L. Price Blackford
About L. Price Blackford
L. Price Blackford, age 73, has served on CET’s Board since 2012 and is the current Lead Independent Director. He is a Managing Director at SMG Securities, Inc. (formerly Scott-Macon Securities, Inc., a subsidiary of Scott-Macon Group, Inc.) since 2013 and a director of Maersk Line, Limited since 2017, bringing deep experience in M&A, recapitalizations, financing, and corporate finance advisory to CET’s boardroom .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| SMG Securities, Inc. (formerly Scott-Macon Securities, Inc.; subsidiary of Scott-Macon Group, Inc.) | Managing Director | 2013–present | Corporate finance advisory; M&A, recapitalization, financing expertise |
| Central Securities Corporation (CET) | Director | 2012–present | Lead Independent Director; member of Audit and Compensation & Nominating Committees |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Maersk Line, Limited (shipping and transportation) | Director | 2017–present | Board service disclosed in CET proxy |
Board Governance
- Independence: Blackford is independent; CET states all directors are independent except Hill, Kidd, and Kidd IV (interested persons under the ICA), and Blackford currently serves as Lead Independent Director .
- Lead Independent Director duties: Presides over executive sessions and liaises between directors and management; CET holds executive sessions at least quarterly .
- Committee assignments: Audit Committee and Compensation & Nominating Committee membership; committees comprise independent directors Blackford, Browning, Calder, Poppe; Audit Committee list explicitly includes Blackford .
- Meetings and attendance: Board held 8 regular meetings in 2024; all directors attended at least 75% of Board and committee meetings. In 2023, all directors attended at least 75% except Poppe (73%); Blackford met ≥75% .
- Oversight scope: Audit Committee oversees financial reporting and auditor independence; Compensation & Nominating reviews director candidates and approves officer compensation; both operate under charters posted on CET’s website .
Fixed Compensation
| Item | 2023 | 2024 |
|---|---|---|
| Aggregate Compensation ($) | $61,000 | $61,000 |
| Annual Director Cash Retainer ($) | $40,000 | $40,000 |
| Lead Independent Director Annual Retainer ($) | $10,000 | $10,000 |
| Board Meeting Fee per Meeting ($) | $1,000 | $1,000 |
| Committee Meeting Fee per Meeting ($) | $1,000 | $1,000 |
| Pension/Retirement Benefits Accrued | — (none) | — (none) |
CET pays its Chairman (Wilmot H. Kidd) an additional $160,000 annual consulting retainer; not applicable to Blackford but relevant to overall board pay structure .
Performance Compensation
| Category | Disclosure |
|---|---|
| Equity awards (RSUs/DSUs) | No director equity awards disclosed; compensation reported as cash retainers and meeting fees |
| Option awards | None disclosed for directors |
| Performance-linked metrics (TSR, revenue, EBITDA, ESG) | Not disclosed for director compensation |
| Clawback, severance, change-of-control terms | Not disclosed for directors in proxy |
Other Directorships & Interlocks
| Company | Sector | Role | Since | Potential Interlock/Conflict Notes |
|---|---|---|---|---|
| Maersk Line, Limited | Shipping & Transportation | Director | 2017 | No CET-related transactions disclosed; no related-party exposure identified in proxy |
Expertise & Qualifications
- Core credentials: Decades of corporate finance advisory including M&A, recapitalizations, and financings; valuable for CET’s investment and valuation oversight .
- Board skills: Lead independent leadership, committee experience (Audit; Compensation & Nominating), governance and risk oversight .
Equity Ownership
| Metric | 2023 | 2024 |
|---|---|---|
| Shares Beneficially Owned | 44,571 | 46,065 |
| Shares Outstanding (as-of date) | 28,387,828 (12/31/2023) | 28,935,676 (12/31/2024) |
| Ownership % of Shares Outstanding | 0.157% (calc: 44,571 ÷ 28,387,828) | 0.159% (calc: 46,065 ÷ 28,935,676) |
| Dollar Range of Ownership | Over $100,000 | Over $100,000 |
The proxy notes Blackford owns “less than 1 percent” of CET; exact percentages above are calculated from disclosed share counts and beneficial holdings .
Insider Trades
| Year | Section 16(a) Compliance |
|---|---|
| 2024 | CET states all required ownership reports were filed on a timely basis |
Governance Assessment
- Alignment: Blackford holds a meaningful personal stake (46,065 shares; >$100,000 dollar range), supporting investor-aligned oversight despite the absence of director equity grants or options .
- Independence and effectiveness: He is independent and serves as Lead Independent Director, with active participation on Audit and Compensation & Nominating Committees—key for controls, auditor oversight, board refreshment, and officer pay decisions .
- Attendance and engagement: Board met 8 times; directors met ≥75% thresholds in 2024; Blackford met ≥75% in 2023 as well, indicating baseline engagement .
- Compensation structure: Cash-only director pay (retainer + meeting fees + lead independent premium) avoids equity conflicts but lacks performance linkage; no clawbacks or COI terms disclosed for directors—a neutral-to-weak signal on pay-for-performance .
- Potential conflicts: No related-party transactions involving Blackford are disclosed. CET’s governance context includes significant ownership by Endeavor Foundation and family affiliations of Chairman Wilmot H. Kidd (and Kidd IV); Blackford’s lead independent role is an important counterweight within this structure .
Red Flags (none specific to Blackford disclosed)
- No director equity awards, option repricing, hedging/pledging, or related-party transactions disclosed for Blackford in the proxy .