Paul Furer
About Paul Furer
Independent Class II director of Solo Brands, Inc. (NYSE: DTC). Age 39; director since October 2020. Partner at Summit Partners L.P. with a finance background; prior analyst roles at Jefferies & Company and Bank of America Merrill Lynch. Education: B.S. in Finance (Indiana University, Kelley School of Business) and M.B.A. (Columbia Business School) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Bank of America Merrill Lynch | Analyst | Jun 2008 – Apr 2010 | Investment banking experience |
| Jefferies & Company | Analyst | Apr 2010 – Jun 2011 | Investment banking experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Summit Partners L.P. | Partner | 2011 – present | Oversees portfolio companies across consumer, financial and business services |
| Solo Brands, Inc. | Director (Class II) | Oct 2020 – present | Independent per NYSE rules |
Board Governance
- Board class and tenure: Class II director; term expires at the 2026 Annual Meeting .
- Independence: Board determined Paul Furer qualifies as “independent” under NYSE listing requirements .
- Committee assignments: Not listed as a member of Audit, Compensation, or Nominating & Corporate Governance in the current committee roster .
- Attendance: In 2024, each incumbent director attended at least 75% of Board and applicable committee meetings .
- Board leadership: Separate Chair and Lead Director structure; Lead Director is Michael C. Dennison .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer | $0 | Affiliates of Summit Partners do not receive additional compensation for Board service . |
| Committee membership/chair fees | $0 | Affiliates of Summit Partners do not receive director compensation . |
Contrast: Non‑affiliate independent directors receive $60,000 annual retainer; lead independent +$15,000; Audit chair +$20,000/member +$10,000; Compensation chair +$15,000/member +$7,500; Nominating chair +$15,000/member +$7,500, paid quarterly .
Performance Compensation
| Component | Grant Value | Vesting | Notes |
|---|---|---|---|
| RSUs (annual) | Not applicable | Not applicable | Non‑affiliate directors receive RSUs (e.g., ~$160k grant date fair value; ~$190k for Lead Independent Director), but Summit Partners affiliates receive none . |
Other Directorships & Interlocks
| Company/Entity | Type | Role | Potential Interlock/Conflict Consideration |
|---|---|---|---|
| Summit Partners‑designated seats at DTC | Stockholder agreement right | Summit Partners may nominate up to four directors; Furer designated by Summit | Concentrated nomination rights and board size change consent rights for Summit Partners . |
Expertise & Qualifications
- Finance and strategy: Summit Partners partner with oversight across multiple sectors .
- Capital markets: Prior investment banking roles at BofA Merrill Lynch and Jefferies .
- Education: B.S. Finance (Indiana University), M.B.A. (Columbia) .
Equity Ownership
| Holder | Class A Shares | Class B Shares | Notes |
|---|---|---|---|
| Paul Furer (individual) | Not reported | Not reported | No individual beneficial ownership reported in the table . |
| Entities affiliated with Summit Partners | 29,867,378 (50.5%) | 14,167,582 (42.8%) | Combined beneficial ownership 74.4%; combined voting power 47.7% . |
No director stock ownership guidelines specific to directors were disclosed in the proxy; RSUs for non‑affiliate directors vest ahead of the next annual meeting and accelerate on change in control .
Governance Assessment
- Committee work and effectiveness: Furer is not currently serving on key committees (Audit, Compensation, Nominating), limiting direct committee oversight influence . Independence affirmed by Board under NYSE rules, despite Summit affiliation .
- Compensation and alignment: As a Summit affiliate, he receives no director cash or equity compensation ($0), avoiding “pay” conflicts but reducing direct RSU‑based alignment typical for non‑affiliate directors .
- Ownership and control dynamics: Significant Summit Partners ownership and contractual rights (nominating up to four directors; consent on Board size changes; Up‑C structure mechanics) create potential influence concentration. Furer’s Summit affiliation increases perceived interlock risk and potential conflicts, though related‑party transactions are governed by a formal policy overseen by the Audit Committee .
- Attendance/engagement: The Board disclosed ≥75% attendance for all incumbents in 2024, indicating baseline engagement; no Furer‑specific metric beyond this aggregate disclosure .
- Company risk backdrop: Material weaknesses in internal control over financial reporting were disclosed for 2023 and 2024, with auditor transition from EY to BDO in April 2025. While not specific to Furer, these are governance oversight considerations for the Board (Audit Committee) .
- RED FLAGS
- Concentrated stockholder rights: Summit Partners’ nominating rights and Board size approval rights can constrain Board independence and flexibility .
- Structural related‑party complexity: Up‑C structure, Tax Receivable Agreement (85% of realized tax benefits to continuing LLC owners), and redemption/exchange mechanics increase related‑party exposure needing strict oversight .
- Listing risk context: Reverse split proposal to cure NYSE minimum bid deficiency underscores capital markets risk and potential investor confidence issues (Board action, not director-specific) .
Overall, Furer brings private equity and capital markets expertise, is Board‑designated by a dominant stockholder, and receives no director compensation from DTC. The main governance risks relate to Summit Partners’ control and related‑party framework; mitigants include a formal related‑party policy, Board‑affirmed independence, and an Audit Committee structure. Monitoring committee membership changes, related‑party approvals, and internal control remediation progress is advisable .