Alexander Otto
About Alexander Otto
Alexander Otto (age 57) is an independent director of Curbline Properties Corp. (CURB) since 2024. He is CEO of ECE Group GmbH & Co. KG, a Hamburg-based commercial real estate company managing assets in Europe, and holds degrees from St. Clare’s, Oxford, Harvard College, and Harvard Business School . He previously served on the SITE Centers board (2015–2024) and brings more than 25 years of shopping center experience, including roles in financial analysis, appraisals, development, and leasing .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| ECE Group GmbH & Co. KG | Chief Executive Officer | 2000–present | Leads a large European commercial real estate platform; deep shopping center operations expertise |
| Various (shopping center sector) | Real estate analyst; development and leasing executive | Not disclosed | Financial analysis/appraisals; development/leasing experience cited as qualifications |
| SITE Centers Corp. | Director | 2015–2024 | Prior public REIT board experience laterally connected to CURB spin-off |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Otto Group (private) | Board member (or equivalent governing body) | Not disclosed | Private company governance role |
| Deutsche EuroShop AG (public) | Director | 2002–2022 | EU retail real estate operator |
| Sonae Sierra Brasil S.A. (public) | Director | 2014–2019 | Brazil retail real estate operator |
| Lebendige Stadt Foundation | Chairman | Not disclosed | Non-profit leadership |
| HSV Campus gGmbH | Chairman | Not disclosed | Non-profit leadership |
| Alexander Otto Sportstiftung | Chairman | Not disclosed | Non-profit leadership |
| Harvard Global Advisory Council | Board member | Not disclosed | Advisory role |
| Dorit and Alexander Otto Foundation | Co-founder (with spouse) | Not disclosed | Philanthropy |
Board Governance
- Independence: Independent director (Board determined all directors except the CEO are independent; includes Otto) .
- Tenure: Director since 2024; Class III term expires at the 2027 annual meeting .
- Committee assignments: None (not listed on Audit, Compensation, or Nominating & Sustainability) .
- Attendance: During the post-spin period (Oct 1–Dec 31, 2024), the Board held one meeting and each director attended at least 75% of applicable Board/committee meetings .
- Board leadership and process: Independent Chair (Terrance Ahern); executive sessions of non-management directors at least quarterly; independent directors meet at least annually; majority voting in uncontested elections and declassification by 2027 .
- Hedging/pledging: Prohibited for directors/officers; transactions must be pre-cleared; blackout periods apply .
Fixed Compensation
| Component | Program Detail | 2024 Amount (Otto) |
|---|---|---|
| Annual cash retainer | $75,000, paid quarterly | $18,750 (pro-rated for 2024 service start) |
| Board/committee meeting fees | $2,000 per meeting above 8 Board meetings; committee chairs/members paid above certain meeting thresholds | $0 disclosed (no excess meetings in 2024 period) |
| Committee chair fees | Audit: $25,000; Comp: $20,000; Nom & Sust.: $15,000 | Not applicable (not a chair) |
| Committee member fees | Audit: $12,500; Comp: $10,000; Nom & Sust.: $7,500 | Not applicable (not a member) |
| Chair of the Board fee | $100,000 | Not applicable |
| 2024 Director Compensation | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| Alexander Otto | $18,750 | $302,077 | $320,827 |
- 2024 equity grant terms: One-time restricted stock grant equal to $300,000 value at grant; 12,948 shares granted on Oct 15, 2024 at $23.33; vests ratably over three years (first three anniversaries), with dividends paid on same schedule as common .
Performance Compensation
| Element | Metrics | Payout/Terms |
|---|---|---|
| Performance-based director comp | None disclosed for non-employee directors | Director equity is service-based restricted stock; no performance metrics disclosed |
Other Directorships & Interlocks
| Type | Entity | Overlap/Notes |
|---|---|---|
| Prior public board | SITE Centers (2015–2024) | Multiple current CURB directors also served at SITE: Ahern (2000–2024), MacFarlane (2002–2024), Abraham (2018–2024), Sholem (1998–2018; 2022–2024) |
| Prior public board | Deutsche EuroShop AG (2002–2022) | EU retail REIT exposure |
| Prior public board | Sonae Sierra Brasil S.A. (2014–2019) | Brazil retail REIT exposure |
| Private company board | Otto Group | Governance role in privately held company |
Expertise & Qualifications
- 25+ years in shopping center business; experience includes real estate financial analysis/appraisals, development management, and leasing for large centers .
- CEO of ECE Group since 2000 (pan-European commercial real estate platform) .
- Education: St. Clare’s, Oxford; Harvard College; Harvard Business School .
Equity Ownership
| Item | Detail |
|---|---|
| Beneficial ownership (common shares) | 7,946,060 shares; 7.6% of outstanding as of Mar 1, 2025 |
| Source notes | Form 4 filed Oct 21, 2024 and Schedule 13D/A filed Oct 8, 2024 referenced in proxy |
| Director stock ownership guideline | 5x cash retainer ($375,000) to be met within 5 years; retain 50% of shares until met |
| Hedging/pledging | Prohibited for directors; pre-clearance required for trades |
Insider Trades
| Date/Filings | Transaction/Ownership | Notes |
|---|---|---|
| Oct 8, 2024 (Schedule 13D/A) | Beneficial ownership reported | Referenced in proxy footnote relating to 7,946,060 shares |
| Oct 21, 2024 (Form 4) | Beneficial ownership reported | Referenced in proxy footnote relating to 7,946,060 shares |
Governance Assessment
-
Strengths
- Independent director with deep global retail real estate expertise; brings strategic and operational insight to convenience retail strategy .
- Significant personal equity stake (7.6%) aligns economic incentives with shareholders; anti-hedging/pledging policy supports alignment .
- Board has robust governance features (independent Chair, executive sessions, majority voting in uncontested elections, declassification by 2027) which support effective oversight .
-
Watch items / Potential conflicts
- Waiver Agreement allows Otto Family to exceed REIT 9.8% ownership limit; includes tenant ownership monitoring but explicitly notes provisions may not ensure rents qualify as “rents from real property” (technical REIT compliance risk) . — RED FLAG
- Not assigned to any Board committee (Audit/Compensation/Nominating), limiting direct committee-level oversight influence despite expertise .
- Legacy interlocks: multiple CURB directors (including Otto) served together on SITE Centers’ board, which may concentrate prior-network perspectives; formal independence maintained .
- As an Emerging Growth Company, CURB is not required to hold say-on-pay votes yet, reducing a channel for shareholder feedback on pay practices near-term .
-
Engagement/Attendance
- Attendance requirement met (≥75%) in 2024 period; however, only one Board meeting occurred post-spin, limiting visibility on sustained engagement trends .
-
Director Pay & Alignment
- 2024 compensation consistent with program: $18,750 cash (pro-rated) and $302,077 restricted stock vesting over three years; standard structure, equity-heavy mix supports alignment .
- Director ownership guideline of $375,000 applies; Otto’s reported beneficial ownership is materially above the guideline threshold by share count and percentage .
Overall: Otto’s sector expertise and substantial ownership are positive signals for alignment and strategic oversight. The REIT Waiver Agreement introduces a technical tax-compliance risk if Otto-linked tenant ownership were to impact “rents from real property,” warranting monitoring; the absence of committee roles modestly reduces direct governance leverage, offset by an independent Chair structure and established governance policies .