Patrick J. Bartels Jr.
About Patrick J. Bartels Jr.
Patrick J. Bartels Jr. (age 49) is an independent, non-employee director of Douglas Elliman Inc. (DOUG) and has served on the Board since July 2024; he is a senior investment professional with 25 years of experience and Managing Member of Redan Advisors LLC . His background includes investing across complex situations and driving value through M&A, corporate finance, capital markets, governance, incentive alignment, talent evaluation, and cost rationalization . He holds a B.S. in Accounting with a concentration in Finance from Bucknell University, is a CFA charterholder, and began his career at PwC as a CPA .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Redan Advisors LLC | Managing Member | Present | Senior investment professional; value creation via governance, M&A, capital markets |
| Monarch Alternative Capital LP | Managing Principal | Prior | Special situations and distressed investing |
| Invesco Ltd. | High-Yield Investments Analyst | Prior | Credit and high-yield analysis |
| PricewaterhouseCoopers LLP | CPA (career start) | Prior | Accounting foundation and financial controls |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Pyxus International, Inc. (OTC Pink: PYX) | Director | Present | Public company board service |
| Millrose Properties, Inc. (NYSE: MRP) | Director | Present | Public company board service |
| Several private companies | Director | Present | Multiple private boards; details not disclosed |
Board Governance
| Item | Detail |
|---|---|
| Board class and term | Class III director; current class term expires at the annual meeting held in 2027 |
| Independence | Board determined Bartels (non-employee) has no material relationship and meets NYSE independence standards; Audit, Compensation & HCM, and Corporate Responsibility & Nominating committees are wholly independent |
| Committees | Audit Committee member (Audit Committee: Zeitchick—Chair; White; Bartels) |
| Audit Committee activity | Audit Committee met 4 times in 2024; Bartels signed the Audit Committee Report |
| Board meetings | 15 meetings in 2024; each director attended at least 75% of Board and assigned committee meetings |
| Executive sessions | 11 executive sessions in 2024; chaired by Wilson White (CR&N Chair) |
| Lead Independent Director | Mark D. Zeitchick appointed Lead Independent Director in November 2024 |
Fixed Compensation
| Year | Fees Earned or Paid in Cash ($) | Stock Awards ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|
| 2024 | 190,000 | 120,899 | 135 | 311,034 |
Director program terms (structure):
- Annual cash retainer: $75,000 for non-employee directors (2024); Lead Independent Director retainer $450,000 effective November 26, 2024 .
- Committee membership fees: $5,000 (2024); effective January 1, 2025, $10,000 for Audit and Compensation & HCM, $5,000 for Corporate Responsibility & Nominating .
- Chair fees: $10,000 for Audit, Compensation & HCM, and Corporate Responsibility & Nominating committees .
- Equity compensation: periodic restricted stock grants; approximately $115,000 in 2024, increased to $150,000 per annum effective January 1, 2025 for each director except the Lead Independent Director .
Performance Compensation
| Grant Type | Grant Date | Shares/Units | Grant Date Fair Value ($) | Vesting/Notes |
|---|---|---|---|---|
| Restricted Stock (Director grant) | July 31, 2024 | 58,975 unvested at 12/31/2024 [3] | 120,899 | Time-based vesting; subject to continued service (specific schedule not disclosed) |
Notes: (3) At 12/31/2024, Bartels held 58,975 unvested restricted shares .
Other Directorships & Interlocks
| Company | Ticker | Role | Status |
|---|---|---|---|
| Pyxus International, Inc. | PYX (OTC Pink) | Director | Current |
| Millrose Properties, Inc. | MRP (NYSE) | Director | Current |
| View, Inc. | VIEWQ (OTCMKTS) | Director | Former |
| Arch Resources, Inc. | ARCH (NYSE) | Director | Former |
| AgileThought | AGIL (Nasdaq) | Director | Former |
| Noble Corporation | NE (NYSE) | Director | Former |
| Centric Brands Inc. | CTRC (Nasdaq) | Director | Former |
| Grizzly Energy, LLC f/k/a Vanguard Natural Resources, Inc. | VNRR (NYSE) | Director | Former |
| WCI Communities, Inc. | WCIC (NYSE) | Director | Former |
| B. Riley Principal Merger Corp. | BRPM (NYSE) | Director | Former |
| B. Riley Principal Merger Corp. II | BRPM (NYSE) | Director | Former |
| Trinity Place Holdings Inc. | TPHS (Nasdaq) | Director | Former |
| Parker Drilling Corp. | PDK (NYSE) | Director | Former |
| Monitronics International Inc. | SCTY (OTC) | Director | Former |
| Hexion Inc. | HXN (OTC) | Director | Former |
| Marblegate Acquisition Corp. | GATEU (Nasdaq) | Director | Former |
Expertise & Qualifications
- Senior investment professional across complex financial situations; extensive board experience driving value via governance, incentive alignment, and capital markets transactions .
- Education: B.S. in Accounting (Finance concentration), Bucknell University; professional credentials: CFA; early-career CPA at PwC .
- Board-relevant skills: governance, M&A, corporate finance, capital markets, talent evaluation, and cost rationalization .
Equity Ownership
| As-of Date | Shares Beneficially Owned | Percent of Class | Vested vs. Unvested | Notes |
|---|---|---|---|---|
| April 30, 2025 | 58,975 | (*) <1% | Includes 58,975 shares subject to vesting restrictions | Common shares outstanding: 88,737,838 at record date |
(*) Percentage does not exceed 1% of outstanding Common Stock .
Pledging/hedging:
- The Company’s Equity Retention, Hedging and Pledging Policy prohibits hedging of Company stock by executive officers and directors . The Company makes governance documents publicly available and maintains Insider Trading and Clawback policies .
Governance Assessment
- Independence and committee work: Bartels is NYSE-independent and serves on the Audit Committee, which met four times in 2024 and oversees financial reporting, internal controls, and cybersecurity risk; he signed the Audit Committee Report, signaling active oversight participation .
- Attendance and engagement: The Board met 15 times in 2024; each director attended at least 75% of Board and committee meetings; the Board held 11 executive sessions, reinforcing independent oversight culture .
- Compensation alignment (director): 2024 compensation combined cash ($190,000) and equity ($120,899 restricted stock), supporting ownership alignment; unvested restricted shares totaled 58,975 at year-end .
- Potential conflicts and related-party exposure — RED FLAG: Kennedy Lewis (KL) is the lender on DOUG’s $50M convertible notes (7% cash, 8% PIK; $1.50 conversion price) and has the right to nominate a director while ownership criteria are met; Chairman David Chene (KL) joined the Board pursuant to these rights, and Bartels was identified by KL as a “highly qualified” candidate and appointed on July 2, 2024, indicating lender influence over board composition; continued vigilance on committee independence and transaction approvals is warranted .
- Shareholder governance signal: In 2024, stockholders approved an advisory proposal to declassify the Board by a majority of votes cast; the Board opposed declassification, citing long-term focus, stability, and succession planning—investors may monitor responsiveness to shareholder preferences .
- Compliance and controls: Section 16(a) filings were timely for all reporting persons in 2024, indicating good compliance hygiene . The Audit Committee pre-approves auditor services and reported 2024 Deloitte audit fees of $1,199,780 and other fees consistent with policy .
Overall implication: Bartels brings deep restructuring and capital markets experience and is active on the Audit Committee, supporting board effectiveness. However, the KL nomination pathway and Board resistance to declassification represent governance risk signals; investors should monitor for potential conflicts in financing decisions and for alignment with shareholder governance preferences .
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