Julia L. Coronado
About Julia L. Coronado
Julia L. Coronado, Ph.D. is Dynex Capital’s Lead Independent Director, serving since December 2023, and has been a director since October 2020 (tenure ~4 years). She is age 56, holds a Ph.D. in Economics from the University of Texas at Austin and a B.A. in Economics from the University of Illinois, and brings 30+ years of macroeconomics, monetary policy, and financial markets expertise from roles at MacroPolicy Perspectives (founder/president), UT Austin (clinical associate professor), Graham Capital, Barclays, BNP Paribas, and the Federal Reserve Board. She serves on the Robert Half (NYSE:RHI) board and multiple economic advisory boards (Brookings Economic Studies Council; BEA; Wharton Pension Research Council; Cleveland Fed Center for Inflation Research) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Federal Reserve Board of Governors | Staff Economist; contributor to FOMC forecasts | 1997–2006 | Macro policy analysis and forecasting |
| BNP Paribas | Senior U.S. Economist | ~10 years in banking industry (dates within 1997–2014) | Market economics; research advisory |
| Barclays | Senior U.S. Economist | ~10 years in banking industry (dates within 1997–2014) | Capital markets and macro insights |
| Graham Capital Management | Chief Economist | 2014–2017 | Managed global economic forecast; advised PMs; risk/investment committees |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| MacroPolicy Perspectives, LLC | President & Founder | 2017–present | Research advisory in macroeconomics and policy |
| University of Texas at Austin | Clinical Associate Professor of Finance | 2018–present | Academic expertise; finance education |
| Robert Half (NYSE:RHI) | Independent Director | Current | Nominating & Governance Committee member |
| Brookings Institution | Economic Studies Council member | Current | Policy/economic advisory |
| Bureau of Economic Analysis | Advisory Board member | Current | National accounts advisory |
| Wharton Pension Research Council | Advisory Board member | Current | Retirement/pension research advisory |
| Cleveland Fed Center for Inflation Research | Advisory Board member | Current | Inflation research advisory |
Board Governance
- Independence: The Board determined Dr. Coronado is independent under NYSE listing standards and she serves as Lead Independent Director .
- Committee assignments: Compensation (Chair), Nominating & Corporate Governance (member), Investment (member). 2024 meetings: Audit 8; Compensation 4; Investment 3; Nominating & Corporate Governance 3 .
- Attendance: In 2024, each incumbent director attended 75%+ of Board and committee meetings; all directors attended the 2024 Annual Meeting. Independent-only executive sessions are held at least annually; following Mr. Boston’s appointment as Chair, these are generally chaired by the Lead Independent Director, Dr. Coronado .
- Board leadership: Chairman/CEO roles are combined (Mr. Boston). The Lead Independent Director (Dr. Coronado) sets agendas for independent sessions, can call meetings of independent/non-management directors, and serves as liaison between independent directors and the Chair .
Fixed Compensation
| Component | Program Rate (2024) | Notes |
|---|---|---|
| Annual cash retainer | $100,000 | Paid quarterly |
| Lead Independent Director retainer | $25,000 | Additional annual retainer |
| Compensation Committee Chair retainer | $10,000 | Additional annual retainer |
| Nominating Committee Chair retainer | $10,000 | Not applicable to Coronado (member, not chair) |
| Audit Committee Chair retainer | $30,000 | Not applicable |
| Committee membership fee | $5,000 per committee | Applied per committee membership |
| Extra meeting fees | $1,000 per Board or committee meeting above 15/year | As applicable |
| Actual cash paid to Coronado (2024) | $140,972 | Aggregated fees earned/paid in cash |
- Director compensation mix: On average, ~51% of Board compensation for current directors was equity in 2024 .
Performance Compensation
| Equity Element | Grant Date | Shares Granted | Grant Date Fair Value | Vesting | Change-in-Control Terms | Dividends on Unvested | Options |
|---|---|---|---|---|---|---|---|
| Restricted Stock | May 17, 2024 | 9,517 | $120,009 | Generally vests at end of one year (if still serving); vesting date May 17, 2025 for 2024 grants | Accelerated vesting upon Change in Control (per 2020 Plan) | Dividends paid on unvested restricted stock; Coronado received $14,842 in 2024 dividends | None for directors (Option Awards not applicable) |
Other Directorships & Interlocks
| Company | Role | Committee | Potential Interlock/Conflict |
|---|---|---|---|
| Robert Half (NYSE:RHI) | Independent Director | Nominating & Governance | Board assessed independence considering relationships; no material relationships with the Company for independent directors . |
- Related person transactions: The Company reports no related person transactions under SEC rules and its Related Person Policy; any such transactions would require Audit Committee review/approval and be prohibited if inconsistent with shareholder interests .
Expertise & Qualifications
- Macroeconomics, fiscal/monetary policy, and global markets; frequent financial media commentator and Congressional testimony experience .
- Capital markets and risk/investment committee experience; senior leadership in financial services .
- Academia: finance teaching and research; multiple policy/economic advisory boards .
Equity Ownership
| Holder | Common Shares Beneficially Owned | Ownership % | Notes |
|---|---|---|---|
| Julia L. Coronado, Ph.D. | 29,599 | <1% | Includes 9,517 restricted shares vesting May 17, 2025; none of the disclosed shares are pledged . |
- Shares outstanding basis: 96,202,122 common shares; all directors and officers as a group own 967,874 (1.0%) .
Compensation Committee Analysis
- Coronado chairs the Compensation Committee; members include A. Crawford and A. Gray. The committee recommended inclusion of the CD&A in the proxy .
- Consultant use: In 2023, FPC reviewed non-employee director compensation versus peers and the Board increased director compensation to approach peer median. No changes were made in 2024 .
Governance Assessment
- Positives: Independent Lead Director with defined authorities; strong attendance; no related person transactions; equity-heavy director pay with one-year vesting and stock ownership guidelines of 5x annual cash retainer, with 100% post-vest retention until met (alignment) .
- Risks/Red Flags: Combined Chair/CEO structure can concentrate power; mitigated by an active Lead Independent Director role and regular executive sessions of independent directors .
- Alignment signals: Coronado’s 2024 pay included $120,009 of restricted stock (9,517 shares) and cash of $140,972, with dividends on unvested shares; average Board mix ~51% equity supports shareholder alignment .
- Independence and conflicts: Board confirmed independence and reports no related-party transactions involving directors; none of Coronado’s disclosed shares are pledged .