Andrew Studdert
About Andrew Studdert
Independent director at Alta Equipment Group since February 2020; age 68. Former Chairman & CEO of NES Equipment Rentals (2004–2017) and COO/EVP at UAL/United Airlines (1999–2002), with earlier senior roles as SVP Fleet Operations and CIO at United; prior EVP at First Interstate Bancorp. Credentials include SEC “audit committee financial expert,” NACD Directorship Certification, and CERT Certificate in Cybersecurity Oversight (Carnegie Mellon); BA in History from San Francisco State University. Currently chairs WASH (North American laundry services) and Renta Group OY (European equipment rental), and previously served as board president and interim CEO of IPAF (global safety federation).
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| NES Equipment Rentals | Chairman & CEO | 2004–2017 | Led company until sale to United Rentals |
| UAL/United Airlines | COO & EVP | 1999–2002 | Led airline through 9/11 crisis |
| UAL/United Airlines | SVP Fleet Operations | 1997–1999 | Fleet operations leadership |
| UAL/United Airlines | CIO | 1995–1997 | Technology oversight |
| First Interstate Bancorp | EVP | Prior to United roles | Seventh-largest U.S. bank holding co. at the time |
| ModSpace (USA) | Director | Until 2018 | Board member until sale |
| Cramo (Finland) | Director | Until 2020 | Board member until sale |
| Target Hospitality (USA) | Director; Compensation Committee Chair | 2019–2021 | Led comp committee |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| WASH (EQT-owned) | Chair | Current | North American common laundry facilities provider |
| Renta Group OY (IK-owned) | Chair | Current | European equipment rental company |
| IPAF | Past President of Board; interim CEO | Prior | Global safety federation in 65 countries |
| Loras College | Established Andrew P. Studdert Chair | 2015 | Business ethics & crisis leadership chair |
| NACD | Directorship Certification | Current | Governance credential |
| Carnegie Mellon (CERT) | Cybersecurity Oversight Certificate | Current | Board cyber oversight training |
Board Governance
| Item | Details |
|---|---|
| Committee memberships | Audit (Chair); Compensation; Nominating & Corporate Governance |
| Independence | Board determined Studdert is independent for NYSE/SEC rules; eligible for Audit and Compensation committees |
| Attendance | Board met 5 times in 2024; no director <75% attendance; all directors attended the 2024 annual meeting |
| Lead independent function | No formal LID; Audit Chair (Studdert) presides over executive sessions of independent directors |
| Audit Committee report signatories | Submitted by “Andrew Studdert, Chair,” with White, Nair, Wilson |
Fixed Compensation
| Component | Amount/Policy | 2024 Actual (Studdert) |
|---|---|---|
| Annual Board cash retainer | $75,000 (paid quarterly) | $107,500 (fees earned/paid in cash) |
| Committee chair fees | Audit $25,000; Compensation $20,000; Nominating $20,000 (annual) | Included in actual cash fees |
| Committee member fees | Audit $7,500; Compensation $5,000; Nominating $5,000 (annual) | Included in actual cash fees |
| Meeting fees | Not disclosed | Not disclosed |
Performance Compensation
| Equity Component | Grant/Value | Vesting | 2024 Studdert Details |
|---|---|---|---|
| Annual RSU grant (directors) | $100,000 award at annual meeting; number based on 20-day VWAP | Vests 1/12 monthly; fully vests by next annual meeting; deferral election available; dividends accrue and paid in cash on vested RSUs | Stock awards (grant-date fair value) $97,275 |
| RSU status | Unvested RSUs outstanding | Vested deferred awards | As of Dec 31, 2024: 5,804 unvested RSUs; 41,275 vested deferred awards |
| Performance metrics | None disclosed for director equity | — | Director equity is time-based (no performance metrics) |
Other Directorships & Interlocks
| Company/Organization | Relationship to ALTG | Potential Conflict |
|---|---|---|
| WASH (EQT-owned) | Unrelated industry (laundry services) | None apparent; no transactions disclosed |
| Renta Group OY (IK-owned) | Equipment rental (Europe) | Adjacent sector; no related-party ties with ALTG disclosed |
| IPAF | Industry safety federation | None; governance/industry role |
| Target Hospitality (2019–2021) | Prior director; comp chair | No ALTG RPT disclosed |
| ModSpace (until 2018), Cramo (until 2020) | Prior directorships | None; historic roles |
Expertise & Qualifications
- SEC-designated audit committee financial expert; financially literate for NYSE rules .
- NACD Directorship Certification and CERT Cybersecurity Oversight Certificate (Carnegie Mellon) .
- Crisis leadership experience (led United Airlines through 9/11); established academic chair in crisis leadership .
- BA in History, San Francisco State University .
Equity Ownership
| Item | Amount/Detail |
|---|---|
| Beneficial ownership (as of Apr 2, 2025) | 86,591 shares; <1% of outstanding; company had 33,191,065 shares outstanding (≈0.26%) |
| Unvested RSUs | 5,804 (as of Dec 31, 2024) |
| Vested deferred awards | 41,275 (as of Dec 31, 2024) |
| Hedging/Pledging | Prohibited for directors/officers/employees (including immediate family and controlled entities) |
| Stock ownership guidelines | Directors: 3x annual cash retainer; must attain within 5 fiscal years; counts include unvested RSUs and earned PSUs; options excluded |
| Compliance status | Not individually disclosed |
Insider Trades and Current Holdings
| Date | Type | Shares | Price | Notes |
|---|---|---|---|---|
| May 29–30, 2025 | Open‑market purchases | 10,000 | ~$4.80 average | Form 4 filed June 2–3, 2025 documents purchases; TradingView/SahmCapital summaries |
| May 30, 2025 (Annual Meeting) | RSU grant (director annual) | Notional | — | Form 4 notes time-based RSUs granted at annual meeting date |
| Holdings after trades | 96,591 shares | — | As of May 30, 2025 (derived from SEC filings; third-party summary) |
Governance Assessment
- Board effectiveness: Audit Chair role and presiding of executive sessions by Studdert provide independent oversight in a structure where CEO also serves as Chair, mitigating concentration of power .
- Independence and attendance: Board affirmatively determined Studdert is independent for Audit and Compensation committees; attendance thresholds met (≥75%) with full annual meeting attendance—positive signal for engagement .
- Alignment: Hedging and pledging are prohibited; director ownership guidelines require 3x retainer; Studdert holds 86,591 shares (Apr 2, 2025) and increased holdings via open‑market purchases in May 2025—supportive of skin-in-the-game .
- Compensation structure: Director pay mix combines cash retainer/committee fees with time-based RSUs (no performance metrics), consistent with market practice and not suggestive of pay inflation; 2024 director stock award value $97,275; cash fees $107,500 .
- Conflicts/related parties: No related‑party transactions disclosed involving Studdert; disclosed related-party items pertain to management (e.g., lease, OneH2) and were reviewed under policy—reduces conflict risk .
- Shareholder feedback: Executive say‑on‑pay approval was 98% in 2024, indicating general investor support for compensation governance environment (contextual to board oversight) .
RED FLAGS: None specifically disclosed for Studdert (no RPTs, no pledging/hedging, strong attendance). Governance trade‑off remains combined CEO/Chair structure, partially offset by Audit Chair’s presiding role over executive sessions .