Leslie E. Bider
About Leslie E. Bider
Leslie E. Bider (age 74 as of April 1, 2025) has served on DEI’s Board since 2006 and is designated an independent director. He is a retired executive and investor; prior roles include CEO/Chairman of Warner Chappell Music and senior finance/operations posts at Warner Bros. Music. He holds a bachelor’s in accounting from USC and an M.S. from the Wharton School .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Warner Chappell Music, Inc. | Chairman & Chief Executive Officer | 1987–2005 | Led one of the world’s largest music publishers |
| Warner Bros. Music | Chief Financial Officer; Chief Operating Officer | Prior to 1987 | Finance and operations leadership |
| Elevation Partners | Executive in Residence | 2005–2007 | Operating/investor experience |
| ITU Ventures | Chief Strategist | 2007–2008 | Venture capital strategy |
| PinnacleCare (Private Health Advisory) | Chief Executive Officer; Vice Chairman | 2008–2021 | Healthcare services leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Family office & family foundation | Managing investor | Ongoing | Private investment and philanthropy |
| Large commercial real estate firm | Prior director | Not disclosed | Mentioned as prior service; firm not named |
Board Governance
- Committee assignments and chair roles:
- Compensation Committee: Chair; members William E. Simon Jr. and Shirley Wang; met once in 2024 and acted three times by written consent .
- Audit Committee: Member; Chair Thomas E. O’Hern; other member Dorene C. Dominguez; DEI designates Bider an “audit committee financial expert”; Audit met four times in 2024 and acted twice by written consent .
- Independence: Board determined all non‑employee directors are independent under NYSE rules; Bider is listed as independent .
- Attendance and engagement:
- Board met 4 times in 2024; directors attended all Board meetings with one absence; committees: all meetings attended with two absences overall; annual meeting attendance had one absence in 2024 .
- Tenure and waivers:
- Corporate Governance Guidelines cap independent director service at 12 years unless waived; Board issued waivers for Bider (and others) in 2025 given continued benefit to the company .
Fixed Compensation
| Component | Amount | Structure/Terms | Notes |
|---|---|---|---|
| Annual director equity grant (LTIP Units) | $220,000 face value | Granted at annual meeting; vests quarterly during year of service | Transfer-restricted; cannot be exchanged for common stock until Dec 31 two years after full vesting |
| Board Chair additional fee | $50,000 | Paid in LTIP Units; vests quarterly | If applicable; Bider not Board Chair |
| Audit Chair additional fee | $22,500 | Paid in LTIP Units; vests quarterly | Bider is not Audit Chair |
| Compensation Chair additional fee | $15,000 | Paid in LTIP Units; vests quarterly | Applies to Bider as Compensation Chair |
| Nominating & Corporate Governance Chair additional fee | $15,000 | Paid in LTIP Units; vests quarterly | Not applicable to Bider |
| Meeting fees | Not disclosed | — | Company reimburses reasonable expenses |
| 2024 Director Compensation (Grant Date Fair Value; relates to 2025 service) | LTIP Unit Awards | All Other Compensation | Total |
|---|---|---|---|
| Leslie E. Bider | $180,663 | $0 | $180,663 |
| Grant date | December 12, 2024 | — | — |
Performance Compensation
| Performance Metrics Tied to Director Compensation | Disclosure |
|---|---|
| Any performance‑based equity or cash metrics for non‑employee directors | None disclosed; director LTIP Units are time‑based quarterly vesting with transfer restrictions |
The proxy describes equity grants for directors as restricted LTIP Units with time-based vesting; no performance metrics, options, or formulaic bonuses are disclosed for directors .
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| Current public company boards (Bider) | None disclosed in proxy |
| Prior public/private boards | Prior director role at a large commercial real estate firm (name not disclosed) |
| Compensation Committee interlocks | None; committee members had no relationships requiring disclosure; no executive officer served on another company’s board/comp committee with reciprocal ties |
Expertise & Qualifications
- Financial and accounting expertise; DEI identifies Bider as an “audit committee financial expert” under SEC rules .
- Operating leadership across entertainment, healthcare, and venture investing; real estate experience via prior directorship .
- Education: B.S. in Accounting (USC); M.S. (Wharton School) .
Equity Ownership
| Holder | Common Stock (#) | % of Class | OP Units (#) | Notes |
|---|---|---|---|---|
| Leslie E. Bider | 276,109 | <1% | 101,109 | OP Units are redeemable into common stock or cash at DEI’s election; treated as share equivalents for ownership calculations |
- Ownership alignment and policies:
- Director stock ownership guideline: 3x annual retainer (based on FMV); compliance required within five years; all directors were in compliance as of Record Date .
- Hedging prohibited; pledging restricted and requires case‑by‑case Audit Committee approval; insider trading policy includes blackout periods and preclearance requirements .
- Directors’ equity awards have minimum two‑year transfer restrictions post‑grant; executives face 4–7 year restrictions depending on vesting and hurdles .
Governance Assessment
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Strengths
- Independent director with deep finance background; designated audit committee financial expert .
- Compensation Committee chaired by Bider; committee retains independent compensation consultant and follows clawback, anti‑hedging, no option repricing practices .
- High equity alignment via LTIP Units and robust ownership guidelines; Bider’s beneficial holdings include both common stock and OP Units .
- No related‑party transactions or committee interlocks involving Bider disclosed .
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Watch items / RED FLAGS
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Long tenure beyond 12‑year guideline; Board granted waiver to continue service. Extended tenure can raise entrenchment concerns for some investors, though Board cites continued benefit .
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Limited disclosure of per‑director attendance; aggregate Board/committee attendance shows minor absences, but no per‑director breakdown to assess individual engagement rigor .
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Director compensation is entirely equity LTIP Units with time‑based vesting; while aligned, absence of performance criteria for directors may be viewed as less pay‑for‑performance oriented (common for REIT boards) .
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Implications
- As Compensation Chair and Audit member/financial expert, Bider is central to executive pay design and financial oversight—key levers of investor confidence. Equity‑heavy director pay and ownership guidelines support alignment, while tenure waivers merit ongoing monitoring for Board refresh dynamics .