Anitha Srinivasan
About Anitha Srinivasan
Anitha Srinivasan, age 46, has served as Trio‑Tech International’s Chief Financial Officer since July 1, 2022; she is a Chartered Accountant and Certified Internal Auditor with 20+ years of audit, finance, and consulting experience, and holds a Bachelor’s degree in Commerce from the University of Madras, India . During her CFO tenure, company net income was $1.544M (FY2023), $1.050M (FY2024), and a net loss of $41K (FY2025), while cumulative TSR (value of $100) measured at year-end was $92 (FY2023), $116 (FY2024), and $104 (FY2025) . Segment performance highlights included FY2024 revenue of $42.312M (down 2% YoY) and FY2025 IE segment revenue growth of 70% YoY, with gross margin around 25% and strengthened liquidity and working capital . She is the registrant signatory on Item 5.02 officer changes (8‑K dated April 17, 2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Trio‑Tech International | Consultant; Internal Audit Team Leader | More than the past five years prior to CFO appointment | Led internal audit; supported controls and governance prior to assuming CFO role |
| Trio‑Tech International | Various roles | 2006–2012 | Employed by the Company; built operational familiarity and finance discipline |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Institute of Singapore Chartered Accountants | Member | Not disclosed | Professional standards and network in Singapore accounting community |
| Institute of Chartered Accountants of India | Member | Not disclosed | Cross‑border accounting expertise |
| Institute of Internal Auditors | Member | Not disclosed | Risk and internal control proficiency |
Fixed Compensation
Multi‑year cash compensation for Anitha (fiscal years ended June 30):
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Base Salary ($) | $106,386 | $111,752 | $119,255 |
| Bonus Paid ($) | $4,389 | $36,675 | $31,465 |
Notes:
- Bonuses reflect payouts for prior‑year performance; no target bonus percentages or payout curves were disclosed .
Performance Compensation
Annual Cash Incentive Outcomes (Disclosure)
| Component | Metric | Weighting | Target | Actual | Payout Timing |
|---|---|---|---|---|---|
| Annual bonus | Company performance (specific metrics not disclosed) | Not disclosed | Not disclosed | FY2023: $4,389; FY2024: $36,675; FY2025: $31,465 | Paid subsequent fiscal year; reflects prior‑year achievements |
Equity Awards and Vesting
Option grants to Anitha under the 2017 Employee Plan:
| Grant Date | Shares | Exercise Price ($) | Vesting Schedule | Expiration |
|---|---|---|---|---|
| Jul 18, 2022 | 1,500 | $5.18 | 25% on grant; remaining in equal annual installments over 3 years; fully vests by Jul 17, 2025 | Jul 17, 2027 |
| Jul 5, 2023 | 6,000 | $4.88 | 25% on grant; equal annual installments over 3 years; fully vests by Jul 4, 2026 | Jul 4, 2028 |
| Jan 16, 2024 | 10,000 | $5.01 | 25% on grant; equal annual installments over 3 years; fully vests by Jan 15, 2027 | Jan 15, 2029 |
| Jul 8, 2024 | 10,000 | $6.17 | 25% on grant; equal annual installments over 3 years; fully vests by Jul 7, 2027 | Jul 7, 2029 |
Outstanding equity awards as of June 30, 2025:
| Grant (Exercise Price) | Exercisable (#) | Unexercisable (#) | Expiration |
|---|---|---|---|
| Jul 17, 2027 ($5.18) | 1,125 | 375 | Jul 17, 2027 |
| Jul 4, 2028 ($4.88) | 3,000 | 3,000 | Jul 4, 2028 |
| Jan 15, 2029 ($5.01) | 5,000 | 5,000 | Jan 15, 2029 |
| Jul 7, 2029 ($6.17) | 2,500 | 7,500 | Jul 7, 2029 |
Policies on grant timing and MNPI: No grants were made within four business days before or one business day after filing material reports; equity awards generally occur in open windows per insider trading policy .
Equity Ownership & Alignment
Beneficial ownership and alignment indicators (measurement date each year):
| Metric | FY2023 (as of Sep 30, 2023) | FY2024 (as of Sep 30, 2024) | FY2025 (as of Sep 30, 2025) |
|---|---|---|---|
| Shares Beneficially Owned (#) | 3,375 | 10,625 | 20,000 |
| Ownership (% of Shares Outstanding) | 0.1% | 0.2% | 0.5% |
| Options exercisable within 60 days (#) | 1,875 | 9,125 | 18,500 |
| Hedging/Pledging | Hedging and short sales prohibited by policy; no pledging disclosure | ||
| Ownership Guidelines | Not disclosed | Not disclosed | Not disclosed |
Related party transactions: None requiring disclosure in FY2023–FY2025 .
Employment Terms
- Appointment and tenure: CFO effective July 1, 2022; currently in role 3+ years .
- Contract term, severance, and change‑of‑control provisions: Not disclosed in recent proxies .
- Insider trading and clawbacks: Insider Trading Policy in place; hedging/short sales prohibited; clawback specifics not disclosed in proxies .
- Section 16 compliance: Directors and officers filed required ownership reports on a timely basis in FY2023–FY2025, per proxy representations .
Performance & Track Record
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total Revenue ($M) | $43.250 | $42.312 | Not disclosed in proxy; IE segment +70% YoY |
| Gross Margin (%) | 27.1% | 25% | ~25% |
| Net Income ($M) | $1.544 | $1.050 | $(0.041) |
| TSR – Value of $100 | $92 | $116 | $104 |
Qualitative highlights:
- FY2024: Manufacturing +16% to $16.057M; Value‑added distribution +32% to $8.297M; testing −22% to $17.933M; cash and short‑term deposits rose to $16.532M; working capital $22.760M .
- FY2025: IE segment momentum (touchscreens, aerospace channel) drove 70% YoY growth; strong liquidity (~$19.5M cash/deposits), reduced liabilities, and +11% working capital; SBS challenged by cyclicality and trade headwinds, with Southeast Asia resilience .
Compensation Committee Analysis
- Composition: Compensation Committee of independent directors; chaired by Jason T. Adelman (FY2024–FY2025); met four times annually; did not retain an external compensation consultant in FY2024–FY2025 .
- Philosophy and structure: Three components—base salary, annual cash incentives (primarily tied to financial performance), and long‑term stock options aligned with shareholder value creation; CEO recommends compensation for other executives to the Committee .
Governance and Shareholder Feedback
- Say‑on‑Pay: Advisory vote scheduled in 2025; Board recommends “FOR” approval of NEO compensation .
- Say‑on‑Frequency: Board recommends holding say‑on‑pay every three years; shareholder choice advisory and non‑binding .
- Policy gaps: No disclosure of stock ownership guidelines for executives or pledging policies beyond hedging ban .
Risk Indicators & Red Flags
- Hedging ban reduces misalignment risk; pledging not disclosed—monitor for future pledging updates .
- No related‑party transactions requiring disclosure in FY2023–FY2025 .
- Equity awards vest in equal annual tranches; upcoming vesting events (2025–2027) may create periodic Form 4 activity and potential selling pressure post‑vesting/windows .
- No legal proceedings disclosed relating to Anitha in proxies; timely Section 16 reporting indicated .
Investment Implications
- Alignment: Anitha’s compensation mix leans toward equity via options that only create value with share price appreciation, aligning incentives with TSR; bonuses are variable and tied to company performance but lack disclosed metric detail—reducing precision in pay‑for‑performance assessment .
- Retention: Option grants in 2022–2024 vest through mid‑2027, supporting medium‑term retention; modest base pay progression suggests reliance on at‑risk comp; monitor vesting calendars and blackout periods for insider selling signals .
- Ownership: Beneficial ownership rose to ~0.5% by FY2025 with increased exercisable options, but absolute holdings remain small—alignment is primarily through ongoing vesting rather than large direct ownership; hedging ban is positive, pledging status unknown .
- Execution risk: CFO tenure spans a period of industry cyclicality and strategic pivot to IE; liquidity and working capital strengthened, but SBS cyclicality and FX/trade headwinds persisted—sustained IE growth and SBS stabilization are key performance levers affecting variable pay and equity realization .