Kevin L. Lorenz, J.D.
Fortress BiotechAbout Kevin L. Lorenz, J.D.
Kevin L. Lorenz, age 60, has served as an independent director of Fortress Biotech (FBIO) since August 2019. He brings 25+ years of experience in investment strategy, including serving since 2015 as Chief Investment Officer and SVP, Treasury & Private Investments at the Katz Group (family office of Daryl Katz), and since 2021 as a Director at Adventus Capital Partners. He holds a J.D. from George Mason University Antonin Scalia Law School, an M.B.A. from Benedictine University, and a B.S. in economics from Illinois State University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Katz Group (family office) | Chief Investment Officer; SVP, Treasury & Private Investments | 2015–present | Oversees design, implementation, and monitoring of overall investment strategy . |
| Adventus Capital Partners | Director | 2021–present | Board/director role focused on investments . |
| Credit Suisse Securities, LLC | Director, UHNW Private Client Business | 2009–2015 | Expanded UHNW private client business into Canada . |
| UBS Financial Services, Inc. | Director, UHNW Management Group | 2004–2009 | Key contributor to first dedicated UBS UHNW office . |
| Merrill Lynch Pierce Fenner & Smith, Inc. | Various roles | Not disclosed | Early career — increasing responsibility . |
| Office of the Comptroller of the Currency (U.S. Treasury) | Various roles | Not disclosed | Early career — national bank/thrift supervision . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Adventus Capital Partners | Director | 2021–present | Private investment firm role (public listing not disclosed) . |
| Katz Group | CIO; SVP, Treasury & Private Investments | 2015–present | Family office spanning sports, real estate, investments . |
| Prior: Credit Suisse | Director, UHNW Private Client Business | 2009–2015 | Wealth management expansion into Canada . |
| Prior: UBS | Director, UHNW Management Group | 2004–2009 | UHNW office formation and development . |
Board Governance
- Independence: The Board determined Lorenz is independent under Nasdaq rules in the March 27, 2025 annual review .
- Board/Committee attendance: In 2024, the Board held 10 meetings; each incumbent director attended at least 88% of Board and applicable committee meetings .
- Committee structure and composition (2024 activity in parentheses):
- Audit Committee (held 4 meetings): Dov Klein (Chair; audit committee financial expert), J. Jay Lobell, Jimmie Harvey Jr., M.D.; all independent .
- Compensation Committee (held 1 meeting, plus 1 unanimous written consent): J. Jay Lobell (Chair), Dov Klein, Jimmie Harvey Jr., M.D.; all independent .
- Nominating & Corporate Governance Committee (held 0 meetings, plus 1 unanimous written consent): J. Jay Lobell (Chair), Malcolm Hoenlein, Dov Klein .
- Notably, Lorenz is not listed as a member of the Audit, Compensation, or Nominating Committees in the proxy compositions above .
Fixed Compensation
| Item | Amount ($) | Period | Notes |
|---|---|---|---|
| Fees Earned or Paid in Cash | 30,000 | FY 2024 | Under Non-Employee Director Compensation Policy; appears to reflect board retainer only for Lorenz . |
| Board Retainer Policy | 30,000 annually | Policy as of 2025 proxy | Payable quarterly; committee fee schedule detailed below . |
| Committee Fee Policy (member) | Audit: 7,500; Comp/Nom/Strategic: 5,000 | Policy | Chairs: Audit 55,000; Comp/Nom/Strategic: 10,000; payable quarterly . |
Performance Compensation
| Item | Detail | Period/Terms |
|---|---|---|
| Stock Awards (Grant-Date Fair Value) | $10,032 | FY 2024 director annual grant . |
| Unvested RSAs (as of Dec 31, 2024) | 6,666 RSAs | Reported outstanding unvested equity . |
| 2024 Grant Vesting | Three equal installments on Jan 1, 2025, 2026, 2027 | Determined by closing price prior to grant date . |
| 2025 Annual Equity Eligibility | $100,000 of common stock each Jan 1 | Vests in three equal tranches on each of first three anniversaries . |
No director performance metrics (e.g., TSR, EBITDA) tied to director equity awards were disclosed; grants are time-based restricted stock for non-employee directors .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed in Lorenz biography for past five years . |
| Private/other boards | Adventus Capital Partners (Director) . |
| Interlocks/conflicts | No Lorenz-specific related party transactions disclosed; related-party section does not list Lorenz . |
Expertise & Qualifications
- Deep UHNW and family office investment management expertise; roles at Credit Suisse and UBS leading UHNW initiatives .
- CIO experience overseeing multi-asset strategies in a complex family office environment (Katz Group) .
- Legal, business, and economics education (J.D., M.B.A., B.S.) .
- Independent director tenure since 2019; age 60 supports seasoned perspective .
Equity Ownership
| Metric | Value | Date/Notes |
|---|---|---|
| Shares Beneficially Owned (Lorenz) | 73,687 | As of Apr 17, 2025; less than 1% of outstanding shares . |
| Exercisable Options/Warrants/RSUs within 60 days | — | None counted within 60-day window from record date . |
| Shares Outstanding (FBIO) | 29,569,553 | As of Apr 17, 2025 . |
| Unvested RSAs (Lorenz) | 6,666 | As of Dec 31, 2024 . |
| Section 16(a) compliance | No untimely filings in FY 2024 | Based on review of Forms 3/4/5 . |
Governance Assessment
- Independence and attendance: Lorenz is Nasdaq-independent and met the ≥88% attendance threshold in 2024; these are positive governance signals for board effectiveness .
- Committee engagement: He is not listed on Audit, Compensation, or Nominating Committees, which may limit direct influence on key oversight areas; however, committee compositions are fully independent with defined charters and activity noted .
- Director pay alignment: 2024 compensation for Lorenz was modest ($40,032 total; 25% equity by grant-date value), with time-based RSAs and no disclosed performance metrics for directors; starting 2025, the policy increases annual equity eligibility to $100,000 with multi-year vesting, improving long-term alignment but still time-based rather than performance-based .
- Ownership alignment: Lorenz’s beneficial ownership is <1% with unvested RSAs outstanding; no pledging or hedging disclosures were identified for him, and Section 16 compliance was timely—neutral-to-positive alignment signal given multi-year vesting .
- Conflicts/related-party exposure: No Lorenz-specific related-party transactions disclosed; related-party items primarily involve the CEO (Rosenwald) and Avenue/TGTX arrangements, reviewed by the Audit Committee under a stated policy—no red flags tied to Lorenz identified .
- Board environment: Significant insider ownership by CEO (20.2%) and Executive Vice Chairman (6.6%) indicates concentrated control; while not a Lorenz-specific issue, it heightens the importance of independent directors’ oversight. Lorenz’s independence and tenure contribute to investor confidence in board balance .
Red Flags: None specifically identified for Lorenz (no low attendance, no pledging, no related-party transactions). Broader board risk is concentrated control by insiders, which requires vigilant independent oversight .