Jeffrey W. Priest
About Jeffrey W. Priest
Jeffrey W. Priest is President (since 2012), Chief Executive Officer (since 2013), and an Interested Director of General American Investors Company, Inc. (GAM). He is 62, has over 35 years of investment and related experience, and has served as an employee since 2010 and officer since 2012. His background includes founding and leading Amajac Capital Management, senior research roles, risk arbitrage analysis at Bear Stearns, and heading fixed income sales and trading at Miller Tabak Hirsch & Co.; he holds a B.A. from the College of Wooster and an MBA from Duke University's Fuqua School of Business, and served on FASB’s Emerging Issues Task Force on acquisition accounting. He currently has no public company directorships outside GAM .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Amajac Capital Management, LLC | Managing Member & President | 1999–2010 | Founded and led investment advisory; principal investing and advisory activities |
| Para Advisors | Senior Research Analyst & Equity Partner | 1997–1999 | Equity research; investment analysis and partnership responsibilities |
| Bear Stearns & Co. | Senior Analyst, Risk Arbitrage Dept. | 1994–1996 | Focus on valuation and deal structure in risk arbitrage |
| Miller Tabak Hirsch & Co. | Head of Fixed Income Sales & Trading | 1985–1990 | Led fixed income sales/trading; market-making and client coverage |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Financial Accounting Standards Board (FASB) | Member, Emerging Issues Task Force (Acquisition Accounting) | N/A | Technical accounting contribution |
| Public Company Boards | None | N/A | No public company directorships disclosed |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | $650,000 | $715,000 |
| Aggregate Compensation ($) | $2,750,000 | $2,715,000 |
| Pension/Retirement Benefits Accrued ($) | $78,000 | $85,800 |
Director fee schedule (non-officer directors):
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Annual Retainer ($) | $15,000 | $30,000 |
| Meeting Fee ($ per meeting) | $1,250 | $1,250 |
The Thrift Plan match is 150% of employee contributions up to 8% of basic salary; company contributions are invested in GAM common stock with full vesting after six years and partial vesting beginning after two years; eligibility after six months of service .
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout Basis | Vesting |
|---|---|---|---|---|---|---|
| Year-end Supplemental Compensation | Company operations/performance; officer contributions; industry comparables; external data provider | Committee discretion | Not disclosed | Not disclosed | Included in aggregate compensation figures | Cash; no vesting schedule disclosed |
The Compensation Committee (independent directors) reviews operations and performance, officer contributions, comparables, and external data to recommend compensation for Board approval; it met on December 4, 2024 .
Equity Ownership & Alignment
| Title of Class (as of Dec 31, 2024) | Shares Beneficially Owned | Percent of Class | Notes |
|---|---|---|---|
| Common Stock | 207,932 | 0.89% | Includes 113,348 shares over which Mr. Priest has voting/dispositive power and disclaims beneficial ownership |
| Preferred Stock (5.95% Cumulative, Series B) | 42,633 | 0.56% | Includes 27,241 shares where he has voting/dispositive power and disclaims beneficial ownership |
Director dollar range of equity ownership indicates Mr. Priest “Over $100,000” .
Employment Terms
| Term | Detail |
|---|---|
| Employee since | 2010 |
| Officer since | 2012 |
| President since | 2012 |
| CEO & Director since | 2013 |
| Years of credited service (Retirement Plan) | 14 years |
| Thrift Plan | Company matches 150% of contributions up to 8% of salary; invested in GAM common stock; full vesting at 6 years; partial vesting starts after 2 years; eligibility after 6 months |
| Retirement Plan | Defined benefit plan based on final average earnings and years of service; normal retirement age 65 |
| Excess Plans | Participant in Excess Contribution and Excess Benefit Plans (to overcome IRS caps) |
Board Governance
| Item | Detail |
|---|---|
| Board Role | Interested Director (management); President & CEO |
| Board Chair | Spencer Davidson, Chairman since 2007 |
| Audit Committee | Chair: John D. Gordan, III; Members: Arthur G. Altschul, Jr.; Rodney B. Berens; Clara E. Del Villar; Savannah Sachs; Henry R. Schirmer; all independent; met 4 times in FY2024 (Jan 24, Feb 16, Jul 24, Dec 4) and once on Feb 12, 2025 |
| Compensation Committee | Chair: Arthur G. Altschul, Jr.; Members: Spencer Davidson; Rose P. Lynch; all independent; met once on Dec 4, 2024 |
| Executive Committee | Chair: Spencer Davidson; Member: John D. Gordan, III; independent; did not meet in FY2024 |
| Annual Meeting Attendance | All Directors participated virtually at the April 26, 2023 annual meeting |
Dual-role implications: Mr. Priest is CEO and a Director, but the Chair role is separate and all key committees are independent, moderating independence concerns .
Investment Implications
- Pay-for-performance transparency: CEO compensation includes discretionary supplemental pay determined by an independent Compensation Committee based on company operations and officer contributions; explicit quantitative performance targets/weightings are not disclosed, reducing transparency into pay-performance linkage .
- Ownership alignment: Mr. Priest holds 0.89% of common and 0.56% of preferred; a notable stake but with portions where he disclaims beneficial ownership, indicating some holdings in structures where beneficial interest is not claimed .
- Retention: Participation in defined benefit and Excess Plans, plus long tenure (employee since 2010, CEO since 2013), indicate institutional retention levers and continuity in leadership .
- Governance structure: Separation of Chair and CEO and independent Audit/Compensation Committees mitigate dual-role and independence risks .
- Shareholder influence: Saba Capital (6.23%) and Lazard Asset Management (5.68%) are 5%+ holders, suggesting potential for active governance engagement that could influence compensation, buybacks, or strategic actions .