Lance W. Lord
About Lance W. Lord
Lance W. Lord is the independent Chairman of the Board at Frequency Electronics, Inc. (FEIM), serving as a director since 2016 and Chairman since May 2022 . He is a retired four-star U.S. Air Force general and former Commander of Air Force Space Command, with extensive leadership across space systems development, acquisition, and operations; age 79 (as of the 2025 proxy) . The Board has determined he is “independent” under NASDAQ standards , and the Board separates the Chair and CEO roles (Chair: Lord; CEO: Thomas McClelland) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| U.S. Air Force – Air Force Space Command | Commander | Retired 2006 | Led >39,700 personnel overseeing satellite C2, communications, missile warning, launch, and ICBM readiness |
| ASTROTECH Space Operations | Chief Executive Officer (former) | Not disclosed | Commercial space operations leadership |
| FEIM | Director; Chairman of the Board | Director since 2016; Chairman since May 2022 | Independent Board Chair; multiple Board committees (see Board Governance) |
External Roles
| Organization | Role | Type | Dates/Status |
|---|---|---|---|
| L2 Aerospace | Founder & Chairman | Private company | Since 2010 |
| Aerojet Rocketdyne Holdings (NYSE: AJRD) | Director | Public company | Feb 2015 – Jul 28, 2023 (company acquired by L3Harris) |
| OmniTeq | Founder & Chairman | Private | Current |
| Hera Systems | Advisory Board Chairman | Private | Current |
| Iridium Corporation | Government Advisory Board member | Public (advisory) | Current |
| BONEAL Aerospace | Board member | Private | Current |
| Four Star Group | Senior Associate | Advisory | Current |
Board Governance
- Independence: The Board determined Lord is independent as defined by NASDAQ .
- Chair/CEO split: Chair is Lord; CEO is Thomas McClelland .
- Committees and roles:
- Audit Committee: Member (committee comprised of Brolin (Chair), Lord, Sarachek) .
- Nominating & Corporate Governance Committee: Member (committee comprised of Brolin, Lord, Schwartz) .
- Compensation Committee: Not listed as a member (committee comprised of Brolin, Sarachek, Schwartz) .
- Attendance: In FY2024 and FY2025, the Board met six times; each then-serving director attended all Board and committee meetings of which they were a member .
- Executive sessions: Independent directors meet without management at least annually .
- Diversity note: In 2024, the company disclosed it did not have a Diverse director under Nasdaq Rule 5605(f)(2)(D) and was seeking candidates .
Fixed Compensation (Director)
| Year (FY end) | Cash Retainer ($) | Committee Chair Fees ($) | Total Cash ($) |
|---|---|---|---|
| 2024 (Apr 30, 2024) | 43,750 | 0 (no chair fee disclosed for Lord) | 43,750 |
| 2025 (Apr 30, 2025) | 50,000 | 0 (audit/comp chair stipends paid to respective chairs) | 50,000 |
Notes:
- Non-officer directors’ annual cash fee increased from $25,000 to $50,000 effective September 2023 .
- Audit Committee Chair stipend: $8,000; Compensation Committee Chair stipend: $4,000; Lord is not disclosed as chair of those committees .
Performance Compensation (Director)
| Year (FY end) | Equity Type | Grant Date | Shares | Grant-Date Fair Value ($) | Vesting/Performance |
|---|---|---|---|---|---|
| 2024 (Apr 30, 2024) | — | — | 0 | 0 | No stock fees disclosed for directors in FY2024 |
| 2025 (Apr 30, 2025) | Common Stock (director fee in stock) | Oct 31, 2024 | 6,702 | 84,579 | Director fee paid in stock; no performance conditions disclosed |
Other Directorships & Interlocks
| Company/Organization | Role | Public/Private | Overlap/Interlock Considerations |
|---|---|---|---|
| Aerojet Rocketdyne Holdings | Director (former) | Public | Service ended upon acquisition by L3Harris in Jul 2023; no current interlock reported |
| Iridium (Government Advisory Board) | Member | Public (advisory) | Advisory role; not a board directorship |
| L2 Aerospace; OmniTeq; Hera Systems (Advisory); BONEAL Aerospace | Chair/Founder/Advisor/Director | Private | No FEIM related-party transactions reported |
Expertise & Qualifications
- Space, defense, and government expertise: Former AFSPC Commander; extensive experience with satellite C2, missile warning, launch operations, and ICBM readiness .
- Commercial space/defense leadership: Former CEO, ASTROTECH Space Operations; founder/chair of L2 Aerospace; multiple aerospace advisory roles .
- Board leadership: Independent Chairman of FEIM since May 2022 .
Equity Ownership
| As-of Date | Shares Beneficially Owned | Percent of Class |
|---|---|---|
| Aug 16, 2024 | 0 | <1% |
| Aug 21, 2025 | 24,525 | <1% |
- Ownership alignment: Lord’s reported beneficial ownership increased from 0 shares (2024) to 24,525 shares (2025), coincident with the addition of stock-based director fees .
- No pledging/hedging: FEIM prohibits hedging by directors/officers; insider trading policy in place (2025) .
Governance Assessment
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Strengths:
- Independent Chair with deep space/defense domain expertise and prior public board experience .
- Clear independence and strong attendance (100% of Board/committee meetings) .
- Director compensation now includes equity, improving alignment (6,702 shares; $84,579 grant-value in FY2025) .
- Anti-hedging policy and clawback coverage (awards subject to FEIM Clawback Policy/stock plan clawback) .
-
Watchpoints / RED FLAGS:
- 2024 disclosure of no Diverse director under Nasdaq 5605(f)(2)(D), with stated efforts to recruit (board-level issue, not Lord-specific) .
- Auditor (Grant Thornton) performed a “comprehensive assessment and study of executive compensation” in FY2025; while disclosed, boards typically ensure consultant independence and avoid conflicts with the audit firm .
- No director-level related-party transactions disclosed; continue monitoring given Lord’s multiple aerospace affiliations (company disclosed none over threshold) .
-
Committee workload and oversight:
- Lord serves on Audit and Nominating & Corporate Governance—both critical to financial oversight and board refreshment; Audit Committee features a designated financial expert (Brolin, Chair) .
-
Shareholder engagement:
- Company favors annual say-on-pay; historical frequency vote in 2019 had 89.9% support for annual votes .
-
Compensation structure:
- Director cash fees doubled to $50,000 effective Sept 2023; equity added in FY2025, increasing at-risk exposure via equity ownership .
- No meeting fees; chair stipends are limited to Audit and Compensation chairs (Lord not disclosed as chair of either) .
Overall, Lord’s independence, attendance, and sector expertise support board effectiveness; equity retainer adoption improves alignment. Key governance watchpoints include Nasdaq diversity disclosure (2024) and the auditor’s compensation consulting engagement (disclosed in 2025).