Glenn W. Bunting
About Glenn W. Bunting
Independent director of Apple Hospitality REIT, Inc. since 2014; age 80. President of GB Corporation since 2011; previously President and CEO of American KB Properties (1985–2010). Holds a BBA from Campbell University. Committees: Audit, Compensation (Chair), and Executive—board has determined he is independent under NYSE rules.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| GB Corporation | President | Jan 2011–Present | Private company leadership; commercial real estate management experience. |
| American KB Properties, Inc. | President & CEO | 1985–2010 | Developed and managed shopping centers; finance and strategic planning background. |
| Cornerstone Realty Income Trust, Inc. | Director | 1993–2005 | REIT board experience; chaired by Glade M. Knight (interlock history). |
| Landmark Apartment Trust of America | Director | Until 2016 | Served until merger into Starwood Capital affiliate. |
| Apple Hospitality Two, Five, Seven, Eight | Director | Various | Served until sale/merger into APLE or third parties; Apple Seven/Eight merged into APLE in 2014. |
External Roles
| Company/Institution | Role | Status | Notes |
|---|---|---|---|
| Landmark Apartment Trust of America | Director | Prior | Board service until 2016 merger. |
| Cornerstone Realty Income Trust, Inc. | Director | Prior | Board service until 2005; company merged with Colonial Properties Trust. |
| Apple REIT entities (Apple Two, Five, Seven, Eight) | Director | Prior | Predecessor REITs ultimately sold/merged; governance continuity with APLE. |
Board Governance
- Committee assignments: Audit; Compensation (Chair); Executive. Executive Committee (0 meetings in 2024); Audit Committee (5); Compensation Committee (3).
- Independence: Board determined seven of nine directors are independent; all members of Audit, Compensation, Governance Committees are independent.
- Attendance: Board met three times in 2024; each director attended at least 75% of aggregate board and committee meetings; all directors attended the 2024 Annual Meeting. Independent directors held four executive sessions.
- Lead Independent Director: Jon A. Fosheim designated; facilitates independent oversight and shareholder liaison.
- Key governance policies: director stock ownership guideline = 4x annual base cash retainer; all current directors have met or are within transition; hedging prohibited; pledging limited to ≤50% of individually held shares; mandatory incentive compensation clawback policy (executives).
Fixed Compensation
| Element | Terms/Amounts | 2024 Paid (Bunting) |
|---|---|---|
| Board annual retainer (cash) | $70,000 (quarterly) | $97,500 cash fees (includes chair/member retainers) in 2024. |
| Board annual retainer (stock) | $115,000 in vested Common Shares (quarterly) | $115,009 share award grant-date fair value; 7,554 fully vested shares. |
| Committee chair retainer | Compensation Chair: $20,000; Audit Chair: $25,000; Governance Chair: $20,000 (cash) | Included in cash total above (Comp Chair). |
| Committee member retainer | $10,000 per committee (cash) | Included in cash total above (Audit, Executive). |
| Meeting fees | None disclosed | N/A. |
| Total 2024 director compensation | Mix: cash + vested equity | $212,509 total. |
Equity-heavy mix: external consultant (FPC) found total director retainer near peer median with equity portion among top decile; committee chair/member retainers increased in 2024 and member retainers added.
Performance Compensation
| Award Type | Grant Date | Shares/Value | Vesting | Notes |
|---|---|---|---|---|
| Annual director share grant | 2024 | 7,554 vested shares; $115,009 fair value | Fully vested at grant | No options granted in 2024; Directors’ Option Plan terminated at listing and remaining options expired in 2024. |
Director equity grants are not performance-conditioned; they vest immediately, aligning with governance practice but not pay-for-performance constructs used for executives.
Other Directorships & Interlocks
| Company | Nature | Interlock/Conflict Consideration |
|---|---|---|
| Cornerstone Realty Income Trust, Inc. | Prior REIT directorship | Chaired by Glade M. Knight; historical association noted but APLE affirms independence determinations under NYSE rules. |
| Apple REIT entities | Prior directorships | Predecessor entities founded by Glade M. Knight; governance continuity; no current related-party transactions involving Bunting disclosed. |
Expertise & Qualifications
- Extensive management and REIT experience with strong background in commercial real estate, investment, strategic planning, risk management, and finance; BBA from Campbell University.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Glenn W. Bunting | 70,494 | <1% | Includes 10,549 shares held by spouse. |
| Ownership guideline compliance | — | — | All current directors have met or are within transition to guideline (≥4x cash retainer). |
| Hedging/Pledging | — | — | Hedging prohibited; pledging limited to ≤50% of individually held shares. |
Governance Assessment
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Strengths: Independent director; chairs Compensation Committee with use of independent consultant (FPC); high equity component in director pay aligns with shareholder returns; robust committee structure and independent executive sessions; strong attendance disclosure.
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Shareholder confidence: Say-on-pay support ~97% in 2024 for 2023 compensation—positive signal for compensation oversight under his committee.
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RED FLAGS / Watch items:
- Historical ties to entities chaired/founded by Glade M. Knight (Cornerstone, Apple REITs); monitor for perceived independence and related-party oversight, though board affirms independence and no Bunting-specific related-party transactions disclosed.
- Executive Committee membership (0 meetings in 2024) warrants continued monitoring for concentrated authority in episodic situations.
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Overall read-through: Governance practices (ownership guidelines, anti-hedging, independent committees, clawback for executives) and equity-forward director pay mix support investor alignment; independence determinations and attendance reinforce confidence. Continued vigilance on related-party frameworks (ARG cost sharing, aircraft) rests mainly with Executive Chair Glade M. Knight, not Bunting.