William T. Spitz
About William T. Spitz
William T. Spitz (age 73) is an independent Trustee of Acadia Realty Trust (AKR) serving since August 2007; he is a principal and past Director of Diversified Trust Company and formerly Vice Chancellor for Investments and Treasurer of Vanderbilt University, where he managed the University’s multi‑billion‑dollar endowment with top‑decile returns across multiple time frames . He brings extensive asset management and real estate experience and is a Chartered Financial Analyst (CFA) . His independence has been affirmatively determined under NYSE listing standards, and he serves on fully independent committees .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Vanderbilt University | Vice Chancellor for Investments and Treasurer | 1985–July 2007 | Led management of ~$3.5B endowment; achieved top 10% returns; implemented asset allocation, risk management, and working capital strategy increasing returns by 2% p.a. |
| Vanderbilt University (Owen Graduate School) | Clinical Professor of Management | Not disclosed | Faculty role complementing investment leadership |
| Diversified Trust Company | Principal; past Director | Not disclosed | Private wealth management leadership |
| MassMutual Financial | Audit Committee (past service) | Not disclosed | Audit committee experience |
External Roles
| Organization | Role | Nature | Notes |
|---|---|---|---|
| Cambium Global Timber Fund | Director (past) | Investment company | Board service (timing not specified) |
| The Common Fund | Director (past) | Institutional investment | Board service (timing not specified) |
| MassMutual Financial | Director (past) | Insurance/financial | Past audit committee service |
| The Bradford Fund | Director (past) | Investment fund | Board service (timing not specified) |
| Acadia Opportunity Fund Advisory Boards | Advisory Board Member (Funds) | Private real estate funds | Served 2001–July 2007 |
Board Governance
| Attribute | Details |
|---|---|
| Independence | Independent under NYSE standards; majority-independent Board; all Audit, Compensation, and Nominating/Corporate Governance (NCG) committees fully independent |
| Committees | Audit Committee Member (since 2010; not designated as the committee’s “financial expert”); Compensation Committee Chair (Member since 2007); Investment/Capital Markets Committee Member (since 2007) |
| Attendance | Each incumbent Trustee attended at least 75% of Board and applicable committee meetings in 2024; all Trustees virtually attended the 2024 Annual Meeting |
| Lead Independent Governance | Lead Trustee (Lee S. Wielansky) presides over executive sessions held at each regularly scheduled Board meeting; duties include agenda setting and independent oversight |
| Shareholder Rights & Governance Policies | Majority voting with resignation policy; annual elections; no poison pill; Board/committee/individual evaluations; shareholder‑requested meetings at 40% threshold; Board and management shareholder outreach |
| Risk/Controls | Clawback policy for cash and equity incentives; anti‑hedging and anti‑pledging policies; insider trading policy; cybersecurity oversight |
Fixed Compensation
| Component | 2024 Amount | 2025 Amount | Vesting/Terms |
|---|---|---|---|
| Standard Trustee Retainer – Cash | $75,000 | $80,000 | Cash, unless Trustee elects equity in lieu (10% discount; one‑year vest) |
| Standard Trustee Retainer – Equity (RSUs or Restricted LTIP Units) | $100,000 | $120,000 | RSUs/LTIP Units vest 33% annually over 3 years; dividends on RSUs cumulate to vesting; LTIP Units receive distributions |
| Committee Chair – Audit | $25,000 | $25,000 | Cash or equity election; one‑year vest if equity in lieu |
| Committee Chair – Other (e.g., Compensation) | $15,000 | $20,000 | Spitz is Compensation Chair; eligible for chair fee |
| 2024 Trustee Grant | 5,862 RSUs/LTIP Units to each Trustee at grant-date fair value $17.09 | — | 3‑year vest (33% annually) |
| Spitz 2024 Cash‑in‑Lieu Election | Elected to receive $75,000 (retainer) + $15,000 (chair fee) in RSUs at 10% discount | — | One‑year vest; increases equity mix, signaling alignment |
Performance Compensation
- No performance‑based compensation metrics are disclosed for Trustees; Trustee equity is time‑based or one‑year equity in lieu of cash retainers .
Other Directorships & Interlocks
- Compensation Committee Interlocks: In 2024, none of the Compensation Committee members (including Spitz) were officers, former officers, or had relationships requiring related‑party disclosure under Item 404 of Regulation S‑K; no interlocking relationships with other issuers’ compensation committees or boards are disclosed for the Company’s executive officers and CC members .
- Current public company directorships for Spitz are not disclosed; prior directorships detailed above .
Expertise & Qualifications
- Asset management and endowment leadership (Vanderbilt); investment strategy, risk management, illiquid asset partnerships; author and frequent industry speaker .
- Past audit committee service (MassMutual) and CFA charterholder; extensive real estate and fund advisory experience .
Equity Ownership
| Item | Detail |
|---|---|
| Trustee Ownership Guidelines | Non‑employee Trustees must hold 5x total annual cash fees; all non‑employee Trustees met targets as of Dec 31, 2024 (except Ms. Woodhouse, who joined in 2023) |
| Anti‑Hedging/Pledging | Trustees subject to anti‑hedging and anti‑pledging; all in compliance as of the proxy date |
| Spitz Unvested Equity (12/31/2024) | Total unvested RSUs/LTIP Units: 18,308; Market value: $442,322 based on $24.16 closing price |
| Grant Detail – Spitz | 1,579 (5/5/2022; 3‑year vest to 5/9/2025); 5,005 (5/4/2023; 3‑year vest to 5/9/2026); 5,862 (5/2/2024; one‑year vest on 5/9/2025); 5,862 (5/2/2024; 3‑year vest to 5/9/2027) |
Governance Assessment
- Board effectiveness and independence: Spitz is independent and chairs the Compensation Committee, with the committee using an independent consultant (Ferguson Partners Consulting) and peer benchmarking; the company reports strong say‑on‑pay support (93.5% in 2024) indicating investor confidence in compensation governance .
- Alignment signals: Spitz increased equity mix via retainer/fee conversion at a 10% discount and holds multiple unvested awards consistent with long‑term vesting; company maintains robust ownership guidelines, clawback, and anti‑hedging/pledging policies .
- Attendance and engagement: Each incumbent Trustee met at least the 75% attendance threshold; executive sessions occur at every regularly scheduled meeting under Lead Trustee oversight, supporting independent deliberation .
- Conflicts/related party exposure: CC interlocks disclosure notes no relationships requiring Item 404 disclosure among committee members; no pledging or hedging permitted; no poison pill; majority voting with resignation policy reduces entrenchment risk .
- RED FLAGS: None disclosed specific to Spitz; note long tenure (since 2007) balanced by Board refreshment practices and annual evaluations; not designated an Audit Committee Financial Expert, though he serves on Audit alongside designated experts .