Joseph Saffire
About Joseph Saffire
Independent director of Broadstone Net Lease, Inc. (BNL) since February 13, 2025; age 55. Former CEO (2019–2023) and CIO (2017–2019) of Life Storage, Inc.; previously EVP roles at First Niagara and Wells Fargo EMEA, and senior roles at HSBC (1992–2012). Currently a director at Extra Space Storage, Inc. (NYSE: EXR). Holds an MBA in Finance and International Management from the University at Buffalo and a BS in Finance from Boston College; attended programs at the London School of Economics and Czech Management Centre .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Life Storage, Inc. | Chief Executive Officer and Director | 2019–2023 | Led strategic evolution of a public storage REIT |
| Life Storage, Inc. | Chief Investment Officer | 2017–2019 | Capital allocation and portfolio strategy |
| First Niagara Bank | EVP & Head of Commercial Banking | 2014–2016 | Built commercial franchise |
| Wells Fargo Bank | EVP & Head of Global Banking, EMEA | 2012–2014 | Oversaw EMEA corporate banking |
| HSBC Bank | Various leadership roles | 1992–2012 | International corporate/commercial banking |
External Roles
| Organization | Role | Start | Notes |
|---|---|---|---|
| Extra Space Storage, Inc. (EXR) | Director | July 2023–present | Current public company directorship |
| Life Storage, Inc. | Director (prior) | 2019–2023 | Pre-merger into EXR |
Board Governance
- Independence: The Board determined Saffire is independent under NYSE standards and BNL guidelines . BNL’s Board is predominantly independent; Chairman Laurie A. Hawkes is an independent non-executive chair .
- Committee assignments: Upon appointment (Feb 13, 2025), he was not assigned to committees; the company anticipates assigning him post-election at the 2025 Annual Meeting .
- Attendance and engagement: The Board met five times in 2024; all then-members attended ≥75% of Board and committee meetings. Saffire joined in 2025; 2024 attendance benchmarks indicate strong engagement culture .
- Executive sessions: Board and all standing committees regularly meet in executive session with and without management .
- Policies: Prohibitions on hedging/pledging, robust whistleblower program, and compensation clawback policy aligned with SEC/NYSE rules .
Fixed Compensation
| Component | Amount/Terms | Evidence |
|---|---|---|
| Annual director cash retainer | $60,000 (paid quarterly) | |
| Chair fees | Board Chair $70,000; Audit Chair $20,000; Comp/Gov Chairs $15,000 | |
| Committee member fees (non-chair) | Audit $10,000; Compensation $7,500; Governance $7,500 | |
| Annual director equity grant | $100,000 grant-date fair value in restricted stock; vests on earlier of 1-year or next annual meeting (≥50 weeks) | |
| Saffire initial equity award (2025) | 6,263 shares of restricted stock reported on Form 4 for grant dated May 2, 2025 (transaction code “A”) |
Indemnification agreement: Company will enter into standard indemnification agreements with Saffire .
Performance Compensation
Directors do not receive performance-based pay; annual equity grants are time-based restricted stock without performance metrics .
| Metric Category | Applies to Director Pay? | Notes |
|---|---|---|
| AFFO/share, leverage, occupancy, TSR | No | These metrics drive executive pay, not director compensation |
Other Directorships & Interlocks
| Company | Sector | Role/Committee | Potential Interlock/Conflict Assessment |
|---|---|---|---|
| Extra Space Storage (EXR) | Self-storage REIT | Director | EXR operates in self-storage; BNL is industrial-focused net lease. No related-party transactions disclosed; Board affirms independence and no Item 404(a) transactions involving Saffire . |
Expertise & Qualifications
- Core skills: Executive leadership, capital markets, finance/accounting, corporate governance, real estate, risk management .
- Education: MBA (Univ. at Buffalo); BS (Boston College); programs at LSE and Czech Management Centre .
- Board qualifications: Prior public REIT CEO experience and capital markets expertise deemed “extremely beneficial” to BNL .
Equity Ownership
| As-Of Date | Shares Beneficially Owned | Notes |
|---|---|---|
| March 3, 2025 | 0 shares | Beneficial ownership table shows zero |
| May 2, 2025 (grant) | +6,263 restricted shares (unvested) | Annual director equity award reported on Form 4 |
- Ownership guidelines: Non-employee directors must reach ownership equal to 5× annual cash retainer within five years; must retain ≥50% of shares until compliant . Hedging/pledging of company stock is prohibited .
Insider Filings Summary
| Filing Date | Form | Period/Transaction | Detail |
|---|---|---|---|
| Feb 24, 2025 | Form 3 | Initial statement | Initial beneficial ownership filed upon joining Board |
| May 6, 2025 (filed) | Form 4 | Event Date: May 2, 2025 | Award of 6,263 restricted shares (A) as part of director equity program |
Governance Assessment
- Board effectiveness: Saffire adds proven REIT operator experience and capital markets depth; independence affirmed; expected committee assignments will enhance oversight breadth .
- Alignment and incentives: Director pay is moderate with balanced cash/equity and time-based vesting; strong ownership guideline (5× retainer) fosters alignment, though as a new director he is at the start of a five-year compliance window .
- Conflicts and related-party exposure: Company disclosed no Item 404(a) transactions involving Saffire; independence confirmed; insider trading policy prohibits hedging and pledging, reducing alignment risk .
- Board culture and oversight: Regular executive sessions and robust committee charters (Audit committee financial experts, Compensation uses independent consultant, Governance oversees ESG) support investor confidence .
- Shareholder signals: Prior say-on-pay support (95.8% in 2024) indicates effective compensation governance and positive shareholder sentiment .
RED FLAGS and Watch Items
- Ownership shortfall near term: As of March 3, 2025, Saffire held zero shares, moving to 6,263 restricted shares in May 2025; while compliant with the five-year timeline, monitor progression toward 5× retainer guideline .
- Committee engagement: No committee assignment at appointment; reassess post-2025 Annual Meeting for active committee roles and meeting attendance .
- External board service: EXR directorship presents industry adjacency; current disclosures show no related-party transactions; continue monitoring for any business dealings between BNL and EXR tenants or affiliates .
Director Compensation Program Reference
| Program Element | Key Terms |
|---|---|
| Cash | $60,000 base retainer; additional chair/member fees by committee |
| Equity | $100,000 restricted stock annually; vests on earlier of one year or next annual meeting (≥50 weeks) |
| Policy | Ownership guideline 5× retainer in 5 years; ≥50% retention until met |
Board appointment and independence, indemnification, and the absence of related-party transactions are detailed in BNL’s 8-K dated Feb 18, 2025 . Director compensation framework and governance policies are from BNL’s 2025 Proxy Statement .