Larry Leibowitz
About Larry Leibowitz
Independent Class II director at Forge Global Holdings, Inc. since March 2024; age 65 as of April 30, 2025; A.B. in Economics from Princeton University. Career spans senior leadership across market structure and trading, including COO and Head of Global Equities Markets at NYSE Euronext, COO of Americas Equities at UBS, Co-CEO of Schwab-Soundview Capital Markets, and CEO of Redibook ECN . Current Board term expires at the 2027 annual meeting; the Board has affirmatively determined he is independent under NYSE standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Entrypoint Capital | Chief Executive Officer | Jan 2022 – present | Leads quantitative investment management strategy |
| NYSE Euronext | COO; Head of Global Equities Markets; Director | 2007 – 2013 | Oversaw global equities market operations |
| UBS (Americas Equities) | Chief Operating Officer | 2004 – 2007 | Operational leadership in equities |
| Schwab-Soundview Capital Markets | Co-Chief Executive Officer | 2001 – 2004 | Co-led capital markets business |
| Redibook ECN | Chief Executive Officer | 1999 – 2002 | Led electronic communications network |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Enfusion Inc. (NYSE: ENFN) | Director | Oct 2021 – present | Investment management software |
| XCHG Xpansiv | Director | Jun 2019 – present | Intelligent commodities exchange |
| Concord Acquisition Corp II (NYSE: CNDA) | Director | Jun 2021 – present | SPAC governance |
| Cowen Inc. | Director | May 2018 – Mar 2023 | Financial services; prior role concluded |
| Concord Acquisition Corp | Director | Mar 2021 – Dec 2022 | SPAC governance |
| Concord Acquisition Corp III | Director | Jun 2021 – Dec 2024 | SPAC governance |
Board Governance
- Committee assignments (2025): Compensation Committee member; Nominating & Corporate Governance Committee member; not on Audit or Risk .
- Independence: Board affirmed independence; considered an April 2025 consulting agreement under which Mr. Leibowitz is entitled to $110,000 in equity compensation and concluded it does not impede independent judgment .
- Attendance: In 2024, Board met 8 times; committees met Audit 7, Compensation 5, Nominating 4, Risk 4; each director attended at least 75% of Board and applicable committee meetings; all directors at the time attended the 2024 annual meeting .
- Board leadership: Lead Independent Director is Asiff Hirji; Board operates majority-independent structure; no Board chair .
- Executive sessions: Independent directors meet in executive session without management at least annually .
Fixed Compensation
| Year | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| 2024 | 38,580 | 406,243 | 444,823 |
| Director Compensation Policy Component | Amount ($) | Notes |
|---|---|---|
| Board member annual retainer | 35,000 | Paid quarterly in arrears |
| Compensation Committee member | 6,000 | Annual; chair receives 12,000 instead of member fee |
| Nominating & Corporate Governance Committee member | 4,000 | Annual; chair receives 8,000 instead of member fee |
| Audit Committee member | 10,000 | Annual; Audit chair 20,000 |
| Risk Committee member | 4,000 | Annual; chair 8,000 |
| Lead Independent Director | 16,500 | Role-level retainer |
| Ad hoc committee fees | Up to 1,500 per meeting or up to 10,000 annual per committee | As determined by Board |
| Subsidiary board service | Up to 20,000 annual per subsidiary board | As determined by Board |
Performance Compensation
| Component | Structure | Performance Metrics |
|---|---|---|
| Initial RSU upon election | $240,000 grant-date fair value; vests 1/12 each Quarterly Vesting Date (Mar 1, Jun 1, Sep 1, Dec 1) until fully vested | None disclosed; time-based vesting only |
| Annual RSU grant | $170,000 grant-date fair value; vests 1/4 each Quarterly Vesting Date after annual meeting until fully vested | None disclosed; time-based vesting only |
| Sale Event treatment | Full vesting of outstanding director equity upon Sale Event while serving as Outside Director | Transaction trigger; not performance metric |
No performance-based equity or cash metrics are used for non-employee director compensation; RSUs are time-vested and subject to service .
Other Directorships & Interlocks
| Company | Relationship to FRGE | Potential Interlock/Conflict |
|---|---|---|
| Enfusion Inc. | No FRGE-related party transaction disclosed | No FRGE transaction noted; general industry adjacency |
| XCHG Xpansiv | No FRGE-related party transaction disclosed | No FRGE transaction noted |
| Concord SPACs (II, III) | No FRGE-related party transaction disclosed | No FRGE transaction noted |
| Cowen Inc. (prior) | No current role | Historical service; no FRGE transaction disclosed |
- Related-party and conflict review: The Board specifically reviewed a consulting agreement between FRGE and Mr. Leibowitz (April 2025) providing $110,000 in equity compensation and maintained independence; no other related-party transactions involving Mr. Leibowitz are disclosed in the proxy’s related-party section .
Expertise & Qualifications
- Market structure and trading operations leadership (NYSE Euronext COO/Head of Global Equities Markets; UBS Americas Equities COO) .
- Electronic trading and ECN leadership (Redibook ECN CEO) .
- Capital markets and financial services governance (Schwab-Soundview Co-CEO; board roles at Enfusion, Xpansiv, Cowen, Concord SPACs) .
- Education: A.B. in Economics, Princeton University .
Equity Ownership
| Measure | Amount | Notes |
|---|---|---|
| Common shares beneficially owned | 10,885; less than 1% of outstanding shares | As of April 15, 2025; FRGE had 12,643,271 shares outstanding |
| Composition detail | 8,509 common shares and 2,376 RSUs vesting within 60 days | As of April 15, 2025 |
| Outstanding RSUs (not yet fully vested) | 9,715 RSUs (as of Dec 31, 2024) | Director equity outstanding |
| Hedging/pledging | Prohibited by insider trading policy | Applies to directors and employees |
| Stock ownership guidelines | Directors must hold ≥ 5x annual Board retainer; compliance assessed starting Dec 31, 2029 | Directors are either compliant or in phase-in period |
Governance Assessment
- Strengths: Deep market structure and trading expertise relevant to FRGE’s marketplace; active committee engagement on Compensation and Nominating; Board-confirmed independence; attendance thresholds met; equity-based director pay and ownership guidelines support alignment; hedging/pledging prohibited reduces misalignment risk .
- Watch items / RED FLAGS: April 2025 consulting agreement with $110,000 in equity compensation is a potential conflict signal (Board judged non-impairing to independence); monitor any future consulting scope, deliverables, and equity grants for potential influence on committee decisions .
- Overall signal: Governance posture is generally constructive with clear policies (clawback, insider trading, ownership guidelines), majority-independent Board and lead independent oversight; continued disclosure around consulting arrangements will be important to investor confidence .