Edward Estrada
About Edward J. Estrada
Edward J. Estrada, age 52, has served as an independent director of CĪON Investment Corporation since 2021. He is Principal of Estrada Legal Consulting, following 25 years in private legal practice, most recently as a partner at Reed Smith LLP and global chair of its Financial Industry Group (2016–2021). He holds a J.D. from George Washington Law School (1997) and a B.A. from Cornell University (1994) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Reed Smith LLP | Partner; Global Chair, Financial Industry Group | 2016–2021 | Led financial industry practice; identified/responded to market trends |
| Reed Smith LLP | Global Head of Business Strategy (Senior Management Team) | 2014–2016 | Strategy development and implementation |
| Reed Smith LLP | Managing Partner, New York Office | 2012–2014 | Local office leadership |
| Reed Smith LLP | Co-Head, U.S. Litigation Group | 2010–2012 | Litigation group leadership |
| Reed Smith LLP | Executive Committee (two terms) | 2009; 2014 | Firm governance |
| Private Legal Practice | Attorney | ~1996–2021 | Broad financial services litigation/transactions advice |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Estrada Legal Consulting | Principal | Current | Legal management consulting (strategy, operations, margin improvement) |
| American Redress Partners, LLP | Partner | Since 2024 | Partner role disclosed |
| Family Foundation (unnamed) | Director | Since 2021 | Board/advisory roles in select non-profits |
| CION Grosvenor Infrastructure Fund | Trustee | Since 2024 | Diversified closed-end management investment company trustee |
Board Governance
- Independence: The Board affirmatively determined Mr. Estrada is an Independent Director under the 1940 Act and NYSE rules .
- Committee memberships: Audit, Nominating & Corporate Governance, and Compensation (member on all three) .
- Committee chairs: Audit chaired by Aron I. Schwartz; Nominating & Corporate Governance chaired by Robert A. Breakstone; Compensation committee has no chair .
- Board structure: Co-CEOs serve as Co-Chairmen; no designated Lead Independent Director. Executive sessions of independent directors are presided on a rotational basis by the audit and nom/gov chairs .
- Attendance: Board met 5 times and acted by unanimous written consent 8 times in FY2024; each director attended >95% of Board meetings .
- Committee meeting cadence (FY2024): Audit met 4 times; Nominating & Corporate Governance met 4 times; Compensation committee held no formal meetings .
| Committee | Member | Chair | FY2024 Meetings | Attendance Note |
|---|---|---|---|---|
| Audit | Yes | No (Chair: A. Schwartz) | 4 | Directors attended >95% of Board meetings |
| Nominating & Corporate Governance | Yes | No (Chair: R.A. Breakstone) | 4 | Directors attended >95% of Board meetings |
| Compensation | Yes | No chair | 0 | Directors attended >95% of Board meetings |
Fixed Compensation
| Item | FY2024 Terms / Amount |
|---|---|
| Annual cash retainer | $100,000 |
| Meeting fees (Board & committees) | $1,000 per meeting (in-person or telephonic) |
| Committee chair fee | $25,000 per committee per year (if chair; Estrada is not a chair) |
| Aggregate compensation received (Estrada) | $106,656 (includes reimbursed expenses) |
| Equity awards to directors | None awarded in 2024 |
| Pension/retirement benefits | None |
Performance Compensation
| Metric/Vehicle | FY2024 Status |
|---|---|
| RSUs/PSUs (grant date, shares, fair value) | Not awarded; no stock or option grants to directors in 2024 |
| Stock options (strike, expiration, vesting) | Not awarded in 2024 |
| Performance metrics tied to pay (TSR, EBITDA, ESG, etc.) | Not applicable (directors paid cash retainers/meeting fees) |
| Clawback provisions | Not disclosed for director compensation; Company maintains code of business conduct and insider trading policies |
Other Directorships & Interlocks
| Organization | Role | Tenure | Interlock/Notes |
|---|---|---|---|
| CION Grosvenor Infrastructure Fund | Trustee | Since 2024 | Affiliated closed-end management investment company; highlights multi-fund governance exposure within CION ecosystem |
Expertise & Qualifications
- Extensive financial services legal expertise advising private funds, investment and regional banks across regulatory, transactional, and litigation matters .
- Senior leadership experience in law firm governance and strategy (Global Chair FIG; Global Head of Business Strategy; Managing Partner NY; Executive Committee) .
- Education: J.D. (George Washington Law School, 1997) and B.A. (Cornell University, 1994) .
Equity Ownership
| Measure | Value |
|---|---|
| Shares beneficially owned | 3,695 |
| Shares outstanding (Record Date) | 52,591,682 |
| Ownership as % of shares outstanding | 0.0070% (computed from 3,695 / 52,591,682) |
| Dollar range of beneficial ownership | $10,001–$50,000 (based on $9.67 close on May 30, 2025) |
| Pledged shares | Not disclosed in proxy |
| Hedging policy | Hedging/monetization transactions prohibited without prior approval of CCO |
Governance Assessment
- Independence and engagement: Confirmed independent under 1940 Act/NYSE; member of all three standing committees; Board attendance >95%, indicating high engagement .
- Committee effectiveness: Active audit and nom/gov committees (4 meetings each in 2024); compensation committee held no formal meetings, consistent with external management model and lack of company-paid executive compensation .
- Ownership alignment: Personal share ownership (3,695 shares; $10k–$50k range) but no equity-based director compensation; alignment relies on personal holdings and governance oversight rather than at-risk equity pay .
- Board leadership structure: No Lead Independent Director; executive sessions presided on a rotational basis by committee chairs—acceptable but may be viewed as a governance weakness by some investors seeking a designated lead independent director .
- Conflicts oversight: Robust related-party and co-investment policies with audit committee review and “required majority” independent director approvals for co-investments; the company pays significant fees to its adviser CIM, underscoring the importance of independent director oversight of conflicts (base mgmt fee ~$27M; incentive fee ~$20M in 2024) .
- Insider compliance: No Section 16 reporting failures disclosed; personal trading and hedging restrictions in place .