Eric Affeldt
About Eric L. Affeldt
Eric L. Affeldt, 67, is Blade Air Mobility’s non‑independent Chairman of the Board, serving since September 2019. He is the former President & CEO of ClubCorp (2006–2017), led its 2017 take‑private with an Apollo affiliate, and previously held senior roles at KSL Capital Partners and General Aviation Holdings. He holds a B.A. in Political Science and Religion from Claremont McKenna College; tenure on Blade’s board is ~6 years.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| ClubCorp | President & CEO | 2006–2017 | Led 2017 take‑private to Apollo affiliate |
| KSL Capital Partners | Principal | 2005–2007 | Travel & leisure PE focus |
| General Aviation Holdings | President | 2000–2005 | Aviation holding company leadership |
| KSL Fairways | President & CEO | Prior to 2000 | Golf course owner/manager |
| Doral Golf Resort & Spa; PGA West & La Quinta | VP & GM | Prior roles | Operational leadership in hospitality |
| Cedar Fair Entertainment Company | Director; Chairman of the Board | Director 2010–2018; Chair 2012–2018 | Board leadership at public company |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Vail Health System (private) | Director | Since 2017 | Colorado private healthcare system |
Board Governance
- Roles and independence: Chairman of the Board; determined not independent under Nasdaq rules. If the Chair is not independent, Blade’s policy is to designate a Lead Independent Director (not named in the proxy).
- Committee assignments: Member, Compensation Committee (Chair: Susan Lyne); Member, Nominating & Corporate Governance Committee (Chair: Reginald Love). Not on Audit.
- Attendance and engagement: In 2024 the Board met 5 times; committees met 4 (Audit), 5 (Compensation), and 2 (NCGC). Each director attended at least 75% of Board/committee meetings; 6 of 8 directors attended the 2024 annual meeting. Independent directors meet regularly in executive session.
- Sponsor/nomination rights: Identified as a “Sponsor Director” under the Investor Rights Agreement; Sponsor retained rights to designate directors based on ownership thresholds.
- Related‑party oversight: Audit Committee reviews and approves related‑party transactions under a written policy; directors with an interest recuse.
Fixed Compensation
| Component (FY2024) | Amount | Detail |
|---|---|---|
| Cash fees | $112,500 | Director and chair/committee cash elections per program |
| Stock awards (RSUs) | $128,906 | Valued per ASC 718 |
| Perquisites (Flight Benefit usage) | $3,218 | Director flight benefit ($25,000 annual eligibility); amounts shown reflect usage value |
| Total | $244,624 | Sum of above |
Director compensation program (August 2024): Base RSU award $150,000 plus director election of $50,000 in RSUs or cash; Board Chair additional $50,000 in RSUs or cash; committee chair/member fees via RSUs or cash per schedule; RSUs vest 100% at the 2025 Annual Meeting.
Performance Compensation
| Equity vehicle | Grant/units | Vesting | Performance metrics |
|---|---|---|---|
| Director RSUs | Base award 42,826 RSUs to continuing directors | 100% on date of 2025 Annual Meeting, subject to service | None disclosed; director equity is time‑based RSUs (no performance conditions) |
No director performance metrics are disclosed for board compensation; Blade’s performance‑linked awards (PSUs tied to Adjusted EBITDA/FCF/EVA milestones) apply to executives, not directors.
Other Directorships & Interlocks
| Entity | Type | Role/Status | Interlock/Conflict Considerations |
|---|---|---|---|
| Cedar Fair Entertainment Company | Public | Former Director; former Chairman | Historical leadership; no current role |
| Vail Health System | Private | Director | Overlaps with Blade’s medical transport segment broadly; no disclosed related‑party transactions |
| Steele ExpCo Holdings LLC / KSL Capital Partners V GP | Investor | 14.7% BLDE holder | Historical KSL affiliation by Affeldt; KSL affiliate is a significant shareholder; Affeldt serves as Sponsor Director |
Expertise & Qualifications
- Travel/leisure operations, aviation, and board leadership across public and private companies; led complex M&A (ClubCorp take‑private).
- Governance experience (chairing Cedar Fair’s board) and strategic investor perspective (KSL principal).
- Education: B.A., Claremont McKenna College.
Equity Ownership
| Holder/form | Shares/Units | Status | Notes |
|---|---|---|---|
| Common stock (direct) | 87,604 | Held | Directly by Affeldt |
| Common stock (Eric L. Affeldt Living Trust) | 415,250 | Held | Affeldt is trustee |
| RSUs | 42,826 | Will vest within 60 days of Mar 13, 2025 | Included as beneficial ownership due to imminent vest |
| Private Placement Warrants | 350,000 | Exercisable | Held by his Living Trust |
| Total beneficial ownership | 895,680 | 1.1% of outstanding | Based on 79,955,438 shares outstanding |
| Ownership guidelines | 5x max annual cash retainer | Policy | Directors required to meet within 5 years; no director out of compliance as of 12/31/2024 |
| Hedging/pledging | Prohibited | Policy | Anti‑hedging and anti‑pledging policy for directors |
Governance Assessment
- Board effectiveness: Affeldt brings deep operating and transaction experience in adjacent industries (aviation, travel/leisure) and prior public board chair leadership—valuable for oversight and strategy.
- Independence & sponsor influence: He is the non‑independent Chairman and a Sponsor Director—this concentrates influence with a significant shareholder bloc; Blade’s policy requires a Lead Independent Director when the Chair is not independent (though not named). This structure warrants monitoring for impartiality in CEO evaluation and compensation decisions.
- Committee roles: Service on the Compensation Committee and NCGC places Affeldt at the center of pay and board composition decisions; Audit Committee retains related‑party approval authority, which mitigates conflicts since Affeldt is not on Audit.
- Attendance & engagement: At least 75% attendance threshold met in 2024; independent directors hold regular executive sessions—positive engagement signals.
- Director pay & alignment: Mixed cash/RSU compensation with stock ownership guidelines and anti‑hedging/pledging—favorable alignment; flight perquisite usage modest.
- Potential conflicts and related parties: Historical affiliation with KSL; KSL affiliate is a 14.7% BLDE shareholder; Affeldt’s Sponsor Director role ties governance to investor rights. Audit Committee screens related‑party transactions under a formal policy.
RED FLAGS
- Non‑independent Board Chair and Sponsor Director status—elevated risk of sponsor influence over board agenda and CEO pay; ensure robust Lead Independent Director function and regular executive sessions to balance.
- Significant shareholder interlock via KSL affiliate (Steele ExpCo Holdings LLC, 14.7%)—monitor any transactions or strategic decisions that could advantage sponsor interests over minority shareholders; Audit Committee oversight is critical.
Mitigants
- Formal related‑party policy with Audit Committee approval; anti‑hedging/pledging policy; director/exec stock ownership guidelines; regular executive sessions.