Blake Drexler
About Blake S. Drexler
Independent Chairman of the Board at Bankwell Financial Group (BWFG); age 67; director since 2007 at BWFG and earlier served on the board of The Bank of New Canaan from its organization. Background includes 22 years as Managing Director of Derivative Products at Greenwich Capital Markets, portfolio manager at Mariner Capital since 2011, and private equity partner at 5‑Mile Ventures and Great Point Partners (2004–2011). Board Chair role is separated from the CEO, reinforcing independent oversight; Drexler is classified as independent (all directors except the CEO are independent).
Past Roles
| Organization | Role | Tenure / Dates | Committees/Impact |
|---|---|---|---|
| Mariner Capital | Portfolio Manager | Since 2011 | Financial markets acumen applied to board oversight |
| 5‑Mile Ventures; Great Point Partners | Private Equity Investor/Partner | 2004–2011 | Investment experience, local market ties |
| Greenwich Capital Markets | Managing Director, Derivative Products | 22 years | Deep derivatives/trading expertise |
| Bankwell Financial Group | Executive Chairman | Aug 2014 – Feb 2015 | Transition leadership, board governance |
| The Bank of New Canaan | Director | From organization (predecessor to BWFG) | Foundational market knowledge |
External Roles
| Organization | Role | Tenure/Notes |
|---|---|---|
| Chicago Board of Trade (CBOT) | Member | Historical membership, markets expertise |
| Chicago Mercantile Exchange (CME) | Member | Historical membership, markets expertise |
| Chicago Board Options Exchange (CBOE) | Member | Historical membership, options expertise |
Board Governance
- Role: Non-management Chairman of the Board; Board has separated Chair/CEO roles since 2015 to enhance independent oversight and agenda setting.
- Independence: Board determined all directors are independent except the CEO; shareholders can communicate directly to independent directors via Drexler.
- Attendance: In 2024 the Board met 10 times; each incumbent director attended at least 75% of board and committee meetings; all directors attended the 2024 annual meeting.
- Committees and Chairs (2024):
- Audit: Members Demos (Chair), Kotval, Seidman; 12 meetings; all independent.
- Compensation: Members Dale (Chair), Lampert, Porto; 12 meetings; independent; uses Pearl Meyer as independent consultant.
- Governance & Nominating: Members Dale, Lampert, Leitão, Porto (Chair); 8 meetings; independent.
- Risk Committee: Established July 2024 for ERM/cyber/compliance oversight; 4 meetings (2024).
- Policies: Director stock ownership requirement ≥3× average annual board fees (min $150,000); all directors with ≥2 years service meet guidelines; anti-hedging and anti-pledging policy prohibits options/derivatives and pledging or margin.
Fixed Compensation
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Fees Earned or Paid in Cash ($) | $138,250 | $161,000 | — |
| Committee Chair Fees (incremental) | Not itemized | Not itemized | — |
| Meeting Fees | Not disclosed | Not disclosed | — |
| Total Director Compensation ($) | $261,988 | $161,000 | — |
Notes:
- BWFG pays combined fees for service across the Company and Bank boards; Chair/Vice Chair and committee chairs receive additional retainers (not itemized by director in proxy tables).
Performance Compensation
| Equity Component | 2023 | 2024 | 2025 |
|---|---|---|---|
| Annual Director RSU Grant (shares) | 1,600 shares granted; 3-year vesting beginning Feb 7, 2025 | Regular annual grant moved to February cycle; Drexler had no 2024 grant recognized in the 2024 table due to calendar shift | 1,800 shares granted to each director on Feb 7, 2025; vests in 3 equal annual installments starting Feb 7, 2026 |
| Special Director Grant (shares) | 2,500 shares one-time grant to each non-employee director; 1/3 vested Dec 29, 2023; 1/3 vested Feb 7, 2024; remainder vests Feb 7, 2025 | Committee activity grants: 300 shares (Comp Committee members) and 100 shares (Governance Committee members), immediate vesting; Drexler not listed as a member of either committee | — |
| Unvested RSUs Outstanding (as of period end) | 10,887 unvested shares (all directors’ counts; Drexler’s figure within table) | Drexler: 8,454 unvested shares as of Dec 31, 2024 | — |
| Stock Awards ($) reported | $123,738 | $0 (no stock awards recorded for Drexler in 2024 table) | — |
Other Directorships & Interlocks
- No other current public company directorships disclosed for Drexler; prior corporate leadership roles noted above.
- No related party transactions involving Drexler reported for 2023–2024; no loans to related parties as of Dec 31, 2024.
Expertise & Qualifications
- Capital markets and derivatives: 22-year tenure as Managing Director of Derivative Products at Greenwich Capital Markets; memberships in CBOT/CME/CBOE underscore technical trading experience.
- Investment management and private equity: Portfolio manager at Mariner Capital (since 2011) and partner at 5‑Mile Ventures/Great Point Partners (2004–2011).
- Local market/community leadership: Founding director at predecessor entities; long-standing presence in BWFG’s market supports relationship banking oversight.
Equity Ownership
| Metric | 2024 (as of Apr 4, 2024) | 2025 (as of Mar 27, 2025) |
|---|---|---|
| Beneficial Ownership (shares) | 256,157 | 257,971 |
| Percent of Class | 3.24% (out of 7,908,180 shares) | 3.27% (out of 7,888,942 shares) |
| Footnote details | Includes 58,224 shares held in trusts where he serves as trustee | Includes 58,224 shares held by family members over which he exercises effective control |
| Unvested RSUs at 12/31 | 10,887 (director-level table; Drexler’s unvested shares included) | 8,454 (Drexler) |
| Pledging/Hedging | Prohibited by policy; no pledging allowed; no hedging instruments permitted. | |
| Ownership Guidelines | Directors required to hold ≥3× average annual board fees (min $150,000); all directors with ≥2 years meet guidelines. |
Say‑on‑Pay & Shareholder Feedback
| Item | 2023 | 2024 |
|---|---|---|
| Say‑on‑Pay Support | 81.5% approval | 89.1% approval |
- Management and Compensation Committee note ongoing shareholder engagement; enhanced CD&A disclosure despite smaller reporting company status.
Governance Assessment
- Board effectiveness: Separation of Chair/CEO with Drexler as non-management Chair supports independent oversight, agenda control, and management accountability.
- Independence and discipline: Majority-independent board; strong committee structure (Audit, Compensation, Governance, and newly formed Risk Committee) with independent chairs and active meeting cadence (Audit 12; Compensation 12; Governance 8; Risk 4 in 2024).
- Alignment: Robust director ownership guidelines and anti-hedging/anti-pledging policy strengthen alignment and reduce risk of misaligned incentives.
- Attendance and engagement: Consistent attendance (≥75%) and full annual meeting participation in 2024 indicate engagement.
- Pay signals: Drexler’s cash retainer increased year over year ($138,250 → $161,000), while equity awards were not recorded for him in 2024 due to cycle shift; standardization of February grants with three-year vesting resumed in 2025 (1,800 shares each).
- Related party/Conflicts: No related party transactions reported; no loans to related parties; formal related party policies in place overseen by Governance & Nominating.
- Shareholder support: Strong Say‑on‑Pay support (81.5% in 2023; 89.1% in 2024) reflects investor confidence in compensation governance.
RED FLAGS: None disclosed regarding related party transactions, pledging/hedging, option repricing, or low Say‑on‑Pay; monitor influence of significant shareholder (Seidman at 9.49%) for board dynamics and potential governance pressure points.
Appendix: Committee Snapshot (2024)
| Committee | Members | Chair | Meetings (2024) |
|---|---|---|---|
| Audit | Demos, Kotval, Seidman | Demos | 12 |
| Compensation | Dale, Lampert, Porto | Dale | 12 |
| Governance & Nominating | Dale, Lampert, Leitão, Porto | Porto | 8 |
| Risk | Board-level ERM oversight | — | 4 (established July 2024) |