Frances Aldrich Sevilla-Sacasa
About Frances Aldrich Sevilla‑Sacasa
Independent director at Camden Property Trust (CPT) since 2011; age 69. Former CEO of Banco Itaú International (2012–2016), and past President/CEO roles at U.S. Trust; extensive international private banking leadership at Citigroup. Education: BA, University of Miami; MBA, Thunderbird School of Global Management. Core credentials: financial services and wealth management leadership; chair of CPT’s Nominating, Corporate Governance & Sustainability (NCG&S) Committee; board experience at large-cap real estate and energy companies .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Banco Itaú International (Miami) | Chief Executive Officer | Apr 2012–Dec 2016 | Led international banking operations |
| University of Miami School of Business | Interim Dean | Jan 2011–Jul 2011 | Academic leadership |
| University of Miami School of Business | Executive Advisor to the Dean | Aug 2011–Mar 2012 | Strategic advisory |
| U.S. Trust / Bank of America Private Wealth Mgmt | President; later President & CEO | Nov 2005–Dec 2008 (President U.S. Trust Co. early 2007–Jun 2007; President & CEO U.S. Trust Jan–Jun 2007; President of U.S. Trust, BofA PWM Jul 2007–Dec 2008) | Led U.S. high-net-worth wealth management |
| Citigroup Private Banking | President, Latin America; President, Europe; Head, International Trust | Prior to 2005 (dates not individually specified) | Global private banking leadership |
External Roles
| Company | Role | Tenure | Notes |
|---|---|---|---|
| Invitation Homes, Inc. | Director (current) | Not specified | Single-family rental leader; also in CPT’s compensation peer group |
| New Senior Investment Group | Director (prior) | Through 2021 | Company acquired Sep 2021 |
| Callon Petroleum Company (or predecessor) | Director (prior) | 2019–Apr 2024 | Company acquired Apr 2024 |
Board Governance
- Independence: Independent; CPT’s board has a majority of independent members (only Campo and Oden are non-independent) .
- Committee assignments: Chair, NCG&S Committee; member list (Ingraham, Webster); 1 meeting in 2024; charter last amended Feb 20, 2025 .
- Board attendance: Board met 5 times in 2024; all trust managers attended ≥80% of board/committee meetings; regular executive sessions of independent trust managers occur around each board meeting .
- Board refreshment: Independent directors generally not standing for re‑election after age 75; Sevilla‑Sacasa is 69 .
- Lead Independent oversight: Executive sessions chaired by Lead Independent Trust Manager; strong independent committee structure (Audit, Compensation, NCG&S) .
Fixed Compensation
| Component (FY2024) | Frances A. Sevilla‑Sacasa | Notes |
|---|---|---|
| Fees Earned/Paid in Cash | $20,000 | Reflects NCG&S Chair fee ($20k) |
| Stock Awards (grant-date fair value) | $230,083 | Includes annual director equity grants |
| Total | $250,083 | |
| Policy: Annual independent director cash fee | $80,000 | Directors may elect shares in lieu of cash (150% of cash value) |
| Policy: Fully vested annual share grant (May 10, 2024) | ~$110,035 | Granted to re‑elected independent directors |
| Policy: Retainer equity in lieu of $80k cash (May 10, 2024) | ~$120,048 | Vests 25% at grant and 25% annually; accelerated at age 65 |
| Policy changes effective May 9, 2025 | Annual equity award increased to $120,000; NCG&S member fee (non‑chair) to $9,000 | Chair fees unchanged (NCG&S $20k) |
Performance Compensation
- Directors do not receive performance-based cash bonuses or PSU metrics; compensation is cash retainers and equity grants. Equity election mechanics: directors may take the annual cash fee in shares at 150% of cash value; those ≥65 have accelerated vesting on retainer equity .
- No director options outstanding as of 12/31/2024; equity grants are shares (RSUs/restricted shares) with time-based vesting and age‑65 acceleration .
Other Directorships & Interlocks
| Intersection | Detail | Governance Consideration |
|---|---|---|
| CPT compensation peer group includes Invitation Homes | Invitation Homes appears in CPT’s 2024 compensation peer group used for NEO benchmarking | Interlock perception risk: Sevilla‑Sacasa sits on Invitation Homes’ board while CPT uses that company for benchmarking; mitigated by CPT’s independent Compensation Committee (Khator, Ingraham, Webster) and independent consultant CBIZ |
| Shared past board with another CPT director | Both Sevilla‑Sacasa and Steven A. Webster previously served on Callon Petroleum (acquired Apr 2024) | Network tie; no related-party transactions disclosed by CPT |
Expertise & Qualifications
- Financial services, banking, and wealth management leadership; former CEO and senior executive across global private banking; governance experience across corporate and non‑profit boards .
- Listed by CPT as bringing strong finance and governance expertise to board composition .
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Beneficial ownership (shares) | 19,845 | Percent of class: <1% |
| Options exercisable ≤60 days | 0 | No rabbi trust options listed for Sevilla‑Sacasa |
| Unvested director share awards (12/31/2024) | 0 | Age ≥65 → accelerated vesting; none shown as unvested |
| Hedging/Pledging | Hedging prohibited; pledging discouraged per policy; no pledges disclosed for Sevilla‑Sacasa | |
| Ownership guideline | Directors must hold ≥5x annual cash fee within 5 years; all directors in compliance |
Governance Assessment
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Strengths
- Independent director with deep financial services and governance expertise; long tenure since 2011 supports institutional knowledge .
- Chair of NCG&S overseeing succession planning, corporate responsibility, and related-party review; independent committees across audit/comp/NCG&S .
- Strong attendance culture; board met 5 times in 2024; all directors ≥80% attendance; regular executive sessions support independent oversight .
- Equity-heavy director pay and robust ownership guidelines enhance alignment; directors can elect stock for fees (150% value) and Sevilla‑Sacasa’s awards vest immediately due to age, increasing exposure to share price moves .
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Watch items / potential red flags
- Interlock perception risk: Current directorship at Invitation Homes while CPT uses Invitation Homes in its NEO compensation peer group; optics could be scrutinized by investors though compensation decisions are made by a separate independent committee with an independent consultant (CBIZ) .
- NCG&S Committee held 1 meeting in 2024; given responsibilities (succession, governance, sustainability), investors may expect robust cadence; context: Audit 5 meetings, Compensation 2; monitor meeting frequency and outputs .
- No related-party transactions disclosed under Item 404(a); continue monitoring for changes .
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Shareholder sentiment signal
- CPT’s say‑on‑pay approval at ~91% in 2024 indicates generally supportive governance/compensation posture; supportive of board oversight framework .
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Compliance and controls
- Insider trading policy prohibits hedging and discourages pledging; clawback policy adopted per SEC/NYSE rules; independent consultant CBIZ; robust committee charters updated in 2025 .