Robert Worshek
About Robert Worshek
Robert Worshek is Senior Vice President and Chief Accounting Officer at Townsquare Media (TSQ), age 54, joining the Company in December 2019 after serving as Chief Accounting Officer at Element Solutions, Inc. and Truist Financial (formerly SunTrust) and spending 13 years in PwC’s audit and transaction services, including a Practice Fellow role at the FASB. He holds a B.S. in Business Administration (University of Nebraska at Omaha) and an MBA (Chicago Booth) . Company-wide performance context during his tenure: cumulative TSR values of $54.39→$84.83→$79.73 for 2022–2024 , Net income transitioned from $14.39M (2022) to losses of $(43.02)M (2023) and $(10.93)M (2024), with impairment charges reduced from $90.6M in 2023 to $37.7M in 2024 .
TSQ performance (context for pay-for-performance and execution)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $463,077,000 | $454,231,000 | $450,982,000 |
| EBITDA ($USD) | $109,921,000* | $91,978,000* | $83,214,000* |
| Net Income ($USD) | $14,390,000 | $(43,022,000) | $(10,928,000) |
| Cumulative TSR (Value of $100) | $54.39 | $84.83 | $79.73 |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Townsquare Media | SVP, Chief Accounting Officer | Dec 2019–present | Leads accounting policy, reporting, control environment for a multi-segment media company |
| Element Solutions, Inc. (formerly Platform Specialty Products) | Chief Accounting Officer | Not disclosed | Corporate accounting leadership at global specialty chemicals company |
| Truist Financial (formerly SunTrust Banks) | Chief Accounting Officer | Not disclosed | Enterprise accounting leadership at large financial institution |
| PricewaterhouseCoopers LLP | Audit & Transaction Services; FASB Practice Fellow | 13 years | Technical accounting, transactions; standard-setting exposure |
External Roles
None disclosed (no public company board roles or current external positions for Worshek were identified in TSQ proxy/filings) .
Fixed Compensation
Not disclosed for Worshek (he is an executive officer but not a Named Executive Officer (NEO) in the Summary Compensation Table). TSQ’s cash programs for NEOs include base salary and a discretionary annual cash bonus paid based on individual and Company performance, typically targeted as a % of base and historically up to 200% payout range; bonuses paid in Jan following service year (illustrative for NEOs; not specific to Worshek) .
Performance Compensation
Not disclosed for Worshek (no RSU/PSU/option grant details specific to Worshek in proxy). Company-level incentive design for NEOs has recently included:
- Time-based RSUs vesting pro-rata over 3 years and performance-based RSUs tied to stock price VWAP hurdles (three tranches over ~3-year performance periods) .
- 2022–2023 option grants with time-based vesting and stock-price VWAP hurdles; 2023 grants vest in thirds over 3 years; some awards single-trigger vest on change-in-control (NEO awards; not specific to Worshek) .
Equity Ownership & Alignment
- Total beneficial ownership: Worshek is not individually listed in the beneficial ownership table (directors/NEOs and 5% holders are enumerated; executive officers as a group hold 29.2% aggregate across classes) . No shares pledged by Worshek are disclosed.
- Hedging/derivatives: TSQ’s Insider Trading Policy forbids employees/officers/directors from transactions in Company-derivative securities outside compensatory plans and imposes blackout periods and Rule 10b5‑1 compliance; policy is filed with the 2024 10‑K .
- Clawback: Dodd‑Frank compliant Clawback Policy requires recovery of specified incentive‑based compensation received by Section 16 officers (which include executive officers) following certain restatements, regardless of fault; 3-year recovery lookback; no indemnification permitted .
- Director stock ownership guidelines exist, but management/executive officer ownership guidelines are not disclosed in the proxy .
Employment Terms
- Employment start date: December 2019 (SVP, Chief Accounting Officer) .
- Contract specifics: No employment agreement, severance, or change‑of‑control terms disclosed for Worshek. NEO employment agreements (not applicable to Worshek) specify severance multiples, partial vesting on termination, and enhanced multipliers and full vesting on qualifying change‑of‑control separations .
Investment Implications
- Compensation alignment: As an executive officer and likely Section 16 officer, Worshek is covered by TSQ’s clawback and insider trading policies—positive alignment and risk mitigation for accounting leadership roles .
- Retention risk: Specific cash/equity incentives for Worshek are not disclosed, limiting visibility into retention mechanisms. Tenure since 2019 suggests stability, but lack of grant/vesting detail reduces transparency for long-term alignment .
- Trading signals: No Form 4, pledging, or individual ownership disclosures for Worshek in proxy—suggesting limited measurable insider selling pressure; broader group holdings are substantial, but not attributable to him .
- Execution risk context: Company EBITDA declined 2022→2024, while impairments were reduced significantly in 2024 vs 2023; TSR moderated in 2024. As CAO, Worshek’s domain (controls, reporting quality, accounting judgments) is critical in a period of impairment recognition and recovery—policy frameworks (clawback/insider) reduce governance risk, but absent personal performance metrics/incentives leave analyst uncertainty .