R. Dary Stone
About R. Dary Stone
R. Dary Stone is 71 and has served as an independent director of Aimco since December 2020; he is Chairman of the Board and a seasoned real estate executive and investor with prior COO/President experience at Cousins Properties and 30+ years in development, capital markets, and asset management. He holds degrees from Tulane University and Baylor University and a JD from Baylor University Law School, underpinning strong corporate governance credentials aligned with board leadership responsibilities .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cousins Properties (NYSE: CUZ) | President and COO (historical); Director | President/COO years not specified; Director 2011–2016; 2018–present | Public-company board experience; real estate, development, capital markets expertise applied to oversight |
| R. D. Stone Interests | President & CEO | 1990–present | Led investments and development across large projects; asset management and operations |
| Hunt Companies, Inc. | Director | 2015–2016 | Private company governance |
| Parkway, Inc. | Director | 2016–2017 | Public-company governance during office REIT cycle |
| Lone Star Bank | Director (former) | Not disclosed | Financial sector oversight |
| Texas State Finance Commission (Banking Commission of Texas) | Chairman (former) | Not disclosed | Regulatory oversight and financial governance |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Tolleson Wealth Management & Tolleson Private Bank | Audit Chairman; Director | 2003–2024 | Led audit oversight at a private wealth management firm and bank; deepened audit/controls expertise |
| Baylor University | Regent; Chairman | Chairman 2009–2011 | Higher-education governance; stakeholder engagement |
Board Governance
- Role and independence: Stone is Aimco’s independent Chairman of the Board, with responsibilities including presiding over executive sessions of non-management directors, co-setting agendas, calling meetings of non-management directors, and engaging directly with stockholders .
- Independence determination: The Board affirmatively determined Stone is independent under NYSE rules and Aimco’s director independence standards .
- Committee memberships: Stone is not listed on standing committees; all four committees (Audit, Compensation & Human Resources, Nominating, ESG, and Investment) are fully independent and chaired by other directors .
- Attendance and engagement: The Board met five times in 2024; no director attended fewer than 75% of aggregate Board and committee meetings; non-management directors held four executive sessions; the Chairman (Stone) attended the 2024 annual meeting .
- Governance practices: Aimco employs majority voting with a resignation policy, proxy access (3%/3 years, up to 20% of board), anti-hedging/anti-pledging, and director stock ownership guidelines (≥5x annual cash retainer within five years), with independent directors exceeding requirements .
Fixed Compensation
| Year | Component | Amount | Notes |
|---|---|---|---|
| 2024 | Annual retainer (director) | Part of $230,000 (mix of cash and stock) | Up to 50% cash option; stock granted Jan 31, 2024 at $7.43 closing price; shares determined using 5-day average price $7.62 |
| 2024 | Chairman of the Board retainer | $65,000 | Additional leadership fee |
| 2024 | Cash received (Stone) | $65,000 | Reflects chair retainer; he did not take additional cash beyond chair amount |
| 2024 | Stock awards (Stone) | $224,267 | Grant date fair value per ASC 718; Jan 31, 2024 |
| 2024 | Total (Stone) | $289,267 | Sum of fees and stock awards |
| 2025 | Annual retainer (director) | $220,000 | Reduced from $230,000; up to $75,000 in cash; remainder in stock |
| 2025 | Chairman of the Board retainer | $65,000 | Additional leadership fee |
| 2025 | Equity grant date | Jan 29, 2025 | NYSE closing price $9.02 on grant date |
| 2025 | Meeting fees | $0 | Directors will not receive meeting fees |
Performance Compensation
- Directors do not receive performance-based pay at Aimco; compensation is a mix of cash retainers and time-based equity; no options or incentive plans are tied to director performance metrics for Stone, and no meeting fees are paid .
Other Directorships & Interlocks
| Company/Institution | Type | Overlap/Interlock Consideration |
|---|---|---|
| Cousins Properties (CUZ) | Public REIT (primarily office) | Not a direct apartment competitor; no Aimco-disclosed related transactions; Stone is independent at Aimco . |
| Parkway, Inc. | Public REIT (historical) | Past role; no current Aimco conflict disclosed . |
| Hunt Companies, Inc. | Private | Past role; no current Aimco conflict disclosed . |
| Tolleson Wealth Mgmt/Private Bank | Private | Private financial institutions; concluded 2024; no Aimco conflict disclosed . |
| Baylor University | Non-profit | Governance; no Aimco conflict disclosed . |
- Aimco discloses a related-person arrangement involving the CEO’s father (R.M. Powell & Co.) under Committee oversight; no related-party transactions disclosed for Stone, mitigating conflict risk specific to him .
Expertise & Qualifications
- Real estate development and asset management across large projects, joint ventures, and zoning changes enabling multifamily/non-office uses; capital markets, investment, and finance proficiency; business operations and corporate governance; financial literacy; and talent development and management .
- Legal training (JD) augments governance and oversight capabilities in his role as independent Chairman .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Shares Outstanding | Pledging/Hedging Status |
|---|---|---|---|
| R. Dary Stone | 143,868 | <0.5% | None of the securities held by directors/NEOs are pledged or hedged per policy . |
- Stock ownership guidelines: independent directors must own ≥5x annual cash retainer value within five years of service start or separation date; all independent directors exceed this requirement as of filing, indicating alignment (Stone included) .
Governance Assessment
- Board effectiveness: Stone’s independent chairmanship, regular executive sessions, and majority-independent board/committees support rigorous oversight and investor confidence .
- Independence & attendance: Confirmed independence and solid meeting attendance metrics; full board presence at 2024 annual meeting reflect engagement .
- Compensation alignment: Reduction of director annual fee in 2025 and equity-heavy mix, combined with ownership guidelines and no meeting fees, signal cost discipline and alignment with shareholder interests; Stone’s 2024 mix was largely equity plus chair retainer .
- Conflicts and red flags: No related-person transactions involving Stone; anti-hedging/anti-pledging policy in place; director service limits and audit committee service limits mitigate overboarding risks; Stone is not on Aimco’s committees and complies with independence standards; no disclosed legal proceedings or pledging involving Stone .
- Shareholder engagement and Say-on-Pay: Aimco reports robust engagement and consistent Say-on-Pay approval (e.g., ~97% approval in 2024), suggesting strong investor support for governance and pay practices overseen by the board leadership structure that Stone chairs .
Overall, Stone’s profile and current governance posture present low conflict risk and strong alignment features (independence, attendance, equity ownership, and conservative director pay structure), bolstering board credibility and investor confidence .