Alec L. Poitevint, II
About Alec L. Poitevint, II
Alec L. Poitevint, II, age 77, is ACIC’s Lead Director and an independent Class B director; he has served on the Board since 2008 (and on predecessor UIH’s board from 2001–2008). He holds a B.A. in Economics from the University of Georgia and brings extensive operating and board leadership experience across industrial and insurance sectors . As Lead Director, he is appointed by the independent directors and leads executive sessions of independent directors, providing additional non-executive oversight of management .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| United Insurance Holdings (UIH) | Director | 2001–2008 | Predecessor to ACIC Board service |
| First Port City Bank (Bainbridge, GA) | Director; Vice Chairman; President | Director 1989–2010; Vice Chair 1994–2010; President 2006 | Banking governance and leadership |
| Agri-Nutrition/Virbac Corporation | Director; Chairman of the Board; Audit Committee Chair | 1996–2006 | Chaired board and audit committee (financial oversight) |
| American Feed Industry Insurance Company | Chairman | 2002–present | Insurance oversight; industry risk governance |
External Roles
| Organization | Role | Tenure |
|---|---|---|
| Southeastern Minerals, Inc. (and affiliates) | Chairman & President | 1981–present |
| Republican National Committee (Georgia) | Committeeman/Chairman; Treasurer (RNC) | GA RNC 1989–2012; RNC Treasurer 1997–2001 |
| American Feed Industry Association; National Feed Ingredients Association | Former Chairman | Various years |
| Branch Properties/American Feed Industry Insurance Co. RRG ecosystem | Industry network | Ongoing |
All roles per ACIC proxy biography .
Board Governance
- Independence: ACIC classifies Poitevint as independent under Nasdaq standards; he serves on two independent board committees .
- Committee assignments (2024 activity):
- Compensation & Benefits Committee (member) .
- Investment Committee (Chair) .
- Lead Director: Appointed by independent directors; leads executive sessions, adds structure to independent oversight; acts as Lead Director until replaced if unavailable .
- Attendance: Board held five meetings in 2024; each director attended all Board and applicable committee meetings during 2024 (100% attendance) .
- Committee activity: Audit met 11 times; Compensation & Benefits met 4 times in 2024 .
- Board composition/tenure: Poitevint is a Class B director with current term expiring in 2026; director since 2008; age 77 .
Fixed Compensation
- Structure (2024): Annual base retainer $75,000; committee chair retainers include $10,000 for Investment Committee chair. Audit Chair $20,000; Compensation Chair $12,500; Chairman of the Board $75,000; Chairman Emeritus $50,000 (program-wide disclosure) .
- Structure (2023): Same retainer framework: $75,000 base; $10,000 for chair of Nominating/Investment; $12,500 for Compensation Chair; $20,000 for Audit Chair; $75,000 Chairman; $50,000 Chairman Emeritus .
| Year (Fiscal) | Fees Earned or Paid in Cash ($) | Notes |
|---|---|---|
| 2023 | 85,000 | $75,000 base + $10,000 committee chair |
| 2024 | 85,000 | $75,000 base + $10,000 committee chair |
Performance Compensation
- Equity grants: Non-employee directors received restricted stock awards of 5,000 shares annually; time-based vesting on the date of the Annual Meeting (no director-specific performance metrics) .
- 2024 grant: 5,000 shares granted May 14, 2024; grant-date fair value $61,150; vest on May 19, 2025 (Annual Meeting date) .
- 2023 grant: 5,000 shares granted June 2, 2023; grant-date fair value $26,250; vest on May 14, 2024 (Annual Meeting date) .
| Year (Grant) | Grant Date | Shares | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| 2023 | June 2, 2023 | 5,000 | 26,250 | Vests on Annual Meeting (May 14, 2024) |
| 2024 | May 14, 2024 | 5,000 | 61,150 | Vests on Annual Meeting (May 19, 2025) |
Performance metrics: None disclosed for director equity; awards are time-based restricted stock (RSAs) .
Other Directorships & Interlocks
| Company/Institution | Capacity | Interlock/Conflict Note |
|---|---|---|
| First Port City Bank | Director/Vice Chair/President | Prior bank role; no related transactions disclosed with ACIC |
| Agri-Nutrition/Virbac Corp. | Director/Chair/Audit Chair | Prior public company oversight; no ACIC interlock disclosed |
| American Feed Industry Insurance Company | Chairman | Industry RRG; no ACIC related transactions disclosed |
- Compensation Committee interlocks (2023): Committee comprised of Whittemore (Chair), Hudson, Poitevint; ACIC disclosed no executive officer interlocks or insider participation during 2023 .
Expertise & Qualifications
- Operating leadership: Chairman/President of Southeastern Minerals since 1981; joined 1970; deep industrial operations expertise .
- Financial oversight: Chaired Audit Committee at Agri-Nutrition/Virbac; bank vice chair and president background .
- Insurance governance: Chairman of American Feed Industry Insurance Company; selected for Board based on insurance and diverse management experience .
- Policy/governance experience: Long service within RNC including Treasurer; strengthens risk oversight perspectives .
Equity Ownership
- Beneficial ownership (as of record dates):
- 2024: 1,549,944 shares; ~3.2% of outstanding (out of 47,799,465 shares) .
- 2025: 1,554,944 shares; ~3.2% of outstanding (out of 48,308,466 shares) .
- Ownership breakdown (2025): 625,000 via an incorporated company; 568,944 via an LP; 185,000 directly; 176,000 by family members (Poitevint retains voting/investment power for entity holdings) . 2024 direct holding listed as 180,000 .
- Ownership guidelines: Non-employee Board members required to hold 4x annual cash retainer; eligible securities include stock/RSAs/RSUs (time-vested) but exclude options, unearned PSUs, and pledged securities; legacy directors (as of Aug 1, 2019) had until Dec 31, 2024 to meet targets; others have five years from election; pledged securities do not count toward compliance .
| Metric | 2024 | 2025 |
|---|---|---|
| Beneficial Ownership (shares) | 1,549,944 | 1,554,944 |
| % of Shares Outstanding | 3.2% (47,799,465 shs) | 3.2% (48,308,466 shs) |
| Breakdown (entities/direct/family) | 625,000 corp; 568,944 LP; 180,000 direct; 176,000 family | 625,000 corp; 568,944 LP; 185,000 direct; 176,000 family |
| Ownership Guideline | 4x annual cash retainer for non-employee directors | 4x annual cash retainer for non-employee directors |
Governance Assessment
- Board effectiveness and engagement: Poitevint is the Lead Director with full independence, 100% attendance, and dual committee service (including chairing Investment), signaling strong engagement and oversight of capital structure, risk aggregation, and investment policy .
- Pay and alignment: Director pay is modest and balanced—$85k cash plus time-vested RSAs (5,000 shares annually), with grant fair values increasing from $26,250 (2023) to $61,150 (2024), aligning director incentives with shareholder value while avoiding performance metric gaming in director pay .
- Ownership “skin in the game”: Material beneficial ownership (~3.2%) with voting/investment control over significant family/entity stakes—well above typical director holdings, and Board-level ownership guidelines (4x retainer) reinforce alignment; no pledging disclosed and anti-hedging policy in place .
- Conflicts/related-party exposure: ACIC reports no related person transactions since Jan 1, 2024 other than legacy AmCo merger items (Peed/Hogan); no Poitevint-related transactions disclosed, and a formal related-party review policy is active at the Audit Committee level .
- Compensation committee governance: Poitevint serves on Compensation & Benefits (Whittemore Chair; Hudson member); committee met 4x in 2024, uses independent consultant Pay Governance LLC, and disclosed no interlocks; independence confirmed per Nasdaq rules .
- Risk indicators and red flags:
- UPC receivership: ACIC disclosed its subsidiary UPC was placed into receivership on Feb 27, 2023 due to Hurricane Ian; all current directors were also UPC directors, creating reputational/oversight risk context for the Board including Poitevint .
- Section 16 compliance: ACIC disclosed certain directors/executives had late filings in 2024, but Poitevint was not listed among late filers (positive for compliance) .
- No director-specific related-party transactions, tax gross-ups, or option repricings disclosed for Poitevint .
Overall signal: Independent Lead Director with strong attendance, material share ownership, and key risk/compensation oversight roles. Governance policies (anti-hedging, ownership guidelines, clawback for Section 16 officers) support investor alignment; legacy UPC receivership warrants continued monitoring of Board risk oversight performance .