Paul Voigt
About Paul Voigt
Paul K. Voigt, age 66, serves as Interim Chief Executive Officer of INNOVATE Corp. (ticker: VATE) since July 2023, and is a director and/or officer of several subsidiaries. He holds a B.S. in electrical engineering from the University of Virginia (1980) and an MBA from the University of Southern California (1988). Prior roles include Senior Managing Director of Investments at INNOVATE (2014–2018), Senior Managing Director of Investments at Lancer Capital (2019–present), Executive Vice President on Jefferies’ sales and trading desk (1996–2013), and Managing Director on Prudential Securities’ high-yield sales desk (1988–1996); he also had a professional baseball career (1979–1987) with the Minnesota Twins, Los Angeles Dodgers, and Detroit Tigers. Note: INNOVATE effected a ten-for-one reverse stock split of Common Stock on August 8, 2024; share counts in 2025 proxy reflect this adjustment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| INNOVATE Corp. | Interim Chief Executive Officer | Jul 2023–present | Stabilization and leadership following CEO transition; ongoing capital raising and transaction oversight |
| INNOVATE Corp. | Senior Managing Director of Investments | 2014–2018 | Spearheaded capital raising and sourcing transactions; director/officer of various subsidiaries |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lancer Capital | Senior Managing Director of Investments | 2019–present | Investment leadership and capital markets experience |
| Jefferies & Company | Executive Vice President, Sales & Trading | 1996–2013 | Senior leadership on sales/trading desk |
| Prudential Securities | Managing Director, High-Yield Sales | 1988–1996 | High-yield market coverage and sales management |
| MLB (Twins/Dodgers/Tigers) | Professional Baseball Player | 1979–1987 | Professional athletics background |
Fixed Compensation
| Item | Terms/Amounts |
|---|---|
| Base Salary (Interim CEO) | $500,000 per year |
| Annual Bonus | Eligible for discretionary annual bonus determined by Compensation Committee (not guaranteed; no target % disclosed) |
| Benefits | Participation in company benefit plans commensurate with role; reimbursement of reasonable, properly documented business expenses |
| Prior Role Base Salary (Senior Managing Director) | $300,000 per year |
Performance Compensation
Time-based equity; no PSUs or explicit performance-metric weighting is disclosed for Mr. Voigt’s current awards.
| Award Type | Grant Date | Shares/Value | Exercise Price | Vesting | Status |
|---|---|---|---|---|---|
| Restricted Stock (Second A&R 2014 Plan) | Oct 11, 2023 (effective Oct 29, 2024 post Plan Amendment) | Aggregate value $1,500,000 based on 10-day VWAP; grant date fair value $600,000 | N/A | 100% vested Oct 29, 2024 | Vested |
| Stock Option (retro-adjusted for reverse split) | Sep 15, 2023 (effective Oct 29, 2024 post Plan Amendment) | 100,000 shares | $25.00 per share | 100% vested Oct 29, 2024 | Vested |
| RSU | Aug 19, 2024 (effective Oct 29, 2024 post Plan Amendment) | 142,857 shares; aggregate value $100,000 based on $0.70 Rights Offering price | N/A | 100% vesting on Aug 19, 2025 | Unvested; time-based |
| Stock Option | Sep 15, 2024 | 100,000 shares | $4.22 per share | 100% vesting on Sep 15, 2025 | Unvested; time-based |
| Annual Stock Options (ongoing) | Each Sep 15 during employment term | 100,000 shares per year | Determined by Compensation Committee | 100% vesting on first anniversary of grant | Programmatic cadence |
2024 proxy background: initial “conditional” grants contemplated 1,000,000 options at $2.50 and $1.5M restricted stock vesting on July 25, 2024, with minimum one-year vesting waivers subject to shareholder approval; absent approval, awards would vest one year from grant dates. Stockholders approved the Plan Amendment on Oct 29, 2024, leading to the effective grants/vesting reflected in 2025 proxy and reverse-split adjustments .
Equity Ownership & Alignment
| Metric | 2015 | 2016 | 2017 | 2018 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Beneficial Shares | 255,259 | 567,727 | 668,693 | 723,145 | 1,350,179 | 439,515 |
| % of Common Outstanding | 1.0% | 1.6% | 1.6% | 1.6% | 1.7% | 3.3% |
- Shares pledged/hedged: No pledging or hedging disclosure for Mr. Voigt found in the proxies reviewed .
- Stock ownership guidelines and compliance status: Not disclosed for Mr. Voigt in the proxies reviewed .
Employment Terms
- Appointment and Start Date: Appointed Interim CEO effective July 25, 2023; employment agreement dated October 6, 2023 .
- At-Will; Termination Entitlements: At-will employment; upon termination, entitled to accrued but unpaid base salary, unpaid PTO, unreimbursed business expenses, any earned but unpaid discretionary cash bonus for prior fiscal year, and benefits under applicable plans/programs in effect at termination; Severance Guidelines apply, though specific multiple for current role not disclosed in 2025 proxy .
- Non-Compete/Non-Solicit: Non-compete during employment and while severance is paid per Severance Guidelines; non-solicit during employment and for 18 months post-separation; confidentiality and IP covenants apply .
- Location: Corporate HQ West Palm Beach, FL; company acknowledges Mr. Voigt primarily works remotely from his home in Connecticut .
- Separation History (2018): Resigned effective May 9, 2018; not eligible for severance under then-current agreement; separation agreement provided continued vesting of previously granted unvested equity and continued payment of previously earned cash bonuses, subject to release; remained under a six-month non-compete and continuing non-solicitation, non-disparagement, and confidentiality obligations .
- Prior Role Severance Terms (Senior Managing Director): Upon termination without Cause or for Good Reason, six months of base salary plus six months of COBRA premiums, subject to separation and release agreement (historical terms) .
Investment Implications
- Pay-for-Performance Alignment: Current awards are predominantly time-based (100% vest at one year), with no disclosed PSUs or explicit revenue/EBITDA/TSR metric weightings for Mr. Voigt, reducing direct pay linkage to outcome metrics; equity grants nonetheless align interests via ownership and option exposure .
- Vesting Cadence and Liquidity Windows: Two near-term vesting dates—Aug 19, 2025 (142,857 RSUs) and Sep 15, 2025 (100,000 options)—create potential liquidity events and trading signal windows around vest/exercise timing; ongoing annual option grants each Sep 15 may repeat this cadence .
- Ownership Alignment: Beneficial ownership of 439,515 shares (3.3% of common in 2025) indicates meaningful exposure relative to the reduced share base post reverse split; no pledging disclosed, which is positive for alignment .
- Retention Risk: At-will status and absence of disclosed CIC multiples for the current role imply limited guaranteed payouts; however, non-compete/non-solicit covenants and annual equity cadence provide retention incentives .