John G. Popp
About John G. Popp
John G. Popp (born 1956) is an Interested Trustee of Credit Suisse High Yield Bond Fund (NYSE American: DHY) and currently serves as the Fund’s Chief Investment Officer; he has been a Trustee since 2012 and previously served as Chief Executive Officer and President of all funds in the complex from 2010–2024. He is a Managing Director of UBS Asset Management (Americas) LLC and the Global Head and Chief Investment Officer of the Credit Investments Group, and has been associated with UBS AM (Americas) and Credit Suisse since 1997. He is classified as an “interested person” under the Investment Company Act due to his officer role at the adviser. Popp is standing for re‑election in Class II for a three‑year term expiring at the 2028 annual meeting.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Credit Suisse High Yield Bond Fund (DHY) | Trustee (Interested) | Trustee since 2012; current term ended at 2025 annual meeting; nominated for Class II term through 2028 | Not eligible for independent committees (Audit/Nominating) as an Interested Trustee |
| Credit Suisse High Yield Bond Fund (DHY) | Chief Investment Officer | Since 2024 | Oversees investment function; previously CEO/President 2010–2024 |
| Credit Suisse/UBS AM Fund Complex (all funds) | Chief Executive Officer and President | 2010–2024 | Led all funds in the complex during this period |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| UBS Asset Management (Americas) LLC | Managing Director | Current | Adviser to the Fund; creates potential related‑party considerations |
| Credit Investments Group (UBS AM) | Global Head and Chief Investment Officer | Current | Leadership of adviser’s credit platform |
| Other Public Company Boards | None disclosed | — | No other public company directorships in last 5 years |
Board Governance
- Board structure: 5 Trustees; 4 Non‑Interested Trustees and 1 Interested Trustee (Popp). Independent Chair: Laura A. DeFelice (Non‑Interested). The Board met 11 times in FY ended Oct 31, 2024; each Trustee attended at least 75% of Board and committee meetings.
- Committees: Only Non‑Interested Trustees serve on the Audit and Nominating Committees; Popp is not a member of either committee. Audit and Nominating each met 6 times in FY 2024. The fund does not have a Compensation Committee.
- Independence: Popp is an “interested person” of the Fund by virtue of his officer role at UBS AM (Americas).
| Committee | Members | Chair | FY 2024 Meetings | Popp Membership |
|---|---|---|---|---|
| Audit | All Trustees except John G. Popp (independent under NYSE American) | Mahendra R. Gupta | 6 | No |
| Nominating | All Trustees except John G. Popp (independent under NYSE American) | Samantha Kappagoda | 6 | No |
Fixed Compensation
| Year/Period | Cash Retainer | Meeting Fees | Committee/Chair Fees | Aggregate Compensation from Fund | Notes |
|---|---|---|---|---|---|
| FY ended Oct 31, 2024 | $0 (Interested Trustee) | $0 | $0 | $0 | “None of the Fund’s executive officers or Trustees who are also officers or directors of UBS AM (Americas) received any compensation from the Fund” for this period. Non‑Interested Trustees received $23,100 annual fee plus $2,100 per Board meeting, with additional chair fees (context). |
Effective Jan 1, 2025, the proxy states each Trustee will receive an annual retainer of $70,560 for four quarterly meetings and one special meeting; the FY2024 statement confirms Interested Trustees (including Popp) did not receive compensation from the Fund in that period. The proxy does not explicitly state whether the 2025 retainer applies to Interested Trustees.
Performance Compensation
- No performance‑based compensation, equity awards, options, or incentive plans are disclosed for Popp at the Fund level (Fund officers/Interested Trustees are compensated by UBS AM (Americas), not the Fund).
Other Directorships & Interlocks
| Entity | Role | Since | Notes |
|---|---|---|---|
| Open‑end Credit Suisse Funds (Fund Complex) | Trustee | 2017 | Trustee of all open‑end funds in the complex |
| Another closed‑end fund in the Fund Complex | Director | Current | Serves as director of one other CEF in the complex |
| Public company boards (outside Fund Complex) | — | — | None disclosed |
Expertise & Qualifications
- 30+ years in financial services; Managing Director at UBS AM (Americas); Global Head and CIO of the Credit Investments Group; associated with UBS AM (Americas)/Credit Suisse since 1997. Deep credit markets and portfolio management expertise.
Equity Ownership
| As of Feb 28, 2025 | Dollar Range in DHY | Aggregate Dollar Range in Credit Suisse Family of Investment Companies | Notes |
|---|---|---|---|
| John G. Popp | D ($50,001–$100,000) | E (over $100,000) | Aggregate ownership by all Trustees and officers is <1% of Fund shares. |
Governance Assessment
- Independence and conflicts: Popp’s dual role as Fund CIO and senior executive of the adviser (UBS AM (Americas)) makes him an Interested Trustee, presenting an inherent related‑party dynamic. Mitigants include an independent Chair, fully independent Audit and Nominating Committees that exclude Popp, and a Board with a 4/5 independent majority.
- Engagement: Board met 11 times in FY 2024; all Trustees met at least 75% attendance, indicating adequate engagement. Popp is included in this attendance representation.
- Compensation alignment: Popp received $0 in Fund‑paid compensation in FY 2024; as an Interested Trustee he is compensated by UBS AM (Americas), reducing direct Fund pay conflicts. He holds $50k–$100k of DHY and >$100k across the complex, offering some alignment with shareholders; however, the proxy reports aggregate trustee/officer ownership is <1% of shares, indicating limited insider ownership overall.
- Related‑party exposure: As a senior executive of the adviser, Popp participates in the advisory organization that earns management fees from the Fund—standard for closed‑end funds but a structural conflict that necessitates robust independent oversight; the committee structure and independent Chair address this.
- Controls and oversight: Audit oversight remains independent; the Fund transitioned its independent auditor from PwC to EY in 2024 with Audit Committee approval; no disagreements or reportable events were disclosed, supporting stability of financial oversight.
- Compliance signals: The Fund states Section 16(a) reports were filed on a timely basis for FY 2024, a positive compliance indicator.
RED FLAGS
- Structural conflict: Interested Trustee status with executive role at the adviser; requires vigilant independent oversight though mitigants are in place (independent Chair/committees).
Positive signals
- Independent governance architecture (Chair and key committees), adequate attendance, and no Fund‑paid compensation to Interested Trustees in FY 2024.