Douglas Jamieson
About Douglas R. Jamieson
Douglas R. Jamieson (age 70) is a director of Associated Capital Group, Inc. (AC) and served as President and Chief Executive Officer of AC from November 2016 until his retirement on March 17, 2025; he has been a director since May 2017. He brings deep financial and investment management expertise from decades in senior roles across AC and GAMCO Investors, Inc. (GAMCO), including co-CEO of GAMCO since August 2022 and long tenures as President/COO at GAMCO and GAMCO Asset Management Inc. .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Associated Capital Group, Inc. | President & CEO; Director | CEO: Nov 2016–Mar 17, 2025; Director since May 2017 | Led AC through post-spin operations; brings executive insight to board |
| GAMCO Investors, Inc. | Co-CEO; Director | Co-CEO since Aug 2022; Director since Feb 2022 | Senior executive leadership and board service at affiliate |
| GAMCO Asset Management Inc. | President & COO | 2004–2016 (EVP & COO 1986–2004) | Ran operations across asset management platform |
| G.research, LLC (predecessor) | Securities Analyst | 1981–1986 | Investment research foundation |
| GGCP, Inc. (AC’s control parent) | Director; Advisor to GGCP Board | Director 2005–2009; Advisor through 2010 | Governance exposure at controlling shareholder |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Gabelli & Company Investment Advisers, Inc. (GCIA, wholly owned by AC) | President & Director | Current | Oversees sub-advisory and partnerships |
| Gabelli Securities International (Bermuda) Ltd. (wholly owned by AC) | Director | Current | Affiliate governance |
| GAMCO Asset Management (UK) Ltd. (wholly owned by AC) | Director | Current | UK affiliate oversight |
| Teton Advisors, Inc. | Director | 2005–2010 | Prior board role at affiliate |
| Various GCIA-managed funds | Director | Current | Fund governance |
Board Governance
- Independence: Not independent under AC’s own guidelines due to service as an employee/executive until March 17, 2025 (employees are not independent until three years after employment ends) .
- Committee assignments: No committee memberships disclosed for Jamieson in the 2024 committee table; Audit, Compensation, Governance, and Nominating committees were populated by other directors (2025 committee assignments to be made after the annual election) .
- Attendance: All directors attended at least 75% of board and committee meetings in 2024; executive sessions of independent directors occur at least annually (Lead Independent Director: Frederic V. Salerno) .
| Governance Attribute | Status/Detail |
|---|---|
| Independence status | Not independent (recent PEO; <3 years post-employment) |
| Committees | None disclosed for Jamieson; other directors populated Audit, Compensation, Governance, Nominating |
| Board meetings (2024) | 5 meetings; ≥75% attendance by all directors |
| Lead Independent Director | Frederic V. Salerno; independent executive sessions at least annually |
Fixed Compensation (Director)
| Component | 2024 | 2025 | Notes |
|---|---|---|---|
| Annual Board retainer (Jamieson) | $0 | $0 | AC disclosed Mario J. Gabelli and Jamieson received no director compensation in 2024; retainer increased to $100,000 effective Jan 1, 2025 for other directors |
| Meeting fees (Jamieson) | $0 | $0 | Director fees schedule applies to non-executive directors; Jamieson did not receive director fees |
Director fee schedule for others (reference): Board retainer $60,000 (2024) → $100,000 (2025); Audit Chair $20,000; Compensation Chair $12,000; Governance Chair $12,000; Board meeting $5,000; Audit meeting $4,000; Compensation/Governance meeting $3,000 .
Performance Compensation (Executive history and alignment)
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | 475,000 | 500,000 |
| Bonus ($) | 450,000 | 800,000 |
| Stock Awards ($, grant-date FV) | 475,320 | 342,800 |
| All Other Compensation ($) | 39,818 | 195,119 |
| Total ($) | 1,440,138 | 1,837,919 |
| Bonus metric linkage | Discretionary; not tied to specific financial performance measures | |
| Pay vs Performance: CAP ($) | 1,064,446 (PEO) | 1,902,741 (PEO) |
| Pay vs Performance: TSR ($ value of $100) | 85.53 | 87.16 |
| Pay vs Performance: Net income ($000s) | 37,451 | 44,328 |
Outstanding phantom restricted stock awards (PRSAs) at 12/31/2024 (vest in cash for AC Class A FMV + cumulative dividends; 30% at year 3, 70% at year 5):
| Grant/Tranche | Vesting Date(s) | Shares | Notes |
|---|---|---|---|
| PRSA (various grants) | Dec 18, 2025 | 9,800 | Part of 54,200 total unvested PRSAs; AC closing price $34.26 used for market value calculation |
| PRSA | May 20, 2026 | 22,400 | |
| PRSA | May 30, 2026; May 30, 2028 | 12,000 (30%/70%) | |
| PRSA | Jun 25, 2027; Jun 25, 2029 | 10,000 (30%/70%) | |
| Total unvested PRSAs | — | 54,200 | Market value $1,996,852 at $34.26 plus dividends |
| Dual awards (GAMCO) | — | 81,000 unvested (GAMCO phantom) | Market value $1,958,580 (GAMCO) |
Change-of-control/termination: Other than full vesting of outstanding PRSAs, no additional potential payments upon termination or change of control for NEOs as of 12/31/2024 .
Other Directorships & Interlocks
| Company/Entity | Type | Role | Potential Interlock/Conflict Considerations |
|---|---|---|---|
| GAMCO Investors, Inc. | Public | Co-CEO; Director | Dual roles with significant related-party agreements and compensation flows between AC and GAMCO |
| GGCP, Inc. | Private (AC control parent) | Former Director; Advisor | Historical governance ties to controlling shareholder |
| GCIA; GSIB; GAMCO AM (UK) | AC subsidiaries | President/Director; Director; Director | Overlapping leadership across AC and affiliates |
| Teton Advisors, Inc. | Public/OTC | Former Director (2005–2010) | Prior affiliate board role |
| GCIA-managed funds | Investment funds | Director | Fund governance under AC sub-advisory umbrella |
Expertise & Qualifications
- Financial/investment management expert with decades of executive leadership; prior COO/President roles across asset management and broker-dealer entities; investment research background .
- Board states his qualifications include business experience, financial expertise, executive officer experience, and investment experience .
Equity Ownership
| Security | Shares Beneficially Owned | % of Class |
|---|---|---|
| AC Class A | 14,948 | <1% |
| AC Class B | 29,471 | <1% |
Policy signals:
- Hedging prohibited for employees, officers, and directors (no puts/calls/derivatives, short selling, or selling against the box) .
Shareholder Voting Signal (2025)
| Proposal | Votes For | Withheld/Against | Broker Non-Votes |
|---|---|---|---|
| Election of Douglas R. Jamieson (Director) | 185,726,857 | 11,388 | 198,147 |
| Ratification of Deloitte & Touche LLP | 1,672,501 For; 386 Against; 184,263,505 Abstained | — | — |
Related-Party Exposure and Potential Conflicts
- Controlled company: GGCP holds ~96.1% of combined voting power; multiple family members of Mario J. Gabelli are GGCP shareholders/directors .
- Transitional Services Agreement: Significant mutual services and payments (AC paid ~$4.7 million to GAMCO; GAMCO paid ~$1.2 million to AC in 2024) .
- Compensation from GAMCO (dual employee): Jamieson earned $2,021,496 for services, $735,000 in restricted stock awards, and $2,500,000 in incentive-based variable compensation from GAMCO in 2024 .
- Family employment: A sister-in-law of Jamieson employed by an AC subsidiary with base salary $160,000 and bonus $35,000; related compensation disclosures provided .
- Charter safe-harbor for related-party transactions: Transactions with “Gabelli,” related entities, directors/officers are deemed fair if approved by disinterested directors/stockholders, conducted under approved guidelines, or fair at approval time .
Governance Assessment
- Independence and committee participation: As a recently retired CEO, Jamieson is not independent under AC’s guidelines and is not disclosed as serving on board committees—reducing direct involvement in audit/compensation oversight and limiting independent checks from his role, which is appropriate given independence criteria .
- Alignment and incentives: Substantial outstanding PRSAs at AC with clear vesting dates; bonuses historically discretionary (not performance-metric based), which may weaken pay-for-performance rigor. His dual compensation from GAMCO amplifies affiliate interlocks and potential perceived conflicts, though AC maintains policies and governance procedures to review related-party transactions .
- Board effectiveness: Attendance threshold met (≥75%), lead independent director structure and annual executive sessions support oversight; however, controlled company status and extensive affiliate relationships require continued vigilance on conflicts and independent oversight .
- RED FLAGS: Controlled company with concentrated voting power; extensive related-party transactions and dual-employment compensation; family employment relationships; discretionary bonus practices without defined performance metrics; Jamieson’s non-independent status for at least three years post-PEO .