Daniel Roitman
About Daniel Roitman
Daniel Roitman, 55, has served as an independent director of Greenlight Capital Re, Ltd. (GLRE) since 2023. He is Chief Operating Officer and partner of Greenlight Capital (since January 2003) and DME Advisors since its formation; previously a Vice President at Goldman Sachs (1996–2002) and part of Andersen Consulting’s New York technology practice. He holds a B.S. (with distinction) and M.Eng. in electrical engineering from Cornell (1991, 1992) and an MBA (with distinction) in Finance from NYU Stern (2002). He has also served on the board of Greenlight Reinsurance Ireland (GRIL) since 2018 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs | Vice President | 1996–2002 | Investment banking/markets VP experience (as disclosed) |
| Andersen Consulting (Accenture) | Member, NY technology practice | Pre-1996 (prior to Goldman) | Technology/operations experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Greenlight Capital | Chief Operating Officer, Partner | Jan 2003–present | Executive/operator at GLRE’s affiliate; investment and operations expertise |
| DME Advisors | Partner/Executive | Since formation (ongoing) | Affiliate to which GLRE’s SILP pays fees; governance conflict context |
| Greenlight Reinsurance Ireland (GRIL) | Director | 2018–present | GLRE subsidiary board role |
No other current public-company directorships are disclosed for Mr. Roitman .
Board Governance
- Status and tenure: Director nominee; joined GLRE Board in 2023 .
- Independence: Not independent due to his executive affiliation with DME Advisors/Greenlight Capital (the investment advisor/affiliates tied to GLRE’s investment partnership) .
- Committee assignments: None; he is not listed as a member or chair of Audit, Compensation, Nominating, or Underwriting Committees (all of which are composed solely of independent directors) -.
- Attendance: Board met 4 times in 2024; all directors met at least 75% attendance except one (Joseph Platt, 50% for health reasons), implying Mr. Roitman met at least the 75% threshold .
- Board structure: Roles are separated (Chair: David Einhorn; CEO: Greg Richardson; Lead Independent Director: Joseph Platt) with regular executive sessions of independent directors .
- Policies: Hedging/pledging of GLRE stock prohibited; Clawback policy compliant with Section 10D (Exchange Act) in place .
- Ownership guidelines: Non-employee directors must hold ≥5x the annual cash retainer; the company states all directors were compliant (subject to transition periods) as of 12/31/24 .
Fixed Compensation
| Component | 2024/Current Structure | Mr. Roitman (2024) |
|---|---|---|
| Annual cash retainer | $70,000 (paid in cash quarterly or in restricted shares vesting by next AGM/1-yr) | $0; directors’ fees are not paid to Mr. Roitman (and not to Mr. Einhorn or anyone serving as CEO) |
| Additional chair fees | Audit Chair: $25,000; Lead Director: $30,000; Chairs of Underwriting/Comp/Nominating: $10,000 each | $0 (not a chair) |
| Meeting fees | Not disclosed | Not applicable |
Director compensation paid in 2024 was only to independent directors; Mr. Roitman is excluded from the fee/equity program -.
Performance Compensation
- Directors receive annual restricted shares with a grant-date value of $105,000 that vest by the next AGM/one-year; no performance-based director compensation is disclosed. Mr. Roitman does not receive these equity awards -.
Other Directorships & Interlocks
| Entity | Role | Interlock/Conflict Consideration |
|---|---|---|
| DME Advisors / Greenlight Capital | Partner/COO | GLRE invests via SILP where DME Advisors is investment advisor and an affiliate of the Board Chair (Einhorn) and Director (Roitman); fees and performance allocations paid to affiliates present related-party exposure |
| GRIL (subsidiary) | Director since 2018 | Internal subsidiary board; not an external interlock |
Additional context on Board relationships: Platt and Isaacs are limited partners in Greenlight Funds, but Board determined they remain independent; by contrast, Einhorn and Roitman are not independent due to their DME/Greenlight roles -.
Expertise & Qualifications
- Business/investment operations leader (COO/partner at Greenlight Capital; DME Advisors), bringing investment acumen and operating experience to GLRE’s board .
- Technical/analytical background (Cornell EE B.S./M.Eng; NYU Stern MBA with distinction) .
- Subsidiary governance experience (GRIL board since 2018) .
Equity Ownership
| Holder | Total Beneficial Ownership | % of Shares Outstanding | Detail |
|---|---|---|---|
| Daniel Roitman | 380,000 | 1.10% | 340,117 shares directly; 39,883 via the Daniel E. Roitman 2007 Family Trust |
| Pledging | — | — | No pledge disclosed for Mr. Roitman; note: a pledge is disclosed for director Ian Isaacs (16,000 shares) |
As of April 17, 2025, GLRE had 34,557,449 ordinary shares outstanding (basis for % ownership) .
Insider Trades
- We attempted to retrieve recent Form 4 transactions for “Roitman” at GLRE via the insider-trades skill, but the API returned an authorization error (401); no additional Form 4 data beyond the proxy was accessible at this time. We searched GLRE insider transactions for 2023-01-01 to 2025-11-19 filtered for “Roitman” (authorization failure documented).
- The 2025 proxy notes no delinquent Section 16 filings for 2024 .
Governance Assessment
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Strengths supporting investor confidence:
- Majority-independent Board (7 of 10); key committees composed exclusively of independent directors -.
- Separation of Chair, CEO, and Lead Independent Director; regular executive sessions .
- Hedging/pledging prohibition and clawback policy adopted; ownership guidelines in place; directors reported compliant as of 12/31/24 (subject to transitions) .
- 2024 Say-on-Pay approval exceeded 95% at the 2024 AGM, signaling shareholder support for compensation governance .
- Attendance: at least 75% for all directors except one (health-related); indicates engagement (no attendance concern flagged for Mr. Roitman) .
-
Conflicts and risk factors to monitor (RED FLAGS highlighted):
- RED FLAG: Non-independence — Mr. Roitman is not independent due to his affiliation with DME Advisors/Greenlight Capital, which receive management fees and performance allocations from SILP, GLRE’s principal investment vehicle .
- RED FLAG: Related-party economics — In 2024, performance allocation paid to DME II was $3.7 million and management fees paid to DME Advisors were $6.1 million; GLRE also pays DME Advisors $5,000/month for investor relations services ($60,000 in 2024) -.
- Concentration governance — The cap on GLRE’s investment portfolio deployed into SILP (as % of surplus) was raised to 70% effective August 1, 2024 (from 60%/50% previously), increasing exposure to an affiliate-managed vehicle; Board may need to continually demonstrate robust oversight and conflict management .
- Mitigants — Mr. Roitman holds no committee seats (especially on Audit/Compensation/Nominating), limiting direct influence on oversight of affiliate transactions; committee membership remains entirely independent -.
- Voting power context — Board consent allows the Chair (David Einhorn) to exceed the standard 9.9% voting power cap (up to the level he beneficially owned at consent); continued disclosure/oversight is prudent given affiliate relationships .
Fixed Compensation (Director)
| Metric | Amount | Notes |
|---|---|---|
| Annual retainer (cash or restricted shares) | $0 | Mr. Roitman does not receive director compensation; standard program for other directors is $70,000 |
| Equity grant (annual restricted shares) | $0 | Other directors receive $105,000 grant-date value; Mr. Roitman does not - |
| Committee/Chair fees | $0 | Not a committee member/chair |
Performance Compensation (Director)
- None disclosed for directors; standard director equity is time-vested, not performance-based, and is not paid to Mr. Roitman -.
Other Directorships & Interlocks
| Company/Entity | Role | From | To | Notes |
|---|---|---|---|---|
| GRIL (GLRE subsidiary) | Director | 2018 | Present | Internal subsidiary board role |
| DME Advisors / Greenlight Capital | Partner/COO | — | Present | Affiliate interlock; related-party transactions via SILP |
Related-Party Exposure (Detail)
- SILP Limited Partnership Agreement (LPA) with DME II (general partner) and DME Advisors (investment advisor): 2024 performance allocation to DME II was $3.7 million; 2024 management fees to DME Advisors were $6.1 million .
- Investment cap increased to 70% of GLRE Surplus effective August 1, 2024 (heightens affiliate exposure); GLRE provides indemnities to DME entities under the LPA/IAA; no indemnification payments in 2024 .
- DME Advisors investor relations services to GLRE: $60,000 expense in 2024 ($5,000/month) .
Say-on-Pay & Shareholder Feedback
- Say-on-Pay support: Over 95% approval in 2024 .
- Ongoing shareholder engagement program led by General Counsel with oversight by the Nominating, Governance & Corporate Responsibility Committee .
Governance Conclusion
- Mr. Roitman provides deep investment and operating expertise and holds a meaningful equity stake (1.10%), aligning interests with shareholders. However, his non-independence and the material related-party economics between GLRE and DME/Greenlight Capital elevate conflict risk. The Board mitigates this through a majority-independent composition, independent-only committees, policy architecture (clawback, hedging/pledging ban, ownership guidelines), and separated leadership. Given the August 2024 increase in affiliate-investment limits, investors should monitor committee oversight of related-party arrangements, fee levels, performance attribution, and adherence to conflict-of-interest policies - -.