Marc Gabelli
About Marc Gabelli
Marc Gabelli (age 56) serves as Vice Chair and has been a director of Associated Capital Group, Inc. (AC) since May 2017; he previously served as President of AC from formation until November 2016 . He is a long-tenured fund manager (since 1990) with global value investing focus and has led restructurings including GAMCO’s IPO and AC’s formation . Education: MBA (MIT), MA Government (Harvard), BA Economics (Boston College); member, New York Society of Security Analysts .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Associated Capital Group, Inc. | President | Formation to Nov 2016 | Built hedge fund platform (Gabelli & Partners, LLC) and expanded internationally (London, Tokyo) |
| GAMCO Investors, Inc. | Director | Nov 2014–May 2016 | Pre-AC NYSE listing period |
| GGCP, Inc. (control parent of AC) | President & Director | President since 1999; Director since 1994 | Governance influence via parent company |
| OpNet Partners (Gabelli VC fund) | General Partner | Formed 2001 | Optical networking VC focus |
| Lehman Brothers International | Equity research & arbitrage | Early career | Research/arbitrage expertise |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Teton Advisors, Inc. (OTC: TETAA) | Chair | Since Jan 2018 | Asset management, Gabelli-linked firm |
| LGL Group (NYSE MKT: LGL) | Chair | Since 2017 | Industrial electronics |
| Gabelli Merchant Partners Plc (f/k/a Gabelli Merger Plus+ Trust Plc) (LSE: GMP) | Co-Chair | Since 2023 | UK-listed investment trust; AC affiliate sub-advises via GCIA |
| LICT Corporation | Director | Ongoing | Telecom/broadband; Gabelli family-controlled |
Board Governance
- Independence status and controlled company: AC is a “controlled company” under NYSE rules because GGCP holds >50% voting power; committee independence exemptions apply . The proxy lists independent directors (Lee, Lisman, Prins, Salerno, Sodano); Mario J. Gabelli and Elisa M. Wilson are not independent; Marc Gabelli is not included among those determined independent .
- Committee assignments: Current committee memberships list Audit (Lisman, Salerno, Sodano; Sodano as Chair), Governance (Lee, Lisman [Chair], Salerno), Compensation (Salerno [Chair], Lee), Nominating (Mario J. Gabelli, Salerno, Wilson [Chair]); Marc Gabelli is not listed on any Board committee .
- Attendance and engagement: In 2024, all directors attended at least 75% of Board and applicable committee meetings; the Board met five times; independent directors meet at least annually in executive session led by the Lead Independent Director (Salerno) .
- Risk oversight: Audit Committee meets quarterly with auditors and oversees financial reporting and internal audit; Governance and Compensation Committees address respective risks .
Fixed Compensation
| Component | 2024 Amount (USD) | 2025 Schedule (USD) | Notes |
|---|---|---|---|
| Annual Board retainer (cash) | $80,000 (Marc Gabelli) | $100,000 effective Jan 1, 2025 | Retainer increased in 2025 |
| Audit Committee Chair fee | — | $20,000 | Marc not Chair |
| Compensation Committee Chair fee | — | $12,000 | Marc not Chair |
| Governance Committee Chair fee | — | $12,000 | Marc not Chair |
| Meeting fees (Board) | — | $5,000 per meeting | Applied to non-executive directors |
| Meeting fees (Audit) | — | $4,000 per meeting | |
| Meeting fees (Comp/Gov) | — | $3,000 per meeting |
Director Compensation (2024 actuals):
| Name | Fees Earned/Paid in Cash (USD) | Stock Awards (USD) | Option Awards (USD) | Total (USD) |
|---|---|---|---|---|
| Marc Gabelli | $80,000 | $0 | $0 | $80,000 |
- No phantom or restricted stock awards or options were granted to non-executive directors during 2024; none outstanding at year-end 2024 .
Performance Compensation
- No performance-based director compensation (no RSUs, PSUs, or options) disclosed for 2024 .
| Performance Metric | Tied to Director Pay? | Disclosure |
|---|---|---|
| Financial metrics (Revenue, EBITDA, TSR) | No | None disclosed for directors |
| ESG/Other | No | None disclosed for directors |
Other Directorships & Interlocks
| Company/Entity | Role | Potential Interlock/Conflict Considerations |
|---|---|---|
| GGCP, Inc. (AC’s control parent) | President & Director | GGCP indirectly owns ~96.1% of AC’s combined voting power (via Class B); family control and related-party oversight require diligence |
| Teton Advisors, Inc. | Chair | Gabelli-affiliated; AC/Teton/GAMCO have various service and advisory relationships |
| LGL Group | Chair | External public company role |
| Gabelli Merchant Partners Plc | Co-Chair | AC affiliates manage/sub-advise; fee flows within group |
| LICT Corporation | Director | Gabelli-controlled issuer |
Expertise & Qualifications
- Global value asset management, alternative/traditional portfolios; managed Morningstar five-star and Lipper #1 ranked global equity mutual funds .
- Corporate restructurings (GAMCO IPO; formation of AC); built hedge fund platform and international offices .
- Venture capital and optical networking domain (OpNet Partners) .
- Education and professional affiliations: MIT MBA; Harvard MA; Boston College BA; NYSSA member .
Equity Ownership
| Holder | Class A Shares | % of Class A | Class B Shares | % of Class B |
|---|---|---|---|---|
| Marc Gabelli (beneficial ownership as of Apr 16, 2025) | 20,766 | <1% | 81,018 | <1% |
- Hedging policy: Employees, officers, and directors are prohibited from hedging AC securities (puts, calls, derivatives, short sales) .
- Ownership alignment: No director equity grants; alignment primarily via personal shareholdings; AC’s controlled structure concentrates voting power in GGCP (majority of Class B) .
Shareholder Voting Signals
| Meeting | Proposal | Result |
|---|---|---|
| Jun 4, 2024 | Director election – Marc Gabelli | For: 186,089,544; Withheld: 180,157; Broker non-votes: 285,895 |
| Jun 4, 2024 | Say-on-Pay (advisory) | For: 186,239,152; Against: 25,921; Abstain: 4,628; Broker non-votes: 285,895 |
| Jun 4, 2025 | Director election – Marc Gabelli | For: 185,583,046; Withheld: 155,199; Broker non-votes: 198,147 |
- Strong shareholder support for director elections and Say-on-Pay indicates investor confidence, notwithstanding controlled-company status .
Related-Party Exposure and Conflicts
- Controlled-company structure: GGCP (Gabelli family) holds ~96.1% of combined voting power, with Mario J. Gabelli as controlling shareholder; Marc Gabelli is President, director, and shareholder of GGCP .
- Charter safe-harbors: AC’s Certificate of Incorporation provides specific approval and fairness standards for transactions with “Gabelli” affiliates, related entities, directors, and officers; transactions are not voidable solely due to related-party involvement if standards met .
- Transitional services and fee flows: Extensive services and revenue-sharing with GAMCO/Teton/Gabelli Funds, including administrative, legal/compliance, and advisory services at cost; significant affiliated fund investments and partnership interests .
- Affiliate leases: GAMCO leases space from M4E, LLC (owned by adult children of Executive Chair), with AC subleasing and paying rent; AC also receives rents from affiliates for AC-owned properties (Greenwich, London) .
- 2024 director-only compensation at AC: For 2024, Marc received only AC director fees; not employed by AC; note cites potential other amounts related to his interest in M4E or other investment managers outside AC .
- Policy oversight: Governance Committee/Board review related-party transactions; directors recused when personally interested; only transactions in the best interests of AC are approved .
RED FLAGS
- Controlled company with family interlocks (GGCP control; Mario and family members on AC/parent boards) increases conflict risk and reduces minority shareholder influence .
- Multiple affiliate transactions (services, leases, fund/partnership investments) require rigorous independent oversight to avoid self-dealing; reliance on charter safe-harbors and committee processes is critical .
- Nominating Committee includes non-independent directors (Mario J. Gabelli and Elisa M. Wilson), which may affect board refreshment independence .
Governance Assessment
- Committee roles and effectiveness: Marc Gabelli is not currently serving on Audit, Compensation, Governance, or Nominating committees; his governance impact at AC is via board-level participation and GGCP leadership rather than committee chairmanships .
- Independence: The proxy’s independence determination identifies specific independent directors and notes non-independent members; Marc is not listed among independent directors, consistent with family and GGCP roles .
- Attendance and engagement: Meets minimum attendance thresholds; shareholder voting shows high support for his re-election in 2024 and 2025 .
- Pay-for-performance alignment: Director pay is cash-only with no equity grants; alignment rests on personal ownership (20,766 Class A; 81,018 Class B) and broader family-controlled voting structure .
- Conflict controls: AC maintains related-party review procedures and charter standards; however, the breadth of affiliate dealings necessitates continued scrutiny by independent directors (Lead Independent Director: Salerno) and committees .