Julia Sze
About Julia Sze
Independent director at Cavco Industries, Inc. (CVCO); Chartered Financial Analyst with 25+ years in investment management focused on impact/sustainable investing; lecturer at UC Berkeley Haas (since 2018) and University of New Mexico Anderson (since 2022); age 58; joined Cavco’s board in May 2019; currently stands for re‑election as a Class I director with a term through 2028 if elected .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Julia W. Sze Consulting | Impact Investment Strategy Advisor | Since 2017 | Advises on sustainable/impact strategies |
| Major U.S. Banks (two) | Chief Investment Officer for families/foundations | 2004–2011 | Oversaw multi-asset portfolios |
| Asia Pacific Equity Funds | Fundamental Analyst & Portfolio Manager | 1991–2003 | Led Asia Pacific equity strategies |
| Marin Community Foundation | Trustee & Investment Committee member | 2006–2017 | Oversaw >$5B philanthropic capital |
| New Resource Bank (OTC: NRBC) | Director & Chair, Assets & Liabilities Committee | 2016–2017 | Board/ALCO chair before 2017 merger with Amalgamated Bank |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Turtle Beach Corporation (Nasdaq: TBCH) | Director | Since 2022 | Gaming accessories provider |
| Laird Norton Wealth Management | Joined firm | Since 2022 | Registered Investment Advisor |
| UC Berkeley, Haas School of Business | Lecturer | Since 2018 | Sustainable/impact investing courses |
| University of New Mexico, Anderson School | Faculty | Since 2022 | Sustainable/impact investing teaching |
| Tern Bicycles (private) | Director | Since 2018 | Taiwan-based urban transport business |
Board Governance
- Committee assignments: Audit Committee member; Compensation Committee member; not a chair .
- Independence: Board determined all directors other than the CEO are independent under SEC and Nasdaq rules; Sze is independent .
- Attendance/engagement: Board met 4 times in FY2025; each director attended at least 75% of combined Board and committee meetings; independent directors met regularly in executive sessions .
- Committee activity: Audit Committee held 5 meetings in FY2025; Compensation Committee held 5 meetings in FY2025 .
- Election status: Class I director standing for re‑election at the July 29, 2025 annual meeting for a term through 2028 .
- Governance policies: Director stock ownership guideline of 5x annual cash retainer within five full fiscal years; strict anti‑hedging/anti‑pledging/short‑selling/derivatives policy (no hardship exemption) .
Fixed Compensation
| Component (FY2025) | Amount | Detail |
|---|---|---|
| Annual cash retainer | $75,000 | Standard non‑employee director retainer |
| Audit Committee member fee | $10,000 | Member fee (chair: $20,000) |
| Compensation Committee member fee | $7,500 | Member fee (chair: $20,000) |
| Total cash fees earned | $92,500 | Sum of retainer + committee member fees |
| Annual RSU grant (fair value) | $120,114 | Granted July 30, 2024; vests 100% on 1‑year anniversary/next annual meeting |
| Unvested RSUs at FY2025 year‑end | 286 | Outstanding as of March 29, 2025 |
Performance Compensation
- Cavco does not use performance‑based equity for directors; Sze’s equity is time‑based RSUs that vest on the 1‑year anniversary (or next annual meeting), aligning director pay with shareholder value without short‑term targets .
- As a Compensation Committee member, Sze oversees executive pay structures tied to rigorous performance metrics:
| Program | Metric | Weight | Target Calibration | Threshold | Stretch |
|---|---|---|---|---|---|
| STIP (Company) | Factory‑Built Housing adjusted pre‑tax profit | 90% | Based on FY2025 budget | 70% of budget | 130% of budget |
| STIP (Company) | Financial Services adjusted pre‑tax profit | 10% | Based on FY2025 budget | 70% of budget | 130% of budget |
| LTIP PRSUs (FY2025 awards) | Relative TSR vs peer group | 33% | 3‑year measurement | 50% payout | 200% payout |
| LTIP PRSUs (FY2025 awards) | Volume growth vs industry | 33% | 3‑year measurement | 50% payout | 200% payout |
| LTIP PRSUs (FY2025 awards) | ROIC (effective capital deployment) | 34% | 3‑year measurement | 50% payout | 200% payout |
- Recent performance outcome context (FY2023 PRSUs earned in May 2025): Growth 20.1%; Operational improvement 2.9%; rTSR 83.8th percentile; NEO payouts at 155% of target—demonstrating pay‑for‑performance alignment overseen by the committee .
Other Directorships & Interlocks
- Public company boards: Turtle Beach Corporation (Nasdaq: TBCH) .
- Compensation Committee interlocks: None reported; no member has been a Cavco employee; no reciprocal board/compensation committee insider participation with Cavco executives in FY2025 .
- Related‑party transactions: Audit Committee reviews and approves related‑party transactions; none reportable since the beginning of FY2025 .
Expertise & Qualifications
- CFA charterholder; extensive strategic planning, financial oversight, business development, and sustainability/corporate governance experience .
- Board skills matrix indicates Financial/Accounting and ESG experience; prior public company board experience .
Equity Ownership
| Holder | Beneficial Ownership | % of Class | Components/Notes |
|---|---|---|---|
| Julia W. Sze | 2,736 shares | <1% | Includes 286 RSUs vesting within 60 days of June 2, 2025 per SEC beneficial ownership rules |
| Unvested RSUs (as of 3/29/2025) | 286 units | — | Director RSU grant vesting 100% at 1‑year anniversary |
| Hedging/Pledging status | Prohibited | — | Company Securities Trading Policy bans hedging/pledging/short‑selling/derivatives; no hardship exemption for directors |
| Ownership guideline | 5x cash retainer | — | Required within five full fiscal years after appointment/election |
Governance Assessment
- Strengths:
- Independent director with capital markets/ESG expertise; serves on Audit and Compensation—key oversight levers for financial reporting and pay governance .
- Transparent, structured director pay—cash retainer + modest committee fees + time‑based RSUs; no options; aligns with long‑term shareholder interests .
- Robust policies: 5x ownership guideline; strict anti‑hedging/anti‑pledging; Audit Committee reviews related‑party transactions; none reportable in FY2025 .
- Active committee cadence (Audit 5; Compensation 5) and regular executive sessions; board attendance ≥75% for all directors .
- Say‑on‑pay support >98% in 2024, indicating shareholder confidence in compensation oversight .
- Potential watch‑items:
- Director ownership level vs 5x retainer guideline not explicitly disclosed by individual; monitor compliance status and time‑to‑guideline attainment for alignment signal .
- External commitments (TBCH board; academic/consulting roles) require ongoing assessment for time/attention, though no interlocks or related‑party exposures reported .
- RED FLAGS: None disclosed—no Section 16 delinquencies, no related‑party transactions, no hedging/pledging; committee interlocks not present .