J. Phillip Holloman
About J. Phillip Holloman
Independent Board Member of BlackRock Long-Term Municipal Advantage Trust (BTA) since 2021; born 1955. Current roles include Interim Executive Chairman, President and CEO of Vestis Corporation (2025–present), and prior service as President and COO of Cintas Corporation (2008–2018). Oversees 66 BlackRock-advised registered investment companies consisting of 101 portfolios across the Fixed-Income Complex, and is classified by BTA as an Independent Board Member .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cintas Corporation | President & Chief Operating Officer | 2008–2018 | Senior operating leadership experience cited by BTA Boards as relevant to audit and governance contributions |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Vestis Corporation | Interim Executive Chairman, President & CEO; Director | 2025–present | Public company directorship; uniforms and facilities services |
Board Governance
- Independence: Listed among Independent Board Members; not an “interested person” under the 1940 Act .
- Committee assignments: Member, Audit Committee; Member, Governance Committee; Member, Performance Oversight Committee; not a chair of any committee at BTA .
- Attendance: BTA reports no incumbent director attended less than 75% of aggregate Board and committee meetings in the most recent full fiscal year; Boards met 7–10 times across funds in 2024, with BTA-specific committee meeting counts below .
- Tenure on BTA Board: Since 2021 .
- Board structure: Independent Chair (R. Glenn Hubbard) and committees led by Independent Board Members; Independent directors meet regularly in executive session .
| BTA Committee Meetings (FY end July 31) | Count |
|---|---|
| Audit Committee | 8 |
| Governance Committee | 6 |
| Compliance Committee | 4 |
| Performance Oversight Committee | 4 |
| Discount Committee | 1 |
| Securities Lending Committee | 2 |
| Executive Committee | 1 |
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (Independent Board Member, across BlackRock-advised funds) | $370,000 | Funds, including BTA, pay a pro rata portion quarterly based on relative net assets; plus out-of-pocket expenses per policy |
| Audit Committee member retainer | $30,000 | For non-chair members |
| Governance Committee member retainer | $25,000 | For non-chair members |
| Performance Oversight Committee member retainer | $25,000 | For non-chair members |
| Committee chair fees (context; not applicable to Holloman at BTA) | Audit $55,000; Performance Oversight $42,500; Compliance $50,000; Governance $42,500; Discount $25,000; Securities Lending $20,000 | Chair fees apply when serving as chair; Holloman is not listed as chair |
| Deferred compensation plan (optional) | Up to 50% of total compensation may be deferred | Deferrals notionally earn returns as if invested in selected BlackRock Fixed-Income funds; unfunded, general unsecured obligations of the fund |
Performance Compensation
| Performance-linked metrics in director compensation | Status/Details |
|---|---|
| Metrics (TSR, revenue, EBITDA, ESG, etc.) tied to Independent Director pay | None disclosed; compensation comprises retainers and committee fees; funds do not have a separate compensation committee for executives and CCO compensation is overseen by Boards |
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Conflict Consideration |
|---|---|---|
| Vestis Corporation | Interim Executive Chairman, President & CEO; Director | No disclosed related-party transactions with BTA; sector unrelated to BTA’s municipal bond investment mandate |
Expertise & Qualifications
- Boards cite Holloman’s business and leadership experience as executive/director across public/private companies; financial and accounting knowledge qualifies him for Audit Committee service; independence supports roles on Governance and Performance Oversight Committees .
Equity Ownership
| Holding Category (as of Dec 31, 2024) | Dollar Range |
|---|---|
| BTA Common Shares | None |
| MUA Common Shares (Acquiring Fund in 2025 reorg materials) | None |
| Aggregate holdings in supervised Fixed-Income Complex funds | None |
| Group ownership (all officers and Board Members in each Fund) | Less than 1% of outstanding common shares; none of outstanding VRDP Shares |
Governance Assessment
- Positives:
- Independent status with multi-committee service (Audit, Governance, Performance Oversight) enhances Board effectiveness in financial reporting, self-assessment, and performance review .
- Attendance at or above 75% threshold; structured Board oversight with independent chair and robust committee charters, including auditor independence and pre-approval controls .
- Watch items / potential red flags:
- Ownership alignment: No disclosed BTA or supervised fund share ownership, despite Governance Committee monitoring of Independent Board Member share ownership—could be perceived as lower “skin-in-the-game” versus peers who hold fund shares .
- Time commitments: Concurrent public company executive leadership at Vestis plus oversight of 66 RICs/101 portfolios may raise capacity questions, though not uncommon within the BlackRock fund complex; no attendance shortfall disclosed .
- Compensation structure: Purely cash-based retainer and committee fees; while deferral option aligns economics to fund performance, absence of equity or ownership requirements reduces direct alignment pressure—Boards review compensation and ownership but no mandated guidelines disclosed .
No related-party transactions, pledging/hedging, legal proceedings, or say-on-pay issues are disclosed for Holloman in BTA’s proxy materials reviewed .