Dr. Judy D. Olian
Ares ManagementAbout Dr. Judy D. Olian
Independent director of Ares Management Corporation since May 2014; age 73. President of Quinnipiac University since 2018; previously Dean of UCLA Anderson School of Management (2006–2018) and Dean/Professor at Penn State’s Smeal College; earlier faculty and executive roles at the University of Maryland. Education: B.S. in Psychology (Hebrew University), M.S. and Ph.D. in Industrial Relations (University of Wisconsin–Madison). Board-determined independent; business expertise in organizational design, HR systems and incentives, and top management team effectiveness .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Quinnipiac University | President | 2018–present | Institutional leadership |
| UCLA Anderson School of Management | Dean; John E. Anderson Chair in Management | Jan 2006–Jul 2018 | Led school strategy and faculty |
| Penn State – Smeal College of Business | Dean; Professor of Management | Not disclosed (prior to 2006) | Academic leadership |
| University of Maryland/Robert H. Smith School | Faculty and executive roles | Not disclosed | Faculty leadership |
External Roles
| Organization | Role | Tenure/Notes |
|---|---|---|
| United Therapeutics Corporation | Director | Current |
| Mattel, Inc. | Director | Current |
| Hartford HealthCare | Director | Not disclosed |
| Knight Commission for Collegiate Athletics | Director | Not disclosed |
| Connecticut Conference of Independent Colleges | Director | Not disclosed |
| New Haven Promise | Director | Not disclosed |
| Metro-Atlantic Athletic Conference (Division I) | Chair | Current |
| AdvanceCT (State of Connecticut) | Co-chair (appointed by Governor) | Current |
Board Governance
- Independence: Board determined Dr. Olian is independent under NYSE standards .
- Committee memberships (2024/2025):
- Audit Committee (member; Joubert, Bush, Olian; Joubert is chair); 6 formal meetings in 2024 .
- Compensation Committee (member; Joubert, Lynton, Bhutani, Bush, Naughton, Olian; Lynton chair); 4 formal meetings in 2024 .
- Nominating & Governance Committee (member; Bush, Olian, Arougheti, Ressler; Ressler chair); 2 formal meetings in 2024 .
- Conflicts Committee (member; Bhutani, Joubert, Lynton, Bush, Naughton, Olian); 2 formal meetings in 2024 .
- Attendance and engagement: Board held 8 formal meetings in FY2024; each director attended at least 75% of Board and committee meetings on which they served; all directors attended the 2024 Annual Meeting .
- Controlled company safeguards: Ares is a “controlled company”; audit and conflicts committees are entirely independent per Board policy .
- Executive sessions: Independent director presides at executive sessions of independent directors (no names disclosed) .
Fixed Compensation
| Component (FY2024) | Amount | Details |
|---|---|---|
| Cash fees | $170,000 | Portion of annual retainer paid in cash plus applicable committee fees |
| Stock awards | $179,704 | 1,173 restricted units (Class A) granted Aug 1, 2024; fair value at grant |
| Other compensation | $15,000 | Charitable contribution directed by director |
| Total | $364,704 | Sum of components |
- Director pay program: Independent directors receive an annual retainer of $300,000 payable in cash and equity for the service period; additional annual cash fees: $40,000 (audit chair), $25,000 (audit member), $15,000 (nominating & governance member) .
- 2024 annual retainer equity grant: 1,173 restricted units to each independent director; restrictions lapse on first anniversary of grant .
Performance Compensation
| Equity Grant | Grant Date | Units | Vesting | Performance Metrics |
|---|---|---|---|---|
| Annual director RSUs | Aug 1, 2024 | 1,173 | 100% vest on first anniversary of grant | None; time-based vesting (no PSUs/options) |
Ares does not use performance-based metrics for director compensation; director equity is time-vested RSUs, and options are not currently granted .
Other Directorships & Interlocks
| Company/Entity | Role | Interlock/Notes |
|---|---|---|
| United Therapeutics | Director | Public company board; no Ares interlock disclosed |
| Mattel | Director | Public company board; no Ares interlock disclosed |
| Hartford HealthCare | Director | Non-profit board |
| Knight Commission | Director | Non-profit/athletics governance |
| CCIC | Director | Sector association |
| New Haven Promise | Director | Non-profit |
| MAAC (Division I) | Chair | Collegiate athletics leadership |
| AdvanceCT | Co-chair | State economic development |
- Independence check: Board reviewed questionnaires and transactions; determined Dr. Olian (and other named directors) are independent. Noted external advisory fees for Michael Lynton on a sports/media fund (<$120,000) but independence affirmed; no similar related-party payments disclosed for Dr. Olian .
Expertise & Qualifications
- Industrial relations, HR systems and incentives, and top management team dynamics; organizational design aligned with market opportunities .
- Academic leadership in top business schools; current university president .
- Education: B.S. Psychology (Hebrew University); M.S./Ph.D. Industrial Relations (University of Wisconsin–Madison) .
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Class A shares directly held | 26,915 | As of April 7, 2025 |
| Unvested restricted units | 1,173 | Director retainer RSUs |
| Total beneficial ownership (Class A + RSUs) | 28,088 | Less than 1% of Class A (denoted “*”) |
| Ownership guidelines | 3× cash component of annual retainer; 5-year compliance window | All directors have met or are on track |
| Hedging/pledging policy | Prohibits hedging, short sales, and pledging without prior approval | Insider Trading Policy |
Insider Trades & Section 16 Compliance
| Item | Status | Notes |
|---|---|---|
| Form 4 transactions (FY2024) for Dr. Olian | Not disclosed in proxy | Proxy reports timely Section 16 filings except one late report by Ryan Berry (sale of Class A) |
| Section 16 compliance | All directors/officers timely, except one late report (Berry) | No late filings indicated for Dr. Olian |
Governance Assessment
- Strengths:
- Multi-committee membership (Audit, Compensation, Nominating & Governance, Conflicts) signals deep engagement in financial oversight, pay governance, director nominations, and conflict resolution .
- Independence affirmed; Ares augments controlled-company status with fully independent Audit and Conflicts Committees .
- Solid attendance norms (≥75% for each director; all attended 2024 AGM) support board effectiveness and investor confidence .
- Ownership alignment through stock ownership guidelines (3× cash retainer) and director RSUs; hedging/pledging restrictions reduce misalignment risk .
- Potential watch items:
- Controlled-company governance requires vigilant committee oversight; current structure mitigates through independence requirements on key committees .
- Multiple external board roles increase time commitments; no proxy disclosure of overboarding concerns and audit committee service limits are actively monitored via Corporate Governance Guidelines .
- No related-party transactions disclosed for Dr. Olian; Conflicts Committee and Audit Committee review related person transactions as a safeguard .
No compensation red flags identified for Dr. Olian: director pay is standard retainer plus time-vested RSUs; no options, no tax gross-ups, and charitable contributions are capped and disclosed .