Gary Hansen
About Gary Hansen
Gary Hansen is Chief Financial Officer of Alexander’s, Inc. (ALX); he has served as CFO since November 2021 and was previously the Company’s Controller (VP and then SVP) from 2015–2021 . He is 47 years old and concurrently serves as a Senior Vice President of Vornado Realty Trust, which manages ALX and owns ~32% of its shares . ALX’s proxy states the Company does not pay cash compensation to its executive officers and has not granted equity to named executive officers for several years; there are no employment, severance, or change-in-control arrangements for Hansen . Company-level pay-versus-performance data during his tenure shows TSR fluctuating modestly and net income volatility (see table below) .
Company Performance During Hansen’s Tenure
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| ALX TSR – Value of $100 Investment ($) | 89.92 | 81.74 | 87.19 | 88.53 |
| Net Income ($) | 132,930,000 | 57,632,000 | 102,413,000 | 43,444,000 |
Past Roles
| Organization | Role | Years | Notes / Strategic Impact |
|---|---|---|---|
| Alexander’s, Inc. | Chief Financial Officer | Since Nov 2021 (current) | Principal Financial and Accounting Officer |
| Alexander’s, Inc. | Senior Vice President & Controller | Jan 2018 – Oct 2021 | Senior finance leadership |
| Alexander’s, Inc. | Vice President & Controller | May 2015 – Dec 2017 | Corporate controller role |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Vornado Realty Trust | Senior Vice President | Current (as of Mar 24, 2025) | Vornado manages ALX; Vornado owns ~32% of ALX |
Fixed Compensation
ALX does not pay salary or bonus to its executive officers, including the CFO; it has not granted equity to named executive officers for several years . The Summary Compensation Table shows no ALX-paid compensation for Gary Hansen in 2022–2024 .
| Component | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary (Company-paid) | None | None | None |
| Target/Actual Bonus (Company-paid) | None | None | None |
Performance Compensation
ALX did not operate a company-paid STI/LTI program for named executive officers in 2022–2024; there were no plan-based grants to Hansen and no outstanding executive awards .
| Incentive Type | Metric(s) | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| None (no Company-paid executive incentives) | — | — | — | — | — | No outstanding executive awards |
The pay-versus-performance table explicitly notes no financial performance measures were used to determine compensation actually paid, given the PEO’s director-only compensation construct; non-PEO NEOs (including CFO) received no compensation from ALX in the period .
Equity Ownership & Alignment
- Beneficial ownership: Hansen reported no beneficial ownership of ALX shares in the 2024 and 2025 proxies .
- Stock ownership guidelines: ALX has not established a policy regarding security ownership by management; short sales by officers are prohibited .
- Pledging/hedging: No pledging by Hansen is disclosed; short sales by officers are prohibited .
| Item | Mar 25, 2024 | Mar 24, 2025 |
|---|---|---|
| Beneficial Shares | 0 | 0 |
| % of Shares Outstanding | 0% | 0% |
| Vested vs. Unvested Awards | None outstanding | None outstanding |
| Options (Exercisable/Unexercisable) | None | None |
| Shares Pledged | None disclosed | None disclosed |
| Ownership Guidelines | No management ownership policy; short sales prohibited | No management ownership policy; short sales prohibited |
Implications for selling pressure:
- No scheduled vesting events or option expirations for Hansen (no outstanding awards), implying low mechanical insider selling pressure from vesting .
Employment Terms
| Provision | Status / Terms | Source |
|---|---|---|
| Employment Agreement | None | |
| Severance | None | |
| Change-of-Control | None | |
| Start Date / Tenure | CFO since Nov 2021 | |
| SOX Certifications | Signed SOX 302 and 906 certifications for FY 2024 | |
| Insider Trading Policy | Applies to all employees; prohibits short sales by officers |
Compensation Committee Analysis
| Year | Compensation Committee Members | Notes |
|---|---|---|
| 2025 | Wendy Silverstein; Thomas R. DiBenedetto | Committee Report affirmed CD&A; no consultant used in 2024 |
| 2024 | Dr. Richard R. West; Thomas R. DiBenedetto | No interlocks disclosed |
Say-on-Pay and Shareholder Feedback:
- 2023 Say-on-Pay approval ~87%; frequency set to every three years; next vote in 2026 .
Related Party Transactions and Governance Context
- Vornado relationship: As of Mar 24, 2025, Vornado owned ~32% of ALX and manages/leases/develops ALX’s properties under annually renewing agreements; ALX pays Vornado a base management fee plus specified property-related fees and a 6% development fee .
- Hansen is a Senior Vice President at Vornado, highlighting management integration between the entities .
Performance & Track Record
- Financial performance context during tenure is summarized in the Pay-versus-Performance data above; ALX’s TSR hovered in the high-80s (on a $100 basis) in 2021–2024 while net income was volatile (peak in 2021; lower in 2024) .
- Hansen signs ALX’s annual certifications and serves as principal financial and accounting officer, evidencing responsibility for financial reporting and controls .
Investment Implications
- Alignment: Hansen holds no ALX shares and receives no ALX-paid compensation; ALX also has no executive ownership guidelines. This structure limits direct pay-for-performance alignment at the ALX entity level for the CFO .
- Retention risk: There are no ALX employment, severance, or change-of-control arrangements for Hansen; however, his concurrent senior role at Vornado (ALX’s external manager) mitigates near-term retention risk tied to ALX-specific incentives .
- Selling pressure: With no outstanding awards and no reported share ownership by Hansen, there is minimal mechanical selling pressure from vesting or option exercises .
- Governance considerations: The externally managed model (Vornado) and CFO’s dual role warrant attention to potential related-party dynamics; fees and ownership are disclosed and reviewed, but investors should monitor independence and capital allocation decisions within this structure .
- Pay-versus-performance optics: Since ALX does not pay its NEOs (other than director compensation to the CEO), standard incentive alignment levers (TSR- or FFO-linked LTI) are absent; stockholder Say-on-Pay support (87% in 2023) suggests investors are currently comfortable with this construct, but continued scrutiny is appropriate if performance volatility persists .
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