the proxy notes 36 RSU tax-withholding events for Schmitt in 2024, evidencing ongoing RSU vesting and associated withholding at vesting dates (Section 16). No performance-metric PSUs attributed to Schmitt are disclosed .
- Company-wide timing policy: Annual equity approvals at the first quarterly Board meeting; grants a week later; forms considered include RSUs, PSUs, and stock options. 2024 options for NEOs are not exercisable until the sixth anniversary (double-check: CFO options vest 25% annually starting year 6; Schmitt-specific option grants are not disclosed) .
Equity Ownership & Alignment
| Metric | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Class A shares owned (number) | — | 5,416 | 6,744 | 20,573 |
| Ownership % of Class A | — | * (<1%) | * (<1%) | * (<1%) |
| Hedging/Pledging Policy | Anti-hedging policy prohibits officers/directors from hedging or derivative transactions in company securities; no pledging policy disclosure found . | |||
| RSU vesting activity | 36 RSU tax-withholding events reported for Schmitt in 2024 (indicative of regular vesting cadence and tax withholding at vesting) . |
Notes:
- “*” denotes less than 1% of Class A shares per the proxy tables .
- No disclosure found indicating Schmitt has pledged shares as collateral [Search: pledging—no results].
Employment Terms
- Officers are appointed by the Board and serve at the Board’s discretion; no specific term is disclosed for officers (supports at-will structure). Named executive officers are at-will employees; Schmitt is not an NEO, and no Schmitt-specific employment agreement/severance terms are disclosed .
- Clawback: Employment agreements for CEO/CFO/COO include clawback/disgorgement provisions under Dodd-Frank and Sarbanes-Oxley; Schmitt-specific clawback terms are not disclosed .
- Related-party transactions oversight: Audit Committee reviews and approves related-person transactions; quarterly reviews of payments to officers/directors or affiliates .
Compensation Committee Analysis
- Compensation Committee composition includes independent directors; the Committee administers executive compensation programs and director pay. The company has “controlled company” status under NYSE rules but states it is not currently relying on governance exemptions; may rely in the future .
- Pearl Meyer advised on executive/director compensation benchmarking following the closing; peer group analysis was used in 2021–2022 for compensation decisions (peer list not provided) .
Performance & Track Record
- Company operational/financial progress:
- 2024 consolidated revenues +95% YoY; strong liquidity with $127M cash/Treasuries at YE 2024; reiterating run-rate breakeven operating cash flow/adjusted EBITDA by YE 2025 .
- Q3 2024 consolidated revenues +64% YoY; positive Obligated Group operating cash flows; reiterated positive consolidated operating cash flow by Q4 2025 as three campuses come online .
- Capital formation and debt trajectory discussed by CFO in Q3/Q2 2024 calls (investment-grade pursuit, bond spread compression, $150M additional debt/loan facility exploration) .
Say-on-Pay & Shareholder Feedback
- As an emerging growth company, SKYH is exempt from say-on-pay and CEO pay ratio disclosures; therefore, say-on-pay vote percentages are not reported .
Investment Implications
- Alignment: Schmitt holds a modest number of Class A shares (<1% ownership), but repeated RSU tax-withholding events in 2024 confirm active vesting, aligning him with equity value creation; anti-hedging policy strengthens alignment. No pledging disclosures—absence reduces alignment risk from collateralized positions .
- Retention risk: No Schmitt-specific employment agreement, severance, non-compete, or change-of-control economics disclosed; officers serve at Board discretion. This suggests standard at-will dynamics without enhanced retention economics, reducing guaranteed payouts but potentially increasing mobility risk if external opportunities arise .
- Trading signals: RSU vesting generates predictable withholding events rather than open-market selling; limited disclosed ownership means Schmitt-related insider pressure is likely de minimis versus NEOs. Company-level catalysts remain dominant (campus openings, revenue ramp, investment-grade pursuit) for equity performance .
- Governance/controls: CAO’s PwC audit background in aviation/logistics sectors supports execution in financial reporting/control scalability as SKYH expands—positive for quality of earnings and bond market credibility, complementing CFO/CEO guidance on reaching cash flow breakeven by YE 2025 .