Glyn Aeppel
About Glyn F. Aeppel
Independent director at AvalonBay Communities, Inc. (AVB) since 2013; age 66. Aeppel brings 35+ years in property acquisitions, development, and financing, currently President & CEO of Glencove Capital (founded 2010). Education: B.A. (Honors) Principia College; MBA Harvard Business School. Board committees: Investment and Finance (member) and Nominating, Governance and Corporate Responsibility (member) .
Past Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Glencove Capital | President & CEO | 2010–present | Founded hotel investment/advisory firm |
| Andre Balazs Properties | Chief Investment Officer | 2008–2010 | Luxury hotel owner/operator |
| Loews Hotels | EVP, Acquisitions & Development; Executive Committee member | 2006–2008 | Oversaw acquisitions/development |
| Aeppel & Associates | Principal | 2004–2006 | Hospitality advisory; assisted Fairmont US/EU expansion |
| Le Méridien; Interstate Hotels & Resorts; FFC Hospitality; Holiday Inn Worldwide; Marriott | Various executive roles | Earlier career | Senior operating/investment roles in hospitality |
External Roles
| Organization | Role | Since | Committees/Impact |
|---|---|---|---|
| Simon Property Group, Inc. | Director | 2016 | Public retail REIT directorship |
| Maui Land & Pineapple Company | Director | 2022 | Public company directorship |
| Exclusive Resorts (private) | Director | n/a | Private company board |
| Gilbane, Inc. (private) | Director | n/a | Private company board |
| Concord Hospitality Enterprises (private) | Director | n/a | Private company board |
Board Governance
- Independence: Board affirmatively determined Aeppel (and all directors other than CEO and Chair) are independent under NYSE standards .
- Committees: NGCR (member); IFC (member). Committee meetings in 2024: NGCR—4; IFC—5 .
- Attendance: Board met 7 times in 2024; each director attended ≥75% of Board and committee meetings during their service; all directors attended the 2024 Annual Meeting .
- Lead Independent Director: Terry S. Brown; executive sessions held regularly .
- Risk oversight: Audit Committee and Board oversee risk, including cybersecurity; NGCR oversees ESG; IFC reviews sustainability in investments .
Fixed Compensation
| Component | Amount | Payment Terms |
|---|---|---|
| Annual cash retainer | $100,000 | Quarterly, cash or DSUs at election |
| Annual equity retainer (restricted stock/DSUs) | $190,000 | Granted ~5th business day post-Annual Meeting; vests quarterly over 1 year |
| Committee chair retainer (Audit) | $30,000 | Quarterly; not applicable to Aeppel (not chair) |
| Committee chair retainer (Compensation) | $25,000 | Quarterly; not applicable to Aeppel |
| Committee chair retainer (IFC, NGCR) | $20,000 | Quarterly; not applicable to Aeppel |
| Lead Independent Director retainer | $50,000 | Quarterly; not applicable to Aeppel |
| Non-Executive Chairman retainer | $250,000 | Quarterly; not applicable to Aeppel |
| Post-2025 equity retainer change | $200,000 | Increase effective after 2025 Annual Meeting |
| Aeppel – 2024 Director Compensation | Amount |
|---|---|
| Fees Earned or Paid in Cash | $100,000 |
| Stock Awards (grant-date fair value) | $190,081 |
| Total | $290,081 |
Performance Compensation
- Director equity retainer vests in four quarterly installments over one year; optional DSUs in lieu of restricted stock defer share delivery until termination of service. Dividends on DSUs accrue as additional units and are deferred .
Other Directorships & Interlocks
- Current public boards: Simon Property Group, Inc.; Maui Land & Pineapple Company. No AVB disclosure of related-party transactions involving Aeppel; AVB’s NGCR administers a formal policy for reviewing Item 404 related party transactions .
Expertise & Qualifications
- Skills matrix attributes for Aeppel include: Accounting/Financial Literacy; Real Estate Development; Board Diversity; Financial/Capital Markets Experience; Non-AVB Public Board Experience; Real Estate Investment & Finance; Marketing/Brand/Consumer focus .
- Education: B.A. (Honors) Principia College; MBA Harvard Business School .
Equity Ownership
| Item | Detail |
|---|---|
| Total beneficial ownership | 12,564 shares; includes future issuable shares under deferred stock awards |
| Ownership as % of outstanding | * (less than 1%) |
| Unvested DSUs (as of 12/31/2024) | 490 unvested DSUs held by each non-employee director |
| Director stock ownership guideline | ≥5x annual cash retainer; 5-year compliance window |
| Compliance status | All non-employee directors with ≥5 years of service were in compliance as of April 1, 2025 (Aeppel qualifies) |
| Hedging/pledging | Prohibited for directors (anti-hedging/anti-speculation; no pledging policies) |
Governance Assessment
- Alignment: Cash/equity mix is balanced; equity vests over short intervals, encouraging ongoing engagement. Aeppel meets director ownership guidelines and is subject to strict anti-hedging/pledging policies—positive for investor alignment .
- Independence & Attendance: Independent status with active membership on NGCR and IFC; Board reports strong attendance (≥75%)—supports effectiveness .
- Committee Contributions: NGCR oversight of board composition, director compensation, ESG; IFC oversight of investment/financing with sustainability integration—Aeppel’s hospitality/real estate investment background is additive to these mandates .
- Compensation Structure Signals: Board raised annual equity retainer from $190k to $200k post-2025 meeting, consistent with market benchmarking—moderate increase, no meeting fees or excessive chair stipends for Aeppel; no tax gross-ups for directors disclosed .
- Potential Conflicts/Red Flags: Cross-directorships at SPG and MLPK noted; AVB policy requires NGCR review/approval of any related-party transactions; proxy does not detail Aeppel-specific related-party dealings. AVB maintains no poison pill, clawback policy (executives), and robust insider trading policies—overall low governance risk signals .
Overall, Aeppel’s deep hospitality/real estate investment experience, independence, committee engagement, compliance with stock ownership guidelines, and absence of disclosed related-party exposure support board effectiveness and investor confidence .