Patrick Hackett
About H. Patrick Hackett, Jr.
Independent director since December 2009; age 73. Principal of HHS Co., formerly President & CEO of RREEF Capital and principal of The RREEF Funds. Longstanding real estate finance expertise; taught at Kellogg Graduate School of Management and served on real estate advisory boards at Kellogg and MIT; former trustee of Northwestern University. Currently chairs the board of Wintrust Financial Corporation (NASDAQ: WTFC) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| RREEF Capital, Inc. | President & Chief Executive Officer | Prior to joining FR board (dates not disclosed) | Led international commercial real estate investment management firm |
| The RREEF Funds | Principal | Prior to joining FR board (dates not disclosed) | Principal investor across real estate strategies |
| Kellogg Graduate School of Management | Real Estate Finance Instructor | Many years (not disclosed) | Contributed to graduate-level real estate finance education |
| Kellogg and MIT | Real Estate Advisory Boards | Prior service (not disclosed) | Advisory input on programs and industry engagement |
| Northwestern University | Trustee (former) | Prior service (not disclosed) | University governance oversight |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Wintrust Financial Corporation (WTFC) | Chair of the Board | Current | Public company bank; Hackett chairs the board |
Board Governance
- Independence: The Board affirmatively determined Hackett is independent under NYSE standards .
- Board attendance and engagement: Board met 5 times and acted twice by written consent in 2024; each director attended ≥75% of Board and committee meetings for which they served; all directors attended the 2024 Annual Meeting .
- Leadership structure: Separate Chair and CEO; regular executive sessions of non-management directors; Lead Independent Director is John E. Rau .
- Committees (Hackett roles and 2024 activity):
- Compensation Committee — Chair; 5 meetings in 2024; mandates include CEO/NEO pay, plan oversight, CD&A review, and clawback policy administration .
- Investment Committee — Chair; 5 meetings in 2024; oversees investment strategy, approves transactions per charter thresholds .
- Related-party/Item 404 check: Compensation Committee members (including Hackett) had no Item 404 relationships/affiliations requiring disclosure in 2024 .
Fixed Compensation
| Year | Cash Fees ($) | Equity Grant ($) | Equity Granted (#) | Grant Date Price | Vesting |
|---|---|---|---|---|---|
| 2024 | 115,000 | 120,000 | 2,642 RSUs or Units (director election) | $45.42 (grant-date common stock price) | Vests on earlier of 1st anniversary or next annual meeting |
- No meeting fees; cash fees paid quarterly; employee directors (e.g., CEO) receive no director compensation; non-employee directors reimbursed for out-of-pocket expenses; no perquisites for director service .
Performance Compensation
- Directors do not receive performance-based cash bonuses or option awards for board service; annual equity is time-based only (RSUs/Units) per director election .
- Company-wide clawback applies to covered officers; director awards are disclosed as time-based grants with standard vesting; no director-specific performance metrics disclosed .
Other Directorships & Interlocks
| Company | Role | Public/Private | Potential Interlock/Notes |
|---|---|---|---|
| Wintrust Financial Corporation (WTFC) | Chair of the Board | Public | Banking relationship potential typical for REITs; no related-party transactions disclosed under Item 404 for 2024 |
| Northwestern University | Trustee (former) | Non-profit | Governance experience; not a related party transaction |
| Kellogg and MIT Advisory Boards | Member (former) | Academic | Advisory roles; not a related party transaction |
Note: FR’s policy requires Nominating/Corporate Governance Committee review/approval of related-person transactions; none disclosed for Hackett in 2024 .
Expertise & Qualifications
- Real estate investment and finance leader (RREEF leadership; principal investor) .
- Academic credentials and teaching in real estate finance; advisory roles at leading institutions (Kellogg, MIT) .
- Board leadership at a public financial institution (WTFC) providing financial services risk oversight perspective .
- Provides “valuable real estate investment and finance expertise” to FR’s Board per company assessment .
Equity Ownership
| Holder | Beneficial Ownership (Common/Units) | As-of | Ownership Guideline | Compliance |
|---|---|---|---|---|
| H. Patrick Hackett, Jr. | 49,208 | Record Date (Mar 7, 2025) | Directors: 5x annual retainer | All directors and NEOs currently in compliance |
- Anti-hedging/anti-pledging: Company policy prohibits hedging and pledging of company securities by directors/officers/employees .
Governance Assessment
- Board effectiveness: Hackett chairs both Compensation and Investment Committees—central roles influencing pay-for-performance alignment and capital allocation discipline. 2024 committee cadence (5 meetings each) indicates active oversight .
- Independence and attendance: Independent under NYSE rules; met attendance thresholds; presence at Annual Meeting supports engagement .
- Pay oversight signals: Compensation Committee engages independent consultant (Ferguson Partners) with conflict-of-interest assessment; peer benchmarking used but not sole determinant; robust mix of performance-based/time-based equity for executives; strong say-on-pay support (~95% in 2024; ~92% average 2020–2024), indicating investor confidence in committee’s approach .
- Alignment policies: Mandatory stock ownership guidelines (5x retainer for directors) with current compliance; anti-hedging/pledging; company-wide clawback policy adopted Nov 1, 2023; these are positive governance practices under Compensation Committee purview .
- Conflicts/related-party exposure: No Item 404 transactions for Compensation Committee members in 2024; while Hackett chairs WTFC, no related-party dealings disclosed; FR’s governance framework includes committee reviews for any such transactions .
- RED FLAGS: None disclosed for Hackett—no hedging/pledging permitted; no related-party transactions; strong say-on-pay outcomes. Continued monitoring advisable for any FR-WTFC commercial relationships (credit facilities, deposits, treasury) given potential banking interlocks, but none are disclosed currently .