Leon C. Richardson
About Leon C. Richardson
Leon C. Richardson (age 63) joined Global Net Lease, Inc. (GNL) as an independent director in March 2025. He is Founder, President, and CEO of The Chemico Group, a large minority- and veteran‑owned chemical management and distribution company serving automotive OEMs and other industrial sectors. A U.S. Marine Corps veteran, he pursued Business Management at the Detroit College of Business and completed executive programs at Dartmouth’s Tuck School and the University of Michigan’s Ross School of Business .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Chemico Group | Founder, President & CEO | Not disclosed (current) | Built Tier 1 supplier relationships across automotive; scaled into aerospace, biopharma, electronics, government |
| National Association of Black Suppliers | Chairman (prior) | Not disclosed | Industry advocacy; supplier diversity leadership |
| Rainbow PUSH Coalition; Supplier Partnerships for the Environment; Chemical Management Suppliers Forum | Board member (prior) | Not disclosed | Governance roles in advocacy and industry forums |
External Roles
| Organization | Role | Type | Start Date |
|---|---|---|---|
| National Minority Supplier Development Council (NMSDC) | Board Member; former Chair, Minority Business Input Committee | Non-profit | 15+ years (dates not specified) |
| Stellantis Advisory Council | Member | Corporate advisory | Not disclosed |
| GM Supplier Inclusion Board; GM Supplier Council (Co‑Chair) | Member; Co‑Chair | Corporate advisory | Not disclosed |
| Michigan Strategic Fund | Board Member | State economic development | May 2023 |
| Grow Michigan | Board Member | Investment/finance | Jan 2025 |
Notable recognitions include GM AAN Lifetime Achievement (2022) and Automotive News Notable Champion of Diversity (2021), among others .
Board Governance
| Item | Detail |
|---|---|
| Independence | Board determined Richardson is independent under NYSE and SEC rules |
| Board tenure | Director since March 2025 |
| Committee assignments | Not disclosed for Richardson as of the proxy; current committee rosters do not list him (Audit: Perla (Chair), Antone, Kabnick, Perrotty; Compensation: Antone (Chair), Michelson, Perla, Monahan, Rendell; Nominating & Governance: Michelson (Chair), Kabnick, Perrotty, Kauffman, Rendell; Finance: Kauffman (Chair), Kabnick, Michelson, Monahan, Weil) |
| Board/committee meetings (2024) | Board 10; Audit 6; Compensation 8; Nominating 7; Finance 4 — all directors in 2024 attended all meetings of the Board and committees on which they served (Richardson joined in 2025) |
| Board leadership | Non‑Executive Chair: P. Sue Perrotty |
| Key governance policies | Hedging/short sales/options prohibited for directors/officers; Related‑party transactions reviewed/approved by Audit Committee; Clawback policy in line with SEC/NYSE rules |
Fixed Compensation (Director Program)
| Component | Amount/Terms |
|---|---|
| Annual cash retainer (independent directors) | $75,000; Non‑Executive Chair: $115,000 |
| Committee retainers | Chair of Audit/Comp/Nominating: +$30,000; Members of these committees: +$20,000 |
| Equity grant | Annual RSU grant with grant‑date value $130,000; vests the day before the next annual meeting (one‑year service‑based) |
| In‑kind election | Directors may elect to receive all/part of cash retainers in stock, per plan rules |
| New director equity timing | If appointed between Jan 1 and the annual meeting, no initial equity grant upon appointment (eligible for regular annual grant thereafter) |
| Director ownership guideline | 5x annual cash retainers; 5 years from the later of Jan 1, 2024 or join date to comply |
| Change in control | All then‑outstanding annual director RSUs vest upon consummation of a change of control |
2024 director compensation table shows no compensation line for Richardson because he joined in March 2025 .
Performance Compensation
Directors at GNL do not receive performance‑conditioned pay; equity is time‑vested RSUs. For governance context (committee oversight of pay‑for‑performance), the executive AIP metrics and results for 2024 were as follows:
| Performance Metric | Weight (CEO/CFO/GC) | Threshold | Target | Max | Actual |
|---|---|---|---|---|---|
| AFFO per Share | 40% / 35% / 15.5% | $1.30 | $1.35 | $1.40 | $1.32 |
| Investment‑Grade Tenants (% SLR) | 15% / 15% / 6.7% | 53% | 56% | 59% | 62.8% |
| Synergies realized | 25% / 25% / 11.1% | $71.25M | $75.00M | $78.75M | $84.72M |
| Individual/Role Specific | 20% / 25% / 66.7% | — | — | — | Scored at maximum per committee |
The compensation committee also set 2025 AIP metrics focused on AFFO/share, dispositions, Net Debt/Adj. EBITDA, total net debt reduction, and individual goals, reflecting deleveraging and balance sheet priorities .
Other Directorships & Interlocks
| Company/Entity | Public? | Role | Interlock Risk |
|---|---|---|---|
| NMSDC (non‑profit) | No | Board Member; prior committee chair | None disclosed |
| Stellantis Advisory Council | No | Member | None disclosed |
| GM Supplier Inclusion Board; GM Supplier Council | No | Member; Co‑Chair | None disclosed |
| Michigan Strategic Fund | No (state) | Board Member | None disclosed |
| Grow Michigan | No (private) | Board Member | None disclosed |
The proxy discloses no compensation committee interlocks for 2024 (pre‑Richardson) and no related‑party interlocks requiring disclosure .
Expertise & Qualifications
- Operating executive with deep supply chain/industrial procurement expertise (Tier 1 automotive supplier leadership) and extensive supplier diversity leadership; advisory roles with major OEMs (GM, Stellantis) .
- Executive education (Tuck; Ross) and U.S. Marine Corps veteran .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | As of |
|---|---|---|---|
| Leon C. Richardson | — (none reported) | <1% | March 15, 2025 |
- Stock ownership guideline: expected to reach 5x annual cash retainers within 5 years of joining (by March 2030, absent changes) .
- Hedging/shorting/options prohibited; no pledging disclosed for directors .
- Section 16 filings: 2024 compliance review predates his appointment; no issues noted for him (Mr. Weil filed one Form 4 late) .
Governance Assessment
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Strengths
- Independent director with fresh appointment (March 2025), enhancing board refreshment; Board remains 9/10 independent .
- Brings operating and supply chain expertise and network in industrial/automotive ecosystems; relevant for evaluating tenant quality and sale‑leaseback opportunities in GNL’s net‑lease strategy .
- Director ownership alignment framework is robust (5x cash retainer guideline; one‑year RSU vesting; CIC vesting clarity) .
- Governance enhancements recently implemented (e.g., stockholder bylaw amendment rights; finance committee establishment) support oversight amid deleveraging strategy .
-
Watch items / potential conflicts
- External operating role (Chemico) and OEM advisory positions create theoretical related‑party exposure only if GNL transacts with Chemico or leases to entities with direct dealings involving him; the proxy discloses no such related‑party transactions and requires Audit Committee approval for any >$120k related‑party deals . No issues disclosed.
- Initial ownership shows no reported holdings as of March 15, 2025; alignment will be driven by director RSUs and adherence to ownership guidelines over the next five years .
- No committee assignment disclosed yet; impact on board effectiveness will be clearer after committee placement; current committee rosters do not list him .
-
Engagement/attendance
- 2024 attendance was 100% among then‑serving directors; Richardson joined in 2025, so no 2024 attendance record. Monitor 2025 attendance once disclosed .
-
Shareholder sentiment and controls (context)
- Say‑on‑Pay 2024 approval ~79.4% — acceptable but with room for continued engagement as the internalization and pay design mature .
- Clawback policy aligned with SEC/NYSE; hedging policy in place; reinforces pay governance .
Appendix: 2024 Meeting Cadence
| Body | 2024 Meetings |
|---|---|
| Board of Directors | 10 |
| Audit Committee | 6 |
| Compensation Committee | 8 |
| Nominating & Corporate Governance Committee | 7 |
| Finance Committee | 4 |