Blythe J. McGarvie
About Blythe J. McGarvie
Independent director of Apple Hospitality REIT (APLE) since 2018; age 68. McGarvie is a CPA and former CFO (BIC Group; Hannaford Bros.), ex-CAO of Sara Lee Pacific Rim, and former Harvard Business School faculty (Financial Reporting & Controls). She founded and led Leadership for International Finance, LLC (2003–2012). Education: BA Economics (Northwestern), MBA (Kellogg School of Management). Core credentials: audit/financial expertise, strategic planning, ESG and risk oversight; currently Chair of APLE’s Nominating & Corporate Governance Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BIC Group | EVP & Chief Financial Officer | 1999–2002 | Global CFO of publicly traded consumer goods firm (36 countries) . |
| Hannaford Bros. Co. | SVP & Chief Financial Officer | Prior to 1999 (Fortune 500 retailer) | Corporate finance leadership . |
| Sara Lee Corporation (Pacific Rim) | Chief Administrative Officer | Prior to 1999 | Regional operations/administration leadership . |
| Harvard Business School | Faculty (Financial Reporting & Controls) | 2012–2014 (full-time) | Academic instruction in financial reporting . |
| Leadership for International Finance, LLC | CEO & Founder | 2003–2012 | Strategy and leadership consulting for corporates and academia . |
External Roles
| Company | Exchange | Role | Committees/Chair |
|---|---|---|---|
| LKQ Corporation | NASDAQ | Director (since 2012) | Audit; Nominating/Governance . |
| Sonoco Products Company | NYSE | Director (since 2014) | Chair, Financial Policy; Audit; Employee & Public Responsibility . |
| Cineworld Group PLC | LSE | Director (since 2023) | Chair, Audit; Nominating/Governance . |
| Wawa, Inc. (private) | — | Director (since 1998) | Not disclosed . |
Board Governance
| Topic | Details |
|---|---|
| APLE Committees | Chair, Nominating & Corporate Governance Committee; Committee oversees director compensation, governance, nominations, and ESG policy review . |
| Independence | APLE Board determined all directors except Glade M. Knight and Justin G. Knight are independent (includes McGarvie) . |
| Attendance | In 2024, each director attended ≥75% of aggregate Board/committee meetings; Board met 3 times in 2024; independent directors held 4 executive sessions . |
| Meeting cadence (2024) | Audit: 5; Compensation: 3; Nominating & Gov.: 3 . |
| Lead Independent Director | Jon A. Fosheim . |
| Years on APLE board | Director since 2018 . |
| ESG oversight | Governance Committee charter includes oversight of corporate responsibility/sustainability, climate-related risks and opportunities . |
Fixed Compensation
| Component (Non-Employee Director) | 2024 Amount | Notes |
|---|---|---|
| Annual cash retainer | $70,000 | Standard cash retainer . |
| Annual equity retainer (vested common shares) | $115,000 | 7,554 fully vested shares granted in 2024 (or DSUs if elected) . |
| Committee Chair – Nominating & Governance | $20,000 | Cash, paid quarterly . |
| Additional committee member retainer | $10,000 per committee | Cash; applied to non-chairs . |
| Lead Independent Director | $30,000 | If applicable (not McGarvie) . |
| Audit Chair | $25,000 | If applicable (not McGarvie) . |
| Reimbursements | Travel, out-of-pocket; continuing education up to $3,000 | 2024 policy . |
Director-specific 2024 compensation (earned):
- Fees earned or paid in cash: $89,167; Share awards: $115,009; All other compensation: $0; Total: $204,176 .
Performance Compensation
- APLE does not use performance-conditioned compensation for directors; equity grants to directors are fully vested at grant; no options granted in 2024 (director option plan terminated; all outstanding director options expired in 2024) .
- Non-Employee Director Deferral Program permits deferral of cash fees and/or stock retainer into DSUs; one director participated in 2024 (McGarvie showed no “All Other Compensation” from DSU earnings) .
Other Directorships & Interlocks
- Public boards: LKQ, Sonoco, Cineworld (committee roles as above). Private: Wawa. No APLE disclosure of related-party transactions involving McGarvie; related-party items in 2024–2025 focus on Executive Chairman’s entities (ARG; Energy 11/12) and cost-sharing arrangements, not involving McGarvie .
- Independence affirmed; Audit/Comp Committee interlocks: none disclosed for APLE Compensation Committee in 2024; no cross-company interlocks reported involving APLE executives and McGarvie’s external boards .
Expertise & Qualifications
- CPA; BA Economics (Northwestern); MBA (Kellogg). Former large-cap CFO (BIC; Hannaford) with international scope; governance experience as audit/committee chair across multiple public companies; strengths in finance, accounting, strategic planning, ESG and risk management .
Equity Ownership
| Holder | Shares Beneficially Owned | Ownership Notes | Percent of Class |
|---|---|---|---|
| Blythe J. McGarvie | 61,048 | Includes 45,113 shares held in a trust | Less than 1% . |
Ownership alignment policies:
- Stock ownership guideline: directors must hold APLE securities ≥4x annual base cash retainer; all current directors either meet or are within the transition period .
- Hedging and pledging: hedging prohibited; margin accounts prohibited; pledging >50% of individually held APLE securities prohibited .
- No pledging/hedging by McGarvie disclosed .
Governance Assessment
-
Strengths:
- Independent director with deep audit/finance background; chairs APLE’s Governance Committee, which oversees board composition, director compensation, and ESG—key for board effectiveness and risk oversight .
- Clean related-party profile; no APLE-disclosed related-party transactions involving McGarvie .
- Shareholder support signals: Say-on-pay approval at 2025 annual meeting passed with strong support (191.0M for vs. 6.3M against; broker non-votes excluded), indicating broader confidence in pay/governance framework overseen by independent directors .
- Attendance and engagement: Board reports ≥75% attendance for all directors; independent executive sessions held 4 times in 2024 .
-
Watch items:
- Multi-board commitments: concurrent service on LKQ, Sonoco, Cineworld, and Wawa concentrates audit/governance workload; APLE reports adequate attendance, but ongoing monitoring of meeting attendance and committee workload remains prudent for overboarding risk management .
- Concentration of governance influence: as Governance Chair, she influences director pay structure (which increased committee fees and member retainers in 2024 to align with peers); continued disclosure of peer benchmarking and rationale helps mitigate perceived self-setting risk .
-
Alignment:
- Director pay mix emphasizes equity (top decile equity mix vs. peers per FPC review), aligning with shareholder outcomes; grants are fully vested at issuance, which provides alignment but lacks holding-condition incentives; mitigated by robust stock ownership guidelines and anti-hedging rules .
Notes and Key References
- Biography, roles, external boards:
- Committees and meetings:
- Independence and lead independent director:
- Director compensation structure and 2024 amounts:
- Ownership guidelines and hedging/pledging policy:
- Beneficial ownership (2025):
- Related-party transactions (none involving McGarvie):
- Say-on-pay vote results (2025 8-K):