M. Brent Stevens
About M. Brent Stevens
M. Brent Stevens, age 64, has served as a Class III director of Concrete Pumping Holdings, Inc. (BBCP) since December 2018. He is the founder and Manager of Peninsula Pacific; previously Chairman and CEO of Peninsula Gaming (1997–2012), and an Executive Vice President and Head of Capital Markets at Jefferies & Company (1990–2010). He holds a B.A. in Accounting from the University of Southern California and an MBA from the Wharton School. He is a major beneficial owner of BBCP through direct holdings and BBCP Investors, LLC .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Peninsula Gaming, LLC | Chairman & CEO | 1997–2012 | Led growth to sale to Boyd Gaming in 2012 |
| Jefferies & Company | EVP & Head of Capital Markets; Executive Committee member | 1990–2010 | Led capital markets; senior leadership responsibilities |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Peninsula Pacific | Founder & Manager | Ongoing | Private investment fund; sectors: gaming, consumer, industrial |
| Other current public company boards | — | — | None disclosed in proxy biography |
Board Governance
- Class III director; current term runs until the 2027 annual meeting .
- Independence: Not listed among directors the Board determined to be “independent” under Nasdaq standards; independent directors identified are Faust, Alarcon, Armstrong, Beres, Hall, Hodges, Piecuch, Morgan, Cheesman .
- Committee memberships: Not listed as a member of Audit, Compensation, or Corporate Governance & Nominating Committees; chairs are Piecuch (Audit), Hodges (Compensation), Morgan (Governance) .
- Board/committee meeting cadence and attendance: FY2024—Board met 7x; Audit 4x; Compensation 4x; Governance 1x. All directors attended at least 75% of applicable Board/committee meetings; nine directors attended the 2024 annual meeting .
- Governance structure: Chair (Howard D. Morgan) and Vice Chair (Brian Hodges) are non-officers; independent directors and all committees meet in executive session without management .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer (Non-Employee Director) | $112,000 | Pro-rated for time served |
| Committee chair add-on (if applicable) | $50,000 | Chairs only (Chair, Vice Chair/Comp Chair, Audit Chair) |
| Meeting fees | $0 | Not disclosed; director compensation is limited to retainer |
| M. Brent Stevens—FY2024 total | $112,000 | Fees earned or paid in cash; total $112,000 |
The proxy states director compensation is limited to the above; “no other material arrangements are present” for directors .
Performance Compensation
- None disclosed for directors (no equity grants, options, or performance-based director pay presented in the director compensation table) .
Other Directorships & Interlocks
| Entity | Relationship | Details | Implication |
|---|---|---|---|
| BBCP Investors, LLC | Holder of 11,005,275 BBCP common shares | Wholly owned by PGP Investors, LLC; Stevens is Manager of PGP and may be deemed to beneficially own shares; disclaims beneficial ownership except to pecuniary interest | |
| Peninsula Pacific | Stockholders Agreement designation rights | Peninsula has rights to designate up to three directors depending on ownership thresholds; current Peninsula designees: Stevens (Class III), Alarcon (Class I), Cheesman (Class II) | |
| CFLL Holdings, LLC (Argand-managed) | 29.1% owner; Argand managers on BBCP Board | CFLL holds 15,477,138 shares; Argand’s investment committee includes Howard D. Morgan and Heather L. Faust, both BBCP directors |
Interlock signal: BBCP’s Board includes designees from two large shareholders (Peninsula/PGP entities and Argand/CFLL), indicating sponsor influence in governance and strategy .
Expertise & Qualifications
- Finance and capital markets leadership; prior EVP and Head of Capital Markets at Jefferies; investment committee experience .
- Gaming sector operating experience; led Peninsula Gaming as Chairman & CEO .
- Education: B.A. Accounting (USC); MBA (Wharton) .
Equity Ownership
| Holder | Shares | % Outstanding | Ownership Detail |
|---|---|---|---|
| M. Brent Stevens (aggregate) | 11,802,430 | 22.2% | 797,155 shares held directly; 11,005,275 via BBCP Investors, LLC (PGP-owned; Stevens is Manager of PGP) |
| BBCP shares outstanding (reference) | 53,151,431 | — | As of Feb 25, 2025 |
- Pledging/Hedging: Company policy prohibits pledging, margin accounts, hedging, or similar arrangements by directors, officers, and employees .
- Form 16 compliance: No delinquent Section 16(a) reports disclosed for Stevens; only two late Form 4 filings noted for Young and Humphries related to RSU grants .
Governance Assessment
- Alignment and influence: Very high economic alignment via 22.2% beneficial ownership; also significant governance influence through Peninsula’s designation rights—positive for sponsor-driven oversight but reduces independence and may constrain minority shareholder influence .
- Independence and committee oversight: Not independent; not seated on Audit/Comp/Governance committees (all independent). This mitigates conflict risk in key oversight functions but centralizes formal compliance oversight with other independent directors .
- Attendance and engagement: Meets minimum attendance threshold (≥75% of Board/committee meetings in FY2024); Board maintains executive sessions and access to advisors, supporting governance robustness .
- Conflicts/related party exposure: No related-party transactions disclosed involving Stevens for the period; notable related-party items involve CEO Bruce Young (facility lease and family employment), not Stevens .
- Policy safeguards: Prohibition on hedging and pledging reduces misalignment risks; committees operate under published charters; majority-independent Board .
Red flags to monitor
- Sponsor control dynamics: Peninsula’s ongoing nomination rights and Stevens’ large beneficial stake signal concentrated control; monitor potential divergence from minority shareholder interests and any transactions involving sponsor affiliates .
- Director equity compensation: Absence of equity-based director pay modestly weakens board-level pay-for-performance alignment, though Stevens’ outside ownership compensates for this personally .
- Broader related-party environment: While none involve Stevens, ongoing related-party arrangements with management (leases; family employment) warrant Audit Committee vigilance .