Joseph Platt
About Joseph Platt
Joseph Platt, age 77, is Lead Independent Director of Greenlight Capital Re, Ltd. (GLRE). He served on GLRE’s board from 2004–2021 and rejoined in 2022, with the Lead Director role reinstated upon his return . Platt is an active investor and general partner at Thorn Partners, LP since 1997, following a 27‑year career at Johnson & Higgins where he was an owner, director, EVP, head of the operating committee, and a member of the executive committee until the firm’s sale to Marsh & McLennan in March 1997 . He holds a B.A. from Manhattan College (1968), J.D. from Fordham Law (1971), and completed Harvard Business School’s Advanced Management Program (1983); he is a member of the New York State Bar .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Thorn Partners, LP | General Partner | Since 1997 | Active investor |
| Johnson & Higgins (global insurance broker) | Owner, Director, EVP; Head of Operating Committee; Member of Executive Committee | 27 years through Mar 1997 | Led North America, global marketing/sales; senior governance roles |
External Roles
| Organization | Role | Tenure |
|---|---|---|
| BlackRock Multi Asset Board (MAB) funds and predecessor funds | Trustee | 1999–Dec 2022 |
| CNX Resources (natural gas) | Director | 2016–2017 |
| Consol Energy Inc. (NYSE: CEIX) | Director | 2017–Jan 2025 |
| Core Natural Resources (merger of Consol Energy and Arch Resources) | Director | Jan 2025–present |
Board Governance
- Role: Lead Independent Director; presides over executive sessions and provides independent oversight separate from Board Chair and CEO .
- Independence: Determined independent under Nasdaq Rule 5605; committee reviewed relationships and found no material transactions; independence list shows “Yes” for Platt . Note: Platt is a limited partner in Greenlight Funds (affiliates of DME Advisors/Greenlight Capital); committee evaluated this and determined it does not impair independence .
- Attendance: In 2024, Platt attended 50% of applicable Board/committee meetings due to health reasons (all other directors ≥75%)—a governance concern to monitor .
- Committee assignments (2024): Compensation Committee (member) and Nominating, Governance & Corporate Responsibility Committee (member); both met 4 times in 2024 .
| GLRE Committee (2024) | Platt’s Role | Meetings (2024) |
|---|---|---|
| Compensation Committee | Member | 4 |
| Nominating, Governance & Corporate Responsibility | Member | 4 |
- Governance policies: Prohibition on hedging and pledging of company stock; clawback policy compliant with Exchange Act Section 10D/Nasdaq Rule 5608; regular executive sessions .
Fixed Compensation
| Component | Amount/Detail |
|---|---|
| Annual cash retainer (non-employee directors) | $70,000 (cash quarterly or restricted shares) |
| Lead Independent Director cash fee | $30,000 annually (cash quarterly) |
| 2024 fees earned by Platt (cash) | $100,000 |
| 2024 annual equity grant (restricted shares) | $105,000 grant-date fair value; 8,393 restricted shares issued in 2024 and unvested at year-end |
| Director equity vesting terms | Vests at earlier of 1 year from grant or next AGM; full vesting upon death/disability or change-of-control, subject to continuous service |
Performance Compensation
| Performance-based elements for directors | None disclosed; director equity is time-based restricted shares with no performance conditions |
Other Directorships & Interlocks
- Non-GLRE public boards listed above; no disclosed overlapping committee interlocks with GLRE executives in 2024 .
- Related-party ecosystem (company-level): GLRE invests through SILP advised by DME Advisors (affiliates of GLRE’s Chair David Einhorn); audit/related-party oversight processes in place .
Expertise & Qualifications
- Insurance industry knowledge; compensation and benefits expertise; long-tenured governance/leadership experience in insurance broking and capital markets .
- Board qualifications: Brings executive experience and diverse public board perspectives; adds to robust decision-making mix as Lead Director .
Equity Ownership
| Item | Detail |
|---|---|
| Total beneficial ownership (as of Apr 17, 2025) | 216,573 shares; “<1%” of outstanding shares (star footnote indicates <1%) |
| Composition notes | Includes 8,393 restricted shares; includes 55,000 shares held by a partnership where Platt is general partner |
| Director stock ownership guidelines | 5× annual cash retainer for non-employee directors; compliance as of Dec 31, 2024 (subject to transition periods) |
| Hedging/pledging policy | Company prohibits hedging and pledging; grandfathered pledges excluded; no pledge note specific to Platt in footnotes |
Recent Insider Trades
| Date | Transaction | Shares | Price | Value | Source |
|---|---|---|---|---|---|
| Nov 18, 2025 | Open-market purchase (Form 4) | 5,000 | $12.97 (weighted avg) | $64,863 |
Compensation Committee Analysis (context)
- Composition (2024): Foley (Chair), Isaacs, Platt—each independent; 4 meetings .
- Consultant: Mercer engaged since 2021; peer group refreshed; Compensation Committee concluded no conflicts of interest with Mercer .
- Say-on-Pay support: Over 95% approval at 2024 AGM—an investor confidence signal in pay practices .
Governance Assessment
-
Strengths:
- Independent Lead Director role separating Board Chair, CEO, and Lead Director functions; frequent executive sessions .
- Confirmed independence despite LP interests in Greenlight Funds after committee review; majority-independent board and committees .
- Robust governance policies (no hedging/pledging; clawback; ownership guidelines), and active related-party oversight via the Audit Committee .
- Recent insider purchase by Platt (Nov 2025) can signal alignment/confidence .
-
RED FLAGS / Risks:
- 2024 attendance at only 50% due to health—below the ≥75% expectation; requires continued monitoring of engagement and capacity .
- GLRE’s affiliated investment structure (SILP/DME Advisors) presents perceived conflict risks; while processes exist and independence was affirmed, sustained vigilance on transactions and oversight quality is warranted .
-
Alignment:
- Cash/equity mix for Platt in 2024 is balanced (cash $100k; equity $105k with vesting aligned to service/AGM), consistent with director alignment practices; ownership guidelines in place and compliant as of year-end 2024 (subject to transition) .