Lorenzo A. Flores
About Lorenzo A. Flores
Independent Trustee of BlackRock Technology and Private Equity Term Trust (BTX), part of BlackRock’s closed‑end funds complex. Born 1964; finance and technology executive with 30+ years’ experience. Current CFO of Lattice Semiconductor (joined February 2025); prior CFO roles at Intel Foundry (2024–2025) and Xilinx (2016–2019), Vice Chairman at Kioxia (2019–2024), and earlier finance leadership at Intel and others . He has served on BlackRock’s closed‑end fund boards since 2021 and continues as a Trustee in 2025 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Intel Foundry (Intel Corp.) | Chief Financial Officer | 2024–2025 | Led finance for manufacturing unit; deep semiconductor operations expertise . |
| Kioxia, Inc. | Vice Chairman | 2019–2024 | Executive leadership in flash memory and SSD; global tech market exposure . |
| Xilinx, Inc. | Chief Financial Officer; Corporate Controller | CFO 2016–2019; Controller 2008–2016 | Public-company finance leadership; accounting and reporting oversight . |
| UXComm | Chief Financial Officer | Prior period (not dated) | Finance transformation in tech; M&A and investor relations . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Lattice Semiconductor (NASDAQ: LSCC) | Chief Financial Officer | Feb 2025–present | Oversees financial strategy and operations; MBA (UCLA Anderson), BS (MIT) . |
| BlackRock Closed‑End Funds Complex | Independent Trustee; Audit Committee Financial Expert; Audit and Performance Oversight Committee member | 2021–present | Board service across multiple BlackRock CEFs; audit and performance oversight responsibilities . |
Board Governance
- BTX Board of Trustees includes Lorenzo A. Flores among ten Trustees; officers are reachable at BTX’s principal address .
- Independent Trustees (including Flores) had no interests in BlackRock Advisors or affiliates as of Dec 31, 2024; Board members and officers as a group owned <1% of BTX shares as of Mar 4, 2025—indicating independence but modest direct ownership alignment .
- Committee work: Audit Committee member and designated Audit Committee Financial Expert; member of Performance Oversight Committee for the BlackRock CEF board that oversees BTX—critical for financial reporting integrity and strategy performance oversight .
- Engagement context: BTX conducted a large tender offer and entered standstill agreements with activists (Karpus, Saba), elevating governance scrutiny during 2025 .
Fixed Compensation
| Component | Amount/Terms | Source |
|---|---|---|
| Annual retainer (Independent Trustees across BlackRock‑advised funds) | $370,000 per year | |
| Board Chair / Vice Chair additional retainer | $140,000 (Chair); $84,000 (Vice Chair) per year | |
| Committee Chair retainers | Audit $55,000; Performance Oversight $42,500; Compliance $50,000; Governance & Nominating $42,500; Securities Lending $20,000 (annual) | |
| Special/extra meeting fee | $10,000 per special unscheduled meeting or meetings beyond six per year | |
| Aggregate compensation (calendar 2024; BlackRock Fixed‑Income Complex) | $420,000 (Flores) | |
| Deferred compensation elected (calendar 2024) | $210,000 (Flores) | |
| Deferred compensation balance (as of Dec 31, 2024) | $743,845 payable to Flores | |
| Per‑fund compensation example (fiscal year ended Apr 30, 2025, one BlackRock fund) | $717 (Flores) |
Performance Compensation
| Pay Element | Presence at BTX Board | Notes/Metric Details |
|---|---|---|
| Equity awards (RSUs/PSUs), options | None disclosed | Trustee compensation is via cash retainers and optional deferred compensation; no equity grants or option awards are disclosed for Trustees . |
| Bonus/variable cash tied to KPIs | None | No performance‑tied cash elements disclosed for Trustees . |
| Deferred compensation plan mechanics | Yes (elective) | Trustees may defer retainer into fund share equivalents of eligible CEFs; accrual mirrors fund performance; obligations are unsecured liabilities of the funds . |
Other Directorships & Interlocks
| Company/Entity | Role | Public/Private | Overlap/Interlock Risk |
|---|---|---|---|
| BlackRock Closed‑End Funds Board (includes BTX) | Independent Trustee | Public fund complex | Oversees audit and performance for multiple funds; standard independent fund governance structure . |
| Lattice Semiconductor (LSCC) | Chief Financial Officer | Public | Technology industry overlap with BTX’s focus; potential need for recusal if BTX or other BlackRock funds transact in LSCC securities . |
| Kioxia, Inc. | Vice Chairman (former) | Private | No direct BTX conflict disclosed; global semiconductor exposure . |
Expertise & Qualifications
- Audit Committee Financial Expert designation; extensive accounting, reporting, and internal control leadership from CFO/Controller roles at Xilinx, Intel Foundry, and Lattice .
- Technology sector depth (semiconductors, memory), relevant to BTX’s revised strategy concentrating in technology industries, enhancing oversight of strategy execution and risk .
- Education: MBA (UCLA Anderson), BS degrees in Civil Engineering and Management Science (MIT) .
Equity Ownership
| Measure | Value | Date/Scope |
|---|---|---|
| Board members and officers, total beneficial ownership in BTX | <1% of outstanding shares | As of March 4, 2025 |
| Independent Trustees/family interests in Adviser/Affiliates | None | As of December 31, 2024 |
| Dollar range in specific BlackRock funds (example SAI disclosure) | None in fund; Over $100,000 aggregate in supervised funds (Flores) | SAI disclosure format across BlackRock funds |
Governance Assessment
- Strengths: Independent Trustee with deep finance and semiconductor expertise; Audit Committee Financial Expert; active roles on Audit and Performance Oversight Committees; no related‑party interests with Adviser; minimal group share ownership reduces conflicts from insider stakes .
- Alignment: While Trustees do not receive equity grants, elective deferred compensation into fund share equivalents ties part of pay to fund performance; Flores deferred $210,000 in 2024, reflecting some performance linkage via the plan .
- Potential conflicts: Concurrent CFO role at LSCC introduces industry overlap with BTX’s technology‑concentration strategy; monitor for recusal on any LSCC‑related matters or broader tech issuer interactions. No specific related‑party transactions disclosed for Independent Trustees; independence affirmed at year‑end 2024 .
- Risk indicators: 2025 activism context (tender offer, standstill agreements) heightens governance scrutiny; Trustee expertise in audit/performance oversight is a positive signal amid strategic shifts (non‑diversified status, technology concentration) .
RED FLAGS:
• Technology issuer overlap from LSCC CFO role—ensure robust conflict screening and recusal protocols when BTX or other BlackRock funds invest in LSCC or close peers .
• Low direct ownership in BTX (<1% group) may limit “skin‑in‑the‑game,” partially mitigated by deferred compensation plan exposure to fund performance .
Positive Signals:
• Audit Committee Financial Expert; strong attendance implied by ongoing committee leadership across the complex; independence from Adviser; comprehensive committee framework and chartered responsibilities .