Eric Swider
About Eric S. Swider
Eric S. Swider (age 51) is a Class III director of Trump Media & Technology Group (DJT), with his board term expiring at the 2027 annual meeting. He previously served as CEO (permanent and interim) and director of Digital World Acquisition Corp. (DWAC) and is the CEO of data security startup RUBIDEX; he studied Mechanics Engineering and Nuclear Science at U.S. Naval Engineering and Nuclear A Schools. He is not designated as an independent director under Nasdaq standards at DJT.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Digital World Acquisition Corp. (DWAC) | Chief Executive Officer | Jul 2023–Mar 2024 | — |
| Digital World Acquisition Corp. (DWAC) | Interim CEO | Mar 2023–Jul 2023 | — |
| Digital World Acquisition Corp. (DWAC) | Director | Since Sep 2021 | Chaired Audit and Compensation Committees |
| Benessere Capital Acquisition Corp. | Director | Feb 2021–Oct 2022 | — |
| Great Bay Global | Managing Director | Sep 2016–Jan 2018 | Launched alt-investments division |
| OHorizons Global | Managing Director | Dec 2014–Jun 2016 | Expanded investment team/client base |
| Oceano Beach Resorts | Managing Director | Feb 2010–Dec 2015 | Grew property/resort management group |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| RUBIDEX | Chief Executive Officer | Since Jan 2020 | Data security startup |
| Renatus LLC / Renatus Advisors | Founder; Managing Partner | Since Jun 2016 | Advisory on legal/strategic/operational matters |
Board Governance
| Item | Detail |
|---|---|
| Board Class/Term | Class III; term expires at 2027 annual meeting |
| Independence Status | Not listed among DJT’s independent directors (Bernhardt, Green, Holding, Lighthizer are independent) |
| Committee Assignments (DJT) | None disclosed for Audit, Compensation, or Nominating committees |
| Board Meeting Attendance (2024) | Attended 3 of 5 Board meetings (60%) |
| Committee Attendance (2024) | Company states each incumbent director attended >75% of committee meetings; Swider not shown as a committee member |
| Controlled Company Status | DJT relies on Nasdaq “controlled company” exemptions (majority not required to be independent; comp/nom committees not required to be fully independent) |
| Executive Sessions | Independent directors hold regularly scheduled meetings |
Fixed Compensation
| Component | Policy / Actual | Amount |
|---|---|---|
| Annual Cash Retainer (Policy for 2024 service) | Policy | $45,200 |
| Quarterly Cash Retainer (Policy) | Policy | $11,300 per quarter |
| 2024 Cash Fees Earned (Actual) | Actual | $33,900 |
| Committee Membership Fees | Policy | $11,000 (Audit); $7,500 (Comp); $5,000 (N&CG) — not applicable to Swider in 2024 |
| Committee Chair Fees | Policy | $22,000 (Audit); $15,000 (Comp); $10,000 (N&CG) — not applicable to Swider in 2024 |
Performance Compensation
| Equity Award | Grant Date | Shares/Units | Grant Date Fair Value | Vesting |
|---|---|---|---|---|
| RSUs (initial director award for 2024 service) | Jan 28, 2025 | 25,946 RSUs | $779,418 | 25% vests at grant; 75% vests in nine substantially equal quarterly installments, subject to service |
| Director Equity Value (Policy for 2024 service) | N/A (policy) | — | $430,000 award value (VWAP-based conversion as of Oct 2, 2024) | As above |
Note: No stock options, PSUs, or performance metric-based director pay disclosed; director equity is RSU-based only.
Other Directorships & Interlocks
| Company | Type | Role | Dates | Notes |
|---|---|---|---|---|
| Digital World Acquisition Corp. | Public/SPAC | Director; Interim/CEO | Director since Sep 2021; Interim CEO Mar–Jul 2023; CEO Jul 2023–Mar 2024 | Chaired Audit and Compensation Committees |
| Benessere Capital Acquisition Corp. | Public/SPAC | Director | Feb 2021–Oct 2022 | — |
| Compensation Committee Interlocks (DJT) | Company disclosure | — | FY2024 | DJT discloses no compensation committee interlocks/insider participation for its comp committee members |
Expertise & Qualifications
- SPAC governance/transactions: CEO and director roles at DWAC; chaired Audit and Compensation Committees at DWAC .
- Operating/entrepreneurial experience: CEO of RUBIDEX (data security); founder/managing partner of Renatus Advisors/LLC .
- Technical education: U.S. Naval Engineering and Nuclear A Schools (mechanics engineering and nuclear science studies) .
Equity Ownership
| Holder | Total Beneficial Ownership | % of Outstanding | Breakdown |
|---|---|---|---|
| Eric S. Swider | 28,989 shares | <1% (of 220,412,376 shares outstanding as of Mar 11, 2025) | 3,043 unrestricted; 6,486 restricted; 19,460 unvested RSUs |
Additional alignment and restrictions:
- Hedging prohibited by Insider Trading Policy (covers directors) .
- Pledging: No pledging by Swider is disclosed in the proxy; no specific pledge policy disclosed for directors beyond general transfer mechanics in bylaws .
Employment & Contracts
| Agreement | Date | Key Terms |
|---|---|---|
| Non-Compete and Non-Solicitation | Mar 25, 2024 | Non-compete for 4 years in DJT’s competitive areas (e.g., social media, streaming); non-solicit for 3 years; applies to directors and officers |
Related Party and Conflict Considerations
| Topic | Detail |
|---|---|
| DWAC/Pre-merger financing | On Jun 2, 2023, DWAC issued two convertible notes totaling $12,000,000 to Renatus LLC, where Swider is a founder/partner; these converted into DWAC stock at closing (transactions disclosed in DJT proxy under “Digital World Arrangements”) |
| Company transactional environment | DJT paid $78,200 to Mar-a-Lago Club LLC (owned by the Donald J. Trump Revocable Trust) for a company event in Jun 2024 |
| Controlled company status | DJT relies on Nasdaq “controlled company” exemptions; investors may have fewer governance protections (e.g., majority independent board not required) |
Insider Filings
| Item | Status / Detail |
|---|---|
| Section 16(a) compliance | Company disclosed that Mr. Swider failed to file a Form 4 on a timely basis for FY2024 |
Director Compensation Summary (2024 Service)
| Name | Cash Fees (2024) | Stock Awards (Grant Date Fair Value) | Total |
|---|---|---|---|
| Eric S. Swider | $33,900 | $779,418 | $813,318 |
Governance Assessment
-
Red flags
- Below-standard board attendance: 3 of 5 meetings (60%) in 2024; sub-75% is a common threshold for concern .
- Non-independent director in a controlled company: Swider is not designated independent; DJT relies on controlled company exemptions diminishing independent oversight .
- Related-party exposure via pre-merger SPAC financing: Renatus LLC (associated with Swider) provided $12 million in convertible notes to DWAC prior to the business combination; while disclosed and converted per the merger terms, this interconnection merits monitoring for perceived conflicts .
- Section 16(a) timeliness issue: Company disclosed a late Form 4 filing by Swider for FY2024 .
-
Offsetting factors / positives
- Prior chair experience on Audit and Compensation Committees at DWAC suggests familiarity with key governance functions .
- Independent directors meet in executive sessions; Audit and Compensation Committees are composed of directors whom the Board has designated independent (chairs: Audit—Green; Compensation—Lighthizer) which supports committee-level oversight .
-
Implications for investors
- Attendance, independence status, and controlled company reliance point to elevated governance risk; monitor for improved attendance, any committee assignments, and potential future related-party dealings.
- Equity alignment exists via RSUs, though absence of director performance conditions and sizeable one-time fair value may be viewed as less performance-linked; vesting schedule (service-based) should be tracked for continued alignment .