Daniel Noreck
TechTargetAbout Daniel Noreck
Daniel T. Noreck, 53, is Chief Financial Officer and Treasurer of Informa TechTarget (TTGT) and has served as CFO/Treasurer since December 2024, after holding the same roles at Former TechTarget from December 2016 to December 2024; he is also a director and Audit Committee chair at Capital Properties, Inc. since April 2021 . Prior roles include CFO/Treasurer of Providence and Worcester Railroad Company (2010–2016), a publicly traded regional short line railroad . Under his finance leadership, TTGT’s reported revenue expanded from $138.9M in FY2021 to $284.9M in FY2024*, while reported EBITDA was $25.2M in FY2024*; he also guided investors on seasonality and margin progression post-combination in 2025 .
* Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Former TechTarget (subsidiary prior to Closing) | Chief Financial Officer & Treasurer | Dec 2016 – Dec 2024 | Led finance and treasury during growth and combination with Informa Tech Digital Businesses . |
| Providence and Worcester Railroad Company | Chief Financial Officer & Treasurer | Sep 2010 – Dec 2016 | Public company CFO for regional short line railroad; oversight of finance operations . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Capital Properties, Inc. (CPTP) | Director; Audit Committee Chair | Apr 2021 – present | Board oversight; earned $22.5K director fees in 2023; beneficially owned 61 shares as of Mar 1, 2024 . |
Fixed Compensation
Multi-year compensation for Daniel T. Noreck (Summary Compensation Table):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 225,000 | 300,000 | 300,000 |
| Bonus ($) | — | — | 75,000 (transaction bonus split between signing and Closing) |
| All Other Compensation ($) | 15,000 | 15,000 | 689,310 |
| Total ($) | 2,282,575 | 818,910 | 2,074,650 |
Notes: 2024 bonus reflects $37,500 at Transaction signing and $37,500 at Closing .
Performance Compensation
Annual incentive framework and payout for 2024:
| Metric | Weighting | Target | Actual Performance | Payout ($) | Vesting/Timing |
|---|---|---|---|---|---|
| Revenue | Not disclosed | Target bonus $105,000 | 98% | 31,500 | Annual cash under Executive Incentive Bonus Plan |
| Adjusted EBITDA | Not disclosed | Target bonus $105,000 | 83% | 31,500 | Annual cash under Executive Incentive Bonus Plan |
| Longer-Term Contracts | Not disclosed | Target bonus $105,000 | 28% | 31,500 | Annual cash under Executive Incentive Bonus Plan |
Equity awards and vesting:
| Grant Type | Grant Date | Shares/Units | Grant Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|---|
| RSU | Aug 13, 2024 | 36,000 | 978,840 | One-third per year over 3 years |
| RSU (unvested at 12/31/24) | Aug 13, 2024 | 56,624 | Market value $1,122,288 at $19.82 close | 18,875 on Aug 13, 2025; 18,875 on Aug 13, 2026; 18,874 on Aug 13, 2027 |
| Stock Awards Vested (2024) | Various | 42,500 | 1,330,720 (value at vest delivery) | Deferred deliveries per award terms (dates disclosed) |
Options: No option exercises in 2024; no outstanding options for NEOs .
Equity Ownership & Alignment
- Beneficial ownership: 61,103 TTGT shares as of May 30, 2025 (less than 1% of outstanding) .
- Unvested RSUs: 56,624 units as of Dec 31, 2024 with scheduled annual vesting through 2027 .
- Hedging/pledging: Company Insider Trading Policy prohibits short sales, derivatives, hedging instruments, and pledging except in limited circumstances; no pledging by NEOs disclosed .
Employment Terms
- Term and pay: Renewable one-year employment agreement; base salary $300,000 with annual target bonus; eligibility for equity awards .
- Severance (qualifying termination): Nine months salary; COBRA at active rates up to nine months (may include tax gross-up); bonus payments prorated/50% of target; accelerated vesting of equity equal to 10% per year of service (minimum 50% if ≤5 years) .
- Change-in-control (CoC): All unvested equity for Mr. Noreck becomes fully vested and exercisable upon CoC; non-compete/non-solicit survive 6–9 months depending on timing relative to Closing .
- Illustrative potential payments as of 12/31/2024: Cash severance $225,000; Equity awards $897,830 (qualifying termination) or $1,122,288 (CoC without termination); Continuation of benefits $16,370; Other benefits $78,750 .
| Scenario | Cash Severance ($) | Equity Awards ($) | Continuation of Benefits ($) | Other Benefits ($) | Total ($) |
|---|---|---|---|---|---|
| Qualifying Termination | 225,000 | 897,830 | 16,370 | 78,750 | 1,217,950 |
| CoC Without Termination | — | 1,122,288 | — | — | 1,122,288 |
| Qualifying Termination within 12 Months Following CoC | — | — | 16,370 | — | 241,370 |
- Clawback: Compensation Committee concluded no recovery required after restatements, as restated amounts did not impact incentive measures for covered executives in the lookback period .
Company Performance Context
TTGT historical performance during Noreck’s CFO tenure:
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenue ($) | 138.9M* | 197.1M* | 252.1M* | 284.9M |
| EBITDA ($) | 26.5M* | 29.0M* | 20.1M* | 25.2M* |
Notes: Columns are chronologically ordered. * Values retrieved from S&P Global.
Recent CFO commentary: In Q1 2025, Noreck guided that Q1 would be seasonal trough, with sequential EBITDA margin progression through the year; noted high incremental margins with revenue growth and provided modeling context post-combination .
Investment Implications
- Pay-for-performance alignment: 2024 annual bonus paid at $31.5K against a $105K target on measured outcomes (Revenue 98%, EBITDA 83%, Longer-Term Contracts 28%), indicating discipline on payout versus targets .
- Equity incentivization and retention: Significant 2024 RSU grant (36,000 units; $978,840 grant-date value) vests over three years, with additional accelerated vesting protections in severance and full acceleration at change-in-control, which supports retention but introduces potential insider selling windows as tranches deliver .
- Ownership alignment: Direct beneficial ownership (61,103 shares) plus unvested RSUs (56,624) provides skin-in-the-game; company prohibits hedging/pledging, reducing misalignment risk .
- Contract economics: Nine-month salary severance and equity vesting mechanics create moderate retention leverage; CoC full acceleration could contribute to selling pressure post-event, but non-compete/non-solicit periods mitigate immediate transition risks .
- Execution signals: CFO’s 2025 guidance on seasonality and margin trajectory, combined with multi-year revenue growth*, suggests focus on integrating Informa Tech assets and improving profitability cadence .
* Values retrieved from S&P Global.