William F. Heitmann
About William F. Heitmann
Independent Director of The Gabelli Equity Trust (GAB) since August 15, 2012; year of birth 1949. He serves as Chairman of the Fund’s Audit Committee and is designated the Fund’s Audit Committee Financial Expert. Professional background spans more than 35 years at Verizon Communications and predecessors, including Senior Vice President & Treasurer (Bell Atlantic), Vice President of Asset Management, Vice President of Merger Implementation for the Bell Atlantic–NYNEX merger, Chairman of Verizon Capital Corporation, and Senior Vice President of Finance responsible for Verizon Investment Management Corporation (President & CIO). Education: B.S. Mechanical Engineering (New Jersey Institute of Technology) and MBA (Rutgers University).
Past Roles
| Organization | Role | Tenure | Committees / Impact |
|---|---|---|---|
| Perlmutter Investment Company (private real estate) | Managing Director & Senior Advisor | Not disclosed | Investment advisory leadership in real estate (private company). |
| Verizon Communications and predecessors | Senior Vice President & Treasurer (Bell Atlantic); Vice President of Asset Management; Vice President of Merger Implementation (Bell Atlantic–NYNEX merger); Chairman, Verizon Capital Corporation; Senior Vice President of Finance; President & CIO, Verizon Investment Management Corporation | Various; notably 1971–2011 noted for SVP Finance & President, Verizon Investment Management | Led investment management operations; treasury and asset management; M&A implementation leadership. |
| Syncreon (contract logistics provider) | Director; Audit Committee Chair | 2011–2019 | Audit oversight; chair responsibilities. |
| DRS Technologies | Director; Audit Committee Chair | Not disclosed | Audit leadership at public company. |
External Roles
| Organization | Role | Tenure | Notes / Impact |
|---|---|---|---|
| Pension Real Estate Association | Director | Not disclosed | Industry association governance. |
| Committee for the Investment of Employee Benefit Assets; Financial Executives Institute; NYSE Pension Manager’s Advisory Committee; Society for Neurology – Investment Committee | Member | Not disclosed | Professional committees related to investment management and finance. |
Board Governance
- Independence: Serves as an Independent Director; the Board comprises 11 directors, of which 8 are independent.
- Tenure and current nomination: Director since August 15, 2012; nominated to serve until the 2028 Annual Meeting (or until successor elected).
- Committee assignments: Audit Committee (Chair); Audit Committee comprised of Messrs. Heitmann (Chair), Conn, and Zizza; all are independent and financially literate.
- Financial Expert: Designated Audit Committee Financial Expert under Regulation S‑K 407(d)(5)(ii)–(iii).
- Board leadership: Lead Independent Director is James P. Conn.
- Meeting cadence & attendance: Board met 4 times in FY2024; Audit Committee met 2 times; each Director then serving attended at least 75% of Board and applicable committee meetings.
Fixed Compensation
| Component | Amount | Basis / Notes |
|---|---|---|
| Annual Board Retainer (Independent Director) | $15,000 | Paid to each Independent Director. |
| Board Meeting Fees | $2,000 per meeting | Board met four times in FY2024 (implies up to $8,000 if all attended). |
| Committee Meeting Fees | $1,000 per meeting | Audit Committee met two times in FY2024 (implies up to $2,000 if attended). |
| Audit Committee Chair Fee | $3,000 annually | Paid to Audit Committee Chair. |
| Aggregate Compensation from GAB | $28,000 | Reported total paid to Heitmann by the Fund in FY2024. |
| Aggregate Compensation from Fund Complex | $54,000 | Total paid across Fund Complex; number in parentheses indicates 4 investment companies/portfolios. |
The Fund reimburses out-of-pocket expenses for Directors not employed by the Adviser. Aggregate remuneration paid by the Fund to all Directors in FY2024 was $220,000.
Performance Compensation
| Performance Component | Status | Notes |
|---|---|---|
| Equity grants (RSUs/PSUs), options | None disclosed | Proxy details only cash retainers/fees; no director equity awards disclosed. |
| Bonus / performance-based pay | None disclosed | No incentive metrics or bonus plans for directors disclosed. |
| Performance metrics (TSR, revenue, ESG) | Not applicable | No performance-linked director compensation disclosed. |
Other Directorships & Interlocks
| Company / Entity | Role | Current/Prior | Notes |
|---|---|---|---|
| Syncreon (contract logistics) | Director; Audit Committee Chair | Prior (2011–2019) | Public company board experience; audit leadership. |
| DRS Technologies | Director; Audit Committee Chair | Prior | Public company; audit leadership. |
| Gabelli Fund Complex | Director (multiple funds) | Current | Oversees 4 portfolios in the Fund Complex; “comparable roles for another fund” noted. |
Expertise & Qualifications
- Deep finance and audit oversight expertise, designated Audit Committee Financial Expert.
- Extensive corporate finance, treasury, asset management, and investment oversight experience from Verizon roles including President & CIO of Verizon Investment Management Corporation.
- Engineering and business training: B.S. Mechanical Engineering (NJIT); MBA (Rutgers).
Equity Ownership
| Holder | Security | Amount | Percent of Shares Outstanding | Dollar Range (Fund) | Aggregate Dollar Range (Fund Complex) |
|---|---|---|---|---|---|
| William F. Heitmann | GAB Common Stock | 157,367 shares | Less than 1% | E (Over $100,000) | E (Over $100,000) |
| Notes | “Beneficial Ownership” per Rule 13d‑3 (1934 Act). Dollar ranges valued as of Dec 31, 2024. | ||||
| Citations |
No pledging or hedging of company stock disclosed; no ownership guidelines disclosed in proxy.
Governance Assessment
- Board effectiveness: Heitmann brings substantial finance, treasury, and investment oversight experience; as Audit Chair and Financial Expert, he anchors audit quality and controls oversight for the Fund.
- Independence and engagement: Independent director with at least 75% attendance; serves across 4 portfolios in the Fund Complex, aiding consistency of governance across related funds.
- Compensation alignment: Modest, fully cash-based fees with defined meeting and chair components; no equity or performance-based pay, minimizing pay-for-performance misalignment risk for a closed-end fund director role.
- Ownership alignment: Material personal stake (157,367 shares; “E” range) supports alignment with common shareholders; remains <1% of outstanding, appropriate for an independent director.
- Conflicts and related-party risk: No disclosed interests in adviser-controlled affiliates for Heitmann in the related-party interests table (others are listed, he is not), and no related-party transactions disclosed; independence appears intact.
- Audit oversight context: Audit Committee’s report underscores reliance on management and PwC, consistent with typical audit committee frameworks; no specific red flags around auditor independence (PwC independence disclosures received and discussed).
RED FLAGS
- None specifically disclosed for Heitmann regarding related-party transactions, pledging/hedging, attendance shortfalls, or pay anomalies.