William A. Odell
About William A. Odell
William A. Odell (born 1965) is an Independent Trustee of DoubleLine Opportunistic Credit Fund (DBL), appointed May 14, 2024 and currently serving as a Class I Trustee up for election at the January 2025 meeting, with a term expected to run to the 2028 annual meeting if elected . He is retired and formerly served as Vice President and Regional Sales Manager at Fidelity Investments; he oversees 27 portfolios within the DoubleLine fund complex . The Board identifies his core credentials as “significant experience and familiarity with securities markets and financial services distribution through various positions held at a large financial institution” .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Fidelity Investments | Vice President and Regional Sales Manager | Formerly (prior to retirement) | Distribution leadership in financial services (Board cites experience/familiarity with markets) |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| — | Other public company directorships | None (past 5 years) | No disclosed interlocks |
Board Governance
| Item | Detail |
|---|---|
| Board classification | DBL Board classified into Class I/II/III; Odell is Class I; appointed May 14, 2024; term expected to expire no earlier than 2028 if elected |
| Independence status | Independent Trustee (one of four Independent Trustees on a five-member Board) |
| Lead Independent Director | John C. Salter |
| Chair/Interested Trustee | Chair is Ronald R. Redell, an “interested person” and executive of the adviser |
| Committee assignments | Audit Committee (member; Chair: Salter); Nominating Committee (member); Qualified Legal Compliance Committee (member) |
| Audit Committee independence | All members are independent under NYSE listing standards; all financially literate |
| FY2024 meeting cadence | Board: 4 regular + 2 special; Audit: 4; Nominating: 2; QLCC: 0 |
| Attendance | Each current Trustee attended at least 75% of Board and committee meetings for FY ended Sep 30, 2024 |
Fixed Compensation
| Component | FY2024 Aggregate Compensation from DBL | FY2024 Aggregate from DSL | FY2024 Aggregate from DLY | Total Compensation from Funds & Fund Complex |
|---|---|---|---|---|
| Trustee fees (cash; quarterly) | $15,000 | $24,000 | $17,500 | $315,250 |
| Program (effective Nov 19, 2024; paid quarterly) | Annual Amount | 2025 DBL Allocation per Trustee | 2025 DSL Allocation per Trustee | 2025 DLY Allocation per Trustee |
|---|---|---|---|---|
| Trustee retainer (independents) | $400,000 | $30,000 | $48,000 | $35,000 |
| Audit Committee Chair fee | $21,600 | $3,500 | $5,600 | $4,100 |
| Lead Independent Trustee fee | $25,000 | $3,500 | $5,600 | $4,100 |
Notes:
- Trustees are reimbursed for travel and out-of-pocket expenses; no retirement policy for Trustees .
- Deferred compensation plan allowed deferrals of 2024 or earlier compensation with returns linked to designated fund shares; no additional deferrals permitted for 2025 or later .
Performance Compensation
- No performance-based incentives, equity awards, or pension/retirement benefits disclosed for Independent Trustees; compensation is fixed cash fees with optional deferral (2024 only) .
- No meeting fees disclosed beyond the fixed program; Audit Chair and Lead Independent receive incremental fixed fees (Odell is a member, not chair/lead) .
| Performance Metric | Used in Director Pay? | Details |
|---|---|---|
| Revenue growth / EBITDA / TSR metrics | Not disclosed/Not applicable | Trustee compensation structured as fixed cash retainer; no performance metrics cited |
| Equity awards (RSUs/PSUs/Options) | None disclosed | No stock/options grants for Independent Trustees; deferred comp accrues returns based on designated funds |
Other Directorships & Interlocks
| Category | Current | Prior (past 5 years) | Notes |
|---|---|---|---|
| Public company boards | None | — | No interlocks disclosed |
| Fund complex roles | Trustee across fund complex | Since May 2024 | Oversees 27 portfolios |
Expertise & Qualifications
- Board cited Odell’s “significant experience and familiarity with securities markets and financial services distribution through various positions held at a large financial institution,” contributing to Board skill mix and effective oversight .
- Board’s governance framework emphasizes independent sessions led by the Lead Independent Trustee with independent counsel, supporting effective oversight of an advised, externally-managed fund .
Equity Ownership
| Holder | DBL Beneficial Ownership | DSL Beneficial Ownership | DLY Beneficial Ownership |
|---|---|---|---|
| William A. Odell | None | None | None |
| Holder | Aggregate Dollar Range in Family of Investment Companies |
|---|---|
| William A. Odell | $10,001 – $50,000 |
Group-level:
- Trustees and officers, individually and as a group, beneficially owned less than 1% of each Fund’s outstanding shares as of Dec 31, 2024 .
Section 16 compliance:
- Funds report all Section 16(a) filing requirements were complied with for FY ended Sep 30, 2024, except a late Form 3 for Joseph J. Ciprari at DLY; no issues cited for Odell .
Governance Assessment
- Independence and committee work: Odell serves on Audit, Nominating, and QLCC, with Audit Committee independence affirmed under NYSE standards and financial literacy across members—positive for oversight quality .
- Engagement: FY2024 meetings were regular (Board: 6 total sessions; Audit: 4; Nominating: 2) and Odell met the 75% attendance threshold—acceptable, though individual attendance rates are not quantified .
- Alignment: Odell holds no DBL shares and has modest aggregate holdings across the family of investment companies ($10,001–$50,000), which signals limited “skin in the game” at the fund level—mixed alignment signal typical for independent trustees of advised funds .
- Structural conflicts: Board Chair is the adviser’s executive (“interested person”), which is common in externally-managed funds but creates potential structural conflicts mitigated by a Lead Independent Trustee and independent executive sessions .
- Compensation: Fixed, sizable cash retainer without performance conditions; deferred comp was permitted for 2024 only. Absence of performance-linked pay aligns with independent trustee norms but offers limited incentive alignment with fund outcomes .
- Elections and stability: Classified board structure may be considered an anti-takeover provision that promotes continuity but can reduce shareholder influence—investors should weigh continuity against entrenchment risk .
RED FLAGS
- Classified Board structure (anti-takeover) reduces ability of shareholders to change a majority of trustees quickly .
- Chair is an interested person tied to the adviser; while mitigated by independent sessions and a Lead Independent, this remains a structural conflict risk .
- No DBL share ownership by Odell; limited aggregate holdings across the family—low direct ownership alignment with DBL shareholders .