Cigna earnings beat by $0.04, revenue topped estimates
In recent executive moves, Castellum Inc. (NYSE American: CTM), a management consulting services firm with a market capitalization of $75.24 million, has announced amendments to the employment agreements of two key officers and introduced a new at-will employment arrangement for its Chief Financial Officer. According to InvestingPro data, while the company has seen a remarkable 286% return over the past year, it faces current challenges with a 50% decline year-to-date.
On Monday, the company extended the contract of Executive Vice President Strategy and General Counsel, Jay O. Wright, for an additional nine months, now set to expire on December 31, 2025. Wright’s annual base salary remains at $270,000 with a monthly health insurance stipend of $4,000 and potential for an annual discretionary bonus, as determined by the Compensation Committee. These compensation decisions come as the company maintains a moderate debt level and generates annual revenue of $44.76 million.
Similarly, President and CEO Glen R. Ives’s contract was extended for one year, through June 30, 2026. Ives’s salary will increase from $300,000 to $309,000 effective July 1, 2025, with eligibility for an annual cash incentive and discretionary bonus totaling up to 100% of his base salary, contingent upon the company achieving certain performance thresholds.
The company also entered into an at-will employment arrangement with CFO David T. Bell, effective May 1, 2025. While the arrangement is at-will, both parties have agreed to a 60-day notice period before termination. Bell will receive an annual base salary of $290,000 and have access to the company’s general benefit plans.
Details of these agreements, including severance terms and confidentiality restrictions, were disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission. This report also includes information on the executives’ severance payments in the event of termination without cause or resignation for good reason.
This news is based on a press release statement and the company’s regulatory filings.
In other recent news, Castellum, Inc. has secured a substantial $103.3 million contract with the Naval Air Systems Command (NAVAIR), marking the largest contract in the company’s history. This five-and-a-half-year agreement will involve managing Special Missions Management of On-Site Services for NAVAIR Program Office 290, encompassing various Intelligence, Surveillance, Reconnaissance, and Targeting programs. Additionally, Castellum’s subsidiary, Global Technology and Management Resources, Inc. (GTMR), achieved a Maturity Level 3 appraisal of the Capability Maturity Model Integration (CMMI), which is a recognized standard for optimizing business performance. This accomplishment is expected to enhance their technical evaluation scores for government contracts.
Furthermore, Castellum has appointed Tanya Bassett as the new Vice President of Business Development and Capture Management, bringing over 28 years of experience in contract acquisition and growth. Her appointment is anticipated to significantly bolster Castellum’s business development strategies. Glen Ives, President and CEO of Castellum, expressed confidence in Bassett’s ability to secure larger contract wins. These developments highlight Castellum’s ongoing efforts to strengthen its position in the federal government sector and expand its revenue streams.
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